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Foreign exchange traders are pulling out of Iraq - the central confirms possession of large reserves to meet demand
1/29/2012 3:47:06 PM
BAGHDAD - The Constitution
The Central Bank of possession of large reserves of hard currency to cope with the phenomenon of demand, indicating that there are internal and external factors behind this phenomenon. The bank said in a statement issued yesterday that he "has in foreign reserves large, the estimated high in the face of any potential caused by the growing phenomenon of demand for the currency foreign based on the means of monetary policy available to control the levels of liquidity and cash flows in order to achieve economic stability desired. He added that the phenomenon of high demand for foreign currency in the window of the Iraqi Central Bank for the sale and purchase of the dollar in recent weeks, linked to the increasing public expenditure and its impacts on the behavior of individual demand in the market for foreign currency, which is itself an application locally on goods and services and the benefits of Foreign Affairs.
He said the bank: that conditions and the complexities of regional in some countries surrounding Iraq and exposed to the problems in its international economic relations have cast the other Bdilalha in the formation of streams of additional non-directly in the demand for foreign currency through the overlapping regional trade and ways of financing different. At the level of officious confirmed specialists in the economic importance of removing Iraq from Chapter VII imposed by the United Nations to give Iraq in general and the Iraqi trader in particular to deal with the international banks sober and well-known in the process of transfer of funds (money orders) when the importation of goods from abroad, for fear of exposure Iraqi funds to money laundering or to embezzlement by shell banks and informal in most countries of the world, calling the move towards the United Nations to lift the seventh item on Iraq. A member of the Economic Commission MP Nora Salem: The international banks known not to deal with Iraqi traders they deal in huge amounts, and Iraq still implies under Chapter VII, they are afraid of dealing with countries subject to this item. The Salem to the issuance of a decision by the Economic Committee of the Council of Ministers established the Bank shareholder participation by local and international banks in order to facilitate the work of traders and investors in the transfer of large sums of money to and from Iraq, calling for the necessity of applying for the protection of Iraqi funds from being lost, not what has happened recently, as we heard that the merchants of the Kurdistan region have to transfer money to merchants in Iran, the rejection of one of the banks delivered the pretext that the traders Kurds, they do not process transfer funds, and continued to be the establishment of the bank and have a large capital allows investment companies and traders Iraqis abroad to transfer their money to Iraq. and called Salem, the Federal Government and the Parliament to move towards the lifting of what they called "injustice item VII" for Iraq that there are many things to Iraq stalled because of this separation imposed by the United Nations. The member of the Economic Commission that the Iraqi trader has a big role in the bleaching of the Iraqi funds since it deals with the banks is not an official because of Chapter VII imposed on Iraq. For his part, exclude a member of the Economic Commission Vice Qusay Fri incidence money laundering Iraq during the current period, particularly in Baghdad, the fact that there is strict control by the central bank the money out and into the country, but fear the exposure of funds the Iraqi trader for embezzlement, said Juma held an expanded meeting between the Economic Commission representative and the Department of Money Laundering Council to the Central Bank , and notified us of a central bank with adequate information and the development of treatments sufficient for the emergence of any cases of money laundering or the like. Gom'a the absence of the phenomenon to the process of bleaching of money, but there are operations to drain the difficult process of Iraq as merchants Iranians and two walls as a result of the deterioration of their currency because of political turmoil in which they live , stating: There are traders from Syria and Iran are withdrawing the dollar from Iraqi banks and local markets, which led to the depletion of foreign currency in Iraq. While stressing the economic expert as beautiful on the need to handle the Iraqi trader with global banks sober and well-known in its financial transactions in order to obtaining the financial guarantees in light of smuggling-money laundering, as a result of the political situation deteriorating in the region, especially in Syria and Iran. Jameel said, Iraq is still under Chapter VII, making the Iraqi trader is restricted from dealing with international banks in the process of turning his money through the import of commodities and goods from abroad, although that international banks provide guarantees to enter the goods matching the specifications and they refused to deal amounts of imports of goods poor before shipment, calling for the need to lift the seventh item on Iraq to facilitate financial transactions with international banks. He added that the bank credit is a form of systems to ensure the trader and exporter of handing the funds against the shipping goods and goods according to specifications, noting that the Iraqi trader now pay part of the exaggeration or all of the processed and shipped his goods without the presence of safeguards and controls on the type of imported goods to the interior, especially with Iran, which lead to money laundering operations and other operations outside the law. At the same time confirmed Chairman of the Economy Bank Husam Obeid on the importance of raising Iraq's Chapter VII as a grant to the Iraqi banks to deal with the international banks. Ebeid said that Iraq is still shackled to item VII of the UN, thus affecting the work of Iraqi banks being given a bad reputation in their work foreign and international, which led to the refusal of international banks to deal with Iraqi banks and merchant Iraqi import of goods from abroad. and stressed the need to remove Iraq from Chapter VII.
