CBI Accused Banks of “fraud” on the Percentage of the Sale of Hard Currency Earnings
|May 18, 2012||Filled under Featured Article|
Baghdad, (Rn) – accused the Central Bank of Iraq, banks, except for Rasheed Bank to “circumvent” the rate of profit to sell hard currency specified by the Bank, indicating that those banks turned to the buyer and seller final instead of being a mediator between the central bank and the buyer of foreign currency.
Acknowledged the Iraqi Central Bank last Friday, the existence of an imbalance in the Iraqi dinar exchange rate and confirmed his quest to unify the exchange rate between him and the local markets and denied at the same time any deterioration of the value of Iraqi dinar.
The central bank was accused last week of four states to “conspiracy “to hit the financial economy of Iraq to empty its market of its financial strength, indicating that the corridors of free trade in Iraq is becoming the means adopted to hit the economy. saw the price of the dollar relative to local currency increased during the last few days which is attributed by officials of companies banking local to the central bank from making further action in auction sale of hard currency.
Deputy Governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) that “Unfortunately the banks except the Rasheed Bank does not charge the rate of profit given to it by the central bank sells foreign currency for consumers with a rate of ten dinars per dollar.” said the appearance of that “banks and instead of being the link between the Central Bank of Iraq and the buyer turned into a buyer final and seller final and started to sell foreign currency at black market to consumers.”
It is clear that “the owners of banks have the tricks and twisting to get the commission monopoly does not care about the country’s economy,” noting that “the solution is to provide the market with foreign currency enough. ” and picked up local media reported the widening phenomenon of smuggling hard currency from Iraq to Syria and Iran on the border crossing points which unless confirmed by the Central Bank of Iraq.
And subject Iran because of its nuclear program and Syria as a result of public protest to international sanctions harsh and exposed markets of both countries to an economic collapse because of poor cash flow of hard currency.
The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.
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