Central Bank suspended currency auction begins remittance system

History of edits:: 02.24.2015 4:46 p.m.

{Baghdad: Euphrates News} central bank, announced Tuesday, to stop work and currency auction system begins remittance system.

A source at the Central Bank, told {Euphrates News} today that "it is based on the decision of the central bank governor was stopped work ERA permanently currency, we started remittance system because of smuggling and money laundering operations."

The Governor of the Central Bank of Iraq on the Keywords announced that it "is not true that Central Bank keeps busy selling the currency like ATM daily."

In the same vein, a report issued by the Central Bank of Iraq, saying, "Based on the provisions of the Iraqi Central Bank Act for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against foreign currency through the optimal use of the resources of foreign exchange revealed to meet the needs of all and not the central occupancy of functions which are at the heart of the work of the banking system and the relevant departments, with a commitment to the requirements of the Anti-Money Laundering Act and the Financing of Terrorism Central decided to new instructions issued in this regard."

commented Economists and Financial on the decision to stop the bank’s daily currency auction as a means Cancel sales by remittances, and cash sales will continue, explaining that he came to curb money laundering and smuggling of currency, warning against complacency and inaction in the follow-up and hand the money that buys the banks of the bank, stressing the need to follow those banks legal proceedings in converting Alambalg.anthy and