Adopted in a gesture of Trade Bank of Iraq
Training of cadres of the state to international accounting standards
Ended the 197 trainees representing the managers of financial staff in the implementation of commercial contracts and the opening of documentary credits in the state departments trained on how to adopt a development of international accounting standards adopted. This was announced by "cost-morning," Director General of Commercial Bank of Iraq, where Hussein Azri the bank to adopt such activities, aiming to reach workers in the field of contracts and provisions of the errors that may occur during their implementation of it.
And said: "The session included a number of general managers and directors of departments of Finance and Business in the government departments in order to train cadres developed in the State in terms of reference for financial contracts and provisions on how to properly handle and in position to improve their performance and in line with international norms that require precision in dealing with the contracts and appropriations."
He added that the course program supports international accounting standards organized by the contracts and required by foreign countries in commercial transactions. He stressed that the bank as the first pilot in such transactions in the opening credits with the banks and the countries of the world finds its responsibility For workers in the state on the latest developments and changes in accounting processes and conditions developed for implementation.
Azri said in his speech for economic (morning) that there are three courses in this direction after the trainee gets a certificate to qualify to work in such activities in his ministry and given the importance of the development of appropriations in conformity with their acceptability in most international banks. He said that the bank follows all the changes and developments in the contracts signed and explained to workers in these fields, including payment terms and payment mechanism and contract.
And on the Q's (economic Sabah) on the prospects of the banking business and plans for the year 2011 Azri said that the Trade Bank of Iraq is to digress institutions and the Ministry of Finance is moving towards investment and corporate finance and banking companies and the opening of the marketing departments to serve customers.
The Bank closely follows the draft corporate governance and risk management and economics in banking operations as well as combating money laundering and accuracy in dealing with foreign transactions from the principle of preserving the reputation of the bank as the bank is subject to the laws and instructions of the Central Bank of Iraq. And comply with all instructions and procedures, cooperation and coordination with the World Bank in all activities as a safety valve for the Iraqi funds.
Also that there is a serious bank jointly investing in the projects through funding and there are four projects for investment in electricity in Basra, Amarah, Samawah, Diwaniyah launched by the Ministry of Electricity Investment and the bank will study the possibility of entering into such projects. He pointed out that there are studies with the bank to contribute to the housing projects and financing within the bank's plans in cooperation with the investment of Baghdad. Azri between that the bank has adopted a number of training courses for directors of financial departments and business circles in the State outside Iraq, too, in Turkey and Lebanon during the years 2008 and 2009 within the program of financial rehabilitation of cadres and introduce them to international accounting standards adopted.
He noted that in his closing remarks that the Bank is working to increase the number of its branches inside and outside Iraq, where the number of branches in 15 branches in the inside there is an intention to open two branches in London and Beirut.