Specialists: expansion of exchange offices is the burden of the Iraqi banking sector

Specialists: expansion of exchange offices is the burden of the Iraqi banking sector




Posted by: citizen newspaper |

Baghdad-the citizen


Experienced career Exchange and remittances in popular and prosperous Iraq marked the opening of many businesses and offices, especially after 2003, however, the reality of these companies a lot of motion blur, and dominated by chaos or confusion due to the absence of laws governing its work as well as the absence of modern technology in its dealings with plenty of outsiders and rogues on the profession
Economist Habib alkergholi counting occurrences of exchange offices of necessities but more expansion of the country poses a threat to the banking sector.
Alkergholi said that "exchange offices becoming offices for laundering machine, but don't include all exchange offices but some due to lack of legal supervision and work offices." and continued "there are some offices maintained the exchange rate of the dollar against the Iraqi dinar and operates under license from the Central Bank, but some of them are working contrary to the conditions of the World Bank, calling for a crackdown on employment exchange offices in Iraq. the Adviser to the North Bank for finance and investment, Elias Abou Nafeh, confirmed that Ali encouraged banking offices The dollar bought and displayed in the Iraqi market, but by the time created a vast difference between the official rate of the Central Bank and the local market.
Abou said the exchange offices prompted citizens to keep the dollar for fear of economic crises also used some of the speculative market in black ".

He said the exchange offices as a means of showing the fact that dollar dollar offer in the market opening doors to increase the width of the dollar and thus reduce the exchange rate for the Iraqi dinar. "and continued the coin as" affected by the unstable security situation and economic instability consternation on the currency, saying the coming days will see the decline of the dollar against the Iraqi dinar that most private banks looking to reduce the dollar to dinar ". the Director of the Association of private banks Abdul Aziz Hassoun explained that exchange offices deal with a few limits and will not expand deal entered the market Directly ".

He added that the money-changers all over the world outside banks amounts to simple weikmon desired by the citizen, but in the current circumstances in Iraq have spread without any banking laws limit the censor work. "he noted that the Central Bank had cut the rate by giving banking companies large sums of dollars to view and less demand, and thus decreases the price paid to the dinar.
"He is banking companies in Iraq and end its deployment and expansion and has great influence on Iraqi currency, calling to find the laws limiting the work of exchange offices and eventually to new legislation and legal action to control exchange rates. ended

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