New restrictions imposed on sale of greenback in Iraq

[yota691]

 New restrictions imposed on sale of greenback in Iraq

 By Adel Kadhem

Azzaman, April 22, 2013

To stem a rush on the U.S. the dollar, the government has forbidden banks from selling the currency at official prices, restricting the trade to two branches of the state-run al-Rasheed Bank.

The restrictions follow a surge in demand for the greenback and what the Finance Ministry has described in a statement “manipulative moves” to cash in on foreign exchange trade.

The statement said Deputy Finance Minister Ali al-Shukri has prevented banks from selling the dollar at government-imposed rates, confining the sale to the main al-Rasheed Bank headquarters in Baghdad and another branch in Shorja, the capital’s commercial center.

Previously, Iraqis were allowed to buy as many dollars as they wanted as the Central Bank furnished both private and state-owned banks with millions of dollars every day.

But there has been an unprecedented demand for the dollar to the extent that the Central Bank feared it could no longer keep drawing on its hard cash reserves to meet local needs.

Iraqis willing to buy the dollar at official rates, which are lower than rates prevalent in the open market, will have to produce a passport and an air ticket to be legible to buy.

It is the first time the government introduces such restrictions on the trade of the dollar since the 2003-U.S. invasion.

[olivesman]

AAAHhhh! Just another step in the process. Restrict access to the USD. Force them to use the IQD. GOOOOO RVVVVVV!!!  

[JMULS31]

This is great new.  Good Find

COME ON EVERYONE!!!  WHERE GOING STREAKING!!! DOWN TO THE QUAD AND THROUGH THE GYMNASIUM!!!   GOOOOO RVVVV!

[thylocene]

This is a definite precursor.  Go RV

[jeepguy]

good article yota --- i remeber when the dinar over here , had the same limitations, show passport , for iraq  and then you could buy them ,, before they totally shut down the sales of dinar ,, i think it was about 4 to 6 months time spread,,   from passport, to no sale ,  this will be very interesting too see if they treat the dollar the same , and a big boost too the dinar ---------------> r \/  bayyyyy beeeee  { what was the new figure for dinar ? 12  and the v.n.d.  3. 50     }   hahhahahaha  show me those 1 too 1 ratios anyday

[yota691]

Central Bank confirms the continuation of the sale of foreign currency

 

    04/23/2013 - 09:48 | Source:         Economy and Business       Editor:    Ammar al-Ani    

 

 

    Alsumaria News / Baghdad 

said the Iraqi Central Bank, on Tuesday, for continuing to sell foreign currency, pointing out that the sales operations include all government and private banks. , the bank said in a statement issued today, and received "Alsumaria News" copy of "the process of cash sales the dollar continues through the central bank auction conducted by the sale of foreign currency. " the bank said "sales operations include all government and private banks,

 according to quotas and timings of time for that." and founded the Iraqi Central Bank as a bank independent under its law issued on the sixth of March of the year 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for the sale and purchase of foreign currencies, except for public holidays stops by the Bank for these auctions.

 

[Belecosity]

Great finds yota!!!! this baby is about to pop......