The Central Bank is attacking the Parliamentary banking and finance firms confirm: mostly owned by politicians.

2016/05/28 11:36


The CBI, attacked Saturday, banking and remittance companies, accusing them of using false documents and not supplying the local market with hard currency, "with the House Finance Committee confirmed that many politicians have criticized the banking companies, majority owners of companies and bank offices ' handling of the Central Bank.

He said the Central Bank Board Member Ahmed barihy, on (long press), "the role of the private sector and exchange offices remained totally passive in the foreign exchange market", noting that "the private sector was unable to supplement the local market to view additional foreign currency through exports or to attract foreign investment or other, because he is getting that currency for purposes that are inconsistent with the interests of Iraq economic stability."

Called barihy, to "make the CBI's partner banks in the foreign exchange market to become a foreign currency wholesalers as wholesalers for goods, to supply the needy with towards national interests," revealing "having no Central Bank data or information about how to move the Currencies window selling currency or from other sources, that the private sector offers him inaccurate information and false documents.

Added Board member of the Central Bank, the Central Bank should not meet all demands for foreign currency because it SAPs international reserves ", stating that" the buys and sells foreign currency require the Central Bank Exchange companies check every now and then. "

Barihy stressed that "the number of Exchange companies too large to be with him for the Directorate for control of banking and credit in the CBI, observed," pointing out that "Iraq lacks strong companies can monitor the banking companies and ensure their commitment to banking controls.

Finance Committee member, said in the House talking to Tamimi, Magda (range), to exchange companies work exclusively to transfer funds abroad without a balance in the amount of foreign currency outflows and inflows to the country, "his be or become poor reasons to con local environment conducive to the survival of those funds into Iraq, particularly over who got the money legally or illegally, transformed them to invest abroad.

Tamimi confirmed that "Exchange companies did not contribute to the support of monetary policy or development operations within Iraq, and that the Central Bank is not controlled and only words without deeds, as with his declaration providing dollar for those who wish to travel abroad for medical treatment or study.

The parliamentary Finance Committee member, has promised to "bane auction currency continues despite their drawbacks and alternatives through practical mechanisms for the dollar," revealing certain information prove that many politicians grows companies. "units to be

Tamimi called Prime Minister Haider Abadi, to "intervene to stop the auction currency" sign out, "Abadi previously was head of the parliamentary Finance Committee and knows the ins and cons currency auction and sweet to address the theme in order to serve the national economy."

Tamimi followed, as "ever suggested a sophisticated financial system participation of international experts and presented to the Secretary of State and head of Government, Abu Nofal, in November 2015, continue past" I haven't received any reply on the proposal yet.

Banking company said claims (t) to (run), "banking firms suffered from Central Bank transactions and obstacles placed by routine procedures", stating that "the Central Bank viewed the exchanges about negative, although many of them offer good services faster and better than any Government or civil Bank and high-tech, insure for sure."

On a related level, said his bank's Office named (u), (long press), that "a lot of companies or exchange offices work without leave some fake although they affect the dinar against the dollar through currency smuggling," the Central Bank's actions to reduce such negative phenomenon is very slow. "

Banking office holder said that "Central Bank action to leave practice for companies and bureaus mission and wanted to eliminate Phantom and reduce smuggling currency out of the protection of the national economy."

The Central Bank recently announced it had taken several measures to regulate banking companies and offices in Iraq and reduce the phenomenon of illegal activities that harm the national economy and raise the price of the dollar, which opened for introduction to banking companies to get official permits to work, as well as the adoption of new mechanisms in corporate foreign currency auction, raising the amount from 250 to 400 thousand dollars provided to increase the company's shares.

Measures include granting leave must be experienced and possesses a college degree available for this work and not condemned to a misdemeanour prejudicial to honour, but at least the company's share capital from 500 million Iraqi dinars as well as other conditions.