The Iraqi Private Banks Association issued a statement that the Iraqi Central Bank has forwarded new instructions to manage & control the selling process of the U.S dollars to cover the imports of the Iraqi private sector.
The statement of private banks association indicated that the Central Bank of Iraq has issued new instructions to handle the sales transactions of the U.S dollars in order to cover the Imports of Iraqi private sector. It was also said that these instructions are regarding the management of the U.S dollar selling operations for the purposes of money orders issuance and open letters of credit trends by the Iraqi banks. It would reconcile directly between the Iraqi Central Bank and the importer. The statement further explained that the instructions stressed the need to carry out the main objectives of Iraqi Central Bank. It is due to know the beneficiary limit and the protection of hard currency for the country with optimal use. It would provide a handsome support to serve the national economy and efficient development.
These instructions issued after categorization & allocation of the Iraqi Central Bank for all Iraqi banks. It was created on the efficiency base and not involving in the money laundering. The anti-money laundering and risk management is now available in all Iraqi banks and financial institutions. The statement stressed on the new instructions dedications toward the major objectives of Iraqi Central Bank. It would enable the Iraqi banking sector in maintaining the Iraqi dinar exchange rate against the U.S dollar. It will allow Iraqi banks to work with best commitment & high transparency according to rules & regulations under the law of money laundering & terrorism financing No. 39/ 2015. The statement also pointed out that the Iraqi Private Banks Association has agreed to implement the instructions of Iraqi Central Bank and redirected all Iraqi private banks to enhance their role in the improvement of economic development and to control the exchange rate of U.S dollar. It would participate in restoring the confidence of Iraqi citizens regarding the Iraqi private banking sector.