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1/29/2012 3:47:06 PM
BAGHDAD - The Constitution
The Central Bank of possession of large reserves of hard currency to cope with the phenomenon of demand, indicating that there are internal and external factors behind this phenomenon. The bank said in a statement issued yesterday that he "has in foreign reserves large, the estimated high in the face of any potential caused by the growing phenomenon of demand for the currency foreign based on the means of monetary policy available to control the levels of liquidity and cash flows in order to achieve economic stability desired. He added that the phenomenon of high demand for foreign currency in the window of the Iraqi Central Bank for the sale and purchase of the dollar in recent weeks, linked to the increasing public expenditure and its impacts on the behavior of individual demand in the market for foreign currency, which is itself an application locally on goods and services and the benefits of Foreign Affairs.
He said the bank: that conditions and the complexities of regional in some countries surrounding Iraq and exposed to the problems in its international economic relations have cast the other Bdilalha in the formation of streams of additional non-directly in the demand for foreign currency through the overlapping regional trade and ways of financing different. At the level of officious confirmed specialists in the economic importance of removing Iraq from Chapter VII imposed by the United Nations to give Iraq in general and the Iraqi trader in particular to deal with the international banks sober and well-known in the process of transfer of funds (money orders) when the importation of goods from abroad, for fear of exposure Iraqi funds to money laundering or to embezzlement by shell banks and informal in most countries of the world, calling the move towards the United Nations to lift the seventh item on Iraq. A member of the Economic Commission MP Nora Salem: The international banks known not to deal with Iraqi traders they deal in huge amounts, and Iraq still implies under Chapter VII, they are afraid of dealing with countries subject to this item. The Salem to the issuance of a decision by the Economic Committee of the Council of Ministers established the Bank shareholder participation by local and international banks in order to facilitate the work of traders and investors in the transfer of large sums of money to and from Iraq, calling for the necessity of applying for the protection of Iraqi funds from being lost, not what has happened recently, as we heard that the merchants of the Kurdistan region have to transfer money to merchants in Iran, the rejection of one of the banks delivered the pretext that the traders Kurds, they do not process transfer funds, and continued to be the establishment of the bank and have a large capital allows investment companies and traders Iraqis abroad to transfer their money to Iraq. and called Salem, the Federal Government and the Parliament to move towards the lifting of what they called "injustice item VII" for Iraq that there are many things to Iraq stalled because of this separation imposed by the United Nations. The member of the Economic Commission that the Iraqi trader has a big role in the bleaching of the Iraqi funds since it deals with the banks is not an official because of Chapter VII imposed on Iraq. For his part, exclude a member of the Economic Commission Vice Qusay Fri incidence money laundering Iraq during the current period, particularly in Baghdad, the fact that there is strict control by the central bank the money out and into the country, but fear the exposure of funds the Iraqi trader for embezzlement, said Juma held an expanded meeting between the Economic Commission representative and the Department of Money Laundering Council to the Central Bank , and notified us of a central bank with adequate information and the development of treatments sufficient for the emergence of any cases of money laundering or the like. Gom'a the absence of the phenomenon to the process of bleaching of money, but there are operations to drain the difficult process of Iraq as merchants Iranians and two walls as a result of the deterioration of their currency because of political turmoil in which they live , stating: There are traders from Syria and Iran are withdrawing the dollar from Iraqi banks and local markets, which led to the depletion of foreign currency in Iraq. While stressing the economic expert as beautiful on the need to handle the Iraqi trader with global banks sober and well-known in its financial transactions in order to obtaining the financial guarantees in light of smuggling-money laundering, as a result of the political situation deteriorating in the region, especially in Syria and Iran. Jameel said, Iraq is still under Chapter VII, making the Iraqi trader is restricted from dealing with international banks in the process of turning his money through the import of commodities and goods from abroad, although that international banks provide guarantees to enter the goods matching the specifications and they refused to deal amounts of imports of goods poor before shipment, calling for the need to lift the seventh item on Iraq to facilitate financial transactions with international banks. He added that the bank credit is a form of systems to ensure the trader and exporter of handing the funds against the shipping goods and goods according to specifications, noting that the Iraqi trader now pay part of the exaggeration or all of the processed and shipped his goods without the presence of safeguards and controls on the type of imported goods to the interior, especially with Iran, which lead to money laundering operations and other operations outside the law. At the same time confirmed Chairman of the Economy Bank Husam Obeid on the importance of raising Iraq's Chapter VII as a grant to the Iraqi banks to deal with the international banks. Ebeid said that Iraq is still shackled to item VII of the UN, thus affecting the work of Iraqi banks being given a bad reputation in their work foreign and international, which led to the refusal of international banks to deal with Iraqi banks and merchant Iraqi import of goods from abroad. and stressed the need to remove Iraq from Chapter VII.
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