The central bank is selling foreign currency window "and a way to ensure stability , " the dinar exchange rate

Author: ASJ, HH
Editor: HH, NS
08/29/2016 12:13
Number of Views: 410

Long-Presse / Baghdad

Counting the Iraqi Central Bank, on Monday, that the sale of foreign currency window "and a way to ensure stability," the dinar exchange rate to meet the Iraqi economy requirements, while assuring "a greater role for" government to buy and sell the dollar and the development and auditing of funds used sources for banks for the purpose of buying foreign currency.

The central bank said in a statement received (range Press), a copy of it, that "Commenting to issued opinions about the work of selling foreign currency window of the Iraqi Central Bank wishes to state that, sell the currency window is a way to ensure the stability of the dinar exchange rate over the meeting of the Iraqi economy requirements through foreign currency provision to cover the imports of the private sector goods and services, in addition to the needs of citizens for the purposes of travel, medical treatment, study outside Iraq, "stressing" the lack of any allocations in the budget since 2003 and so far for this purpose. "

He added the central bank, that "work on the development of its procedures in this regard by encouraging banks to adopt opening letters of credit mechanism for import rather than remittances style," noting that "the proportion of sales in a manner credits amounted to more than 70% of foreign currency sales."
He said the Iraqi Central Bank, that "the development of a fundamental criterion for the implementation of dollar selling operations to banks include the extent of its commitment to the rules to combat money laundering and financing of terrorism," referring to "the adoption of the preparation and application of standards for the electronic system for window sale and purchase of foreign currency (money orders), and a greater role for government banks for buying and selling the dollar and the development and verification sources of funds used for the purposes of buying the dollar from the sale of foreign currency window. "

The national coalition led by Iyad Allawi confirmed on Monday (22 August 2016), the dollar exchange rate in the domestic market management is a "window of thieves and corrupt", and pointed out that the currency anywhere auction "for wasting money and leaking Iraqi balance across the mafias money laundering" , and he expressed concern regarding the determination to continue the auction currency policy despite the warnings and recommendations of experts, called for the inclusion of the Central Bank reforms approved by the House of Representatives.