Central Bank confirms the abandonment of an auction sale of foreign currency

Central Bank confirms the abandonment of an auction sale of foreign currency


by maddinar Today at 8:43 am

Central Bank announced today that his quest for the transfer of an auction sale of foreign currency (dollar) government to a commercial bank, saying the auction is not within its terms of reference.
The deputy governor of Bank of the appearance of Mohammed that "It is time for an auction sale of currency out of the central bank, and shall state that a commercial bank, Vmzad sell the currency does not fall within the competence of the Central Bank of Iraq."
He explained that "all banks in the world does not work that way, and we we were in the central bank finance foreign trade and this is not one of our missions."
He added that "unfortunately, the policy of central bank intervention in the market to maintain the stability of the Iraqi dinar ended in foreign trade financing to the private sector, because of the unity of the Iraqi economy (oil)."
He said "The market required graduation dollars under various pretexts legal and illegal, and there are worn out to get the hard currency, including not serve the Iraqi economy."

Finance Committee suggest the ability of Trade Bank of Iraq take currency auction


2012-04-26 04/26/2012






.. BAGHDAD / JD / .. revealed the parliamentary finance committee a new step the central bank to implement an auction sale is handed over to a hard currency Iraqi banks, weighted assume Trade Bank of Iraq this auction. .". A member of the Finance Committee, the Parliamentary Secretary Hadi Abbas's / JD / "The Central Bank of Iraq plan to give banks a good Iraqis and the Iraqi Trade the responsibility of selling the dollar auction." .". Abbas said, "The central bank wants to get rid of the burden fluctuation of the dollar, especially after it became the demand for the dollar than too few." .". And Abbas, "The demand for the dollar from the central bank declined because of the difficult actions taken by the bank and increased it worse." .He pointed out that "the Trade Bank of Iraq is probably that will be an auction sale of the dollar because it has a good mechanism", citing an interview with officials at the bank that they have the possibility to buy a large amount of dollars. "And the seal member of the Knesset Finance" This step solved the problem of fluctuation of the U.S. dollar and work on this procedure uncertain. "/ ended / 11 n

Maliki appointed his own man last June in place of the Director that refused to fund something he requested. That director then fled on "corruption" charges. He's been hounding the CBI for control/loans as well for the last few years.. This doesn't look good to me, it looks like M has finally found a way to take control of his country's finances. I hope I'm WAY off on this one....


http://www.iraq-businessnews.com/2011/06/07/maliki-appoints-new-boss-to-trade-bank-of-iraq/




Maliki Appoints New Boss to Trade Bank of Iraq
Posted on 07 June 2011. Tags: Corruption, Trade Bank of Iraq

Iraq’s Prime Minister, Nuri al-Maliki, has appointed Hamida al-Jaf as head of the state-owned Trade Bank of Iraq, replacing Hussein al-Uzri amid investigations into alleged corruption, the bank’s deputy director general said.

“The Trade Bank of Iraq is operating normally and people have confidence in the bank,” Deputy Director General Abdel Hadi Sadeq Abdel Mahdi told Bloomberg in a telephone interview. Asked if he knew the whereabouts of al-Uzri, he said “we don’t know”, but declined to comment further on the investigation.

Ali al-Allaq, secretary general of the Council of Ministers, said on Monday that Iraq will ask Lebanon to hand over al-Uzri.

Al-Jaf, the new head of the trade bank, previously worked at state-owned Rafidain bank. “She is a well-respected banker, with 30 years of experience,” Abdel Mahdi said.

great finds gente....does make one wonder doesn't it?

Well, now today I found this, so who the heck knows:


Central Bank begin to develop deny auction canceled or converted to a commercial bank last


26/04/2012

Iraqi Central Bank has started restructuring the public auction and the development of financial dealings and improve the performance of its employees are compatible with the future challenges to the process of selling the currency.

The deputy governor of the Bank Mazhar Mohammad Saleh said that "the central bank did not decide to never cancel the auction sale or transfer of hard currency to another bank of banks that are supervised by."


He explained that "some businessmen are trying to broadcast rumors to raise the price of the dollar against the Iraqi dinar, which affects the economic security of the country."

double talking camel jockeys......

Worse than a bunch of 5 year olds playin' telephone...