Central Bank of Iraq cancels leave an international company to sell the currency because of the "under criminal investigation" against one of their respective owners

Author:
Editor: HH, NK
11/06/2013 13:35


Range Press / Baghdad

Iraqi Central Bank announced on Tuesday, the cancellation of leave an international company for the sale and purchase of foreign currencies, and attributed the reason to the existence of "a criminal under the" right of one of its owners, asked for the Ministry of Commerce to "take the necessary action against the company.

The Director-General Agency of the Central Bank Abdul Abbas Khalaf in a statement received (range Press), a copy of which, "The Board of Directors of the Central Bank decided during the session of 1499, held on the 15th of the month of May last year, canceled leave company Falah International brokered the sale and purchase of foreign currency , "attributing the cause to" a criminal under the right one shareholder He Maythem owner of Moses. "

The student behind the Registrar of companies affiliated to the Ministry of Commerce to "take the obligation to the extent it comes Bdaúrtkm with providing us with a copy of the books of the filter and the record company meeting ratifications before you," condition "to make sure of the accuracy of the information provided by the banks and companies about the lack of under criminal investigation against one of the shareholders."

The Central Bank of Iraq announced, earlier, the cancellation of banking companies is registered has regardless of obtaining clearance from the Ministry of Commerce or not, and stressed that the banking companies registered and certified before 2003 were 300 companies only, as pointed out that companies exceeded Thousand It a mixture of companies that operate in accordance with the conditions and regulations of the bank and the other got the approval from the Ministry of Trade, while other companies operate without getting any vacation.

Referred to as the central bank announced, earlier this year, 2013, it closed 190 banking offices in Baghdad and the provinces for violating the legal requirements imposed by the Bank.

The fact-finding committee in matches Development Fund of Iraq revealed, April 8, 2013, that the central bank sold during the past six years in the auctions process conducted by about 207 billion dollars, equivalent to 56% of the revenues of Iraq's oil in those years, and while confirming that these sales were more doubles than you need the local market, they revealed that more than half of those sales went to the banks specific poured their purchases from the bank in the Gulf and Jordan. accused deputies, politicians and economists Central Bank of Iraq over the past months, burn "an average of four billion dollars a month in an auction hard currency for the benefit of ten banks, mostly with Gulf capital, buy a day most of the claims of the Central Bank of hard currency and overcharge make a profit of up to 6% as it controls the Iraqi economy. "

Accused the General Authority for the North Bank for Finance and Investment, on the seventh of April 2013, the CBI not to meet the needs of the Iraqi market of hard currency over the past five months and refer it the responsibility of the private banks, while confirming that Iraq needs to pump nearly $ 300 million in the market daily to meet needs of the currency in the currency the central bank when he criticized the remarks they promised to attack him and "stems from ignorance and lack of knowledge of monetary policy."

The Cabinet decided to Iraqi (16 October 2012), the prime BSA Abdul Basit Turki functions of the central bank governor and the agency rather than the Governor of the Bank Previous Shabibi on charges of issues of financial and administrative corruption in the bank, especially in operations Auction dollars, but the something that did not occur to the work of the Bank and currency auction whereas the exchange rate of the Iraqi dinar a significant decline against the dollar jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar in April 2013.


The International Monetary Fund said in a report issued in (03.21.2013), following the end of the consultations held in Amman between a delegation from the Fund and an Iraqi delegation headed by VMware Planning Ali Shukri, and seen (long-Presse) it "an improvement in the financial sector," but confirmed that it is still "need to be greater efforts by the central bank in the revision of monetary policy tools and strengthen banking supervision, and to accelerate the restructuring of the banking system."

The International Monetary Fund (IMF) called the CBI to "take measures to gradually towards the liberalization of foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year."

The Fund stressed that the establishment of a national banking system requires the abandonment of the current model, which is controlled in which weak banks by state-owned receive preferential treatment apart from private banks, "calling on Iraq to do to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.


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