Central Bank: the law allows the imposition of fines on offending banks to the instructions

The Central Bank of Iraq, Saturday, to impose fines on banks for violation of instructions worth 400 billion dinars, stressing that the Bank Act authorizes the imposition of fines on banks that are contrary to his instructions. The governor of the bank on the Keywords in a symposium on monetary policy in Iraq was held at the Institute of the progress of financial policies in Baghdad, attended by Alsumaria News, "The Bank Act authorizes the imposition of fines on banks that are contrary to his instructions," noting that "the amounts that were imposed on these banks amounted to 400 billion dinars. " Keywords He added that "80%, which is estimated at 40 banks out of 50 private banks were having problems in relation to the purchase of foreign currency from the central bank before placing conditions and new instructions in 2012 for the sale and purchase of currencies", noting that "these problems relate to the fact that their documents incomplete or false. " He continued that "certain transactions not only problematic, but the documents related to suspicions of money laundering and has forwarded to eradicate," pointing to "the existence of a cooperation agreement between the Central Bank of Iraq and Jordan in this regard." The Keywords announced in the third of last March that the new regulations set by the Bank is that the auction is no longer a daily window of operations for the sale of currency auctions, pointing out that the new mechanisms developed to sell this currency especially that of its functions to provide currency for foreign trade.