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Iraqi Central Bank accuses banks of ‘fraud’

The Iraqi central bank has accused banks in the country, except Rasheed Bank, of fraud over the rate of profit earned from selling hard currency specified by the bank, AK news has reported. Lenders have turned into buyers and sellers instead of acting as a mediator between the central bank and buyers of foreign currency, the apex lender 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," deputy governor of the bank Muzher Mohammed Saleh. "The owners of banks have tricks to monopolise the currency and don't care about the country's economy. The solution lies in providing adequate foreign currency in the market."