Governor of the Bank: Auction currency is no longer a daily window and put new mechanisms
Governor of the Bank: Auction currency is no longer a daily window and put new mechanisms
03/03/2015 11:30
Awan / Baghdad
The Governor of the Central Bank of Iraq on the Keywords, on Tuesday, for the development of new mechanisms for the auction currency, which “is no longer a daily window,” he said, adding that a lot of hard currency being smuggled out of the country as well as for use in the operations of corruption.
Keywords and said in a press conference held today at the bank building and attended by “time,” “The new regulations set by the Bank is that the auction is no longer a daily window of operations for the sale of currency auctions,” adding that “new mechanisms developed to sell this currency, especially that of functions provide currency for foreign trade. ”
He Keywords that “new mechanisms to sell the currency through remittances will be electronically instead of documents that were previously provided by the banks, which were marred by a lot of forgery, fraud and exaggeration in need of these amounts,” noting that “the bank will feed these bank accounts abroad after depletion, While cash sales will be according to the needs of the country have such as the need to travel, treatment or study, according to the mechanics are verified in. ”
Keywords and pointed out that “in March the bank for more than ten years, the sale of foreign currency through the auction while sales are considered in many countries of the world such cases are exceptional to create balance and stability of the currency,” asserting that “the dollar selling operations shifted from the way foreign trade to speculation in the markets and profit-taking and keep the banks from the real activity. ”
He stressed Keywords that “some companies non-banking business, businessmen and contractors have switched from their activity to speculative currency, adding that it was a cover to facilitate a lot of processes related to the smuggling of money and the proceeds of corruption and crimes abroad, and thus there will be inattentive in foreign currency that make up the cover of the local currency.” .
And the relationship that “part of the most dangerous in sales operations, which are conducted in the auction is selling cash dollars, which reached a record amounts, which arrived in the last two years to $ 15 billion a year,” pointing out that “these amounts are very large compared with imports from the dollar and the relative to the country’s need of cash to cover travelers, treatment and other expenses. ”
And established an independent Iraqi Central Bank as a bank under a law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies being sessions daily for buying and selling currencies.
awaniq.com
