Governor of the Central Bank of Iraq: There are operations of foreign currency smuggling abroad

[yota691]

Governor of the Central Bank of Iraq: There are operations of foreign currency smuggling abroad

Adding, Iraq does not suffer from any problem, and has good revenue

 

 

11/03/2015 11:24

 

 

 

 

Approved the Governor of the Central Bank of Iraq, the existence of smuggling hard currency out of the country, and did not hide his doubts in the involvement of civil banks already submitted forged documents to buy dollars from the auction of the Central Bank. Ali Keywords in a press conference yesterday, I followed (Basenyoz) that the "Getting Started the adoption of new mechanisms different from what had been followed by previous administrations, notably reduce dependence on auction selling currencies window, which introduced in 2004 aims to maintain the stability of exchange rates, and enhance the value of the dinar, and secure hard currency to the Iraqi market. " He pointed out that the 'window the auction is no longer a daily basis, and will depend auditing mechanisms different from that previously followed, especially that of the functions of the central bank to provide currency for foreign trade. " The Keywords that 'the bank in March the sale of foreign currency through the auction for more than ten years of operation, and this procedure is incorrect because a lot of countries around the world rely this method in exceptional circumstances to create balance and stability of the currency ', stressing that' dollar selling operations shifted from the way foreign trade to speculation in the markets and reap the profits and keep the banks from the real activity. ' accused 'some companies, non-bank and even commercial and businessmen, the shift of activity to speculative currency, taking advantage of the ease of procedures and guaranteed profit and fast, as well as the nature of the work of these parties has become a cover to facilitate many of the processes related to the smuggling of money. ' promised Keywords that 'cash sales to the dollar, is the most dangerous in sales followed in the auction, which reached record amounts in the last two years, recorded $ 15 billion a year, pointing out that «these amounts are very large compared to the imports of the dollar, and to the country's need of cash to cover traveling expenses and treatment and others'. He emphasized the central governor that 'open to the possibility of supporting the Iraqi economy, likely to control the sale of dollar traded through the application of new procedures process., pointing out that' the officials pointed to a decline in reserves of hard currency at the central bank, stressing that Iraq does not suffer from any problem, and has good revenue There is no room to have any worries. He pointed out that the relationship 'the size of the reserve, which is owned by the Central Bank of the money supply exceeds one and a half times, allowing control of the currency, and there are no fears of the process of selling the dollar against the dinar'. 

Governor of the Central Bank confirms the existence of a large smuggling Iraqi funds

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11-03-2015 10:01 AM

 

 

BAGHDAD / news / Samer Mahhmed 
governor acknowledged the Iraqi Central Bank on the Keywords, the existence of smuggling hard currency abroad, did not hide his doubts on the involvement of civil banks already submitted forged documents to buy dollars from the auction of the Central Bank. 
It was announced in a press conference, I followed (news) Yesterday, An'alchroa to adopt new mechanisms different from what had been followed by previous administrations, notably to reduce dependence on the auction currency window, which was created in 2004 to maintain the stability of exchange rates, and enhance the value of the dinar, and secure hard currency to the Iraqi market. " 
He that 'the auction window is no longer a daily basis, and will depend auditing mechanisms different from that previously, especially that of the functions (Central) provide currency for foreign trade, pointing out that the currency sale by remittances, mechanisms will be electronically instead of documents that were formerly banks offer '. 
Keywords and pointed out that 'the bank in March of foreign currency sale by auction for more than ten years of operation, and this procedure is not true, because a lot of countries around the world rely this method in exceptional circumstances to create balance and stability of the currency', stressing that 'dollar selling operations turned of the way of foreign trade to speculation in the markets and reap the profits and keep the banks from the real activity. ' 
accused 'some companies, non-bank and even commercial business, the shift of activity to speculative currency, taking advantage of the ease of procedures and guaranteed profit and fast, as well as the nature of the work of these parties has become a cover to facilitate many of the processes related to the smuggling of money '. 
Keywords promised to 'cash sales to the dollar, is the most dangerous part of the sales processes followed in the auction, which reached record amounts in the last two years, recorded $ 15 billion a year, pointing out that «these amounts is very large compared to the imports of the dollar, and to the country's need of cash to cover passengers expenses and treatment and others'. 
He emphasized the central governor that 'open to the possibility of supporting the Iraqi economy, likely to control the sale of dollar traded through the application of new procedures process., pointing out that 'officials pointed to a decline in reserves of hard currency at the central bank, stressing that Iraq does not suffer from any problem, and has a good income with no room to have any worries. 
He revealed the existence of 'a tendency to increase gold reserves basket', pointing out that the 'procurement issue Animations and subject to constant lesson ', and that' the bank moves the basket in the form of an almost daily basis to stand on currency and interest rates and the bond market and stock prices and the value of gold. '

Keywords and pointed out that 'the size of the reserve, which is owned by the Central Bank of the money supply exceeds one and a half times, allowing control of the currency, and there are no fears of the process of selling the dollar against the dinar'.

