Al-Muhammadawi addresses a parliamentary question to the governor of the Central Bank regarding banks and private companies for selling foreign currency (document)

Al-Muhammadawi addresses a parliamentary question to the governor of the Central Bank regarding banks and private companies for selling foreign currency (document)

Tuesday 27 April 2021 | 03:43 pm

Al-Muhammadawi addresses a parliamentary question to the governor of the Central Bank regarding banks and private companies for selling foreign currencyMember of Parliament, Representative Jamal Al-Muhammadawi, addressed a parliamentary question to the Governor of the Central Bank of Iraq regarding monitoring banks, banking companies and brokerage offices for buying and selling foreign currencies. According to a document issued by his office, Muhammadawi said, “Through the audit of the Federal Office of Financial Supervision, the data on the capital of private banks, it was observed that there were a number of banks that did not increase their capital to (250) billion dinars, in contrast to the uncles of the General Directorate of Banking and Credit Monitoring in the year 2013, and we mention some of these banks. For example, Dar Al Salam Bank (150) billion dinars, Babylon Bank (178.859) billion dinars, Tigris and Euphrates Bank (100) billion dinars, and Islamic Cooperation Bank (144.481) billion dinars. ” He added that ” Follow-up to the Office of Financial Supervision showed that the Central Bank’s instructions related to the sale and purchase of currency did not include anything indicating the follow-up of the commercial lists provided by private banks in exchange for imported goods that were covered by the funds, thus the central bank loses the element of control over remittances. The existence of deterrent measures by the General Directorate for Banking Supervision regarding banks that refrain from paying the issuance of letters of guarantee for a specified period of time. ”Al-Muhammadawi continued,“ Some companies have been observed to engage in intermediary activities in the sale of currency in Baghdad, but they are not installed in the database of the Banking Supervision Directorate. ” He stressed that the companies mediating in the sale of currency benefited from the issuance of the Banking Control Directorate to stop requests for granting branches to banks, which led to companies and offices taking advantage of the legal loophole. Al-Muhammadawi was astonished.

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