CBI has issued new instructions to the stability of the dinar exchange rate

CBI has issued new instructions to the stability of the dinar exchange rate

February 3, 2015 16:51

CBI has issued new instructions to the stability of the dinar exchange rateA report issued pointed out by the Central Bank of Iraq that according to the provisions of the Iraqi Central Bank Act for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against foreign currency through the optimal use of foreign exchange resources to meet the needs of all and not the central occupancy of functions which are at the heart of the work of the banking system and the departments of relationship, with a commitment to Bmtlebatt Mkafezh money laundering law and finance Alerham decided to place a new issue instructions in this regard.

According to Liban directly obtained a copy of it, the Central Bank of Iraq to strengthen banks balances wishing to do so at their correspondents abroad to finance permitted banking law and set out in detail in the attached list, according to the appropriate indicators to ensure the stability of the exchange rate and trade finance and other operations.

The banks wishing to enhance their balances dollar deposit the equivalent in Iraqi dinars in their accounts of the type 216 before fifteen days from the date of submission guarantee coverage amounts equal to Dilbadtha, that at least the amount required for a certain extent decided by the central bank.

Bank submit a written application to the Directorate General of investments which enhance the tally required to have correspondents in overseas facilities with a copy of the entry to strengthen the balance of his account in Iraqi dinars from type 216, equivalent to the amount to be converted, to be submitted with the request and subsequent reinforcement disclosure shows the details of the amounts used that have been converted to his customers.

Central applies the principle of know Zbnuk for the purpose of legal and banking safety of special procedures Bmstryate and sales of foreign Various applications currency guarantee, the Monitor compliance department of internal control and the unity of money laundering at the bank to do in turn into this area and to report any suspicious transaction by.

Bank reserves to disclose accounts with correspondents showing the movement of the account and uses of funds transferred by the central bank.

The banks send statements details of the amounts transferred in foreign currency by the Central Bank of Iraq and their use to the Directorate Ah control Chirafah and credit.

Be selling the dollar to strengthen the balance abroad for the purposes of all by 1187 dinars per dollar, and the cash sales price shall be 1190 Iraqi dinars per dollar.

Work Ptalimatna own cash sale continues through the Department of buying and selling foreign denominations window, is not required to provide lists of the names of the dollar in cash buyer, and reserves the application Aljht banks and companies Bashkova detailed the names of buyers and enhanced documentation for that and regulated by the Central Bank of the field.

The General Directorate of control Pure credit banks follow up the implementation of the instructions in case there are any irregularities exposed the bank to the sanctions set forth in applicable laws and regulations.

Central Bank and the banks develop a plan to build capacity and create possibilities for expansion in the documentary credits in the banking practice of foreign trade.

All previous instructions that are inconsistent with these instructions are canceled.

These regulations implemented from the date of February 2, 2015