Documents .. A parliamentary question to the Governor of the Central Bank regarding banks and currency outlets
Member of Parliament Jamal al-Muhammadawi addressed a parliamentary question to the Governor of the Central Bank of Iraq [Mustafa Ghaleb is scary] regarding monitoring banks, banking companies and brokerage offices for the sale and purchase of foreign currencies.
According to a document issued by his office, Al-Furat News Agency received a copy of it, Al-Muhammadawi said, “Through the audit of the Federal Office of Financial Supervision, the data on the capital of private banks, it was noticed that there were a number of banks that did not increase their capital to (250) billion dinars, in contrast to the uncles of the General Directorate of Banking and Credit Control. In the year 2013, we mention some of these banks, for example, the Dar Al-Salam Bank (150) billion dinars, the Babylon Bank (178.859) billion dinars, the Tigris and Euphrates Bank (100) billion dinars, and the Islamic Cooperation Bank (144,481) billion dinars.”
He added that “the follow-up of the Office of Financial Supervision showed that the Central Bank’s instructions related to the sale and purchase of currency did not include anything indicating the follow-up of commercial lists provided by private banks in exchange for imported goods that were covered by credits, which causes the central bank to lose the control component of remittances.”
He pointed out that “there are no deterrent measures by the General Directorate of Banking Supervision regarding banks that refrain from paying the issuance of letters of guarantee for a specified period of time.”
Al-Muhammadawi added, “Some companies have been observed to engage in brokering activities in selling currency in Baghdad, but they are not installed in the database of the Banking Supervision Directorate.”
He stressed that “companies mediating in the sale of currency benefited from the issuance of the Banking Control Directorate to stop requests to grant branches to banks, which led to companies and offices taking advantage of the legal loophole.”
Al-Muhammadawi was surprised by the suspension of the activity of the mediation companies located in the governorates of Anbar and Nineveh. The suspension did not include the other hot provinces of Salah al-Din and Diyala in 2016.
Al-Muhammadawi revealed that the company (Al-Labab to mediate in the sale of currency) borrowed from the Iraqi Trade Bank an amount of (350) million dinars, that is, (70%) of its capital of (500) million dinars, in contradiction to the law, in addition to that the loan was granted to the company before it was registered with the Department. Company registration.”