CBI has announced 7 Basic Criteria for Iraqi Banks to Sell U.S Dollars

On Sunday, the Iraqi Central Bank has presented 7 key criteria regarding the participation of Iraqi bank in foreign currency selling window operations. The CBI has indicated that putting the U.S dollars in the sale process framework would be legal and according to the local and international regulatory requirements. The Governor of CBI issued a statement that Iraqi Central Bank has started work with powerful criteria related to the participation of Iraqi banks from the beginning of this year regarding foreign currency window, especially the U.S dollar. He pointed out that it was implemented after one year of preparation and consultation about the efficient development of standards. The specific criterion offers a convinced degree in the final score of the bank. It ultimately determines its share of quantity selling foreign currency in a day. He explained that there are 7 basic criteria for the implementation of classification of Iraqi banks for the purpose of participation in the foreign currency sale window operation.

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He pointed out that the criteria are the degree of compliance with rules and regulations to fight against money laundering procedures and terrorism financing. The CBI Governor said that public banks have been evaluated in terms of general conditions including their efficiency and performance in providing best services to their customers according to the international standards, especially most important International Standard “CAMELS”. It serves as an early warning to banks and it is being classified on the basis of solvency capital “C”, asset quality “A”, management “M”, profitability “E”, liquidity “L” and “S” for sensitivity analysis of market risk. He said that reviews of grades allocated to the Iraqi banks are continuously changing. It will be according to the commitment of banks related to the procedures and requirements with the inspections and audit managed by the Iraqi Central Bank.

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