13 private banks are reducing the dollar's exchange rate to the citizens

Author: ASJ, HH
Editor: AB, HH
23/05/2015 17:35



Long-Presse Baghdad

Assyria bank, announced on Saturday that 13 private banks took the initiative to reduce the dollar exchange for citizens and companies the price of banking, as he emphasized that this step comes in support of monetary policy of the Central Bank and to ensure exchange rate stability.

The Managing Director of the Bank of Assyria Adnan Chalabi during a press conference held in Baghdad and attended (range Press), that "the 13 private banks took the initiative to reduce the cash rate for the dollar for citizens and companies banking price support monetary policy of the Central Bank and to ensure exchange rate stability."

He said Chalabi, said that "banks will start tomorrow since the sale of the dollar price for 1193 dinars, and the price of 1192 dinars to the remittances," noting that "these banks are the Bank of Assyria, the Middle East, and across Iraq, the Islamic and national levels, and the Union, and the Gulf, and Dar es Salaam, the Muslim and the country, and the Iraqi Islamic, and United, and the Bank of Irbil, the trade and the region, and the Iraqi Credit Bank ".

He pointed Chalabi, that "the announcement of the other banks that are expected to take such a step will be later," pointing out that "the initiative banks to reduce will follow their customers from banking companies to commit to this initiative and open windows to the public and selling prices specified".

The specialize in the banking sector attributed, in (April 9, 2015), the reason for the high dollar exchange in front of the dinar to the last Central Bank special procedures to deduct customs duties and taxes in advance, and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need the abolition of Article 50 of the budget.

The Central Bank of Iraq announced, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control of "money laundering" through prepayment of taxes and customs for goods entering Iraq, returned to that will double the country's imports.

The International Monetary Fund predicted in (21 March 2015), the high proportion of the deficit in the budget for Iraq in 2015 to more than the proportion of 12% announced by the government, because of lower oil prices and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget, He suggested the implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and the revision of the maximum limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.

The current year's budget law, committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in the daily auction ceiling does not exceed 75 million dinars, with the exercise of justice in the sale, and claim participant in the auction the bank to provide the introduction of goods and data documents settling accounts and tax savings Alkmarki within 30 days from the date of the purchase amount, and so it applied the sanctions set forth in the Central Bank Act or regulations issued it, and use other banking instruments to maintain the strength of the dinar against the dollar.


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