Central Bank responding to remarks Haider Mulla calls for accuracy with respect to its activities

Central Bank responding to remarks Haider Mulla calls for accuracy with respect to its activities



BAGHDAD (Iba) ..



Called on the Central Bank of Iraq's political class all the channels and national news agencies that investigate the accuracy and objectivity of the talk about the activities of the bank as these conversations and statements of an impact on economic changes and investors' decisions.
The bank said in a statement issued in response to statements MP Haider Mulla circulated by the media and some news agencies on Thursday and said the loss of the amount of 509 billion Iraqi dinars through currency auction in addition to changes in the exchange rate and the short sale of foreign currency on a limited number of banks is Iraqi and not to have an auction to sell the currency in addition to the special notes do not fall within the sphere of activity of the bank.

The bank said that the five largest banks has purchased foreign currency distributed on a monthly basis during the year 2012 are:

Bank Name
Critique
Transfer
Total
Exchange rate
Transfer rate
Percentage of total

Bank of the Middle East
40075 40,075
3721020 3721020
3761095 3761095
1%
8%
8%

North Bank
49395 49,395
3511040 3511040
3560435 3560435
1%
8%
7%

Bank of Arbil
74735 74,735
3064052 3064052
3138787 3138787
2%
7%
6%

United Bank
99215 99,215
3008502 3008502
3107717 3107717
3%
7%
6%

National Bank
37565 37,565
2688477 2688477
2726042 2726042
1%
6%
6%


He noted that more audits ongoing transactions auction offered several banks to sanctions which including prevent them from entering the auction and certain period of time in addition to undergo transactions to audit exceptionally large size of their transactions first and second because of signs doubt strong transactions and lists provided on its way during the previous phase He notes that the change in the names of banks and Nsphcra of the top five banks of the auction.

The statement added despite the belief the current administration of the Central Bank should be expanded in the banking relationships for Iraq with the outside world and give better opportunities to invest in Iraq and elements that allow foreign banks sober to open branches in Iraq and on the basis of reciprocity, noting that the current administration did not so far grant any license to any foreign bank to open a branch in Iraq, and that all the banks that have been talked about has been granted leave and allowed her to enter the auction by the previous administration and before 10/15/2012.

And on the central bank rate to sell the dollar / dinar statement stressed that the sale price for the banks is 1179 dinars / to the dollar, indicating rate prices sale of foreign currency in the domestic market during the months in 2012, which refers to the degree of change during the entire period (amount dinars per dollar).

Month
Average price in the market

January
1205

February
1236

March
1240

April
1263

May
1249

June
1240

July
1254

August
1248

September
1228

October
1200

November
1207

December
1222



The statement said it was expected during the phase change and activate the control exchange rates to rise more, especially as the previous administration had scrapped the upper limit allowed for private banks to sell to citizens, and therefore there is no legal restriction required banks to observe that only advice.

He explained that he had been held three meetings during the four months past with managers Commissioners for private banks have been telling them advise the central bank that is selling up to no more than add ten units maximum above the selling price and this draws a temporary seeks his bank towards further strengthening the dinar exchange rate and according to the need of balance of the Iraqi economy and its markets.


He denied indicated that the auction was held during the half-hour under the previous administration, while not hold now never, stressing that is totally incompatible with the truth, and noting that the auction does not announce its results a day only after fulfilling all audit mechanisms preliminary which takes even after one in the afternoon every day.

He was informed of the banks to submit their applications a week before the date of sale to ensure greater objectivity and auditing and starting on Tuesday, 19/2/2013.

As for the amounts of corruption referred to in the statement, Mullah pointed out that all the lists being audited as instructed by the previous administration, which was given six months to verify the authenticity and the discovery transactions fictitious or fraudulent are taking action by the Bank and the prosecution of corrupt and companies manipulative Bmstndhath which should be referred turn to the courts.

And added more oversight has been ruled out requests of questionable origin or health lists or those indicated by previous audits and a clear doubt. Noting that the amounts were excluded from 10/15/2012 more than four billion dollars.


[You must be registered and logged in to see this link.][You must be registered and logged in to see this image.]

Interesting of the amounts lost or said to of been.

509 billion dinars
4 billion dollars

Thats all crazy!

Something dosen't feel right here mho