Central Bank: Bank of acceptance “BIS” Iraqi deposits will boost cash reserves

January 9, 2014

He Iraqi Central Bank announcement that the Bank for International Settlements, accept deposits and additional “gain” of the country, and called for investment in order to achieve comprehensive development in the government and private banks and adhere to international standards in preparation for a credit rating.

The Bank for International Settlements (BIS),, based in Basel, Switzerland, has informed the Central Bank of Iraq, in, (December 29, 2013 the past), his willingness to accept deposits Iraq fiscal 2014 current.

The governor of the Iraqi Central Bank and the Agency, Abdul-Basit Turki, in a press statement, “The Bank for International Settlements, a bank world’s central banks, and the regulatory system of the international banking banks all, in terms of commitment to the decisions of the Basel, which determine the efficiency of the banking systems,” referring to “access to shares in the bank, which comprises 60 central banks including the Central Bank of Iraq, by individuals and non-governmental entities, according to the Charter of the United Nations.”

He said Turki, said “BIS plans to annually invest cash reserves deposited with him by the world’s central banks,” noting that “the bank differs from the Fund for the Protection of Iraqi funds DFI, which was established under the UN resolution, to deposit the proceeds of Iraqi oil after the year 2003.

The governor of the Iraqi Central Bank and the Agency, that “exchange reserves at the central bank comes from these deposits after the transition government to the local currency (the dinar),” pointing out that “the Iraqi funds that were frozen in the nineties of the last century, was at the Bank for International Settlements did not subject to any legal prosecution being protected from them. ”

He continued, Turkish, that “BIS contributes to strengthening financial cooperation and funding of global as well as it is not subject to accountable to any government,” Msttrda that “the implementation of this procedure will achieve better returns for funds Iraq with keeping them in safe places, especially since the Bank for International Settlements invest in a part of the Central Bank’s investment portfolio, which is part of the cover of the currency (cash reserve) the risks and benefits of a few large “.

He called on the governor of the Iraqi Central Bank and the Agency, to “invite investment BIS to achieve comprehensive development in the government and private banks as well as the commitment of the Basel standards and the adoption of corporate governance and labor regulations to promote the reality of modern banking in the country and to seek credit rating.”

The credit rating credit rating, is the degree of solvency or merit in the economy, which is estimated from which to experience some of the agencies specialized business, to assess the validity or person’s eligibility for loans, or the merits of the company, or even the state for loans, which in this study the The financial capabilities of the company or the person or the state, and the extent of its credit on the loan and ability to repay, and takes into account the records of the person or the company or the state, and its disposal in the past for the payment of its debts.

The Bank for International Settlements, BIS was established in 1930 under an intergovernmental agreement by Germany, Belgium, France, Great Britain and Northern Ireland, Italy, Japan, the United States and Switzerland, to facilitate the reparations imposed on Germany by the Treaty of Versailles after the First World War. The Charter has been drafted for the bank in the international bankers conference in the German city of Baden in November and adopted its charter in the Hague Conference II in January 20, 1930.