CBI to allow companies to broker the sale and purchase of foreign currency to enter the daily currency auction.
Posted on November 27, 2013
Iraqi Central Bank announced Wednesday, it will allow companies to broker the sale and purchase of foreign currency to enter the daily currency auction.
The relationship manager in the bank in favor of Mahood’s “Tomorrow’s Press,” said that “companies to broker the sale and purchase of foreign currency would be allowed to enter the daily currency auction through any bank operating in Iraq,” adding that “such a decision that opens up a large and important for domestic banks on the one hand and corporate financial intermediation on the other hand the freedom of action. ”
He Mahood that “legal central bank No. 27 and 28 to organize the work of private banks forbid these banks from the introduction of corporate broker in the sale of currency within the central bank auction,” stressing that “the law allows the government banks exclusively the introduction of these companies within its customers to buy and sell foreign currency.”
Mahood and continued that “to change these laws will ensure not restrict governmental banks as was done previously by the laws and directives of the Central Bank of Iraq.”
The central bank held the Iraqi daily sessions for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of public holidays on which depends the World Bank for these auctions, sales and be either in cash or in the form of money orders sold abroad in return a certain commission.