Central Bank: sell a way to ensure the stability of the exchange rate and apply for loans online


Counting the Iraqi Central Bank, foreign currency sale window "means to ensure stability of the dinar", while "greater role" for banks to sell and buy dollars, the Central Bank decided to limit apply to loans made through the Web site, announcing the Ministry of planning pay off contractors of the provinces.

The Central Bank said that in response to its views on the work of foreign currency sale window CBI wishes to indicate that, selling currency is a way to ensure the stability of the dinar over the Iraqi economy requirements by providing foreign currency to cover private imports of goods and services, in addition to citizens ' needs for travel, medical treatment, and study outside of Iraq, "" no budget allocations since 2003 so far for that purpose.

The Central Bank said that "the work on the development of procedures in this regard by encouraging banks to adopt a mechanism to open letters of credit for import purposes instead of remittance method", stating that "the percentage of sales method credits amounted to more than 70% of foreign currency sales.

The CBI said, "put an essential criterion to sell dollar to banks including the extent of its commitment to the rules against money laundering and the financing of terrorism," Noting "the preparation and application of standards for the electronic system for window buy and sell foreign currency (money orders), and a greater role for State banks to sell and buy dollars, developing and checking the sources of funds used for purchase of foreign currency sale window."

The Central Bank Governor was declared relations on the third of March 2015 to help the new Bank is that the auction is no longer a daily window operations to sell at auction ", noting that new mechanisms developed to sell this coin and especially that of functions to provide currency to foreign trade. With regard to the Iraqi Central Bank decided to loan limit apply to loans made through the Web site, while preventing direct rendering across Government and private banks.

Close noted that the Central Bank approved banks face of governmental and private development website (https://tamwil.iq) at the disposal of those interested to apply for loans of Central Bank initiative 6 trillion dinars allocated for large, medium and small enterprises through the introduction of private banks and sectoral banks (agricultural, industrial) and Housing Fund.

The document stated that "Central Bank assured not to accept any offer live over those banks rely on the website for exclusively filing which shows every detail and rendering stages."

Government crisis cell was headed by the Prime Minister, Haidar Abadi, approved in August 2015, lending program funded by the Iraqi Central Bank for $ 5 trillion dinars, distributed by 33% to the agricultural and industrial banks and 17% for both real estate Bank and Housing Fund, as well as the Central Bank financing of private banks with $ trillion dinars to implement small and medium-sized enterprises.

The Iraqi Central Bank, announced (23 June 2015), launching the loan amounts for small and medium-sized enterprises by private Iraqi banks early July 2015, while the loan amounts of up to 50 million dinars, the benefit of the banks will not exceed 5.5 percent.

The Central Bank revealed that the planning Ministry told him to stop payment to the contractors of the provinces.

The Central Bank said that "the Bank informed the Ministry of planning and the provinces to stop disbursement of financial receivables bonds to contractors temporarily."

The Bank said that "complete all of the requirements of national bonds granted to contractors and continues to distribute on behalf of the Ministry of finance.

Economist, said Mohammad Abdel Latif al-ANI, to control the foreign currency market requires a realistic and practical steps on the ground without resorting to ad hoc decisions cannot be applied in the shadow of corruption in State institutions.

"The rationing sales dollar and reduce the quantities sold through auction day, relatively good steps but did not lead to concrete results for the real balance in the domestic market which based its work on a dollar bill.

ANI said that "delay in granting loans to citizens in the local market and the private sector to complete paralysis Besides lack of citizen confidence in the State as a result of repeated declarations by launching loans without positive results".

The most important constraints that the Government should get rid of them to unlock the lending process is inter-alrotana action shortcut process of granting loans in addition to combat administrative and financial corruption. "

The Cabinet was approved in fall (14 June 2016), to release the dues of contractors by 50% of the total dues payment, and report the implementation chapter of the general budget for 2016 to the Sejm.

The Cabinet decided (19 April 2016) formed a Committee headed by Minister of planning and the membership of the Iraqi Central Bank Governor and the Premier's economic adviser and financial adviser to the Prime Minister and the Finance Ministry Undersecretary, Undersecretary of technical planning, structural development and distribution process controls contractor benefits through government bonds, and make recommendations to the Prime Minister for approval within a week.

The Central Bank said in September 2015, SME loans and large participants for the national economy, and confirmed it would banks the confidence of citizens, called an expert to facilitate borrowers across modern and flexible mechanisms "away from" quotas and corruption, "another criticized mafiosi split" did not take into account "the needs and priorities of citizens.