Central identifies seven key criteria related to the participation of banks sell foreign currency window

Central identifies seven key criteria related to the participation of banks sell foreign currency window

Sunday June 11, 2017 14:07

Central identifies seven key criteria related to the participation of banks sell foreign currency windowAlsumaria News / Baghdad ,
select the Central Bank of Iraq on Sunday, seven key criteria related to the participation of banks sell foreign currency window, indicating that the dollar put the sale process in the framework responds to legal, regulatory and local and international regulatory requirements.

The governor of the bank on the Keywords in a statement Alsumaria News received a copy of it, ” the Central Bank of Iraq began since the beginning of this year , the adoption of specific weighting criteria concerning the participation of banks in the sale of foreign currency window (dollar) , ” noting that “this comes after nearly a year of preparation and consultation for the development of such standards as currently drafted, as these criteria were given a certain degree relative is a total final score of the bank, which in turn determines its share of the quantity sold foreign currency per day. ”

He added that ” it was seven basic criteria for the adoption of the classification of banks for the purpose of entering the window of the sale of foreign currencies branching out of which other sub – given each relative weight contributes to determining the final grade of the bank , ” noting that the criteria are “compliance with ( the degree of compliance with the rules and procedures to combat money laundering and the financing of terrorism) and have the greatest weight, compliance with the instructions of the foreign currency window, standard dealing with correspondent banks in terms of being certified and classified internationally, match bank statements with the statements of correspondent banks, to meet the demands of customers and within the elements of a number of bank branches, lawsuits against the bank, contracting P international auditing firm and takes into account the date of establishment of the bank as it is downloaded five degrees degrees of banks that have not only been established more than a year. ”

He added Keywords that “public banks evaluated in terms of general conditions (performance and efficiency) , it being in accordance with other international standards , most notably the International Standard (CAMELS) , which serves as an early warning banks are classified under which on the basis of solvency capital C, and asset quality A, management M, profitability E, liquidity L, and sensitivity analysis to market risk, which is expressed in each of the elements of a number of financial indicators. ”

He explained that ” a review of grades given to the banks are constantly changing according to the extent of the banks commitment to the requirements and procedures in accordance with the audit and inspections conducted by the Central Bank, or by providing bank proof of improved compliance with the standard or more, the Bank is being periodically reviewed for banks all, and involved a number of Bank and its formation circles in the evaluation process , according to the standard type and the competence of the department or configuration, which provides high credibility and objectivity. ”

He noted the Keywords, that ” the Bank shall provide each bank in degrees granted according to each criterion according to each element of each standard, and gives the bank an opportunity to object or make notes, and holds a higher committee headed by the Deputy Governor and the membership of an advanced staff in the Bank ‘s review notes or objections and meet the relevant process in the bank, and it can be adjusted according to the assessment is presented from the bank, “adding that” the door is always open to the bank at any time feel that it has made progress in the application of the rules mentioned. ”

It is worth mentioning that the Central Bank of Iraq, issued in (19 March 2017), a circular to all private banks to abide by the standards to meet the sale of foreign currency, pointing out that the task of the international audit firms that have been contracted to assess the financial position and asset quality of the banks.

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