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Experts to the extent: the decision of the Central Bank regulates the trading of foreign currency
On: Saturday 02/04/2012 7:22
□ Baghdad / Ahmed Abed Rabbo
Financial experts welcomed the decision of the Bankers and Central Bank, which committed the banks to participate in the auction to disclose its customers to obtain the foreign currency and stressed in the talk of the need to establish effective control over the volume of currency conversions.
The director of the private banks Abdul Aziz Hassoun need for this decision in order to facilitate regulatory purposes in the banks.
said Hassoun's (range economic): This decision is important in order to regulate the circulation of foreign currency which is the main source of public finance, noting that the issue of circulation shall be subject to regulatory controls. The Goldfinch: The purchase of foreign currency from the Central Bank auction legitimate, indicating coverage of goods and imported goods to Iraq and verification of completion of entry into the country, explaining the need to identify and classify traders in the market and identify them helps to develop a curriculum import controls. He attributed the cause of the demand for the dollar to international pressure, called for some neighboring countries to resort to other sources of foreign exchange of the said financial expert and banking Farouk Ramadan (range economic): This decision will limit the transfer is correct, pointing out that it is in the interest of the economy national of the country. The Ramadan: This step behind in terms of the application pointing out that large numbers of referrals may make it difficult process of organizing instruments ratified by the need to effort and a great time and called Ramadan companies to the need to provide instruments certified collective and maintain adherence to the individual has to be accessible to the control of .
The Ramadan: You must send instruments with tables to the Central Bank to find out the converter real, pointing to the need to distract the central bank amounts of foreign currency to the banks for the purpose of buying and selling so limited this process in the banking sector rather than confined to the informal markets.
The central bank Iraq had committed all the banks participating in the auction to disclose its customers to obtain foreign currency, attributing the cause of the lack of sales of the currency during the past two days to the lack of definition of the buyer himself.
Deputy Governor of Bank of the appearance of Mohammed "Alsumaria News", a part of the duties of the Central Bank regulatory and oversight and in accordance with the principles of the Basel Convention, the International Iraq is a member is to know the customer who buys currency from the bank through banks to prevent any breaches that may affect the security of the state. "
Saleh added that the bank has committed all banks participating in the auction to disclose its customers through their access to currency He pointed out that the bank on condition that the customer shall have a current account at the bank and free certified check and Ervgah with treatment when you buy the currency. " He continued for a few sales of the currency during the past two days to the lack of definition of the buyer himself, pointing out that there are a lot of purchases in violation of the rules of the legal and banking as are the names and interfaces are not known. "
Saleh pointed out that some Iraqi banks do not encourage the process of opening current accounts in asserting that Bank has large reserves of currency as possible to cover the market for twenty times. "
The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks that financed traders from the private sector, excluding public holidays on which depends the World Bank for these auctions, and the sales either in cash, or in the form of money orders sold out for a commission of certain.
accused member of the Iraqi Taha Lahibi, January 28 last, Iran enter the Iraqi currency counterfeit for the purchase of hard currency from the market, to assist its customers in Iraq, is regarded as the CBI, in the 29 last January, that the rate of currency Iraqi counterfeit normal compared to the rest of the States, with pointed out that those currencies are entering the market from three sources.
The Central Bank of Iraq, it was revealed, the sixth of January 2012, a rise in foreign currency reserves to $ 60 billion for the first time in the history of Iraq, after it had been in 2010 had reached $ 58 billion.
and Deputy Governor of Central Bank of Iraq appearance of Mohammed in the ninth of January last, in an interview for "Alsumaria News", that the high exchange rate of the dollar against Iraqi dinar in the Iraqi market, as well as higher sales of the Iraqi Central Bank of foreign currency due to the financing of trade of neighboring countries by the Iraqi traders.
The Central Bank of Iraq under the law issued on the sixth of March of 2004, an independent body, which is responsible for maintaining on price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote a competitive financial system, independent.
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