Legal expert: to deprive the central bank to banks from the auction for the sale of part of his powers Currency

by **Ponee** Tue Jun 09, 2015 3:33 pm

counting the decision of the Central Bank of Iraq, a legal expert in depriving banks of the auction for the sale of the currency as "a part of his powers."

Legal expert: to deprive the central bank to banks from the auction for the sale of part of his powers Currency Story_img_5576b73c93923

Legal expert: to deprive the central bank to banks from the auction for the sale of part of his powers Currency Story_img_5576b73c93923

The central bank, yesterday decided to deprive the 14 banks from entering the window of sale and purchase of foreign currency, until the payment of amounts due Bzmtha.
, said Tariq Harb said in a statement received by the agency all of Iraq [where], that "the Iraqi Central Bank's decision yesterday to deny 14 banks from entering window sale and purchase of foreign currency showed us several facts including that this decision falls within the central bank the authority established in the law No. 56 of 2004 and the Banking Law No. 94 of 2004 ".

He said "the central bank's mission is to formulate monetary policy in Iraq and implementation, including policy foreign exchange in accordance with the provisions of Article IV of the Bank Act, as well as in accordance with the provisions of Article 56 of the banks, which authorized the Central Bank Law taking any action or the imposition of any administrative penalty against any bank in violation of the bank to the provisions of this law or when submitting incomplete transactions and the failure of the bank resulting from the commitments it pay the amount due the General Authority for taxes and the General Authority for Customs gives the bank the use of his authority. "

He pointed a war that "the action taken by the central bank against the banks mentioned regard to deny access to the window for the sale of foreign currency that is to say the bank denied these banks to participate in the auction sale of foreign currency The Bank shall conduct, thus depriving the banks of unrealized and clear and easy profit is to buy foreign currency from the bank and sold and this banking guaranteed profit and easy measures and does not include any risk, similar to banking transactions and other events such as loans or the issuance of letters of guarantee, which is subject to the probability of default, which ranks the damage to the bank. "

"It seems that these banks ignored numerous claims from the central bank for the payment of the General Authority for taxes and the General Authority for Customs, prompting the central bank to take this action."

He noted legal expert that "this measure is bound to be influential in the financial and legal location of these banks in Iraqi and international market where entail some kind of imbalance of the center's credit and financial for these banks to the customers and to increase the site other banks who take the sale and purchase of foreign currency inevitably did not name contained in this list, especially since this list impact not financial Kalshaiah or transferred by the media because it is proven a decision of the official body representing the highest point of monetary and fiscal in Iraq also must note what settled by custom in the developed countries of the non-payment of the tax constitutes an act than to commit some of the crimes. "

He said the war was "and when you check the list issued by the Central Bank of secure and recognized Bean Many of the some of the banks that deal with hundreds of millions of dollars through the window for foreign currency is not the only shops ".bhsp he said. The central bank has attributed yesterday his decision to "the failure of these banks pay all amounts due Bzmtha all deductions and tax secretariats and customs and turn them into General Authority for taxes and the General Authority for Customs. " He added the bank, according to a statement that "banks, which included deprivation is the Iraqi investment, the country's Muslim, by Lebanese French, Byblos, international development, the Arabian Gulf, the Middle East, Beirut and the Arab Countries, Ceyhan, France Bank, Union Iraq, the Iraqi trade, Sumer Commercial, Huda, "adding that" deprivation will continue until the payment of the amounts discharged and provide us with what is supported by the "

http://www.alliraqnews.com/modules/news/article.php?storyid=6481