2014-04-22 (00: 30 pm) - hits: 214 - number (3064)

"Central banking companies decide to auction the coin without intermediaries

Baghdad/range press

The Central Bank decided to allow the financial banking companies to enter the auction currency "without intermediary" and stressed that this action will contribute to the stability of the dinar exchange rate and foreign currency auction, those companies would be a "genuine partner" to support the economy.

The Bank said in a statement (range) that "the Governing Council of the ECB decided at its meeting held on Sunday, the money transfer companies to open accounts directly with the Central Bank of Iraq to Iraqi dinar and the dollar for purchases of foreign currency, and that this process will extend the auction events foreign exchange and contribute to the stability of the exchange rate, as well as making them a real partner in support of the Iraqi economy and the stability of the dinar.

The number of entrepreneurs in the criticized financial banking 3 December 2013, aggravating actions by the Central Bank and the procedures, routines, showing how they can approach the Office of any officer to ask about the fate of their transactions, and stressed that the Central Bank of Iraq lacks regulations in its dealings, they noted that its Bank of instructions and controls "and where GB".

The Iraqi Central Bank said (24 November 2013) seeks to amend the banking law in line with the current situation, and noted that the money-laundering Act highlighted laws that seek to modify, as he travels to play the developmental role of the Iraqi economy.

The Central Bank earlier announced the cancellation of non-banking companies registered with regardless of the authorization of the Ministry of Commerce, the banking companies registered and approved before 2003, 300 only, with the current companies exceeded the thousands and are a mixture of companies operating in accordance with the terms and regulations of the Bank and got leave from the Ministry of Commerce while other companies without obtaining any authorization.

The truth on Iraq fund development matches revealed in April of last year that the Central Bank sold over the past six years in the currency auctions around 207 billion dollars, equivalent to 56% of the revenues from Iraq's oil in those years, and stressed that such sales were more times than the domestic market, it was revealed that more than half of those sales went to specific banks poured their purchases from the Bank in the Gulf and Jordan.

He accused deputies, politicians and economists, the Central Bank of Iraq over the past months, burning an average of 4 billion dollars a month in hard currency auction for 10 banks mostly Gulf capital, buy a day most posed by Central Bank currency and obscene profit up 6 percent to control Iraqi economy."