The difference between fiscal and monetary policy behind the phenomenon of money laundering
Appearance of Mohammed Saleh: the difference between fiscal and monetary policy behind the phenomenon of money laundering
The time on Saturday, 20 October 1 / Okrudolf 2012 11:20 | |
Baghdad / Orr News
CBI said that poor coordination between fiscal and monetary policy led to the growing phenomenon of money laundering. The deputy governor of the Bank the appearance of Mohammed Saleh said that “the difference between monetary and fiscal policy behind the growing phenomenon of accusations of the Central Bank.”
He explained that “Iraq needs to be clarified between monetary policy and fiscal policy significantly to be able to end this phenomenon with exchange control money in the markets.” He continued that “the central bank to take the necessary precautions to minimize the phenomenon of money laundering, but there are a lot of problems borne by the state system contributed to the increase in this phenomenon.”
The Commission investigative parliamentary on auction currency has announced the seventh of this month for most recommendations, which focused on two main points the first relating base information on the mechanism used for the bank in the protection of Iraqi funds, and secondly relating to tighten controls in the dealings of private banks with customers. It confirmed that the central bank has an information base for only 5% of what spend money which caused the widening of the gap between the Iraqi dinar and the dollar.
The main tasks of the Iraqi Central Bank to maintain price stability, and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.