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Iraqi Central Bank allowed to sell the dollar directly to citizens

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Iraqi Central Bank allowed to sell the dollar directly to citizens
Baghdad Naseer Goldfinchlife : 05 - 10 - 2012

Description deputies and economic experts Iraqi decision of the Central Bank of Iraq fired dollar selling directly to citizens, with raising the ceiling of foreign remittances, the bold step and controversial, noting that it would use for the benefit of Syria and Iran .
The «Central» In an official statement, its ability to meet demand for foreign currency in full, not intersect with the law against money laundering, crime and financing of terrorism, as decided to amend the instructions auction of foreign currency within his quest to move to the drainage system free and open, including the abolition of ceilings amounts foreign currency sold to banks daily to foreign exchange.
It also decided to double the foreign currency ceilings sold in cash to banks on a weekly basis. The banks have the right to determine the sale price of foreign currency to their customers, purchase and cancellation of previous selections, as foreign exchange sold by the banks to customers up to five thousand dollars to the customer in exchange for highlighting civic identity only canceled the conditions and other details.
He explained that he would continue to cooperate with the concerned authorities in the fight against money laundering and money, crime and terrorism, and any illegal dealings, calling for adherence to the anti-terrorism law. The bank issued strict instructions governing the sale of currency by banks, including requiring those concerned in the activity of the Iraqi private, traders, industrialists and segments other productive who import goods and services and production requirements and equipment development, when applying to private banks to participate in an auction of foreign currency to finance Mistordathm cross conversion or open letters of credit, the obligation at an exchange rate of $ 1189 dollars for dinars, after having documents that prove importation in accordance with standard international norms of documentary credits and remittances and instructions.
She described a member of the parliamentary Economic Commission Nora Salem البجاري decisions «Central» as «bold» and came in reaction to recent accusations launched by senior government officials against him, including statements made ​​by the Secretary General of the Council of Ministers on the Keywords. It pointed out «many negative will impact the application of these amendments, including the possibility of exploiting some weak people of customers banks such mechanisms to collect large amounts of dollar to finance those smuggled currency to neighboring countries, especially those that suffer from economic sanctions, no Iran and Syria ». She pointed out that «increase the size of rolling of the dollar means devoting dollarization phenomenon experienced by the Iraqi market due to the lack of confidence of citizens its national currency.
The expert said Imad Abboud economy: «was supposed بالمركزي gradual change your past and up to the full emancipation, and I think he was trying to prepare to stage the deletion of zeros from the national currency and raise the value of one dollar of the dinar.
He stressed that «Central is a technical body and has no regulatory mechanisms to monitor the market, and here will be the responsibility monitor currency smuggling and the financing of terrorism, crime and money laundering, the responsibility of others, mostly unfortunately not competent and does not have the trained staff.
The Keywords stressed that «less than five percent of the foreign transfers are legal, and the amounts that fled abroad during the past years is estimated at $ 180 billion», adding that «the government when exhorts central to intensify control over the movement of funds, it is not an interference in Bank's work, but aims to maintain public money.
He pointed to «central claim to tighten controls on the movement of funds and activate the Office of the Inspector General, who was appointed prime minister, but the bank rejected the idea of Inspector and vowed to take some actions that limit the smuggling of currency and control the work of banks. But the government has not seen any results of the procedures and reached the things that converts from Iraq $ 180 billion without a document or document conversion or output, especially that this amount represents half the country's revenue during the past years and out were in accordance with the processes and fake titles lined, raises suspicion and wonder.
The «Central» «currency auction supervised by since 2004 sold about $ 200 billion for clients, a civil banks and money transfer companies, as daily sales rates range between 125 and 200 million dollars during the five sessions a week.
... In place of banking in Baghdad (Reuters)


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