The central bank issued new instructions to regulate the process of selling the dollar
The central bank issued new instructions to regulate the process of selling the dollar
1/17/2017 9:51
[Oan- Baghdad]
revealed Association of private banks, the Central Bank of Iraq to issue new instructions to regulate the process of selling the dollar to cover the imports of the private sector.
She said private banks association said in a statement received by all of Iraq [where] a copy of it ,, ” The CBI has issued new instructions to regulate the sale of dollar transactions for the purposes of coverage of imports by the private sector , ” indicating that “instruction regarding the organization of the dollar insurance operations for the purposes of issuing money orders and open letters of credit trends that make Iraqi banks , which mediates between the importer and the central bank directly. ”
She explained, ” The instruction stresses the need to achieve the main objective of the Central Bank is to know the ultimate beneficiary and the preservation of hard currency for Iraq through the optimal use in order to serve the national economy and sustainable development , ” noting that ” the instruction came after the classification of the central bank for banks to build on the efficiency of collections units compliance and anti – money laundering and risk management available in banks and liquidity. ”
She stressed that ” the new regulations flowing toward the central objectives of the central bank and the banking sector of Iraq to maintain the dinar ‘s exchange rate against the dollar and stimulate the banks to work with high transparency and a large commitment to rules and regulations to comply with the law of money laundering and terrorism financing No. 39 of 2015″.
She pointed out that ” the Association of Iraqi private banks eager to apply the central bank instructions and urges banks to increase their role in achieving economic development and the preservation of the dollar, which would contribute to restoring confidence in the banking sector during the current year and the price of post – Daesh.”
Banks operating in Iraq and called for “continued cooperation with the Central Bank and the fulfillment of all the requirements set forth in the instructions and to contribute to the success of his future plans that are in the national economy.”
alliraqnews.com
