Central Bank calls for the formation of a body to finance private sector imports

Saturday, August 11 / August 2012 08:33


Twilight News / called on the Central Bank of Iraq, Saturday, to form the body of the Ministry of Commerce and the task of financing and supervision of private sector imports of goods and goods entering the country, stressing its scrutiny in the money entering the auction currency and legality.

The governor of the Central Bank of the appearance of Mohammed Saleh in an interview with "Twilight News" "The Auction currency checks in the money entering it and is it money clean and not a money crime of theft or terrorism?", Noting that "the central bank and his application of the law of money laundering, crime and terrorism for the year 2004. "

Salih stressed on the need not to confuse the foreign exchange and currency policies of economic freedom with issues of crime and money laundering, "explaining that" the problem that has plagued Iraq is the trajectory of the economic system wheel different, one of the intervention of foreign currency, which Taatkvlha state through oil revenues with the lack of private sector's role in this area, and the second issue of the Iraqi currency to trade in the markets and converted into foreign currency to buy goods and commodities. "

Saleh added that "the Iraqi market could not enter a foreign currency into the country like other countries to the disappearance of production and the role of the private sector, and state sensitive because any hard currency out of the country believes it is brought so be attrition within the economic system."

Saleh continued that "the alternative to this economic system is to return to previous policies through the organization of foreign trade by granting licenses for each converter or dealer and monitor the composition of the task of imports."

And proposed funding for the creation of an import of the private sector under the Ministry of Commerce granted leave and the foreign currency and in turn monitors and supervises the entry of goods into the country.

And demanded that the Finance Committee in the House of Representatives, last week, the formation of a committee of financial, economic and Integrity to investigate "violations of the Central Bank" dollar auction sale.

The central bank held meetings daily currency auction, except Fridays and official holidays, and involved a group of Iraqi banks, within which the sale and purchase of foreign currency, and the Central Bank of the process of converting currencies sold abroad, for some companies and citizens for a commission of certain.

The Central Bank of Iraq group of specialized committees to combating money laundering, money, crime and terrorism financing, and the anti-money laundering law of 2004 Iraqi control procedures due to banking institutions, especially ones.


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Central bank announced a rise in hard currency reserves to $ 67 billion after the $ 63 billion the end of last May, stressing that these reserves are the largest in the history of Iraq.
He said, "This increase will increase confidence in local currency, stressing that" the Iraqi dinar has become covered by these reserves to 103 of foreign currency, "noting that" these reserves is one of the monetary policy to reduce inflation in the country. "




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