CBI accessible on the dollar from banks

Monday, August 15 / August 2016

BAGHDAD - Adel Mahdi

CBI assured the local market and in particular the concerned authorities, to facilitate the quest for beneficial owners on the dollar and prevent irregularities in private banks and money transfer.

He stressed the statement of the bank on the need for commitment to corporate and banking requirements of international compliance standards and regulations and instructions issued pursuant to it, according to the results of the central bank's assessment of the performance of the compliance officials and officials of the reporting units for money laundering and terrorist financing and units of the dangers in the money transfer and private banking businesses manage operations.

He pointed to the need to comply with the requirements of disclosure and investigation of sources of customer funds, according to the principle of «Know Your Customer» and verified and documented, indicating the effectiveness of training programs and courses organized by companies and banks to maintain public deposits and entitlements to be provided upon request, and the disclosure of the real direct beneficiary of the remittances and credits to be sent to bodies of customs and taxes on time.

The assurances came after the central bank currency markets recorded a rise of the dollar exchange rate against the Iraqi dinar. State-owned banks and secured the cash from the dollar to the citizens as a direct exchange for those who are carrying a passport and a ticket good, and three thousand dollars per capita.

He said economic expert on behalf of Jamil Antoine that «the main reason for the rise in the dollar exchange rate against the dinar due to the process of the daily supply and demand. Today, we note down the amount of supply in half, where the central bank sold more than $ 300 million while the amount dropped to $ 120 million due to the decline in revenue from the export of crude oil ». He added that «the work of some government and private banks and the old laws have led to citizens refrain from saving their money in banks and head to the converted from the Iraqi dinar to the dollar because it is more surety and less quantity, which led to a significant demand for the dollar. So we note its high price gradually ».

The economist Abbas Ibrahim al-Bahadli said «chaos and confusion import, which passes by the country since 2003 led to the entry of large quantities of goods from exceeding the needs of citizens, such as household appliances and cars that cost the state billions of dollars in oil imports». He said «the central bank must strike a balance between the amount of dollar supply and demand in the domestic market gradually form to avoid vibrations economic windfall.»

He called on the central bank in June (last June) citizens and merchants who buy the dollar by more than 1,200 Iraqi dinars from the conversion and exchange companies, to make a complaint to the bank's board, and required to attach your payment arrived with a complaint regarding undertook to pay the difference in the purchase and deducted the value of the vendors.