*************** Central Bank suspended currency auction begins remittance system

2015/2/24 16:46



{Baghdad: Euphrates News} central bank, announced Tuesday, to stop work and currency auction system begins remittance system.

A source at the Central Bank, told the Euphrates News} {today that "it is based on the decision of the Governor of the Central Bank has been working to stop the auction of a final currency, we started remittance system because of smuggling and money laundering operations."

The Governor of the Central Bank of Iraq on the Keywords announced that it "is not true that the central bank remains preoccupied with selling the currency like ATM daily basis."

In the same vein, a report issued by the Central Bank of Iraq, saying, "Based on the provisions of the Iraqi Central Bank Act for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against foreign currency through the optimal use of foreign exchange resources to meet the needs of all and not the central occupancy tasks that are revealed the core of the work of the banking system and the relevant departments, with a commitment to the requirements of anti-money laundering and terrorist financing law Central decided to new instructions issued in this regard. "

The comment Economists and Financial on the decision to stop the bank daily currency auction that means cancel the sale by remittances, and cash sales will continue, explaining that he came to curb money laundering and smuggling of currency, warning against complacency and inaction in the follow-up and hand the money that buys the banks of the bank, stressing the these banks need to follow legal procedures to transform and Alambalg.


http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fwww.alforatnews.com%2F

Central Bank: Cancel Auction sell currencies to keep the exchange rate of the dinar against the dollar




Monday, February 24, 2015 13:20

[Baghdad-where]

Iraqi Central Bank announced on Tuesday, the abolition of the daily auction for the sale of foreign currencies.

The central bank said media director Fadel Hussein told all of Iraq [where] that "the need to cover banking offices, community and government banks of currencies will be by remittances, with only stop the daily bank auction sale, which includes direct criticism including the dollar."

He added that "this decision is not contrary to what was stated by the budget bill for 2015 identifying the auction amounts to 75 million dollars."

He pointed out that "the move is part of the Bank's policy to maintain the stability of the Iraqi dinar exchange rate against the dollar has been preceded by a step to reduce the volume of sales in the auction."

The Central Bank of Iraq sells in previous years, sums up to billions of dollars a month, but decreased significantly in the past few weeks where he sold more than $ 2.8 billion in the month of January last.

It is said that the bank was selling the dollar on the price of 1166 Iraqi dinars to the dollar, which Ibiaa in markets and banking offices at about 1220 dinars, a difference of 54 dinars



It was expected by the bank's decision to drop the sales of the dollar in the auction for this year, according to the law of the state budget, which began in Parliament on 29 January last, and ratified by the Presidency of the Republic in 10 of this February.

The Act provided that "the central bank is committed to identifying sales of hard currency [dollar] in the daily auction ceiling does not exceed $ 75 million a day with the exercise of justice in the sales process, and calls for the participant bank in the auction provide goods enter documents and statements of tax settling accounts and savings Alkmarki within 30 days of the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the Atar.


http://www.alliraqnews.com/2014-06-14-07-34-14/168150-2015-02-24-10-20-35.html