Posted 09 July 2012 - 05:19 AM
Iraqi Central Bank limits $10m for banks with capital of 250bn IQD in currency sales
ERBIL, July 8 (AKnews) - The Iraqi Central Bank (ICB) has decided to limit the currency sale to $10m for banks with a capital of 250bn IQD to improve currency sales.
The bank’s governor Muzhir Salih said: "$4m was fixed for branches of foreign banks in currency sales to prevent money laundering and to fight against economic crime."
The central bank is heading towards a daily exchange of close to $200m as part of precautionary measures to prevent any attempts to smuggle currency outside the country.
The function of the ICB is to maintain price stability, implement monetary policy - including exchange rate policies - manage foreign currency reserves and regulate the banking sector.
By Saman Dzaye
"Bhishma said, 'Abstention from injury to others, truthfulness, the absence of wrath (forgiveness), compassion, self-restraint, and sincerity or candor, O monarch, are the indications of righteousness. There are persons who wander over the earth, praising righteousness but without practicing what they preach and engaged all the while in sin, O king.'"
The Mahabharata of Krishna-Dwaipayana, Volume 4, Book 13