The appearance of Mohammed Saleh: the banking system in Iraq and the problems need to be amended Section:
Page economicMarch 11, 2015 12:34
Said Advisor to the Prime Minister for Economic Affairs, the appearance of Mohammed Saleh, said that the banking system in Iraq needs to be adjusted and new legislation to him.
Saleh said that "the failure of the banking system, problems and suspicions of corruption and needs to be revised in the legislation."
He pointed out that "Islamic banking is still without law."
He also called for government banks to unify the law depends on the banking governance properly, adding that "the government is taking this issue into account, in addition to have a package of legislation to amend the banking system."
The central bank has begun to apply the new system of remittances and sell the currency.
According to a source familiar with the bank to "cover the need banking offices, community and government banks of currencies will be through money orders only," adding that "this decision is not contrary to what was stated by the budget bill for 2015 identifying the auction amounts to 75 million dollars."
The source indicated that "the move is part of the Bank's policy to maintain the stability of the Iraqi dinar exchange rate against the dollar has been preceded by a step to reduce the volume of sales in the auction."
The Central Bank of Iraq sells in previous years, sums up to billions of dollars a month, but decreased significantly in the past few weeks where he sold more than $ 2.8 billion in the month of January last.
It is said that the bank was selling the dollar on the price of 1166 Iraqi dinars to the dollar, which is sold in markets and banking offices at about 1220 dinars a difference of 54 dinars.
It was expected by the bank's decision to drop the sales of the dollar in the auction for this year, according to the law of the state budget, which began in Parliament on 29 January last, and ratified by the Presidency of the Republic in 10 of this February.
The Act provided that "the central bank is committed to identifying sales of hard currency [dollar] in the daily auction ceiling does not exceed $ 75 million a day with the exercise of justice in the sales process, and calls for the participant bank in the auction provide goods enter documents and statements of tax settling accounts and input Alkmarki within 30 days of the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the dollar.
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