Central Bank: window sell the currency and the way to ensure the stability of the exchange rate and apply for loans electronically
Baghdad / Ibrahim Ibrahim
the central bank said in a statement received "long", a copy of it, that "Commenting to issued opinions about the work of selling foreign currency window of the Iraqi Central Bank wishes to state that, sell the currency window is a way to ensure and the stability of the dinar exchange rate over the meeting of the Iraqi economy requirements through foreign currency provision to cover the imports of the private sector goods and services, in addition to theneeds of citizens for the purposes of travel, medical treatment, and study outside Iraq , "stressing" the lack of any allocations in the budget since 2003 and so far for this purpose. "
he added the central bank, that" work on the development of its procedures in this regard by encouraging banks to adopt opening letters of credit mechanism for import rather than remittances style , "noting that" theproportion of sales in a manner credits amounted to more than 70% of foreign currency sales . "
he said the Iraqi Central Bank, that" the development of a fundamental criterion for the implementation ofdollar selling operations to banks include the extent of its commitment to the rules to combat money laundering and financing of terrorism , "referring to" the adoption of the preparation and application ofstandards for the electronic system for window sale and purchase of foreign currency (money orders), and give a greater role government to sell and buy the dollar, develop and check the sources of funds used for thepurposes of buying dollars to banks from the sale of foreign currency window. "
the governor of the central bank on the Keywords announced on the third of March 2015 that the new guidelines set by the bank is that the auction is no longer a daily window for operations for the sale ofcurrency auctions "he said , adding that the new mechanisms developed to sell this currency, especially that of its functions to provide currency for foreign trade. With regard to the granting of loans of the Central Bank of Iraq has decided to limit to apply for loans , which launched across Website particular, while preventing direct provision through government and private banks.
The document obtained the "long", a copy of which, that " the central bank drew approved by the government and private banks status website (https://tamwil.iq) at the disposal of wishing to apply for the central bank initiative loans and $ 6 trillion dinars allocated to large, medium and small enterprises through the introduction of the domestic banks and banking sector (agriculture, real estate, industrial) and housing fund. "
and showed the document " the central bank stressed not to accept any submission directly through those banks and rely on the website of the provision exclusively, which shows all the details and stages ofsurrender".
the cell , the governmental crisis , headed by Prime Minister Haider al - Abadi acknowledged, in August 2015, the lending program , which is funded by the Central Bank Iraqi amounting to five trillion dinars , distributed by 33% to agricultural and industrial banks and 17% for each of the Land Bank and housing fund, as well as thecentral bank financing of private banks amounting trillion dinars for the implementation of small and medium enterprises.
the Central Bank of Iraq, announced in ( the 23 of June 2015 ), the launch of the loan amounts medium and small enterprises by the Iraqi private banks beginning in July 2015, while between the loan amounts of up to 50 million dinars, he stressed that banks benefit will not exceed 5.5 percent.
He revealed the central bank, the Ministry of planning and told him to stop payments to contractors provinces temporarily.
he explained the central bank, said that "the Ministry of planning informed the bank and the provincial administration to stop the financial dues bonds for contractors Exchange temporarily."
he added the bank, that " to complete all of the specific requirements of national bonds granted to thecontractors and continues to be distributed on behalf of the Ministry of Finance." in
turn , economist Mohammed Abdul Latif Al - Ani said in an interview for the "long", that " the control of the foreign currency market need for steps are realistic and practical on the ground without resorting to decisions and temporary can not be applied in light of rampant corruption in the country 's financial institutions."
he added that "rationing sell the dollar and reduce the quantities sold process through the daily auction, relatively good steps but does not lead to tangible results to make a real balance in the domestic market ,which based its work on a dollar coin. "
He said al - Ani said" the delay in the granting of loans to citizens operations resulted in the local market and the private sector to total paralysis in addition to the lack of citizen trust in the state as a result of therepeated declarations by firing loans without positive results , remember. "
He said the " most important obstacles that the government should get rid of them to launch the lending process are summarized in the abbreviation Alrutinh actions that permeate the process of granting loans inaddition to the fight against financial and administrative corruption . " .
the Council of Ministers, approved in the (14 June 2016), the launch of dues contractors by 50% of the total dues down first, and to report the implementation of the first chapter of the general budget in 2016 for the House of Representatives.
the Council of Ministers decided (19 of April 2016) the formation of a committee headed by Minister ofplanning and the membership of the governor of the Iraqi Central Bank and economic advisor to the Prime Minister and financial Advisor to the Prime Minister and the Undersecretary of the Ministry of Finance, Undersecretary of Technical planning, holds the structure and controls the completion of the distribution ofContractors benefits through government bonds the process of developing, and submit its recommendations to the President Council of Ministers for approval within a week.
it is said that the central bank said in September 2015 that the granting of small, medium and large enterprise loans will develop the national economy and assured banks that they will bring back citizens ' confidence and trust, and while calling an expert to facilitate the task of borrowers through the mechanisms of "modern and flexible" far from "quotas mafias and corruption", criticized the last being divided , "it did not take into account" the country 's needs and priorities of citizens.