Archive for March 22, 2014

Screen Shot 2014-03-22 at 2.44.41 PMIraq from countries committed to pay its debts gives a good indication of what part of the world rankings informal in this area. Where have paid more than $40 billion of total debt adjusted to the Paris Club, which was up to 51.6 billion dollars in 2004.

classified Iraq’s foreign debts on 4 categories include both debt to Paris Club countries, the debt of non-member states of the Paris Club, and the debt of commercial creditors ( foreign private sector), and the debt of the GCC countries in addition to contracts for consultants accounting and legal. (more…)

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Iraq’s banking system is notoriously unstable, competitive, unsecure and riven by political infighting. MPs say they’re trying to improve the banking system but in the meantime, locals are still keeping cash in a box under the bed

Iraq’s banking system is notoriously unstable, competitive, unsecure and riven by political infighting. MPs say they’re trying to improve the banking system but in the meantime, locals are still keeping cash in a box under the bed

Saleh Majid owns an electrical supplies shop in Baghdad’s busy Shorja market area. And every day after the close of business, he takes all the money he has made that day home with him; he won’t deposit it in any Iraqi bank.

This is because Majid had been a customer of Iraq’s Warka Bank for Investment and Finance, the country’s largest privately owned bank. In early 2012, the Warka Bank was declared insolvent by Iraq’s Central Bank and placed under management appointed by the Central Bank.
“When the bank loses its capital, fails in its financial operation and faces an unsolved problem, the Central Bank according to its law, intervenes as a guardian and appoints a new temporary administration to run this bank,” the deputy governor of the Central Bank, Mudher Saleh Kasim, told news agency Reuters at the time. (more…)

KUWAIT, March 22 (KUNA) — Gulf Cooperation Council’s (GCC) former Secretary General Abdullah Beshara called Saturday on the importance of having strategies, economic and trade agreements in order to achieve Arab economic integration.

“The Arab countries have a genuine opportunity that should be seized in order to have strategies, and economic and trade agreements in order to strengthen the Arab economy and trade,” Beshara said in a seminar about “Personal Experience,” part of activities of the 25th Arab summit, due in Kuwait on March 25-26. (more…)

Thursday, 20 March 2014 14:56

Baghdad (AIN) –The State of Law Coalition assured nominating the Secretary General of the Council of Minister, Ali al-Allaq, as the head of the Central Bank of Iraq instead of the former head, Abdul Basit Turkei.
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