[SgtFuryUSCZ]

***///

 

so they believe they've stemmed the gaping, sucking wound, eh....

[yota691]

Saleh: the failure of the banking system, problems and suspicions of corruption

Under section: economic Dated: March 11, 2015

 

 

 BAGHDAD / News Network Iraq said Prime Minister for Economic Affairs, the appearance of Mohammed Saleh, the adviser of the banking system in Iraq needs to be adjusted and new legislation to H.oukal Saleh: "The banking system in which retardation, problems and suspicions of corruption and needs to be revised in the legislation." He pointed to the "The Islamic banking is still without law" .odaa favor of 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 may embarked on a new system of remittances and selling Alamlh.ozkr a source familiar with the bank: "The cover need banking offices, community and government banks of currencies will be by remittances only," adding that "this decision is not contrary to what was stated by the budget bill for 2015 specify amounts auction for $ 75 million. "And the source said," the measure 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 Almadi.ahar 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 Danara.okan expected by the Bank's decision that the sales of the dollar goes down 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 on 10 February Gara.ons law that "the central bank is committed to identifying sales of currency difficult [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 participating in the auction the bank providing the introduction of cargo documents and statements of tax settling accounts and input Alkmarki within 30 days from the date of purchase of the amount and otherwise apply to the bank penalties stipulated in Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the dollar.

Read more: http://dinarvets.com/forums/index.php?/topic/198727-amendment-iraqi-banks-laws/#ixzz3U4Mg9oIL

[yota691]

03/11/2015 12:08


Eligibility of banks involved in the smuggling of hard currency abroad


 

 

 

Uncertainties involved in the civil banks already submitted forged documents to buy dollars from the central bank auction.

BAGHDAD / Obelisk: at the time confirmed the member of the Committee on Economy and Investment, Nora Albejara, told the "life" of London on Wednesday, fears of a potential for strong fluctuations in the value of the dinar, due to the reduction of the supply of the dollar in the auction of open quantities depend principle of demand, to $ 75 million a day, governor acknowledged the Iraqi Central Bank on the Keywords, last Tuesday, the existence of smuggling hard currency abroad, did not hide his doubts on the involvement of civil banks already submitted forged documents to buy dollars from the central bank auction.

He announced Keywords in a press conference, all proceed with the adoption of new mechanisms different from what had been followed by previous administrations, notably to reduce dependence on the auction currency, which was created in 2004 to maintain the stability of exchange rates, and enhance the value of the dinar, and secure hard currency to the Iraqi market window .

He pointed out that the auction window is no longer a daily basis, and will depend auditing mechanisms different from that previously, especially that of the central functions, providing currency for foreign trade, pointing out that the currency sale by remittances, mechanisms will be electronically instead of documents that were formerly of the banks offer.

The World Gold Council announced in January (January), that Iraq is ranked 37 in the world the size of gold reserves and the fifth Arab world, where he owns reached 89.5 tons of gold.

Keywords and pointed out that the bank's March sale of foreign currency through the auction for more than ten years of operation, and this procedure is not true, because a lot of countries around the world rely this method in exceptional circumstances to create balance and stability of the currency.

To the polls, "obelisk" to the Iraqi market quickly influenced the government's decision to stop the central bank auction of the dollar led to a rise in the dollar's exchange rate against the Iraqi dinar to arrive at the money changers to 1,260 dinars.

He stressed that the relationship dollar selling operations shifted from the way foreign trade to speculation in the markets and reap the profits and keep the banks from the real activity.

He also accused some non-banking companies and even commercial business, the shift of activity to speculative currency, taking advantage of the ease of procedures and guaranteed profit and fast, as well as the nature of the work of these parties has become a cover to facilitate many of the processes related to the smuggling of money.

He considered Keywords that cash sales of dollars, is the part most dangerous in the sales processes followed in the auction, which reached record amounts in the last two years, recorded $ 15 billion a year, pointing out that these amounts are very large compared to the imports of the dollar, and to the country's need of cash to cover traveling expenses and treatment and others.

 Keywords and pointed out that the officials pointed to a decline in foreign currency reserves at the central bank, stressing that Iraq does not suffer from any problem, and has a good income with no room to have any worries. And detect the presence of a tendency to increase gold reserves basket, pointing out that the procurement issue moving and are subject to familiarize constant, and that the bank moves the basket almost daily to find out the currency and interest rates and the bond market and stock prices and the value of gold. Also, he stressed that the size of the reserve, which is owned by the Central Bank of the money supply exceeds one and a half times, allowing control of the currency, and there are no fears of the process of selling the dollar against the dinar.

On the other hand, the central bank confirmed that he supports private banks by convincing the government put their deposits in government banks, which examines some of the laws that allow the support of the Iraqi economy.

