CBI publishes new regulations on buying and selling foreign currency

CBI issued, Sunday, new regulations for the sale and purchase of foreign currency, in order to what he considered to stabilize the Iraqi dinar exchange rate against foreign currency to meet the needs of the private sector, including the import of goods and services and to encourage banks to expand their scope, stressing that contrary to the instructions New will be forwarded to the Commission determine the imposition of fines and penalties, confirming validity of these instructions from the 15 April 2013.

According to the instructions issued by the bank that “quota weekly for the banks to sell cash dollar be four million dollars is subject to increase and decrease, while the share of money transfer companies $ 150 thousand for companies that their capital 45 billion dinars, and 100 thousand dollars for companies with less capital for that.”

She FAQ that “in the case of billing documents fundamentalist goods spectrograph to enter Iraq in advance, the Bank provides a full Akiem those goods from foreign currency after being examined.”

And on companies to mediate for buying and selling currencies showed FAQ that “quota weekly 50 thousand dollars to companies with a capital of 500 million dollars, and 25 thousand dollars for companies less than that,” adding that “the sale and purchase of the foreign currency to money transfer companies and companies broker for buying and selling foreign currency through authorized banks in Iraq. “

The instructions indicated that “cash sales be in accordance with the detail contained the Book of the General Directorate to monitor the banking and credit No. 03.09.93, dated 02.17.2013 and the decision of the Board of Directors of this Bank number 09/03/29 dated 05/02/2013, and attached to these Altalmyat, which is considered an integral part of them.

She drew instructions to be “selling the dollar be for the purposes of the documentary credit, which aims to encourage banks licensed in Iraq to work depending documentary According payment terms after ascertaining the availability of the necessary documentation and acceptance of letter of credit, in addition to the hawala system where accept orders dollar hawala and money transfer companies, by banks, for the purposes of the importation of goods and merchandise that does not exceed the upper ceiling of the amount of hawala (500) thousand dollars, and certain mechanisms. “

With regard to the mechanism of application confirmed the instructions, “orders offered daily and implemented on the same day of the week that followed, in the case of exclusion of any of the applications will be announced bank official letter and the announcement of the reasons for exclusion,” indicating that “the right of the bank to object to it under a book directed to the Department of sale and purchase of foreign currency. “

She said “the bank buys foreign currencies offered by the banks and the purchase price stated on the day of submission of the sale,” adding that “the procurement process is subject to audit and control and field inspection by the Directorate-General to monitor the banking and credit and money laundering office.”

According to that “taken into account Anmd credit rating and franchising preferential banks and the bank commitment to deliver the exchange rate to the beneficiary latter including no more than 10 dinars over the sale price, and the commitment of the bank diverse customers and not restrict Bmstviden certain or limited class.”

She stressed that “window must buy and sell foreign currencies excluding any request did not meet the necessary conditions.”