University calls for a toast on CBI?s adoption of a credit card in trade

On: Tue 03/01/2012 7:19

The central bank of new mechanisms about foreign trade, means of financing by the government and the private sector, at the time called elite academy for the adoption of a credit card in the process of trade. The deputy governor of Central Bank of Iraq the appearance of Mohammed Saleh, said that foreign trade financing to the government and the private sector

Was conducted according to the annual trade preset named later (b Plan of Foreign Trade) in order to finance trade imports according to the government and private a number of mechanisms.

Saleh added, according to ?news agency Uzmatk? The mechanism is to take over the government withdrawal from the reserve fund for the purposes of Government Commerce and settlement take place through the amendment of the budget constraints and the corresponding limitations over the balance sheet of the Central Bank.

He added that the program or plan import gives the private sector import licenses on according to estimates committees need or clear the demand for imported goods, the final or production requirements and other supplies capitalism. Noting that the third mechanism relies on the commercial parties for opening adoption by local commercial banks In particular, the Rafidain Bank, after he has bought a trader of foreign currency, whether Bmdkharch representing capital or by borrowing, a trade credit granted by the Bank to its client Trader in mechanism is the fourth in both cases II and III, where commuting Central Bank foreign currency to meet with the Iraqi dinar obtained from the bank of trade. In this case, as if the government had a direct sale of foreign currency imported to the merchant bank through the mediator of the light is made to cover imports.

He explained that under the control hard-line on the exchange and foreign exchange, the central bank is not authorized to sell foreign currency outside the scope of the program of trade finance and leisure travel normal, but the approval is conditional, such as the expenses of the study on the maintenance of the hospital and Alttabb outside Iraq and entitlements of airlines and some of the companies operating in Iraq, generating profit and transfers foreign workers. With the periods that intensified the war in particular held the eighties was to resort to external borrowing and spreading the so-called push forward because of the low foreign reserves consumed by the war has covered the conventions aside the simple needs of the private sector import, before it is authorized to exercise the policy of import without external version that led to chaos in the funding sources and the generation of black market exchange rate and broad-funded import of these operations, but Pklv distorted the structure of the inflationary prices.

Mention the concept of trade finance apply himself to the science that describes the management of money, banking and credit, investments and assets for the purposes of international trade, and the parties involved in trade finance are the exporters, importers, financiers and insurers, and suppliers of other services.

In the meantime demanded Okademio the federal government to back a credit card for citizens and merchants, for being one of the best ways to trade adopted in developed countries, which will reduce the volume of local currency or foreign manually, and the active movement of domestic terms of trade, will also provide safety and speed of trading and stability of the volume of currency in banks.

Said Abdul Salam gesture happy teaching at the University of Baghdad, told the Kurdish news agency (Rn) that ?the credit card will make money in local banks in excess of need a lot of people because of the benefits which will leave the card in the process of trade, forcing these banks to operate.?

He Said that ?the benefits of the credit card it enhances the movement of trade, and provide the time and effort both for the merchants or citizens, shoppers, where they are instead of wasting their time mechanism to withdraw currency from banks and large quantities card will be ready to meet demand and to assist in the shortcut the time and effort, noting that it? will provide a high degree of safety and prevents the occurrence of holders of amounts of money in the traps thieves or omissions or damage, and thus it will reduce the risk of potential. ?

He said the ?credit card, if applied in Iraq should not be limited to when a certain number of dealers out, as happened at the beginning of the start of its project in Europe and America, so that forced the sale and purchase card holders credit in shops dedicated to deal with without the other.? ?The Almtda in this case would be? Muammala ?despite his nose at those dealers out, and can not buy from a variety of points of sale.?

He Said that ?when the credit card for security and speed of trading volume and the stability of the currency in banks in excess of the immediate need of people will pay the banks, then to think about investing in the operation, where there will be a continuous movement of investment for small or large in
an unprecedented way.?

http://bit.ly/uHOi21

Source: http://thecurrencynewshound.com/2012/01/02/university-calls-for-a-toast-on-cbis-adoption-of-a-credit-card-in-trade/

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