Central: No distinction between foreign banks and Iraqi currency auction

BAGHDAD - Iraq's central bank has denied a distinction between foreign and Iraqi banks in entering the currency sale window (auction process). The Director of the Information Office of the Bank, Acer Jabbar in a statement, "The branches of foreign banks operating in Iraq represents the main bank with all its capabilities, including capital and the Iraqi Central Bank's demand for these branches need to provide (seventy billion dinars), which is only an operational capital does not represent Capital of the entire bank ".

He added: "The entry into the window of selling foreign currency for banks operating in Iraq in general is on the criteria approved by the Central Bank of Iraq and international accounting companies are solid and available to all banks to see and therefore when some branches of foreign banks exceed these standards are excluded from entering the window either When matching the standards as is the case with all Iraqi banks will get their entitlement. "

Jabbar denied "the existence of discrimination in dealing with the Central Bank of Iraq between banks operating in Iraq, whether foreign or Iraqi only on the basis of classification because they form part of the banking system of Iraq."

He pointed out that "a number of Arab and foreign banks do not enter the window of sale of foreign currency originally or intervention in limited quantities and the share of Iraqi banks still represent the largest proportion of sales of the dollar." (1)

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