The central bank is required to meet the seven criteria for the purchase of foreign currency by banks

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Baghdad / Ibrahim Ibrahim

Select the Iraqi Central Bank, on Wednesday, seven criteria against which to meet the dollar needs of banks and companies remittance, and as he emphasized that the institutions would be classified in accordance with those standards, government economists called for a hit hotbeds of corruption from speculators and some influential officials to control the currency market.

The central bank said in a document obtained the "long", a copy of which, it is "to facilitate the real beneficiaries for the dollar and prevent irregularities in banks and firms conversion approved in the commitment to the issues of the requirements of compliance and the law against money laundering and terrorism financing, the principles and criteria meet the demands for the purchase of the dollar in favor of customers from remittances, cash or credit we will rely on the commitment of these banks and the requirements of international standards and comply with the law against money laundering and terrorist financing controls and instructions issued. "

The bank added that "the commitment would depend on the outcome of the Iraqi Central Bank assessment of the performance of compliance officers and officials of the units reporting of money laundering and terrorist financing, and units of risk management have operations," noting that "the assessment will also depend on the extent to comply with the requirements to disclose the sources of funds of customers and verified and documented, as well to the extent of training programs and courses conducted by these banks and companies effectively. "
The bank said that "the assessment will also include the extent of the obligation to disclose the real direct beneficiary of the transfers and letters of credit and the sources of their money, in addition to countless dealing banks beneficiary messaging abroad seed from one of the international rating agencies, as well as the commitment of these banks and companies conversion to send reconciliations statements of their assets accounts open the Outer banks. "

The bank pointed out that "the assessment will also include the proportion of the use of the style of documentary credits to finance foreign trade instead of money orders, in addition to the completion of the contract tasks with an international audit firms known for an evaluation of their financial positions and the quality of their assets operations, as well as the extent of the banks commitment to take prompt and effective measures to maintain public deposits and entitlements to be provided upon request and compliance also send lists of names of beneficiaries of dollar-buying currency for the purposes of foreign trade financing to the Central Bank to secure sent to the General Administration of Customs and the General Authority for taxes in a timely manner. "

The bank "stressed institutions from banks and money transfer will be classified into several categories according to the evaluation results that may be obtained and will meet the demands which category you get the reputation Supreme continuously and at rates higher than the foreign currency, and will be re-evaluating the levels of these institutions in accordance with those standards every three months or when you get variables in performance with reference to the failure to satisfy paragraph results of the central bank assessment of the performance of compliance and reporting money laundering operations to the denial of access to the window actually officials. "

For his part, the economic expert Uday Abdul Ameer Amer steps the central bank to "late" and fruitless because of the lack of retrieving the billions of dollars that have gone to the pockets of corrupt speculators and influential.

Amer said in an interview for the "long", "The central bank is unable to now manage all currency market speculators and face the mafias and the corrupt who control the exchange rate according to their data personal."

He added that "should the executive government institutions to stop draining the public treasury money as a result of the continuation of the sale process by the daily auction, which has provided great opportunities for some influential stealing money under the guise of the central bank law."

He said the "control of the market economy is to control the price of the dollar exchange rate, which is the main pillar in the local market, which suffers from high shrinkage since the nearly two years the balance."

The Iraqi Central Bank announced on Tuesday (August 9, 2016), announced the launch of a website financial and economic statistics, as he emphasized that the site contains price indices and the Iraqi market for securities, pointed out that the site is available to state institutions, researchers and citizens.

The central bank announced on Monday (June 27, 2016), the withdrawal of two companies leave, attributing the cause Bmkhafatthma what he described as "serious" and the other for "cheating Secretariat", while trade demanded the cancellation of granted them certificate of incorporation.

And it established an independent Iraqi Central Bank as a bank under a law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and conduct daily sessions for buying and selling currencies.