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Cabinet approved the recommendations of the dinar exchange rate fluctuations and the formation of a committee to review the previous sales in auction
Tuesday, October 16 1 / Okrudolf 2012 18:27
{Baghdad: Euphrates News} Council of Ministers approved in its forty-fifth session, held on the recommendations of the Commission study the fluctuation of the exchange rate of the Iraqi dinar, which stressed the need to focus on to organize exchange rate mechanisms.
Said the spokesman for the government of Ali al-Dabbagh said in a statement issued today received and Euphrates News Agency {} copy that "the recommendations included coordination, consultation and exchange of information between the Central Bank of Iraq and the Council of Ministers on fiscal and monetary policies in accordance with the Constitution with the Central Bank of Iraq to study the methods used currently in receipt currency foreign to the domestic market and a greater role for banks and better organization of the process all stages. "
He continued that "the recommendations also included interest other mechanisms possible to regulate the exchange rate so as to prevent the use of funds for purposes other than the declared and build a complete management and integrated office-money laundering and combating the financing of terrorism (the Money Laundering) and the emphasis on the bill its own with interest in the development unit of money laundering at the bank Iraqi Central Bank and taking suggestions into consideration on the formation of the money laundering. "
He pointed out that "the recommendations emphasized the formation of a committee headed by a representative of the Office of Financial Supervision and the membership of representatives of the ministries of interior, finance and trade, the CBI and the General Secretariat of the Council of Ministers shall audit and review processes sell the currency for the purpose of locating bugs if any and the strengths and weaknesses and how to take advantage of the amounts sold and fits with the amount of goods and services within and propose actions to reduce leakage rates for a purpose other than the aforementioned and the formation of a committee headed by a representative of the Iraqi Central Bank and the membership of representatives of the ministries of interior, finance and trade shall exchange information on the movement of currency sold by the Central Bank of Iraq. "
Dabbagh said that "the recommendations called for the database configuration for use in controlling the movement of the currency and provides CBI quarterly report on its supervision on the banking companies authorized transfer outside with an emphasis on the oversight role of the BSA in check transactions sell the currency to customers and goods entering result The central bank of its study to the Committee on Economic Affairs on the authorization of government and private banks validity of the opening credits for the purposes of trade import coverage of the private sector. "
He said that "the Commission indicated that the central bank report for the development of banks to do their part appropriate and consistent with the financial volume of the Iraqi economy with the necessity of regulating trade and followed up by the government agencies which will reflect the request of the foreign currency and the reference to the general situation, particularly political and economic, investment and stability, which makes Consequently Iraq a magnet for foreign currency and thus improves the Iraqi dinar price in a sustainable manner and urged the central bank to study its law and constitutional according to the data, which came after the issuance of the law in force towards enhancing its potential and develop the work. "ended
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