Cbi To Help Warka Bank Overcome Present Crisis
When Iraqi dinar investors are busy checking their Iraq bank accounts and when foreign
investors are occupied with lots of speculation about the current dollar auction, CBI seems to be taking a huge turn to overcome not just its own present crisis but also to help other financial institutions in Iraq.
As a matter of fact, a report from Azzaman stated that CBI would not allow any depreciation from the dinar and it had sold hundreds of millions of dollar only to keep the dinar stable. Will CBI ever be of greater help?
There have been lots of positive things going on with the Central Bank of Iraq. As a matter of fact, Just last April 26, 2012, parliamentary finance committee released a new method for CBI to implement its auction sale which will help hard currency Iraqi banks.
This was even affirmed by the Parliamentary Secretary, Hadi Abbas, "The Central Bank of Iraq plans to give banks a good Iraqis and the Iraqi Trade, the responsibility of selling the dollar auction."
He continued, "The demand for the dollar from the central bank declined because of the difficult actions taken by the bank and increased it worse. The Trade Bank of Iraq is probably that will be an auction sale of the dollar because it has a good mechanism."
Did Hadi utter the right words? Will the stated 'good mechanism' overthrow the present challenges that the financial institutions of the country have been facing? Will this handing of the auction sale to other financial institutions of Iraq help them?
What could be the effect of this process to Warka Bank? Warka seemed to be fortunate to be given attention by the CBI. Besides, why would the Central Bank neglect one of the biggest financial institutions of the country? What could be the latest moves to be expected from Warka?
It was affirmed last month (March 2012) by Mudher Mohammed Saleh on Voices of Iraq agency that CBI will provide assistance to Warka in line with the imposition of the guardianship of CBI - so much for the questions raised by speculators because CBI deputy governor seemed to have his answers.
He said, "It will take place after issuance of the auditor who was appointed to his report which will outline the development of the bank, and the size of its assets and their adequacy."
This seems to be good news not just to Warka but to all financial institutions in the country. Furthermore, Central Bank of Iraq has plans to implement trusteeship on Warka. CBI needs to impose trusteeship after the failure of the previous negotiation with Standard Chartered Bank last April 2011. How will this help Warka recover from falling off from ISX?
According to CBI deputy governor Mohammed Saleh, the Bank is able to reorganize its position since it is a good bank only that, it faced a bump. Besides, "it has deposits and loans hard to collect," he continued.
So, why would CBI give its time to assist a bank in crisis? Well, I just think that we seem to know the reason behind movements of the CBI - the bank has over 120 branches in different governorates of the country, operated last 1999, and for over 13 years, it is still performing at its best even if faced with debacle.
How would this affect the current dollar auction of the financial institution in the country? Will Warka make a mark on your current Iraq bank accounts? It seems that the tide is turning to another point where Iraq banks are becoming unpredictable. We all have our questions. Probably, we also have some speculated answers. However, what we would not want to assume on things we are not sure of, would we?
by: Jay Morgan
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