Central Bank procedures for the sale of hard currency caused the reduction rate of the Iraqi dinar against the dollar

Specialists: Central Bank procedures for the sale of hard currency caused the reduction rate of the Iraqi dinar against the dollar

17-03-2013 12:31 PM

Baghdad (news) / report / Hussein Faleh / .. After that saw Iraqi dinar exchange rate stable remarkable for hard currency for a long time but he came back to drop, especially after the crisis the central bank that toppled Governorate Shabibi and a number of his staff, where he received the President of Supreme Audit Basset Turki tasks agency until a governor efficient centralized the running the bank. has begun the new administration, which led Turkish taken a series of decisions and controls on the sale of hard currency in the auction, and ordered banks and banking companies abide by them. terms complained a number of owners of private banks and companies to mediate (banking) and specialists from restrictive measures taken by the bank on selling the dollar as well as granting licenses for banking companies, making there is an increasing demand for the dollar paid Showing little of it, which led to increased price in the local market. warning during their talk (of the Agency news) of the continuing decline in the dinar exchange rate during the coming period in the event of easing measures and facilities by the central bank. member of the Finance Committee MP / National Alliance / Amin Hadi Abbas, pregnancy, the central bank responsible for reducing the exchange rate of the dinar against the dollar due to its actions restricted operations grant licenses for the companies to mediate (banking), making the process confined to certain companies without other. Abbas said (of the Agency news): There are companies still in control of the process of buying hard currency from the central bank because of the restrictions of the bank’s management to companies broker to increase its capital, demanding the central bank to ease procedures for the sale of hard currency for companies to broker a cease-monopoly of some companies procurement process. added: must segmentation process capital for companies to mediate so there are no practical monopoly by some companies and banks as it was in the management of the central bank earlier. said: that these companies when controlling the procurement process in bank auction will provide receipts and fake to grab the largest amount of hard currency. has announced the CBI for extension of the period to increase capital for companies to mediate in the sale and purchase of foreign currencies to 31 from December this year to be the last date for the extension. was the Iraqi Central Bank has decided to increase the capital of the exchange companies current and operating in the market and companies under formation to 500 million dinars. Meanwhile warned rapporteur of the committee of economy and investment MP / coalition of Kurdish blocs / Mahma Khalil, the continued reduction of Iraqi dinar exchange rate against the dollar as a result of measures the central bank, which led to reduce the width of the dollar in the market. Khalil said (of the Agency news): The crisis the central bank recent change his administration as well as the political climate is stable experienced Iraq, make there is a growing demand to buy the dollar in the market by the citizens and convert their money into hard currency. added: that the current administration of the bank made it difficult process The arrival of the dollar to the market and then to the citizens and merchants because of their actions restricted by fears of out large amounts of hard currency abroad or the occurrence of money laundering. continued: should the central bank facilitates pumping dollars into the market and then Tightened up cashed at home or abroad to prevent the occurrence of money laundering or the like. either Director of the Office of the banking and selling foreign currency Raed Aziz, said: The Department of the banking and credit of the Central Bank allowed the owners of private offices to sell foreign currency to open companies registered with a private b (banking) that allow the buying and selling Dollar according to specific controls, different from controls earlier, which was taken by the central bank. said Aziz (of the Agency news): The bank requested an increase of the company’s capital to (500) million Iraqi dinars, which is a large sum and difficult on a lot of citizens, where he was scheduled that initiate companies work early February, but the new regulations issued by the Central obstructed the process of granting licenses to companies. added: that the measures include conversion of special treatment procuring license from the owner or managing director or shareholder to the circle of felonies Interior Ministry for its ratification, as well as transferred to the Department of economic crime, and the Department of money laundering at the Central Bank. called to: the need to reduce the procedures for granting licenses to companies because it will facilitate the process of selling hard currency and fill the market need them, and also to contribute to the stability of the exchange rate on the grounds that any company that has a share weekly hard currency backed Central Bank and thus contribute to the control of the market. attributed Aziz: the reason for increasing the dollar exchange rate during the current period to the limited sale of hard currency on the banks of civil certain either banking companies it may limited quantities of the share of each company (100) thousand dollars a week, they amount not meet the needs of the market from the dollar. central bank held daily sessions of currency auction except Fridays and public holidays, and the participation of a group of Iraqi banks, within which the sale and purchase of foreign currency, and the central bank process currency converter sold abroad, for some companies and citizens for a commission certain. witness the exchange rate of the dinar the relative decline Bsaara Iraqi against the U.S. dollar. / end / 8.. /