Bank of Baghdad begins initiative to reduce the dollar exchange rate

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06/20/2013 (00:01 pm)  [/ltr]


 Baghdad / Press-term

The Department of the Bank of Baghdad, the Association of private banks in Iraq "launched an initiative to reduce the dollar exchange rate" to "(1183) to sell cash and (1178)" for the adoption of a documentary, and showed that the initiative began, "three banks" under the auspices of the Central Bank of Iraq, and stressed that "(25) banks" would seek to reduce the price of the dollar, as revealed about the "dollar's decline by thirty dinars within two hours only" the start of the official working hours for the day, has indicated it will include every day, "(400) citizen" distribution and by "five thousand dollars every citizen. "

The head of the Association of private banks in Iraq, and the Managing Director of the Bank of Baghdad, Adnan al-Chalabi, in an interview to a number of media, including (range Press), on the sidelines of the Bank of Baghdad organized a conference to announce the reduction of the dollar exchange rate, at its headquarters, the center of the capital Baghdad, that "the initiative of the Association of private banks in Iraq, under the auspices of the Central Bank of Iraq NARI onset three banks are all from Assyria, Baghdad and guidance to reduce the exchange rate of the dollar."

He said Chalabi that "have been identified dollar exchange rate (1183) in cash sales instead of (1189) and (1178) for the adoption of a documentary rather than (1184)," and pointed out that "as soon as the announcement of the move before starting implementation dropped the dollar in the markets Iraqi and arrived degrees low ", and expressed the hope that the" fall more after starting to sell at reduced prices. "

 According to Chalabi that "has been planning for this operation after numerous interviews with the central bank views supreme in Parliament was launched the idea by banks to operate all the banks to reduce the dollar exchange rate," and went onto say that "the dollar has fallen from Price (1250) to (1220) until the time tenth of yesterday morning. "

The Managing Director of the Bank of Baghdad that "will reduce the price of the dollar by the twenty-five banks from banks registered in the Association," explaining that he "will begin next week selling price reduced," pointing out that "this will support the exchange rate of the Iraqi dinar against the dollar and will make its price strong toward the dollar. "

 He pointed out that "the number of banks registered in the Association is thirty Iraqi banks and six branches of Arab banks," and expressed his belief that "thirty-six banks will agree and next week will be selling reduction," مردفا "We will not stand at this step as a link banks, but will be followed by steps another for the purpose of reducing the price of the dollar, "vowing to" work together in all the banks to reduce the price of the dollar. "

He Janabi that "the central bank promised to double the share of private banks from four million to eight million dollars a week," returned the move as "a step support for the banks," calling on all banks to "abide smoothly sale and delivery of the dollar to the citizens smoothly good style good" .

For his part, expert said Bank of Baghdad Abbas Sudan, in an interview to (range Press) that "the reduction and distribution of the dollar exchange rate systems in accordance with rules and terms and conditions issued by the Central Bank of Iraq," noting that "our conditions are a legal process must take into account all the controls that in." .

 He added that "the mechanism of action in the distribution process, guided announce the names of customers on the wall and are distributed twenty list of all the pool list (20) customer to become a distribution on a daily basis at least (400) customer," hoping "that the process in the coming period on a broader level. "

The Sudanese saying, "We distribute them to the amounts added by us to the central bank to increase the supply of the dollar," pointing out that "increasing the supply of the dollar will reduce the dollar exchange rate," stressing that "this will contribute to support the Iraqi dinar exchange rate and improve the economic situation in the markets local. "

And that "customers attend under the terms of which bring passport and dictate form and photographing the menu (42) in the passport," مردفا that "after the completion of these actions gets citizen five thousand dollars and the amount of (1183)," stressing that "the listed They just محددون to sell the dollar. "

He pointed out that "Iqbal citizens to buy a good dollar," explaining that they "were present since the early hours of yesterday morning," he said, adding, "We doubled the number of staff in order to accommodate the arrivals to buy the dollar."

The Central Bank of Iraq announced, on Monday, received a formal letter from the Association of Banks confirms its commitment to the initiative of three banks as a first stage to sell the dollar at a rate lower than the price the advertiser, as pointed out that this initiative represents a "natural behavior", which show him Iraqi banks, stressed that it in line with its monetary policy to support the Iraqi economy. 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 thousands of which 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 many times more than you need the local market, they revealed that more than half of those sales went to specific banks poured their purchases from the bank in the Gulf and Jordan. He accused the Congress and politicians and economists Central Bank of Iraq over the past months, burn "an average of four billion dollars a month in an auction of hard currency for the benefit of ten banks, mostly with capital Gulf, you buy a day most of the claims of the Central Bank of hard currency and make a profit overcharge up to 6% including them control of the Iraqi economy. "


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