Central Bank: Our database and accountable private banks

Central Bank: Our database and accountable private banks

The time on Wednesday, October 24 1 / Okrudolf 2012 18:55 | |

Baghdad / Orr News

In the first response to the parliamentary investigative committee report on the sale of foreign currency auction, said the Central Bank of Iraq, having an accurate database for the needs of the market for the currency (the dollar) and the control of the private banks in minutes. The deputy governor said the appearance of Mohammed Saleh said that “the central bank has a rule Exact information about the needs of the Iraqi market for hard currency and that he believes all the documents for foreign currency exchange.” “The central bank did not give any bank from private banks the authority in its daily auction and follow-quality means of credit banking HD.”

The parliamentary committee tasked with investigating regarding central bank auction announced on the seventh of this month for most recommendations, which focused on two main points the first relating base information on the mechanism used for the bank in the protection money to an Iraqi, and secondly relating to tighten controls in the dealings of private banks with customers. It confirmed that the central bank has an information base for only 5% of what spend money which caused the widening of the gap between the Iraqi dinar and the dollar. ”

The main tasks of the Iraqi Central Bank to maintain price stability, and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.