CBI Approved for Adding 14 Excluded Banks for Foreign Currency Auction

On Thursday, the Iraqi Banks Association issued a press statement that the Iraqi Central Bank has approved to bring in all 14 banks which were left out in cold for currency auction. The statement also indicated that the Central Bank of Iraq has implemented most strict terms and conditions. The Executive Director of the Association Dr. Tariq issued a press statement that the Central Bank of Iraq has taken a decision about few days ago and stopped the 14 Iraqi regional banks for participating in the foreign currency auction and to strengthening their foreign assets.

He further added that Iraqi Banks Association is now working on their tasks that have defined and explained by the Iraqi Central Bank and pointed out the positions of those banks and results on the Impact of the declaration on the U.S dollar exchange rate in the market. It is also said that the Iraqi Central Bank thinking about those actions and then they finalized to bring those bank back in the circle for currency auction. The Iraqi Central Bank also decided directed these banks to submit their files regarding deduction of customs and taxes in 10 days. The Executive Director Tariq added that Iraqi private banks are looking for market development and need to provide support for the Iraqi dinar currency through projects and perfect plans. So, finally the Iraqi Central Bank has added all these 14 excluded banks for dealing in the foreign currencies.

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