Central Bank required banks to open special files for customers in hard currency
BAGHDAD, An Iraqi Central Bank introduced new mechanisms to control the process of converting foreign currency include requiring banks to open special files each customer wants to buy the currency at the central bank to provide details within 15 day.
The deputy governor of the Central Bank of the appearance of Mohammed's (Center Brief for the Iraqi Media Network) that "the central bank has developed a new plan to deal with banks on the process of converting foreign currency to their customers include banks to open special file for each customer wants to buy hard currency that provides the bank Central within fifteen days paper conversion, which includes the recipient's identity and place of the exchange amount.
He added that "the banks will bear the responsibility for auditing the transactions regarding the process of conversion of the conditions that serve the Iraqi economy."
Tani and measures the central bank as part of the continuing series of changes introduced by the Bank during the past few months to maintain exchange rate stability and the preservation of the hard currency of smuggling outside the country.
And saw the Iraqi market during the last period and the purchase of large foreign currency purchase orders and reached U.S. dollar, according to Central Bank of Iraq in one of the Mzhadath to about $ 450 million.
The main tasks of the Iraqi Central Bank to maintain stable prices and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.
Definition of 'Hard Currency'
A currency, usually from a highly industrialized country, that is widely accepted around the world as a form of payment for goods and services. A hard currency is expected to remain relatively stable through a short period of time, and to be highly liquid in the forex market.
Investopedia explains 'Hard Currency'
Another criterion for a hard currency is that the currency must come from a politically and economically stable country. The U.S. dollar and the British pound are good examples of hard currencies.