Eligibility of banks involved in the smuggling of hard currency abroad

Admin Wed Mar 11, 2015 8:59 pm

03/11/2015

Uncertainties involved in the civil banks already submitted forged documents to buy dollars from the central bank auction.

BAGHDAD - at the time confirmed the member of the Committee on Economy and Investment, Nora Albejara, told the "life" of London on Wednesday, fears of a potential for strong fluctuations in the value of the dinar, due to the reduction of the supply of the dollar in the auction of open quantities depend principle of demand, to $ 75 million a day, governor acknowledged the Iraqi Central Bank on the Keywords, last Tuesday, the existence of smuggling hard currency abroad, did not hide his doubts on the involvement of civil banks already submitted forged documents to buy dollars from the central bank auction.

He announced Keywords in a press conference, all proceed with the adoption of new mechanisms different from what had been followed by previous administrations, notably to reduce dependence on the auction currency, which was created in 2004 to maintain the stability of exchange rates, and enhance the value of the dinar, and secure hard currency to the Iraqi market window.

He pointed out that the auction window is no longer a daily basis, and will depend auditing mechanisms different from that previously, especially that of the central functions, providing currency for foreign trade, pointing out that the currency sale by remittances, mechanisms will be electronically instead of documents that were formerly of the banks offer.

The World Gold Council announced in January (January), that Iraq is ranked 37 in the world the size of gold reserves and the fifth Arab world, where he owns reached 89.5 tons of gold.

Keywords and pointed out that the bank's March sale of foreign currency through the auction for more than ten years of operation, and this procedure is not true, because a lot of countries around the world rely this method in exceptional circumstances to create balance and stability of the currency.

To the polls, "obelisk" to the Iraqi market quickly influenced the government's decision to stop the central bank auction of the dollar led to a rise in the dollar's exchange rate against the Iraqi dinar to arrive at the money changers to 1,260 dinars.

He stressed that the relationship dollar selling operations shifted from the way foreign trade to speculation in the markets and reap the profits and keep the banks from the real activity.

He also accused some non-banking companies and even commercial business, the shift of activity to speculative currency, taking advantage of the ease of procedures and guaranteed profit and fast, as well as the nature of the work of these parties has become a cover to facilitate many of the processes related to the smuggling of money.

He considered Keywords that cash sales of dollars, is the part most dangerous in the sales processes followed in the auction, which reached record amounts in the last two years, recorded $ 15 billion a year, pointing out that these amounts are very large compared to the imports of the dollar, and to the country's need of cash to cover traveling expenses and treatment and others.

Keywords and pointed out that the officials pointed to a decline in foreign currency reserves at the central bank, stressing that Iraq does not suffer from any problem, and has a good income with no room to have any worries.

And detect the presence of a tendency to increase gold reserves basket, pointing out that the procurement issue moving and are subject to familiarize constant, and that the bank moves the basket almost daily to find out the currency and interest rates and the bond market and stock prices and the value of gold.

Also, he stressed that the size of the reserve, which is owned by the Central Bank of the money supply exceeds one and a half times, allowing control of the currency, and there are no fears of the process of selling the dollar against the dinar.

On the other hand, the central bank confirmed that he supports private banks by convincing the government put their deposits in government banks, which examines some of the laws that allow the support of the Iraqi economy.

Prior to the hanger to admit when he served as Secretary General of the Council of Ministers, that the Central Bank of Iraq was able to sell more than $ 200 billion through the auction sale of foreign currencies during the eight years, stressing that five percent of the foreign transfers are made through the legal process.

The coin Iraq Council was established in 1931, founded in London for the purpose of issuing paper currency and maintain a reserve currency of the new dinar.

And adopted a currency board, a conservative monetary policy to maintain very high reserves behind the dinar.

And strengthened the power of the dinar by linking British Balbaon where it was linked to the price the tie with the British pound up to 1959.

In 1947, the Iraqi National Bank established a government bank and canceled the currency board in 1949, which was founded in London if received new bank responsible for issuing paper currency and keep reserves.

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