Central Bank excludes more than $ 4 billion in questionable health of its daily auction

Admin Sun Feb 24, 2013 7:22 am

BAGHDAD
/ obelisk: the governor of the Central Bank of Iraq and Abdul Basit
Turki Agency, Saturday, for the exclusion of more than $ 4 billion of
questionable health of their origin or their lists of participating
banks auction sale and purchase of foreign currency since the middle of
last October.

And
called Turkish in a statement issued by the bank and got "obelisk" a
copy of which, "all politicians to accuracy and objectivity in the talk
about the activities of the Iraqi Central Bank, as these conversations
and statements of an impact on the economic changes and decisions of
investors and damage the Iraqi economy and give unreal image for
economic situation of the country. "

Turki
said that "the five largest banks has purchased foreign currency are
banks, the Middle East and north, Erbil and Ahli United."

He
continued central bank governor agency that "all statements being
audited as instructed by the previous administration, which was given
six months to verify their authenticity," noting that "the discovery of
transactions fictitious or fraudulent are taking action by the Bank and
the prosecution of corrupt and companies manipulative Bmstndhath which
should be referred successively to justice. "

He
noted that "the increased scrutiny on transactions auction sale and
purchase of foreign currency prevented banks several of the auction and a
certain time period and subject their transactions to audit
exceptionally large size of their transactions," explaining that he "was
expected during the phase change and activate the control that prices
rise exchange more particularly since the administration Previous
abolished the upper limit allowed for private banks to sell to citizens,
and therefore there is no legal restriction required banks to observe
that only advice. "

Turki
pointed out that "the Central Bank of Iraq in the current
administration was not allowed to grant leave to foreign banks with a
view to the opening of any branch in Iraq, as well as allowing them to
enter the central bank auction by mid-October last year."
The
CBI called on the political class and the channels and national news
agencies that investigate the accuracy and objectivity of the talk about
the activities of the bank as these conversations and statements of an
impact on economic changes and investors' decisions.
The
bank said in a statement issued in response to statements MP Haider
Mulla circulated by the media and some news agencies, and which he
referred to the loss amount 509 billion Iraqi dinars through currency
auction in addition to changes in the exchange rate and the short sale
of foreign currency on a limited number of banks is Iraqi and not to
have an auction to sell the currency in addition to the special notes do
not fall within the sphere of activity of the bank.
The
bank said that the five largest banks has purchased foreign currency
distributed on a monthly basis during the year 2012 are:

Bank Name	Critique	Transfer	Total	Exchange rate	Transfer rate	Percentage of total
Bank of the Middle East	40,075	3721020	3761095	1%	8%	8%
North Bank	49,395	3511040	3560435	1%	8%	7%
Bank of Arbil	74,735	3064052	3138787	2%	7%	6%
United Bank	99,215	3008502	3107717	3%	7%	6%
National Bank	37,565	2688477	2726042	1%	6%	6%

He
noted that more audits ongoing transactions auction offered several
banks to sanctions which including prevent them from entering the
auction and certain period of time in addition to undergo transactions
to audit exceptionally large size of their transactions first and second
because of signs doubt strong transactions and lists provided on its
way during the previous phase He notes that the change in the names of
the banks and the percentage of purchase for the top five banks of the
auction.

The
bank said in a statement that despite the faith of the current
administration of the Central Bank should be expanded in the banking
relationships for Iraq with the outside world and give better
opportunities to invest in Iraq and elements that allow foreign banks
sober to open branches in Iraq and on the basis of reciprocity, noting
that the current administration did not not so far to grant any license
to any foreign bank to open a branch in Iraq, and that all the banks
that have been talked about has been granted leave and allowed her to
enter the auction by the previous administration and before 10/15/2012.

And
on the central bank rate to sell the dollar / dinar statement stressed
that the sale price for the banks is 1179 dinars / to the dollar,
indicating rate prices sale of foreign currency in the domestic market
during the months in 2012, which refers to the degree of change during
the entire period (amount dinars per dollar).

Month	Average price in the market
January	1205
February	1236
March	1240
April	1263
May	1249
June	1240
July	1254
August	1248
September	1228
October	1200
November	1207
December	1222

The
statement said it was expected during the phase change and activate the
control exchange rates to rise more, especially as the previous
administration had scrapped the upper limit allowed for private banks to
sell to citizens, and therefore there is no legal restriction required
banks to observe that only advice.

He
explained that he had been held three meetings during the four months
past with managers Commissioners for private banks have been telling
them advise the central bank that is selling up to no more than add ten
units maximum above the selling price and this draws a temporary seeks
his bank towards further strengthening the dinar exchange rate and
according to the need of balance of the Iraqi economy and its markets.

He
denied indicated that the auction was held during the half-hour under
the previous administration, while not hold now never, stressing that is
totally incompatible with the truth, and noting that the auction does
not announce its results a day only after fulfilling all audit
mechanisms preliminary which takes even after one in the afternoon every
day.

He
was informed of the banks to submit their applications a week before
the date of sale to ensure greater objectivity and auditing and starting
on Tuesday, 19/2/2013.
As
for the amounts of corruption referred to in the statement, Mullah
pointed out that all the lists being audited as instructed by the
previous administration, which was given six months to verify the
authenticity and the discovery transactions fictitious or fraudulent are
taking action by the Bank and the prosecution of corrupt and companies
manipulative Bmstndhath which should be referred turn to the courts.

And
added more oversight has been ruled out requests of questionable origin
or health lists or those indicated by previous audits and a clear
doubt. Noting that the amounts were excluded from 10/15/2012 more than
four billion dollars.

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