"Central" decides to enter the banking companies to currency auction without intermediaries

by **Ponee** Tue Apr 22, 2014 8:48 am

"Central" decides to enter the banking companies to currency auction without intermediaries
04/22/2014

"Central" decides to enter the banking companies to currency auction without intermediaries 9927359

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 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 events Private auction of foreign currency and contribute to the stability of the exchange rate permanently, as well as making these companies a true partner in support operations of the Iraqi economy and the stability of the dinar. "

The number of owners of companies banking financial criticized on 3 December 2013, the tough measures of the central bank and the routine which controls 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 his dealings, pointed out that what puts Bank of instructions and controls "and the harsh injustice."

The Central Bank of Iraq (November 24, 2013) seeks to amend the banking laws commensurate with the current situation, and pointed out that the law on money laundering laws that highlighted seeks to modify it, while stressing that going to play a developmental role of the Iraqi economy.

The central bank announced, earlier, for the abolition of banking companies unregistered has regardless of obtaining a license 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 the thousands, a 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 others operate without getting any vacation.

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 Iraq's oil revenues in those years, and while confirming that those sales they need more than doubles the local market, they revealed that more than half of those sales went to the banks poured specific purchases of the bank in the Gulf and Jordan.

He accused lawmakers, politicians and economists Central Bank of Iraq over the past months, to 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, you buy a day most of the claims of the central bank's hard currency and make a profit obscene up to 6 percent including them control of the Iraqi economy. http://goo.gl/fvqUjx