November 14 2017 09:58 p
An official source at the Central Bank of Iraq, on Tuesday, that the bank directed to re-work with branches of banks operating in the Kurdistan region, between the work has returned partially.
"The Central Bank of Iraq listened to the views of banks that have branches in the provinces of the Kurdistan region during a meeting gathered on Monday at the headquarters of the Central Bank, which included the problems and risks that will face them in the event of the application of the decision of the bank which Came in implementation of a resolution already voted by the Iraqi Council of Representatives at the request of the parliamentary Finance Committee.
He added that "the Central Bank is aware of the seriousness that will be followed by the application of that decision if it is applied in full," noting that "the Finance Committee and during the drafting of the decision not to convert foreign currency to branches of banks operating in the Kurdistan region, in addition to the suspension of work with it was an added paragraph The decision to confirm that it must proceed in this decision that does not affect the need of the citizen and harm them, and that some of the work suspended work with the branches of those banks will harm the simple citizen, so the bank decided to suspend work some paragraphs of the House of Representatives.
He explained that "the banks will be responsible for financial transactions that will be conducted with branches in the Kurdistan region, who will decide the size of the citizen's need for those financial operations, and to meet the services required by the citizen in accordance with the legal mechanisms and controls set by the Central Bank in the past and currently in force."
It is noteworthy that the Central Bank, decided last week, to oblige banks not to sell foreign currency to their branches in Kurdistan, as well as to close, in accordance with the decision of the Iraqi Council of Representatives.
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