View Full Version : «Central» Iraqi adjusts the output of foreign currencies

04-27-2010, 07:45 PM

«Central» Iraqi adjusts the output of foreign currencies

Wednesday, April 28th, 2010

BAGHDAD - Adel Mahdi

The Director-General of the Department of Banking and credit of the Central Bank of Iraq and Walid Idi Abdulnabi that the bank «coordinates in the form of an arbitrator» with bodies and various governmental institutions to strengthen surveillance and control regarding the illegal operations that may occur against the background of the output of foreign currency, whether by auction, organized by the bank to sell foreign currency , to the opening credits or transfer an external.

He told «life» that the bank had introduced a special department to combat money-laundering operations belonging to the Department of Banking and credit in the bank, and put her hand on the dealings of this kind, «were not so large as to adversely affect the Iraqi economy did not reach levels of vandalism large».

He noted that the bank Nabi said private banks take into account the instructions on this subject and asked her to develop their own sections to activate the control of money laundering in its various forms. He said there is constant monitoring of the phenomenon of money laundering and follow her to prevent the use of funds in the financing of terrorist operations or transactions inconsistent with the laws.

The Nabi to an urgent need to increase the bank branches, there are only a branch for every 10 thousand people, stressing the possibility of establishing foreign-owned banks in the form of full and treated the Iraqi banks in terms of rights and duties.

The high number of private banks to more than 30 banks, including Islamic banks, which has eight banks, «comes against the backdrop of economic philosophy of the new and improved investment climate after the enactment of related with the number 13 in 2006».

He pointed out that Abdul Nabi State-owned banks still dominate the banking sector, accounting for assets of six percent of gross domestic product.

Objected to the Iraqi private banks accused by government officials to export more of cash to import. The Director said the Commissioner for «Bank of guidance» Abdul Aziz Hassoun's «life» The situation of Iraqi banks to «inaccurate is tantamount to interference, especially as the players, there are branches in this area, one financial and other cash».

He said that the Central Bank Hassoun «exercise work in a positive manner through the exchange of transactions with banks, software development and information technology, and linking bank branches by means of modern communication, to facilitate the completion of the transaction banking».

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