Central Bank: no discrimination between foreign banks and Iraqi currency auction

2017-04-21 13:09

Baghdad – the balance of news

Iraqi Central Bank denied Friday, there was no discrimination between foreign and Iraqi banks in the entry window sell auction process.

The head of the Bank's information Office, Jabbar said in a statement sent to Acer/balance of news/copy, the "branches of foreign banks operating in Iraq represent the Bank President with all its potential, including its capital and prompt the Central Bank to those branches need to provide 70 billion dinars are only operating capital and does not represent the entire bank capital."

"The entry window sale of foreign currency for banks operating in Iraq in general have on standards supported by the Central Bank of Iraq and international accounting firms is sober available to all the banks and therefore when skip some foreign bank branches these criteria are excluded from entering the window either when matching the criteria as with all Iraqi banks get their maturity."

Jabbar denied "the existence of discrimination to cope for Iraqi Central Bank among banks in Iraq, whether Iraqi or foreign based classification because they are part of the Iraqi banking system."

He noted that "a number of Arabic and foreign banks do not enter foreign currency sale window or enter in limited quantities and that the share of Iraqi banks still represent the largest proportion of dollar sales."