CBI Decides to Enter the Banking Companies to Currency Auction Without Intermediaries
|April 22, 2014||Filled under Iraqi Dinar News|
Iraqi Dinar News -
Decided the Iraqi Central Bank to allow banking companies financial enter the currency auction “without broker”, and stressed that this action will contribute to the stability of the Iraqi dinar exchange rate and expands the auction of foreign currency, as pointed out that those companies would be “a true partner” to support the economy.
The bank said in a statement received (range Press) copy of “The Board of Directors of the Central Bank decided at its meeting held on Sunday, the money transfer companies to open accounts directly with the Central Bank of Iraq, the Iraqi dinar and the dollar to carry out the purchase of foreign currency, and that this process will expand special events auction of foreign currency and contribute to the stability of the exchange rate permanently, as well as making these companies a true partner in operations supporting the Iraqi economy and the stability of the Iraqi dinar.”
And had a number of owners of companies banking financial criticized on 3 December 2013, the tough measures of the central bank and the routine which controls the procedures, and argued that they can not approach the Office of any employee to ask about the fate of their transactions, and while stressed that the CBI lacks regulations in its dealings, pointed out that what puts Bank of instructions and controls “harsh and where injustice.”
And confirmed the CBI (October 24 the second in 2013) seeks to amend the banking laws commensurate with the current situation, and pointed out that the money laundering law highlighted laws that seek to modify it, while stressing that he goes to play a developmental role of the Iraqi economy.
Central bank had announced, earlier, for the abolition of banking companies unregistered has, regardless of their access to leave from the Ministry of Commerce or not, and stressed that the banking companies registered and approved before 2003, the 300 companies only, as pointed out that the current companies exceeded thousands a mixture of companies operate according to the terms and conditions of the bank and the other got a leave of absence from the Ministry of Commerce While other companies without getting any vacation.
Was the Truth in matches Development Fund of Iraq revealed, in April of last year, the central bank sold during the past six years in currency auctions conducted by about 207 billion dollars, equivalent to 56% of revenues Iraq’s oil in those years, and while confirming that those 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 CBI over months years, burn “an average of four billion dollars a month in an auction of hard currency for the benefit of 10 banks, most of the capital of the Gulf, most of the day you buy the claims of the central bank’s hard currency and make a profit obscene up to 6 percent, making it the control of the Iraqi economy.”
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