Central Bank introduces a way to follow up the disbursement of funds abroad and to prevent smuggling

05-07-2012 | (Voice of Iraq) - Add a comment -
Baghdad (news)

Deputy Governor of the Central Bank of the appearance of Mohammed, the granting of banks licensed to sell hard currency the responsibility of checking foreign currency transferred abroad for treatment or travel or trade, to reduce the smuggling of hard currency.

Saleh said (of the Agency news) on Thursday: The central bank can not monitor all funds that come out of the country Vtm develop a way to follow up on how to spend money abroad by giving banks approved the sale of hard currency audit function by grading the banks and divided according to their capital.

He explained: The division of banks into four models according to their capital in order to compete with each other and also to know the amount of currency, which pumps it a week from the central bank, is required each bank to sell a limited amount of currency mismatch with a capital of more than (150) billion dinars, and banks with capital (150) billion dinars, and the other without (150) billion dinars, as well as Arab and foreign banks, each of which compel the merchant or traveler to open his adoption of a bank or convert a document in the bank trader with him for the money transfer him to the outside.

And he continued, as well as requiring customers two weeks after the conversion process brought detect particular foreign bank stating that currencies have been converted to a specific destination identified in the file transfer of credit to the bank for the purpose of knowledge of aspects of exchange abroad, and to curb the smuggling of currency or money laundering.

It is noteworthy that the central bank granting permission for (25) private banks to sell the dollar at the price determined by the process shall be conducted in accordance with the regulations and specific conditions, and gives each bank a week million and (250) thousand dollars, and the price fixed for the sale of the dollar by the Central (1179), while banks sell to citizens at the price (1189) to be the rate of profit for banks (10) dinars.

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