Bank of Baghdad Begins Initiative to Reduce the Exchange Rate of the Dollar and Confirms: Prices Have Dropped by Thirty Dinars in Just Two Hours
|June 19, 2013||Filled under Featured Article|
Baghdad – The Department of the Bank of Baghdad, the association of private banks in Iraq “launched an initiative to reduce the dollar exchange rate” to “(1183) to sell cash and (1178)” for the adoption of a documentary, and showed that the initiative began, “three banks” under the auspices of the Central Bank of Iraq , and stressed that “the (25) banks” would seek to reduce the price of the dollar, as revealed on “dollar decline by thirty dinars within two hours only” the start of the official working hours for the day, has indicated it will include every day, “(400) citizen” distribution and by ” five thousand dollars per citizen.
The head of the Association of private banks in Iraq, and the Managing Director of the Bank of Baghdad, Adnan al-Chalabi, in an interview to a number of media, including (range Press), on the sidelines of the Bank of Baghdad organized a conference to announce the reduction of the dollar exchange rate, at its headquarters, the center of the capital Baghdad, that “the initiative of the Association of private banks in Iraq, under the auspices of the Central Bank of Iraq NARI onset three banks are all from Assyria, Baghdad and guidance to reduce the exchange rate of the dollar.
He said Chalabi that “have been identified dollar exchange rate (1183) in cash sales instead of (1189) and (1178) for the adoption of a documentary rather than (1184),” and pointed out that “as soon as the announcement of the move before starting implementation dropped the dollar in the markets Iraqi and arrived degrees low,” and expressed the hope that the” fall more after starting to sell at reduced prices.
According to Chalabi that “has been planning for this operation after numerous interviews with the central bank views supreme in Parliament was launched the idea by banks that operate all the banks to reduce the dollar exchange rate,” and went onto say that “the dollar has fallen from Price (1250) to (1220) until the time ten this morning.
The Managing Director of the Bank of Baghdad that “will reduce the price of the dollar by the twenty-five banks from banks registered in the Association,” explaining that he “will begin next week selling price reduced,” pointing out that “this will support the exchange rate of the Iraqi dinar against the dollar and will make its price strong toward the dollar.
He pointed out that “the number of banks registered in the Association is thirty Iraqi banks and six branches of Arab banks,” and expressed his belief that “thirty-six banks will agree and next week will be selling reduction,” مردفا “We will not stand at this step as a link banks, but will be followed by steps another for the purpose of reducing the price of the dollar, “vowing to” work together in all the banks to reduce the price of the dollar.
He Janabi that “the central bank promised to double the share of private banks of four millions of dollars to eight millions of dollars a week,” returned the move as “a step support for the banks,” calling on all banks to “commitment smoothly sale and delivery of the dollar to the citizens smoothly good style good”.
For his part, expert said Bank of Baghdad Abbas Sudan, in an interview (range Press) that “the reduction and distribution of the dollar exchange rate systems in accordance with rules and terms and conditions issued by the Central Bank of Iraq,” noting that “our conditions are a legal process must take into account all the controls that in.”
He added that “the mechanism of action in the distribution process, guided announce the names of customers on the wall and are distributed twenty list of all the pool list (20) customer to become a distribution on a daily basis at least (400) customer,” hoping “that the process in the coming period on a broader level.
The Sudanese saying, “We distribute them to the amounts added by us to the central bank to increase the supply of the dollar,” pointing out that “increasing the supply of the dollar will reduce the dollar exchange rate,” stressing that “this will contribute to support the Iraqi dinar exchange rate and improve the economic situation in the markets local communities.
And that “customers attend under the terms of which bring passport and dictate form and photographing the menu (42) in the passport,” مردفا that “after the completion of these actions gets citizen five thousand dollars and the amount of (1183),” stressing that “the listed They are specific only to sell the dollar.”
He pointed out that “Iqbal citizens to buy the dollar is good,” adding that they “were present since an early hours of the morning,” he said, adding, “We doubled the number of staff in order to accommodate the arrivals to buy the dollar.”
The Central Bank of Iraq announced, on Monday, received a formal letter from the Association of Banks confirms its commitment to the initiative of three banks as a first stage to sell the dollar at a rate lower than the price the advertiser, as pointed out that this initiative represents a “natural behavior”, which show him Iraqi banks, stressed that it in line with its monetary policy to support the Iraqi economy.
The Central Bank of Iraq announced, earlier, the cancellation of banking companies is registered has regardless of obtaining clearance from the Ministry of Commerce or not, and stressed that the banking companies registered and certified before 2003 were 300 companies only, as pointed out that companies exceeded Thousand It a mixture of companies that operate in accordance with the conditions and regulations of the bank and the other got the approval from the Ministry of Trade, while other companies operate without getting any vacation.
Referred to as the central bank announced, earlier this year, 2013, it closed 190 banking offices in Baghdad and the provinces for violating the legal requirements imposed by the Bank.
The fact-finding committee in matches Development Fund of Iraq revealed, April 8, 2013, that the central bank sold during the past six years in the auctions process conducted by about 207 billion dollars, equivalent to 56% of the revenues of Iraq’s oil in those years, and while confirming that these sales were more doubles than you need the local market, they revealed that more than half of those sales went to the banks specific poured their purchases from the bank in the Gulf and Jordan. accused deputies, politicians and economists Central Bank of Iraq over the past months, burn “an average of four billion dollars a month in an auction hard currency for the benefit of ten banks, mostly with Gulf capital, buy a day most of the claims of the Central Bank of hard currency and overcharge make a profit of up to 6% as it controls the Iraqi economy.”
Accused the General Authority for the North Bank for Finance and Investment, on the seventh of April 2013, the CBI not to meet the needs of the Iraqi market of hard currency over the past five months and refer it the responsibility of the private banks, while confirming that Iraq needs to pump nearly $ 300 million in the market daily to meet needs of the currency in the currency the central bank when he criticized the remarks they promised to attack him and “stems from ignorance and lack of knowledge of monetary policy.”
The Cabinet decided to Iraqi (16 October 2012), the prime BSA Abdul Basit Turki functions of the central bank governor and the agency rather than the Governor of the Bank Previous Shabibi on charges of issues of financial and administrative corruption in the bank, especially in operations Auction dollars, but the something that did not occur to the work of the Bank and currency auction whereas the exchange rate of the Iraqi dinar a significant decline against the dollar jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar in April 2013.
The International Monetary Fund said in a report issued in (03.21.2013), following the end of the consultations held in Amman between a delegation from the Fund and an Iraqi delegation headed by VMware Planning Ali Shukri, and seen (long-Presse) it “an improvement in the financial sector,” but confirmed that it is still “need to be greater efforts by the central bank in the revision of monetary policy tools and strengthen banking supervision, and to accelerate the restructuring of the banking system.”
The International Monetary Fund (IMF) called the CBI to “take measures to gradually towards the liberalization of foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year.”
The Fund stressed that the establishment of a national banking system requires the abandonment of the current model, which is controlled in which weak banks by state-owned receive preferential treatment apart from private banks, “calling on Iraq to do to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.
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