PDA

View Full Version : Buy and sell currency window The latest instructions issued by the CBI



BatmaninIraq
07-29-2017, 08:34 AM
Buy and sell currency window The latest instructions issued by the Central Bank of Iraq, the adoption of new mechanisms to facilitate procedures in the use of foreign currency to cover imports and confirm the identification of the last beneficiary in order to preserve Iraq’s funds from misuse of the bank, while the governor of the Central Bank Ali Mohsen Alalak, : “The Central will adopt in 2017 new visions of the applications of monetary policy for the purpose of achieving the objectives set out in Law 56 of 2004 and most important to maintain the exchange rate of the dinar and its value covered in foreign currency,through the construction of foreign currency reserves and In accordance with international standards in calculating the external cash reserve to cover the dinar and cover the imports entering Iraq “; and the other main objective is to preserve foreign currency from its use for non-economic purposes and development. Therefore, the Central Bank has worked during the past two years with deliberate, sequential and coordinated steps with the concerned government authorities, while maintaining its independence in its law. It has drawn up the procedural, organizational and structural policies and issued its strategy for the years 2016-2020 and set its objectives to achieve financial stability and develop banking work technically, Access to financial coverage, where the year 2016 year, the preparation and development of financial and technical foundations appropriate to the reality of the Iraqi economy and mechanisms of banking, which formed a solid base that led to the transfer of the state of the Iraqi economy in its main rings, Financial obeyed, from the follow – up phase to the gray stage based on the financial report of the ILO. All this led the center to start a new phase in 2017 based on the basic pillars, including dealing with banks new mechanisms to lift the pressures of the previous hard-line instructions and give them many flexibility and facilities to achieve the central objectives of economic and banking reform based on transparency and disclosure. The other pillar is dealing with the banks based on the provision of new banking services and high-level products and restore the confidence of the public in the banking sector, in addition to the results of its work and the extent of its commitment to implement the monetary policy directions of the Central Bank and reflect on their actual contribution to GDP and its contribution to sustainable development and its transition from the role of Banking to the development role; in addition to dealing with banks according to classification criteria adopted by the Central. The Central Bank issued new mechanisms to regulate the mediation of banks between importers and the Bank adopt the facilitation of procedures and controls and adopt transparency and disclosure of the final beneficiary came to achieve the goal of maintaining the exchange rate and ensure the use of foreign currency out of order to meet the needs of the economy and market and development and non-directed to non-purposes; Provided new policies and visions and mechanisms of smooth implementation, but monitoring and follow-up on a daily and accurate in Iraq and abroad to achieve economic objectives, which requires banks, and in cooperation and coordination between the Central Bank and the Association of Banks Ash Iraqi National Economic and media that the central plan is implemented in 2017 to serve the national economy and our sector banking.