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10-09-2010, 03:07 PM
Source: International Monetary expand role in Iraq

Baghdad, October 9 October (Rn) – A source at the Iraqi Finance Ministry on Saturday, the International Monetary Fund pledged to activate its role in Iraq, pointing at the same time that it came after a visit today to the U.S. delegation from the ministry.

In a statement to the Kurdistan News Agency (Rn) said Zia Alckheon financial advisor in Iraq said his country was able to “convince” the International Monetary Fund to expand its role within the Iraqi governmental institutions, through the visit of a delegation from the Ministry of Finance who is currently in the United States.

Having noted that the reactivation of the role of the IMF would contribute to the financial support of projects sponsored by the ministry, he drew Alckheon to the Central Bank of Iraq has succeeded during the last period to overcome many obstacles.

He added, “but still in need of large-scale changes in a private file private banks which have capital funds are insufficient to protect its shareholders.”
Alckheon said that “the Financial Action Task Force in Iraq need to unify the approaches to the Ministry of Finance and Central Bank of Iraq.”

The Minister of Finance Baqir al-Zubaidi, who has headed the delegation currently visiting the United States, where he met Hinahara Deputy Director General of the International Monetary Fund and a number of experts at the headquarters of the International Monetary Fund in Washington.

Iraq has signed the Convention on the emergency with the International Monetary Fund to bail him out of the fiscal deficit, which suffers from it, in the financial Moisnath in the last two years called the SPA3 and concluded in June 2010. The Convention provides for the granting of loans to Iraq for the advancement of financial balance sheets of Iraq in the coming years.
Revealed the Iraqi Finance Ministry earlier in the meeting most of its problems with the Central Bank of Iraq, especially after the latter deliberately to reduce the reserves of the fiscal surplus of 20 percent to 15 percent.

And founded the Iraqi Central Bank, which is head quartered in Baghdad and has four branches in Basra and Sulaymaniyah, Irbil and Mosul, an independent Iraqi bank under the law of the Central Bank of Iraq issued on the sixth of March 2004.

The Bank is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector.


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