06/15/2013 (00:01 pm) - The number of readings: 403 - Issue (2818)

24 banks waged, take the initiative to sell the dollar at a lower price advertiser



Baghdad / term

Bankers' Association revealed 24 initiative civil Ahli Bank to sell the dollar at a lower price than advertised in order to support the dinar and the dollar provide for citizens facilitator, with the price of the Central Bank of this initiative, he stressed that the hard currency reserves will exceed $80 billion at the end of next July.

The dollar rose gradually over the past few days where he arrived to 1,300 dinars after it settled on the exchange rate from 1180 to 1200 dinars to the dollar for more than a year.

The executive director of the domestic banks Abdul Aziz Hassoun, "There are 24 banks waged, will sell the dollar at a rate lower than the advertiser, up to 1183 dinars to the dollar instead of 1189 for cash, and 1178 dinars to the dollar instead of the 1184 documentary credits."

Hassoun said in a statement to the extent of, "aimed at private banks from the move to reduce the difference between the price of the dollar at the central bank and its price in the local market where the difference exceeded 10%, while in all countries of the world does not exceed 2%."

He Goldfinch "that private banks waived some of the profits to contribute to the lower U.S. dollar exchange rate in the local market, because all the financial community and the citizens are very concerned about this volatility in the exchange rate of the dollar.

He pointed out that of the most prominent banks that have contributed to this initiative are (Bank of Baghdad, Huda, Assyria, Babylon, the Middle East, the Islamic Bank, Abu Dhabi National Bank, Banque Libano-Franšaise, Bank of the Tigris and Euphrates, Mosul, the Federation, the National Iraqi), pointing to the existence of other banks on its way to lower the price.

In turn, the central bank welcomed this step, considering it a natural behavior which show most of the country's banks."

Central said in a statement seen by the term "came in the framework of supporting the Iraqi dinar exchange rate and the provision of foreign exchange facilitator to citizens," praising "This initiative, which represents the natural behavior which show most of the country's banks."

In the meantime, confirmed the central bank governor Agency Abdul Basit Turki, the Reserve Bank will exceed $80 billion at the end of next July, indicating that there is a review of the development of mechanisms to use the bank to the reserve, regardless of the existence of the current government or not for specific purposes.

Turki said in televised remarks that "the Central Bank reserves now funds and gold exceeded $75 billion," he said, adding that "the Bank reserves will exceed $80 billion by the end of next July."

Turki added that "bank reserves with the end of the year 2013 will exceed this figure much," pointing out that "Iraq's gold reserves managed by the Bank for International Settlements in Switzerland."

The central bank governor that "under current law, the bank can not contribute one dollar in support of the government," adding that "there is a review of the development of mechanisms to use the bank to the reserve, regardless of the existence of the current government or not for specific purposes."

A banking source was early in the detector (11 May 2013), that the size of the Iraqi Central Bank reserves of foreign currency amounted to $74 billion, noting that it is the highest achieved by the bank reserves in the country's history.

It is noteworthy that the central bank adviser appearance of Mohammed Saleh affirmed, in May 2009, that Iraq's stockpile of money liquidity has covered over the years, and so is out of the financial power of the government. Calling for the adoption of alternative ways to cover the deficit, including recourse to the application of secondary-market policies that have been agreed upon with the government.

The central bank announced last week the cancellation of leave an international company for the sale and purchase of foreign currencies, and attributed the reason to the existence of "a criminal under the" right of one of its owners, asked for the Ministry of Commerce to "take the necessary action against the company.

The Director-General Agency of the Central Bank Abdul Abbas Khalaf in a press statement that "the Board of Directors of the Central Bank decided during the session of 1499, held on the 15th of the month of May, cancel vacation company Falah International brokered the sale and purchase of foreign currency," attributing the cause to "existence under criminal investigation against one of its shareholders He Maythem owner of Moses."

The student behind the Registrar of companies affiliated to the Ministry of Commerce to "take the obligation to the extent it comes Bda˙rtkm with providing us with a copy of the books of the filter and the record company meeting ratifications before you," condition "to make sure of the accuracy of the information provided by the banks and companies about the lack of under criminal investigation against one of the shareholders."