The CBI looking to cover bank accounts outside Iraq

Iraqi Dinar 123 News: – The Iraqi Central Bank issued a statement on Sunday that we have agreed to cover bank accounts outside the country in dollars, in order to cover imports. We have formed a committee to reexamine the take more benefits. The Bank also added that we should perform our responsibilities in a positive way in the development and supporting the Iraqi economy. We have taken some major and important decisions, an important decision is the approval to cover foreign based bank accounts to the U.S dollar. It would cover the imports of customers and for many other objectives, to sell the currency without having a passage of window. The bank also stressed that it would get control on these problems using the simple, easy and transparent procedure.

The Central Bank of Iraq has approved private bank’s representative appointment in the Board of the Central Bank of Iraq. He further added that we should speed up the way of implementation of the Deposit Insurance Law. The statement focused on the recommendation to the Iraqi government to allow the instruments of the institutions which have been issued by the private banks and to collect the fees and taxes to give benefits to the Iraqi economy. He also explained that we have formed a committee to reexamine and restructure the benefits for Iraqi economy including improving the credit and liquidity arrangement. The Central Bank of Iraq is doing sale and purchase of foreign currencies on daily basis, with the participation in the CBI auction session. The Central Bank is much focused except the national or international holidays. Many banks are financing using the hard currency for import purpose.

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