Central "for the Iraqi gate": for irreversible bind banks participating in the auction to disclose its customers
02/03/2012 17:09
Baghdad, "Iraq's gate," Mohammed Sharif
Deputy Governor of the Central Bank "of the Iraqi gate" that does not bind irreversibly in all Iraqi banks participating in the daily auction to disclose its customers to obtain the foreign currency and to provide a certified check as a condition to participate in the daily auction hosted by the Bank.
The appearance of Dr. Mohammed Saleh on Thursday that not declined at all for the instructions executed on the day of 1/2/2012 concerning banks to disclose clients. Attributing the cause of the lack of sales of the currency during the past two days to the lack of definition of the buyer himself.
In a previous not seen an auction the central bank, and after that the rate of demand for the dollar in the range of $200 million a day, the decline in demand has fallen sharply in an auction last Wednesday to 250 thousand dollars after only introduced the Central Bank on disclosure of (customers) who are intending to banks buy dollars for their benefit, and demand remained down at the end of its weekly, Thursday, for the second day in a row for up to four million and 321 thousand dollars at an exchange rate based on 1166 dollars for every dollar.
Saleh said that "the lack of sales of the currency during the past two days due to lack of definition of the buyer himself," commandeered that "there are a lot of purchases in violation of the rules of the legal and banking as the names and interfaces are not known."
The demand for the dollar in the Central sales has increased after the cessation of banking transactions in Syria (from that seen in the events and by the economic blockade imposed on dealings bank externally) next to the impact of economic sanctions, the last on Iran, which could threaten the cash reserves of the Central Bank of Iraq, If it continues the transfer of Iraqi traders rates for these two countries..
Accordingly, the central taken new measures to prevent the exit of hard currency outside the country in the domain of speculation and not as part of business dealings.
This measures the central bank has not lived up to speculators and workers in the foreign currency market, not even private banks..
And reneged on what seemed to strike what it's like to enter the auction to dissuade the central, and pay to reverse its decision on the latter's instructions have been applied in 1/2/2012.
The benefit of immediately, "the gate of Iraq," a statement issued by the bank which said, "confirms the Iraqi Central Bank continued its work in the sale of foreign currency from the dollar to his customers through his window for this purpose, noting at the same time prepared the Iraqi Central Bank to meet the demands of all customers without exception according to the instructions provided to disclose the clients of banks seeking to buy from foreign currency and in accordance with instructions issued by the Central Bank of Iraq and approved in 1/2/2012 and on the use of the instrument certified to the customer for the purposes of the one defined..
Assuring that bank reserves are the highest in the country's history, one of the force in order to achieve stability and filling the needs of the foreign exchange market efficiency and high service flow of the national economy."
Leaks indicated the "Gate of Iraq" that the points of the window behind the consensus of these banks not to apply the instructions of the Central and refrain from participating in the auction, in an attempt to embarrass those who at the auction and exchange-rate appreciation in the domestic market in order to prove the failure of the policy of the Central nappy on monetary stability, and thus force the Directors of the Bank to reverse its decision to Hfada on the exchange rate of the dinar against the dollar in the local market.
Saleh said in turn that "there is overlap of a large trade between Iraq and neighboring countries, since the Iran-Iraq war through the phase of the economic blockade, which began interfering with Turkey and Jordan in the first instance, and in the stage of the siege entered with Iran and Syria, and the trade with the region accounting for 60% Foreign Trade with the exception of the ration card, and this overlap has not Atnea later, on the contrary, expansion and entered by the Gulf states."
He explained that "the style of funding remained behind, where these operations are funded documentary transfer, and not the adoption of the documentary, for two reasons..
I use open-door policy as a policy, business and move away and the Ministry of Commerce for organizing the private sector trade, and left to market forces, and the other style of financing that relied on the window of the central bank to buy foreign currency, and there was within the financial liberalization and foreign transfers easier to finance the documentary abroad Bde commercial progress documents for the purpose of meeting the requirements of the law of money laundering through the work-Law No. 93 of 2004."
And the Deputy Governor, the merits of the problem, saying that "the commercial center of the Iraqi banks to not care issue of disclosure of their customers rightful, and under the rule of know your customer kyc part of the applications of banking supervision in the knowledge of the customer the good from the customer's bad for organizational reasons to ensure the safety of the flow of funds, the Central Bank issued new instructions , began work in the 1/2/2012 required customers of banks participating in the window of foreign currency to provide a certified check for each transaction reflects the current account to the customer, but unfortunately the daily window sales 02/01/2012 decreased from $200 million per day to less than $4 million."
And according to Dr. Saleh, "The central bank has reserves in foreign currency is the strongest in the history of Iraq is estimated at $ 62 billion and the bank will meet the market need 100%, the bank has issued (Thursday, 02/02/2012) explanatory statement confirming this fact..
Order to maintain the smooth flow of operations Almalahwaltjaria and market stability, and hope does not comply with the instructions of 1/2/2012 irreversible..
The central bank will be able to cover because of foreign currency reserves is by more than 100% according to the exchange rate prevailing over the Iraqi dinar."
