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The Central Bank hints at the possibility of canceling some fines on banks
The first 06/08/2023
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Baghdad: Ahmed Abed Rabbo
The Central Bank of Iraq hinted at the possibility of canceling some fines imposed on private banks that violate the instructions, while stressing that the purpose of the fines is to ensure their compliance with the instructions and not to punish them.
The Iraqi Central Bank expressed its astonishment at the huge uproar that arose in this regard.
During the past days, the controversy escalated between experts and specialists in financial affairs regarding the imposition of fines by the Central Bank on banks, and they described the monetary policy of the Central Bank as retaliatory and inflexible, especially with the fines exceeding the barrier of 34 billion dinars for the first quarter of this year.
The Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad, told Al-Sabah: “The bank may move towards canceling some fines on private banks and reconsidering them in the event that they were imposed with miscalculation by the bank’s employees,” noting that “the bank is keen to ensure efficient performance of banks.
He added that the Central Bank "aims to correct the course of some private banks and ensure their compliance with the standards and their commitment to the set timings, especially in the process of sending some of the data required by it in accordance with laws and instructions."
Regarding penalties for banks that cannot be tolerated, Hamad explained that "the Central Bank takes harsh penalties for violations related to financing terrorism and money laundering," noting that this is a "red line."
The deputy governor attributed the imposition of fines to administrative violations, indicating that most of them do not amount to non-compliance.
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