Corporate Banking: Central Bank controlled by routine and procedures

by **Rocky** Wed 04 Dec 2013, 3:33 am

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Corporate Banking: Central Bank controlled by routine and procedures

by Rocky Wed 04 Dec 2013, 3:33 am

Corporate Banking: Central Bank controlled by routine and procedures

Counting Iraqi currency in exchange offices in Baghdad

Author: ASJ, NF
Editor: NF, RS
13/12/03 17: 41
Hits: 21

Range/Baghdad

Criticized a number of financial banking companies said Tuesday, aggravating actions by the Central Bank and the procedures, routines, showing how they can approach the Office of any officer to ask about the fate of their transactions, and stressed that the Central Bank of Iraq lacks regulations in its dealings, they noted that its Bank of instructions and controls "cruel and injustice."

SEB said it is a banking seminar discussion organized by the Baghdad Chamber of Commerce building, room and attended (term), "the Central Bank since 2003 pursues policies and lack of regulations and without prejudice to the law of the Central Bank of Iraq, which is also in need of adjustments and changes."

Shammari said that "the World Bank imposes substantial amounts and scattered the banking companies are basically supposed to help the Central Bank in its policy and maintain the market."

And Peter said, "that amounts to half a billion dinars in Iraqi Central Bank accounts as collateral and capital to the company, as well as payment of five million each year, and do not know where to go is a tax or fee kmerki."

Shammari said that "possible Central Bank described as Saddam Hussein's security service, being as entrepreneurs we can approach the Office of any officer cannot ask for official transactions that remain long months to include the Bank's employees, as well as directing fines and penalties, without prior warning and no books."

Said General Manager Rasheed Bank Kazem nashor's (range), "the Central Bank generally requires substantive plans in his dealings, particularly with private banks and banking companies as there cannot be a single window for the deal."

Nashor said that "banks and banking companies are profitable, so when her continuing penalties and fines as well as restricted procedures and routines, won't get profit in this market will have any problem in Iraq will negatively affect citizens."

In turn, said former Deputy Governor of the Central Bank and an economic expert for the appearance of Mohammed Saleh told the (term), "the Central Bank despite his quest to pursue monetary policy governing the economic process, but it must be close to corporate finance, private banks by having at least one day to listen to their problems and resolve them quickly."

And "Exchange companies have a large impact on the market by trading hard currency, in order not to make their platforms to waste those currencies must incubate and reduce red tape and a blunt, they seek profits through their dealings with the citizen and the market and everything to the market."

The failure to monitor the work of the specialized exchange offices by the Central Bank and the unstable security situation, as well as the concern of politicians in the internal factors have helped to increase the activity of mafia money laundering in those offices, especially after some neighboring countries to economic tensions have made them dependent on Iraq as a port for hard currency and smuggled to them.

The CBI had earlier announced, the abolition of non-banking companies registered with regardless of the authorization of the Ministry of Commerce, the banking companies registered and approved before 2003, 300 only, with the current companies exceeded the thousands and are a mixture of companies operating in accordance with the terms and regulations of the Bank and got leave from the Ministry of Commerce while other companies without obtaining any authorization.

The truth in Iraq revealed the fund development matches, (8 April 2013), the Central Bank sold over the past six years the process of auctions around 207 billion dollars, equivalent to 56% of the revenues from Iraq's oil in those years, and stressed that such sales were more times than the domestic market, it was revealed that more than half of those sales went to specific banks poured their purchases from the Bank in the Gulf and Jordan.

He accused deputies, politicians and economists, the Central Bank of Iraq over the past months, burning an average of four billion dollars a month in hard currency auction for ten banks mostly Gulf capital, buy a day most posed by Central Bank currency and obscene profit up six percent to control Iraqi economy. "

Iraqi Central Bank denied on Wednesday (27 November 2013), a weekly from smuggling into Iraq to Swiss banks, said that the remarks by the Chairman of the Committee on relations with Iraq on this subject "baseless from the former Vice-President and sentenced to death Tareq al-Hashimi.

The Iraqi Central Bank said (24 November 2013) seeks to amend the banking laws to suit current circumstance, and noted that the money-laundering Act highlighted laws that seek to modify, stressed that going to play role in development of the Iraqi economy
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