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Iraqi Central Bank limits $10m for banks with capital of 250bn IQD in currency sales

k98nights

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in Iraq & Dinar Related News

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Iraqi Central Bank limits $10m for banks with capital of 250bn IQD in currency sales

08/07/2012 16:29

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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

HH/DM/AKnews

http://www.aknews.com/en/aknews/2/316002/

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