2012-07-06
The Central Bank of Iraq at the narrows to reduce external transfers funds smuggling
Varied reactions in monetary policy in the Central Bank's decision to close down all unlicensed banking offices, and limiting remittances and supported by some banks. move and reaffirmed it specialists came late and was to be applied since 2003 to halt smuggling of funds abroad, while others called for an electronic control.
The Deputy Governor of the Central Bank of Iraq for the appearance in an interview «life», «violent tremors that hit market Iraq finally dating predominantly to external reasons forced us to establish mechanisms to increase our control over the market by private banks and exchange offices and companies which violated laws» «and managed to gradually carry out tasks of approved banks that were supposed to implement external transfers for the benefit of traders and industrialists, and not only that but has made banks and isolate oneself back to local demands, means that the situation is turned Fully».
The companies, exchange offices and being exploited by their closest to customers the fastest meet requests». Estimated Iraqi foreign remittances abroad in order to meet the requirements of the trade balance for 2011 with more than $ 52 billion, two thirds of private sector.
The Central Bank permits for 400 companies and banking Office throughout Iraq, and instructed the security services to close unlicensed and refer them to the competent legal authorities. Said: «currency auction mechanisms reached changes also, after many problems in the market of fluctuating exchange rates and the financing of terrorism and money laundering. We have also noted the increasing demand for the dollar, despite our bills, we've got fake invoices banks».
The new mechanisms for said: «we will give banks Government and private sale and purchase operations with customer and external transfers, we will we control, which will be distributed to 25 banks based out of 49 up to 220 million dollars a day to sell».
The parliamentary Economic Committee member Nora Salem albegari warned earlier of the phenomenon of uncontrolled movement control of Iraq funds abroad and vice versa. The Central Bank late in regulation to control the financing of terrorism and money laundering. Called «central» increase control on exchange offices that some believe that they are dealing with local customers and a few numbers, but experience has proven the contrary is exercised the powers of big banks and are converting very large sums abroad from unconditionally.
Economist Imad Al-Rai said the new system developed by the Central Bank would not be effective in Iraq ... And will remain dependent on the credibility of private banks by providing daily or weekly reports on the nature of remittances, since I had previously accused the second they bring false documents, will adopt this method to transfer funds without the corresponding supply of goods or services.
However, the Central Bank defended its mechanisms, and the benefit of that select 25 banks committed to the laws of 48 private banks with the exception of Government which would be free from oversight, adding: '' the Bank will give any Bank committed $ 1.25 million laws share weekly promotional outside controls, encourage them to deal with the credibility and, in the event that the contrary would be excluded permanently from the remittances that strong and effective deterrent.
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