Parlimentary Finance establish controls on foreign exchange

[Double R]

Parlimentary Finance establish controls on foreign exchange

05/09/2012

BAGHDAD / Star Ghazzi

Confirmed the Finance Committee in the House of Representatives Tuesday that it has developed regulations and laws and instructed the central bank to apply to the offices of the foreign exchange funds. "

A member of the Committee Najiba Najib told (UR) that "the Commission has developed regulations and laws on foreign exchange office to convert them all (50) thousand dollars, U.S. out of Iraq." She added that "the central bank foreign exchange offices will be required to convert them to attach external amounts of import or holiday travel outside the country or foreign missions or annexed to cause conversion to the bank to be studied and approved."

It concluded by saying "these controls are not only Iraq, but even advanced countries to reduce the economic phenomenon of the economic cycle and fluctuation of prices in the Iraqi market."

The country is witnessing a rise of the U.S. dollar against the Iraqi dinar as the price of the dollar in the banking offices to about 1227 dinars. "

Bank and the imposition of many procedures for the sale of currency, especially after the foreign currency you go to Syria and Iran, economic sanctions imposed on them. "

http://translate.goo...EtbCfBAk_clNEvw

[hammer911]

Sounds like they are exchanging dinar for dollars for traveling out of country now.. This is a start...GO RV!!!~~~

[SocalDinar]

Not sure what this means.w

What are the 50 k they are speaking of?

[Biker]

These Morons will do any thing to fix there problem to keep from Rving there currency. I guess when all else fails they will have to change there Rate. But the way they are going i don't look for it any time soon now.

[Ms.Bean]

These Morons will do any thing to fix there problem to keep from Rving there currency. I guess when all else fails they will have to change there Rate. But the way they are going i don't look for it any time soon now.

Kinda feelin ya there

[Hotcurl]

Aren't they talking about restricting the flow of currency out of the country ?

[unirod]

Aren't they talking about restricting the flow of currency out of the country ?

Hotcurl,

This is how I read the article. Iraq has a restriction of no more than 200,000 IQD leaving the country at any one time with a travelor. I understand there will now be a restriction of $50,000 USD cannot leave the country at any one time. I am unclear if this would include the electronic form also. The point is that these exchange houses must comply with the law like any other financial (Bank) institution.

In the US we have a $10,000 limit on currency leaving the country unless we declare it through customs.

[cbs71]

Hotcurl,

This is how I read the article. Iraq has a restriction of no more than 200,000 IQD leaving the country at any one time with a travelor. I understand there will now be a restriction of $50,000 USD cannot leave the country at any one time. I am unclear if this would include the electronic form also. The point is that these exchange houses must comply with the law like any other financial (Bank) institution.

In the US we have a $10,000 limit on currency leaving the country unless we declare it through customs.

Good point.