Prior to the hanger to admit when he served as Secretary General of the Council of Ministers, that the Central Bank of Iraq was able to sell more than $ 200 billion through the auction sale of foreign currencies during the eight years, stressing that five percent of the foreign transfers are made through the legal process.

The coin Iraq Council was established in 1931, founded in London for the purpose of issuing paper currency and maintain a reserve currency of the new dinar. And adopted a currency board, a conservative monetary policy to maintain very high reserves behind the dinar. And strengthened the power of the dinar by linking British Balbaon where it was linked to the price the tie with the British pound up to 1959.

In 1947, the Iraqi National Bank established a government bank and canceled the currency board in 1949, which was founded in London if received new bank responsible for issuing paper currency and keep reserves.

[Texstorm]

I can't imagine smuggling dinar abroad, if I was ever going to become a smuggler, it sure wouldn't be with the dinar. LOL !!!!!!

[sandfly]

THANKS

[Saintsfan]

Thank you.

[yota691]

«Central» Iraqi governor confirms smuggling huge amounts of funds

BAGHDAD / squares of liberation

   

Posted       11/03/2015 01:01 PM

 

Governor acknowledged the Iraqi Central Bank on the Keywords, the existence of smuggling hard currency abroad, did not hide his doubts about the involvement of civil banks already submitted forged documents to buy dollars from the central bank auction. It was announced in a press conference, proceed with the adoption of new mechanisms different from what had been followed by previous administrations, notably to reduce dependence on the auction currency window, which was created in 2004 to maintain the stability of exchange rates, and enhance the value of the dinar, and secure hard currency to the Iraqi market.

He pointed out that the auction window is no longer a daily basis, and will depend auditing mechanisms different from that previously, especially that of the functions «Central» provide currency for foreign trade, pointing out that the currency sale by remittances, mechanisms will be electronically instead of documents that were formerly banks offer .

Keywords and pointed out that «the bank in March of foreign currency sale by auction for more than ten years of operation, and this procedure is not true, because a lot of countries around the world rely this method in exceptional circumstances to create balance and stability of the currency», adding that «the dollar selling operations shifted from the way Foreign Trade to speculation in the market and reap the profits and keep banks from the real activity. »He accused «some non-banking companies and even commercial business, the shift of activity to speculative currency, taking advantage of the ease of procedures and guaranteed profit and fast, as well as the nature of the work of these parties has become a cover to facilitate many of the processes related to the smuggling of money».

He considered Keywords that cash sales of dollars, is the part most dangerous in the sales processes followed in the auction, which reached record amounts in the last two years, recorded $ 15 billion a year, pointing out that «these amounts are very large compared to the imports of the dollar, and to the needs of the country of cash to cover traveling expenses and treatment and others. » He stressed «Central» he was open to the possibility of supporting the Iraqi economy, likely to control the sale of dollar traded through the application of new procedures process.

Keywords and pointed out that the officials pointed to a decline in foreign currency reserves at the central bank, stressing that Iraq does not suffer from any problem, and has a good income with no room to have any worries. And revealed the existence of «a tendency to increase gold reserves basket», and pointing out that «moving procurement issue and subject to study continuously», and «the bank moves the basket almost daily to find out the currency and interest rates and the bond market and stock prices and the value of gold.» Also, he stressed that «the size of the reserve, which is owned by the Central Bank of the money supply exceeds one and a half times, allowing control of the currency, and there are no fears of the process of selling the dollar against the dinar».

The World Gold Council announced in January (January), that Iraq is ranked 37 in the world the size of gold reserves and the fifth Arab world, where he owns reached 89.5 tons of gold. The central bank decided on January 23, 2014, SEC assortment of gold bullion weights ranging between 50 grams and one kilogram, to sell gold dinar for traders and investors.

On the other hand, the central bank confirmed that he supports private banks by convincing the government put their deposits in government banks, which examines some of the laws that allow the support of the Iraqi economy ».

Prior to the hanger to admit when he served as Secretary General of the Council of Ministers, that the Central Bank of Iraq was able to sell more than $ 200 billion through the auction sale of foreign currencies during the eight years, stressing that five percent of the foreign transfers are made through the legal process. He said then in an interview to «life», that the amounts smuggled out of Iraq during the past years, is estimated at $ 180 billion, pointing out that less than 5 percent of the foreign transfers are made through the legal process, pointing out that when the government urging the central bank to intensify control over the movement of funds, it is not an interference in the work of the bank, but comes to maintain public money.

A member of the Committee on Economy and Investment, Nora Albejara, in a statement to «life», that the Commission has already «discussed by hosting the Governor of the Central Bank, some of these mechanisms that we hope will be more effective to reduce the negative phenomena, especially the smuggling of currency.» But it has made no secret of Togesha possibility of occurrence of strong fluctuations in the value of the dinar, due to the reduction of the supply of the dollar in the open auction of amounts depend principle demand, to $ 75 million a day.