Central Bank attacking banking and financial companies: mostly owned by politicians

Central Bank attacking banking and financial companies parliamentary stresses: mostly owned by politicians

5.28.2016 11:36

Iraqi dinar currencyLong-Presse / Baghdad
CBI attacked on Saturday, banking companies and financial conversion, and accused her of using “forged documents and not to supplement the local market in hard currency,” and with the Finance Committee in the House of Representatives confirmed that a lot of politicians have the majority of banking companies “, criticized the owners of companies and offices banking” method The central bank deal with them. ”
He said the Board of the Central Bank board member Ahmed Rehn, said in an interview to the (long-Presse), “The role of the private sector and banking offices are still quite negative in the foreign exchange market,” noting that “the private sector has been unable to supplement the local market an additional offer of foreign currency, whether through exports or attract foreign investment or otherwise, for the preoccupation with obtaining that currency for purposes not inconsistent with the interests of Iraq’s economic stability. ”
He called Rehn, to “make the banking partner of the Iraqi Central Bank in the foreign exchange market to become as a wholesale foreign currency similar to wholesalers for goods, to provide the needy with estimated taking into account the national interests of traders,” revealing “non-possession, central bank data or information on how the currency move window sell the currency, or from other sources, the fact that the private sector offers him inaccurate information and false documents. ”
The member of the board of the central bank, that “the central bank should not meet all requests for foreign currency because that is draining international reserves quickly,” noting that there are “shops sell foreign currency and buy what requires the central bank scrutiny exchange companies between now and then.”
Rehn stressed that “the number of exchange companies is very large at about can not be with him to the Directorate General for the banking and credit control in the CBI, the monitor,” pointing out that “Iraq lacks a solid firms can monitor banking companies and to ensure its commitment to banking controls.”
For her part, member of the Finance Committee in the House of Representatives Majida al-Tamimi, said in an interview to the (long-Presse), “The work of the exchange companies is limited to the transfer of funds abroad without taking into account the balance in the amount of foreign currency emerging and entering the country,” attributed the reasons to “the fact that the local environment It is not encouraging for the survival of these funds inside Iraq, especially that most who have received funds legal or illegal manner, transformed them to invest abroad. ”
He confirmed al-Tamimi, the “exchange companies did not contribute to the support of monetary policy or development operations inside Iraq, and the central bank not controlled by the only words without deeds, as is the case with the announcement of the provision of the dollar for those who wish to travel abroad for medical treatment or study.”
Promised a member of the parliamentary finance committee, said: “Misfortune auction currency is still going on despite the drawbacks and the existence of alternatives through practical mechanisms for the dollar,” revealing “certain to prove possession of many politicians and influential corporate banking information.”
She called Tamimi, Prime Minister Haider al-Abadi, to “intervene to stop the auction of the currency,” pointing out that “Abadi previously was chairman of the Finance Committee in Parliament and he knows already know the guts and cons auction currency and solutions effective to address the subject in order to serve the national economy.”
She Tamimi, he “already suggested a sophisticated financial system, in which international experts, and submitted to the secretary of the prime minister, Abu Nofal barns, in November 2015 the past,” Msttrdh “I have not received any response on the proposal so far.”
Turn his banking company called (m. T) in an interview said to (long-Presse), “The banking companies to suffer so much from the central bank’s trading and obstacles put through procedures routine complex,” noting that “the central bank looks at the exchange companies about negative although many of them offer good services faster and better than any government bank or my family and high technology and ensure sure. ”
Meanwhile, the owner of banking office called (u. P), in an interview said to (long-Presse), that “a lot of companies or exchange offices operate without leave and some are fake, although they are influential in the dinar exchange rate against the dollar, through smuggling currency, “adding that” the central bank action to reduce those negative phenomenon is very slow. ”
He said his banking office, that “the central bank’s procedures for granting practice for companies and banking offices mission and leave required to eliminate the phantom ones and reduce the smuggling of currency abroad to protect the national economy.”
The Iraqi Central Bank announced recently taken several measures to regulate the work of the offices and corporate banking in Iraq and reduce the phenomenon of illegal activities that harm the national economy and raise the price of the dollar, which opened the door presentation to the owners of banking companies to obtain official licenses to practice the profession, as well as the adoption of mechanisms new auction selling foreign currency to companies, raising the amount from 250 to 400 thousand dollars a condition to increase the company’s shares.
Granting leave procedures include that the applicant must be experienced and the holder of a college degree for this work full-time and not convicted of a misdemeanor involving moral turpitude, and not least the company’s capital for 500 million Iraqi dinars, as well as other conditions.