Economist calls for the central bank to issue regulations required banks and banking
Economist calls for the central bank to issue regulations required banks and banking companies by providing import and handle documents Alkmarki51
Show Last update: Tuesday, June 28, 2016 - 11:55
Called on the Vice President of the Economic Information Center economist haven secretary, the central bank to issue regulations required banks and banking companies participating in the auction to provide import and handle documents Alkmarki matches including the amounts purchased.
The secretary in a press statement that "the observer of the amount of hard currency - Atar- sold by the central bank through its daily auction, which is estimated at 500 million dollars a week does not match with the slate imported goods, therefore, the bank issuing regulations oblige banks and banking participation in auction to provide import documents and dealing Alkmarki matches including the amounts purchased. "
He added, "Over the past years there have been fraud in the auction currency by not providing the fundamentalist documents for import by the banks and banking to the Central Bank or she filed a formal papers are not commensurate with the import amounts covered by payments from foreign currency purchased from the Central Bank."
He pointed out that "this disparity has led to the deterioration of the Iraqi dinar exchange rate against the dollar was offset by utilization of banking companies and banks from civil differences between the purchase price from the central bank and the price of the daily market."
He said, "The financial crisis that has engulfed Iraq in 2015 and the current year due to lower oil prices and the war against Daash and relief to the displaced and other reasons both external and internal, with the survival of the openness of import and the flow of hard currency from the central bank auction directly influenced to withdraw sums from the reserve cash in the bank Central to maintain the value of the dinar. "
He added, "in order to stop the decline in the dinar exchange rate had to be on the central bank to take legal action against the banks and banking companies through which hard currency, and was dealing with the US competent employees of the fight against financial intelligence department, which submitted its report to the CBI and ensure disclosure of the existence of suspicions of smuggling money, fraud, money laundering at the 300 company financial and banking and a number of Iraqi banks to convert. "
And "the adoption of the report by the US Commission by the central bank will be followed by other measures by which to determine to deal with the banks and Iraqi companies sober did not revolve around suspicions of corruption outlets and is expected that the central bank depends degrees of classification of banks operating in the country, as well as banking companies with freeze banks violated the central bank controls probably will refer to some of the courts. "
He pointed out that "this step was supposed to be implemented by the central bank before 2014, while the price of a barrel of oil has exceeded $ 100 to keep the Iraqi deposits of foreign exchange and crack down on currency traders and Almsaumen on people's livelihood, whether from banks or banking companies." .
He stressed that "the continuing deterioration of the ethnic dinar exchange borne by the central bank rate and if it is not taken decisive action to put a real balance between supply and demand in the currency in parallel with the ministries of industry, agriculture measures, as well as for the production of goods product compete with imported to limit flowing currency amounts abroad under the pretext of importing the private sector, the dinar exchange rate will continue to deteriorate with stockpiling reserves of hard currency consumption.
He continued, "The status of a balanced plan between sectors Almentjh- agriculture and Alsnaah- and stimulate the private sector with the laws and regulations of legislation contribute to reduce the import of goods and commodities will result in the near future stability of the dinar exchange rate with the opening of new horizons to compete commodity in addition to the establishment of units of new production provides jobs new at the same time holding back foreign currency amounts fugitive out of the country. "