View Full Version : Rasheed Bank, the CBI and the IMF

03-29-2011, 08:31 AM
NOTE to readers. Rasheed Bank is one of the two banks likely identified by the IMF in their recent cover letter (see http://www.dinarspeculator.com/showthread.php?41269-*-IMF-%28Iraq%29-Letter-of-Intent-Memorandum-of-Economic-and-Financial-Policies.. ) Reading between the lines likely gives you an idea of some of the problems.

Director General of the Rasheed Bank in an exclusive interview told the Baghdad international
As of: Wednesday 3/16/2011 1:28

Director General of the Rasheed Bank in an exclusive interview told the Baghdad international 2011 will support the housing projects in Iraq in cooperation with the Construction and Housing New regulations for lending and credit and lower interest rates
Issuance of the smart card for pensioners and social protection network in order to preserve public funds and loans, industrial development, housing loans and the application of the banking system destruction of all these things provided by the Bank of rational citizens, but Palmqubl there are difficulties encountered the work of the bank in all its branches bank manager Rashid Kadhim Mohammed Nachurbde dialogue about the plans and achievements of the bank saying:
Interview: Abdul-Ghani al-Saidi
We put Rasheed Bank an integrated plan for the year 2011 the new regulations for lending and credit varied through the benefit of the experience of last year in terms of the number of borrowers and the borrowers and the ceiling total, which was dedicated to credit in the past year, including new regulations more flexible than before by facilitating the lending process for citizens either were employees of the state or the cake will be the ceiling for funding the financial year for the current year is greater than last year.
1 Why plan included the bank through financing and investment operations in the Iraqi banking sector?
Plan includes the bank financing the public sector companies self-financing that you need to cash in order to enable them to regain their activity in the ongoing work and run the capital of their ability to restore service and productivity.
Will also grant advances personal staff of the state when exposed to illness and emergencies and stressful and they need them to some liquidity, where the development bank's plan to meet these demands through the provision of credit to the staff of State in the same bail conditions to be the sponsor employees in government departments, has a salary, permanent
2 Is the plan for administrative restructuring of the bank?
Yes, we have been developing an integrated plan for restructuring the administrative and financial bank through cooperation and coordination with the competent departments in the Ministry of Finance and the Central Bank, which is now on track for the restructuring of the bank by international experts Balheiklp financial as well as restructuring strategy, and also worked to increase the capacity of bank branches to respond to the demands of customers who deal with the bank, which is made in two ways first grant new powers to enable departments sections provide the necessary funding for all projects and the same time is granted the powers in the credit and also to review terms of reference departments, banking the beginning of the department managers and the end of Bamaaon General Manager for the development of banking in all branches of the Rasheed Bank and also the General Administration of the Bank. We continue to open new branches of the bank with the rehabilitation and dismantling of the integration of other branches of banks had been merged due to certain circumstances passed on Iraq
3 Do you would have to develop the technological capabilities of the bank?
Bank continues to develop technical and technological capacities him through the application of the banking system overall, which will hopefully start work by the middle of this year and also have access to systems other assistance in cases of archiving and control and internal control in addition to that the bank participated the end of last year's communications system flash through his dealings Offshore Banking through the mail handling system Swaib.
4 You will be re-considered loans granted by the bank for the industrial sector and business?
The Bank has a review of all loans granted to industrial and commercial sector and work to develop mechanisms and controls for grants through the possibility of restructuring these loans and work to reduce the benefits derived from them to enable them to pay the amount to the state treasury.
5 Is there cooperation with the ministries specialized area of housing?
Yes, I have directed the bank to support the large housing projects, which became the interest of the Government of Mr. Nouri al-Maliki and the start of the support housing projects implemented by the Ministry of Construction and Housing, in cooperation with the Iraqi investors through the development of contracts for the investment process and how to implement these contracts
6 Is the development of a new type of loans?
Yes, will this year provide loans to buy cars productivity competent field of production and reconstruction process in Iraq and to work to support projects that require cars to yield from (Hadlat and Hvlat cranes and tankers) and the necessary mechanisms and cars big, and that the bank is ready to finance and all sectors, whether public sector or private sector or have been mixed to create a portfolio of appropriate funding for this purpose, has also been issuing instructions to buy cars that need the provinces through the applications is provided by the Governors of species have been developed and conditions for funding the production of these cars.
8 Does the bank's external relations?
Yes, there are the Bank's external relations with all the banking institutions of the evolving global conferences and workshops and we have many general managers and heads of departments entering training courses in the banking industry to develop their ability bank whether these courses inside or outside Iraq. We have staff trained in the Arab Academy for Banking and Financial Sciences and a second meal of the bank's branch managers.
9 Why did you stop staff advances, it will resume again?
Stop, which happened in 10/5/2010 in the granting of advances to employees due to depletion of the bank of the amounts set by the predecessor, has gone beyond the limit allocated to them by the Ministry of Finance which is 2 trillion Iraqi dinars, but for employees who have completed their transactions before the date of stopping the Bank will promote interactions gradually Merdh and the level of loans granted, and in the coming year will be allocated new funds in addition to the increase in loans under a plan subject to the directives of the Ministry of Finance to re-grant of advances to staff.
How do you find credit controls, which was diluted to special grades and tight on industrialists and impossible to citizens? What are the reasons behind it? For the policy of the bank in lending and credit, it is not a new policy, but found since the founding of the bank, but were subject to development and modification. In general the availability of funds to applicants from the owners of projects and business different and all those designated by the bank customers, bank, give them credit for that Erhnoa guarantees property of their money, but for the staff to understand Digg customers, but customers give them the bank a wide range of types of advances, loans, under the guidance of the Ministry of Finance to assist staff to meet their needs, and the same time, arranged for payment of their monthly salaries for periods ranging between 10-25 years old and at rates of interest ranging between 3-8% annually, according to duration of the loan or advance and the quality of the borrower or beneficiary.