02/03/2012 17:09
Baghdad, "Iraq's gate," Mohammed Sharif
Deputy Governor of the Central Bank "of the Iraqi gate" that does not bind irreversibly in all Iraqi banks participating in the daily auction to disclose its customers to obtain the foreign currency and to provide a certified check as a condition to participate in the daily auction hosted by the Bank.
The appearance of Dr. Mohammed Saleh on Thursday that not declined at all for the instructions executed on the day of 1/2/2012 concerning banks to disclose clients. Attributing the cause of the lack of sales of the currency during the past two days to the lack of definition of the buyer himself.
In a previous not seen an auction the central bank, and after that the rate of demand for the dollar in the range of $200 million a day, the decline in demand has fallen sharply in an auction last Wednesday to 250 thousand dollars after only introduced the Central Bank on disclosure of (customers) who are intending to banks buy dollars for their benefit, and demand remained down at the end of its weekly, Thursday, for the second day in a row for up to four million and 321 thousand dollars at an exchange rate based on 1166 dollars for every dollar.
Saleh said that "the lack of sales of the currency during the past two days due to lack of definition of the buyer himself," commandeered that "there are a lot of purchases in violation of the rules of the legal and banking as the names and interfaces are not known."
The demand for the dollar in the Central sales has increased after the cessation of banking transactions in Syria (from that seen in the events and by the economic blockade imposed on dealings bank externally) next to the impact of economic sanctions, the last on Iran, which could threaten the cash reserves of the Central Bank of Iraq, If it continues the transfer of Iraqi traders rates for these two countries..
Accordingly, the central taken new measures to prevent the exit of hard currency outside the country in the domain of speculation and not as part of business dealings.
This measures the central bank has not lived up to speculators and workers in the foreign currency market, not even private banks..
And reneged on what seemed to strike what it's like to enter the auction to dissuade the central, and pay to reverse its decision on the latter's instructions have been applied in 1/2/2012.
The benefit of immediately, "the gate of Iraq," a statement issued by the bank which said, "confirms the Iraqi Central Bank continued its work in the sale of foreign currency from the dollar to his customers through his window for this purpose, noting at the same time prepared the Iraqi Central Bank to meet the demands of all customers without exception according to the instructions provided to disclose the clients of banks seeking to buy from foreign currency and in accordance with instructions issued by the Central Bank of Iraq and approved in 1/2/2012 and on the use of the instrument certified to the customer for the purposes of the one defined..
Assuring that bank reserves are the highest in the country's history, one of the force in order to achieve stability and filling the needs of the foreign exchange market efficiency and high service flow of the national economy."
Leaks indicated the "Gate of Iraq" that the points of the window behind the consensus of these banks not to apply the instructions of the Central and refrain from participating in the auction, in an attempt to embarrass those who at the auction and exchange-rate appreciation in the domestic market in order to prove the failure of the policy of the Central nappy on monetary stability, and thus force the Directors of the Bank to reverse its decision to Hfada on the exchange rate of the dinar against the dollar in the local market.
Saleh said in turn that "there is overlap of a large trade between Iraq and neighboring countries, since the Iran-Iraq war through the phase of the economic blockade, which began interfering with Turkey and Jordan in the first instance, and in the stage of the siege entered with Iran and Syria, and the trade with the region accounting for 60% Foreign Trade with the exception of the ration card, and this overlap has not Atnea later, on the contrary, expansion and entered by the Gulf states."
He explained that "the style of funding remained behind, where these operations are funded documentary transfer, and not the adoption of the documentary, for two reasons..
I use open-door policy as a policy, business and move away and the Ministry of Commerce for organizing the private sector trade, and left to market forces, and the other style of financing that relied on the window of the central bank to buy foreign currency, and there was within the financial liberalization and foreign transfers easier to finance the documentary abroad Bde commercial progress documents for the purpose of meeting the requirements of the law of money laundering through the work-Law No. 93 of 2004."
And the Deputy Governor, the merits of the problem, saying that "the commercial center of the Iraqi banks to not care issue of disclosure of their customers rightful, and under the rule of know your customer kyc part of the applications of banking supervision in the knowledge of the customer the good from the customer's bad for organizational reasons to ensure the safety of the flow of funds, the Central Bank issued new instructions , began work in the 1/2/2012 required customers of banks participating in the window of foreign currency to provide a certified check for each transaction reflects the current account to the customer, but unfortunately the daily window sales 02/01/2012 decreased from $200 million per day to less than $4 million."
And according to Dr. Saleh, "The central bank has reserves in foreign currency is the strongest in the history of Iraq is estimated at $ 62 billion and the bank will meet the market need 100%, the bank has issued (Thursday, 02/02/2012) explanatory statement confirming this fact..
Order to maintain the smooth flow of operations Almalahwaltjaria and market stability, and hope does not comply with the instructions of 1/2/2012 irreversible..
The central bank will be able to cover because of foreign currency reserves is by more than 100% according to the exchange rate prevailing over the Iraqi dinar."