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Central Bank: 10 dinars per dollar commission sale


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Central Bank: 10 dinars per dollar commission sale

On: Tuesday 21/02/2012 20:12

Baghdad - Mostafa Hashemi,

the Iraqi Central Bank has issued instructions to all banks and money transfer companies and banking to determine the dollar and selling commission identified ten dinars to the dollar.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh (citizen) that «the Central Bank issued instructions will arrive for all banks to compel banks and remittance companies financial and banking companies not to charge commission for more than ten dinars per dollar above the price of the window», warning «any bank or company manipulator this matter as a deterrent measures will be taken right to be the simplest removal from the auction rates for long is not defined ».

Salih stressed that «the new instructions designed to make the citizen has a price, the final of the auction and return banks to the rules of banking right, and continue in its role of mediator between the central bank and the buyer in a transparent manner does not turn into a buyer final controls the rate of interest», pointing out that «the interest of the auction price currently limited to brokers who create either a parallel market ».

Saleh explained that «the banks the monopoly because it is only able to login to the window to sell the currency at the Central Bank, and instead of that the bank is an intermediary between the Central Bank and the buyers of the dollar now buys from the central bank and sell at a price that he wants the bank which created a state monopoly bad and the price of monopoly they have His creation so that they instead take the tenth dinars per dollar, the commission reached their commissions to 56 dinars », stressing that« the Central Bank has studied the situation well and

decided to issue such instructions to the bank would Uncle proper redress ».

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i read it a little differently. my interpretation is that the banks were getting out of hand with their commissions even up to 56 dinars per dollar. the cbi implemented a new regulation effective immediately where the commission cannot exceed 10 dinar per dollar above the cbi window commision.

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I got the impression that they are limiting the commission received from Dollar sales to 10 dinar(?) to the dollar(?) Like people are now buying dollars directly from the bank...and this is what the bank's charge will be...no more...:blink:

Really need good interpretation!

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What I get from this is people are buying dollars for dinars......and in some places are being over charged. I don't think I am reading too much in this, but the other day people in order to get their money have to make a deposit, no cash until the dinar is cleared of being counterfeit. Now in order to do that, and in order to get their money they have to set up an account with the bank right?

Here is my thought, they, CBI and government may be making a big deal out of the counterfiet dinar currency to frighten people. The dollar from my understanding is not the currency threatened by the counterfeiters. The CBI is warning people some places cashing dinar for dinar may be over charging them by a lot. And these places will loose their license's and so forth. They can't be trusted.

However CBI and all banks under their seal can be trusted and whats more the Iraqi people get a better deal. But of course they will need to open an account, which they will. If my theory is two the CBI does two things, brings in the dinar, and the accounts begin to grow.

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What I get from this is people are buying dollars for dinars......and in some places are being over charged. I don't think I am reading too much in this, but the other day people in order to get their money have to make a deposit, no cash until the dinar is cleared of being counterfeit. Now in order to do that, and in order to get their money they have to set up an account with the bank right?

Here is my thought, they, CBI and government may be making a big deal out of the counterfiet dinar currency to frighten people. The dollar from my understanding is not the currency threatened by the counterfeiters. The CBI is warning people some places cashing dinar for dinar may be over charging them by a lot. And these places will loose their license's and so forth. They can't be trusted.

However CBI and all banks under their seal can be trusted and whats more the Iraqi people get a better deal. But of course they will need to open an account, which they will. If my theory is two the CBI does two things, brings in the dinar, and the accounts begin to grow.

I agree, they're having a lot of trouble with counterfeit money, and you're spot on with everything.

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I agree, they're having a lot of trouble with counterfeit money, and you're spot on with everything.

I think the CBI and Government are using it if not manipulating the situation to get people in the banks. And when they do the people learn about the perks of a bank, and they learn they do not have to even go to the bank to bank. They have their cell phones, which know CBI is targeting. And oh yes they have ATM machines, no worries about counterfeit currency coming out of the machines, very safe, very, very safe.

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Maybe they are trying to just establish a blanket policy for all banks and transactions due to the dollar being in demand knowing that other countries (i.e. Iran and Syria) that are trying to buy dollars from Iraq and they don't have dinar to buy the dollar. It could as well be a set fee / price to discourage buying the dollar and instead encourage the circulation of more dinar.. ??

Edited by R Veyron
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Maybe they are trying to just establish a blanket policy for all banks and transactions due to the dollar being in demand knowing that other countries (i.e. Iran and Syria) that are trying to buy dollars from Iraq and they don't have dinar to buy the dollar. It could as well be a set fee / price to discourage buying the dollar and instead encourage the circulation of more dinar.. ??

That is a very good possibility.

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What I get from this is people are buying dollars for dinars......and in some places are being over charged. I don't think I am reading too much in this, but the other day people in order to get their money have to make a deposit, no cash until the dinar is cleared of being counterfeit. Now in order to do that, and in order to get their money they have to set up an account with the bank right?

Here is my thought, they, CBI and government may be making a big deal out of the counterfiet dinar currency to frighten people. The dollar from my understanding is not the currency threatened by the counterfeiters. The CBI is warning people some places cashing dinar for dinar may be over charging them by a lot. And these places will loose their license's and so forth. They can't be trusted.

However CBI and all banks under their seal can be trusted and whats more the Iraqi people get a better deal. But of course they will need to open an account, which they will. If my theory is two the CBI does two things, brings in the dinar, and the accounts begin to grow.

Ah, propoganda with a beneficial outcome for all. I like the way you think.

By the way, how was the Lark burger? B)

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Ah, propoganda with a beneficial outcome for all. I like the way you think.

By the way, how was the Lark burger? B)

Turkey Lark Burger, free range, was great! Went for drive, noticed many calves running around in the fields. We love this time of year, spring lurking in the air. It's sort of "looking for spring" jaunt. We checked out some dream homes. You know a kind of day dream day.

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It may be just me but is anyone else concerned about the dinars you hold being termed counterfeit and thus CBI not having to honor them?

I don't think you need to worry about it. But there are ways to figure it out. Doc 21 mentioned you can actually check it out via those devices you can buy at Walmart and buy a UV light. And google how to check authenticity of Iraq dinar, you will find the info you need.

I think you have a good point saying that it may be a CBI scare tactic. Every time this counterfeit issue comes up, the Johnny Rainclouds on DV come down with this, "The $20 bill is the most commonly counterfeited denomination of US currency," as a means of "explaining" why the Iraqi 25K dinar note is allegedly being counterfeited - namely, that it holds roughly the same value. But the $20 bill has not nearly the anti-counterfeiting technology that was incorporated in the Delarue-printed Iraqi currency, and the $20 bill holds a higher value in the exchange rate at the moment. And yet, even though "the $20 bill is the most commonly counterfeited denomination of US currency," in the United States, and no one disputes that point, why is not the $20 bill being counterfeited in Iraq to the extent that it might become a concern for the US Treasury? Hell, it is easier to counterfeit, and, with the demand for dollars in Iran and Syria, it should be situation critical by now - that is, if it were going on, don't you think?

Exactly. What better way to usher people in the bank and set up bank accounts. Deposit, we will check the authenticity and btw we only charge you 10 dinar for the dollar. Be aware the scammers out there, they will steal your money. BTW do you have a cell phone? Ahhhh you are going to love this. Its safe, very very safe.

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