The Central Bank of Iraq announced today, Friday, the referral of speculators in exchange rate issues to the competent courts.
A statement by the CBI’s media office said, “In response to citizens’ requests for the US dollar currency at the official exchange rate for legitimate purposes, the Central Bank of Iraq succeeded in providing easy and appropriate means represented in the packages of facilities it issued, which include support for the settlement of electronic cards at the official price and money transfers of various kinds. Some of those who were able to obtain the cards misused them far from the goals intended for this purpose, as revealed by the reports of the competent security authorities and the supervisory procedures of the Central Bank of Iraq and the Office of Combating Money Laundering and Terrorism Financing, which led to the development of a “strict new electronic system” that ends this phenomenon and the violations used in those cards.”
The CBI indicated, according to the statement, “to complete the legal procedures against the violators, individuals, companies and banks, announcing their referral to the courts specialized in money laundering and terrorist financing.”
CBI stressed its keenness to provide all the appropriate means to achieve the stability of the exchange rate, especially with the arrival of external transfers through the electronic platform to high levels, in addition to the use of electronic cards and the cash sale of dollars, all of which made the so-called “exchange rate in the parallel market” not express the real exchange rate as long as the Central Bank of Iraq responds to all (legitimate requests) to buy dollars.
It explained that “the price in the parallel market is linked to speculation activity, and non-duly operations trying to get away from the methods provided by the Central Bank of Iraq law and its decisions.”
Source: National Iraqi News Agency