Central Bank required banks to disclose their customers to get the foreign currency

02.02.2012 | (Voice of Iraq) - Add comments - Sumerian News / Baghdad committed Central Bank of Iraq, Thursday, all Iraqi banks participating in the auction to disclose its customers to obtain foreign currency, attributing the cause of lack of sales of the currency during the past two days to the lack of definition buyer for itself. The deputy governor of the Bank Mazhar Mohammad Saleh in an interview for "Alsumaria News", "part of the duties of the central bank regulatory, supervisory, and in accordance with the principles of the Basel Convention International that Iraq is a member of which is the knowledge of the customer who buys currency from the bank by banks to prevent any breaches that may affect the security of the state. " Saleh added that "the Bank has committed all banks participating in the auction to disclose its customers through their access to the currency," adding that "the bank on condition that the customer's current account in the bank and free certified check and Ervgah with the transaction when buy the currency. " Saleh continued that "the lack of sales of the currency during the past two days to the lack of definition of the buyer himself," pointing out that "there are a lot of purchases in violation of the rules of the legal and banking as are the names and interfaces are not known." Saleh pointed out that "some Iraqi banks does not encourage the process of opening current accounts where, "asserting that" the Bank has large reserves of currency as possible to cover the market for twenty times. " The central bank held the Iraqi daily sessions for the sale and purchase of foreign exchange with the participation of Iraqi banks, which finances the traders from the private sector, excluding holidays official stop at the bank for these auctions, and the sales either in cash or in the form of money orders sold abroad in return for a commission of certain. The accused member of the Iraqi Taha Lahibi, January 28 last, Iran, the introduction of the forged Iraqi to buy hard currency from the market, with the assistance its agents in Iraq, in what was the Iraqi Central Bank, in the January 29 last, that the rate of currency Iraqi counterfeit normal compared to the rest of the States, with pointed out that those currencies are entering the market from three sources. The Deputy Governor of Central Bank of Iraq the appearance of Mohammed in the ninth of last January in an interview for "Alsumaria News", that the high exchange rate of the dollar against the Iraqi dinar in the Iraqi market, as well as higher sales of the Iraqi Central Bank foreign currency due to the financing of trade neighboring countries by the Iraqi traders. The Central Bank of Iraq under law issued on the sixth of March of 2004, an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the financial system competitive and independent.

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