The Central Bank Withdraws The License Of A Brokerage Firm To Buy And Sell Currencies For “Violating The Instructions”
The bank said in a statement received by the (Independent) today that:
(1) “given the violation of the Al-Durr brokerage company for buying and selling foreign currencies, the provisions of the instructions for organizing the work of the brokerage firms and the purchase of foreign currencies, it was decided to withdraw the company’s license.”
The bank added,
(2) “It was also decided to confiscate the letter of guarantee deposited with this bank amounting to 50 million dinars,” calling on the Ministry of Commerce to “cancel the establishment certificate granted to it in addition to removing the company name from the records and providing the Central Bank with a certified liquidation letter.”
The Central Bank of Iraq was established as an independent bank under its law issued on the sixth of March of the year 2004, as an independent body, and is responsible for maintaining price stability and implementing monetary policy, and supervises 10 commercial banks, 26 private banks and 16 Islamic banks, in addition to 19 foreign banks, as well About 6 financial institutions and 31 money transfer companies.