BAGHDAD, May 17 (AKnews) - The Iraqi Central Bank (ICB) today accused the banks, except Rasheed Bank, of fraud over the rate of profit earned from selling hard currency specified by the bank, adding that the banks turned to a buyer and seller instead of being a mediator between the central bank and the buyer of foreign currency.
The ICB acknowledged last Friday imbalance in the Iraqi dinar exchange rate and confirmed its quest to unify the exchange rate between it and the local markets. At the same time the ICB denied any deterioration in the value of the Iraqi dinar.
The ICB accused last week four countries of "conspiracy" to hit the Iraqi financial economy to empty its market of financial strength, adding that free trade in Iraq became the means adopted to hit the economy.
The deputy governor of the bank Muzher Mohammed Saleh said: "Unfortunately the banks, except the Rasheed Bank , do not charge the rate of profit given to it by the ICB to sell the foreign currency for consumers, which is ten dinars per dollar.
"The owners of banks have tricks to monopolize the currency and don't care about the country's economy. The solution lies in providing adequate foreign currency in the market."
Local media reports revealed about the widening issue of smuggling hard currency from Iraq to Syria and Iran on the border crossing points but this was not confirmed by the ICB.
The ICB is responsible for maintaining price stability, implementing monetary policy and regulating the banking sector.
original source:http://uk.zawya.com/story/ZAWYA20120518093450/Iraqi-Central-Bank-accuses-banks-of-fraud-over-hard-currency-sales/