Central Bank announces suspension of auction currency and adopt a new mechanism for foreign remittances

Central Bank announces suspension of auction currency and adopt a new mechanism for foreign remittances

02/21/2015 (22:49)

Baghdad / term

Iraqi Central Bank announced, on Saturday, stopping work ERA Bank and the adoption of the banking system as being responsible for foreign remittances and as of Sunday.

The governor of the Central Bank of the relationship, in a press statement, “it was the completion of a new formula and leave the old ways, coupled with certain conditions can not remain governor at the central bank, which has the functions and tasks and activities of a large and important for the national economy,” noting that “not right The central stays busy selling the currency like ATM daily. ”
In the same vein, a report issued by the Central Bank of Iraq, yesterday revealed, and received the “long” version of it, “according to the provisions of the Iraqi Central Bank Act for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against the currency Foreign through optimal use of foreign exchange resources to meet the needs of all and not the central occupancy of functions which are at the heart of the work of the banking system and the relevant departments, with a commitment to the requirements of the Anti-Money Laundering Act and the Financing of Terrorism Central decided to new instructions issued in this regard.
The statement said, “The Bank CBI to strengthen banks balances wishing to do so at their correspondents abroad to finance permitted banking law and set out in detail in the attached list, according to the appropriate indicators to ensure the stability of the exchange rate and trade finance and other operations. ”
The statement added: “The banks are willing to strengthen their balances dollar deposit the equivalent in Iraqi dinars in their accounts of the type 216 before fifteen days from the submission date ensures coverage amounts equal to their requests, that at least the amount required for a certain extent decided by the central bank. ” “The Bank provides a written request to the Directorate General Investments asking promote tally with its representatives abroad, attach a copy of the entry to strengthen the balance of his account in Iraqi dinars from type 216, equivalent to the amount to be converted, to be submitted with the request and subsequent reinforcement disclosure shows the details of the amounts used, which was converted to its customers. ”
He pointed out that the central bank “applies the principle of” know your customer “for the purpose of legal and banking safety of special procedures Bmstryate and sales of foreign Various applications currency guarantee.”
It pointed out that the bank “retains disclose accounts with correspondents showing the account movement and uses Amounts transferred by the Central Bank. ”
Central and noted that “banks are sending statements, details of the amounts transferred in foreign currency by the Central Bank of Iraq and their use to the Directorate General of banking and credit control.”
and that “the sale of the dollar to strengthen the balance abroad for the purposes of all by 1187 dinars per dollar, and the cash sales price shall be 1190 Iraqi dinars per dollar, “pointing out that the work” continues to Ptalimatna own cash sale through the Department of window buying and selling foreign currency, are not required to provide lists of the names of the buyer dollar in cash, and reserves the vendors. ” banks and companies “detailed disclosures names of buyers and enhanced documentation for that and regulated by the Central Bank of the field.”
The Central Bank of Iraq announced on Sunday (February 1, 2015) to take five resolutions for “support” the development of the Iraqi economy, and confirmed his agreement to cover bank accounts abroad to ” US dollar “to cover imports, and as he emphasized the importance of” accelerating “legislation Deposit Insurance Act, hailed the formation of a committee to reconsider the structure of interest among its” approval of the Central Bank to cover the bank accounts abroad in US dollars to cover imports of customers and for other purposes without the need to pass a window sell the currency at the Central Bank of Iraq. ”
Paragraph 50 of the Federal Assembly of the Budget Law 2015 provides that “the central bank is committed to identifying sales of foreign exchange (US dollar) in the daily auction ceiling not to exceed 75 million dinars a day with the exercise of justice in the process of sales, and calls for participating in the auction the bank providing the introduction of cargo documents and statements of tax settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the central bank law or instructions issued by him, and the use of other banking tools to maintain the strength of the dinar against the dollar.

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