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Central Bank agrees to cover bank accounts outside of Iraq to the dollar


yota691
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I want to give you a straight basic answer here to what this means.

 

The CBI is putting some protection on the money deposited into accounts in return investor will see this as positive & start making moves to go to Iraq, Plus it will also protect the citizen money they deposit which should start giving confidence in the banks for more to make deposits. This will cover them until the protection law passes.

That is it in a nut shell.

thank you!

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I want to give you a straight basic answer here to what this means.

 

The CBI is putting some protection on the money deposited into accounts in return investor will see this as positive & start making moves to go to Iraq, Plus it will also protect the citizen money they deposit which should start giving confidence in the banks for more to make deposits. This will cover them until the protection law passes.

That is it in a nut shell.

thanx

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ANOTHER THANK YOU TO MELIAHLORE

 

CBI Arabic Announcement Translated - "Help sale and purchase of foreign currency ( No. 26/3/9 for the year 2015 ) 02/02/2015"
(First two pages...next two will be added or another post! Peace, Meliah Lore)

Based on the provisions of the Iraqi Central Bank Law No. (56) of 2004 (as amended) for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against foreign currency through the optimal use of foreign exchange resources to meet the needs of all and not the central bank occupancy functions that are built into the machine work banking and relevant departments, with a commitment to the requirements of anti-money laundering and terrorist financing law No. (93) for the year 2004 was decided following instructions version:

Help buying and selling foreign currency
No. 26/3/9 2015

A - The Central Bank of Iraq to strengthen banks balances wishing to do so with its correspondents in external c to finance permitted banking law and set out in detail in the attached list in accordance with the appropriate indicators to ensure the stability of the exchange rate and trade finance and other operations.

B - the banks wishing to strengthen their balances Baldo lar deposit the equivalent in Iraqi dinars in their accounts of the type 216 before fifteen days from the date of submission to ensure coverage amounts equal to their requests, that at least the amount required for a certain extent decided by the central bank.

C - the bank submit a written application to the Directorate General of investments which enhance the tally required to have correspondents in overseas facilities with a copy of the entry to strengthen the balance of his account Dinars presentation visor type 216, equivalent to the amount to be converted, to be submitted with the request and subsequent reinforcement disclosure shows the details of the amounts used by was converted to its customers.

D - the bank applies the principle of know-your-customer for the purpose of legal and banking safety wage loyalties for a buyer to ensure Agencies and sales of foreign Various applications currency, and the Monitor compliance department of internal control and the unity of money laundering at the bank to play its role in this area and to report any suspicious transaction by.

E - The Bank maintains its accounts with correspondents disclose it shows the movement of the account and uses of funds transferred by the central bank.

F - The bank statements sent details of the amounts transferred in foreign currency by the Central Bank of Iraq and their use to the Directorate General of banking and credit control.

G - be selling the dollar to strengthen the balance abroad for the purposes of all of (1187) dinars (one thousand one hundred and eighty-seven dinars) per dollar, while cash sales price shall be (1190) dinars (one thousand one hundred and ninety dinars) per dollar.

H - Work continues Ptalimatna?? own cash sale through the Department of sale window to buy foreign currency, is not required to provide lists of the names of the buyer dollar in cash, and reserves the vendors (banks and companies) disclosures detailed the names of buyers and enhanced documentation for that and regulated by the Central Bank of the field.

I - The General Directorate of banking and credit control banks follow up the implementation of the instructions, and if there are any irregularities exposed the bank to the sanctions stipulated in the labor laws and regulations in force.

J - the central bank and the banks develop a plan to build capacity and create possibilities for expansion in the letters of credit in the banking practice of foreign trade.

K - all previous instructions that are inconsistent with these instructions are canceled.
These regulations implemented from the date of 02.02.2015

Esma Ali Mohsen Ali
Conservative agency


Original Document Link:
http://www.cbi.iq/documents/Instruct...n%20(2015).pdf

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I wish that were true LGD.  You notice most of these articles state that Iraq/CBI will cover accounts outside Iraq in the dollar.  Accounts inside Iraq will be covered with the IQD.  Iraq can still remain  under article XIV and carry on international business in this manner.  What, the CBI is trying to do here is add liquidity into the banking system.  It's very simple,  to use a Mastercard or Visa, Iraqis must maintain an account balance within the bank that issues the line of credit.  Only about 20% of the people keep deposits in the bank.  The governments  push to pay salaries and retirement via smart card should boost the banks liquidity.  Now, I still believe they are going to have to pass quickly the deposit insurance law to maintain any sort of momentum on this move.

Yeah, I agree.  I read this also:  "stressed the need to re-examine the structure of the budget and spending and diversify sources of income and achieve investment more broadly to address the decline in oil prices."  and took a step back also.  There is still the need to diversify and of course HCL, Amnesty, fully implementation of tariffs.   So, yeah, I agree progress is being made and still have some to do.  The insurance act???  I thought Shabibi did that.  But we are reading about it as if it is not implemented.  I guess he didn't finish when maliki went after him.

THE KEY POINTS, AS BUTI AND I JUST HAD A DISCUSSION ON THIS IS THAT THE GOVT AND THE CBI ARE ATTEMPTING TO CREATE TRANSPARENCY, LIQUIDITY AND DEPOSITOR'S GUARANTEE'S (IN PART BY HOW THE AUCTIONS ARE CONDUCTED)...THESE ARE BIG DEALS FOR US - JUST STEPS TO GETTING WHERE WE NEED TO BE.

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Central remittances

 

 

         

1/2/2015 0:00 

 BAGHDAD - Mostafa Hashemi  

within the plan adopted by the central bank to support the liquidity of banks and bank regulated by next Tuesday a public auction for the sale of Hawwalath of the 91-day at $ 200 billion dinars. 

and the source of the bank's "morning" that this auction is the third of its kind this year, which it is hoped that the full amount of Asdaria sold to government agencies recipient body retirement and care for minors and banks. He noted that the central bank's plan to issue Hawwalath for 2015 include the establishment of 26 auction of 91-day total auction value of 200 billion dinars, adding that it was selling 140 billion and 750 million dinars in the first of the year auctions in selling 175 billion dinars in the second auction, which was held on 20 of the current month.

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http://www.alsabaah.iq/ArticleShow.aspx?ID=85793

Your totally right on sister.  You and butiful are right on.  We are getting there, slow process, but at least now we see progress.   

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Central Bank agrees to cover bank accounts outside of Iraq to the dollar

By Mohammad Emad two ten 02/01/2015 | Views: 1

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Brother - Baghdad

The Central Bank of Iraq, Sunday, agreed to cover bank accounts outside the country in dollars to cover imports, pointing to the formation of a committee to reconsider the restructuring benefits.

The bank said in a statement released today, and received for News Agency (et) a copy of it, he was "in line with our responsibilities in supporting the development and stimulate the Iraqi economy has been taking a number of decisions, including, approval to do to cover bank accounts abroad to the US dollar to cover imports customers and for other purposes without the need for passage of a window selling currency at the central bank, "he said, adding that he" will take control over those processes within the mechanism simple and transparent. "

He added that the bank "has approved the appointment of a representative of the private banks in the Central Bank, in addition to speed up legislation Deposit Insurance Act."

The statement pointed out that "the recommendation to the government to accept the state's institutions of instruments issued by private banks, and also the receipt of taxes and fees in favor of the government," explaining that "it was forming a committee to reconsider the structure of benefits, including expanding the credit and liquidity provision."

 

Is this the end of the currency Auctions CBI holds daily?

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