Central Bank announces stop working Bmzadeh daily currency because it is not an office banking

[yota691]

Central Bank announces stop working Bmzadeh daily currency because it is not an office banking

 BAGHDAD - Iraq Press - February 21: The Central Bank of Iraq announced that, as of the day, Sunday, will work to stop the auction of the bank and the adoption of the banking system as being responsible for foreign remittances.

 

 The Governor of the Central Bank, on the Keywords, he  "was the finalization of the new version and leave the old ways, coupled with certain conditions can not remain governor at the central bank,  which has the functions and tasks and activities of a large and important for the national economy," noting   that it "is not true that remains central busily selling the currency like ATM daily basis. "

[yota691]

Keywords: It is not true that the central bank remains preoccupied with selling the currency like ATM daily
Under section: economicDated: February 21, 2015

 Baghdad / Iraq News Network revealed Governor of the Central Bank of Iraq on the Keywords that on Sunday 22 of this month, will stop work ERA Bank and the adoption of the banking system as being responsible for foreign remittances, pointing to direct the preparation of a feasibility study showing the deletion of zeros in this Almrahlh.oavad Keywords, statement: that "the central bank since I assumed responsibility for the work to bridge the gap in his dealings." And that "it was the finalization of the new version and leave the old ways, coupled with certain conditions can not remain governor at the central bank  , which has the functions and tasks and activities of a large and important for the national economy." He explained Governor of the Central Bank that it "is not true that the central stays busy selling the currency and the like ATM daily basis. "

[sandfly]

THANKS YOTA

[tigergorzow]

Yota Thanks, Once the CBI auctions stop we will see exactly what is the next plan. "Cannot remain governor at the central bank" Hmmmmmm.......Very mysteriously interesting to see what this really means.

Keeping the faith.......GO RV!!!!

[Texstorm]

Time to fix their currency ! Get ready boys ! And girls and thanks Yota !

[captl1]

This is exactly what Doc31 said would occur. Sure wish he would give us his opinion!

[EagleEye]

so your Yota-ness...what is your take on significance here ???

[Palmtree1970]

I'm very intrigued to see what transpires after the auctions stop,you get this feeling they are about to do something to the dinar...

[captl1]

EE remember when Doc31 used to do the auctions.. he always said this would have to happen before they could revalue their currency.

[Big_J]

[mr.unlikely]

If keywords Ali Mohsen is out, then who is in? Almost sounds like he is changing the currency exchange regime then dragging up. I wonder wonder wonder who, who wrote the book of love? It's a long shot, but maybe shabby B will make a cameo and do his version of rock the casbah.

[TrinityeXchange]

to answer some of your questions, the central bank is currently following the plan of the world bank in preparation for movement to a market economy as well as to un-peg the dinar from the dollar (in my earnest opinion).  

"And he says that the financial sector was not working properly because they were focused on consumption projects (or better explained - consumer products.  They were not focused on infrastucture and long term projects)."  read more

i don't have time right now to go into detail but please stop by and read my take on 

1. simplified explanation of what the cbi is doing
2. why the iqd must revalue

it is just my opinion on the matter but it is based in sound research.  it should help provide a little more clarity on what is going on in iraq.  in short though the financial sector has not been aligned with the dedicated plan provided in 2004 to bolster the economy.  it is finally getting on board.  the financial sector is REALIGNING/RESTRUCTURING its efforts to one focus only.....the emergence of iraq as an economic powerhouse.  

 

ps.  i welcome everyone to the opinion section of the forum and read my 4/5 takes recently written.  i quote from respectable sources and attempt to show how this was planned a decade ago.  there really is no guess work, smoke & mirrors, or hidden agendas that gurus would have us believe.  with enough digging through official documents we can see exactly what iraq is doing because it has already been documented.

Edited February 21, 2015 by TrinityeXchange

[Texstorm]

Thanks Yota and Trinitye ! 

[Laid Back]

CBI continue moving forward with the new monetary policy with the help of the WB and IMF.

Go Iraq

Go CBI

Go new monetary policy

Go dinar

Go strong $1.13:1

[10 YEARS LATER]

Texstorm nailed it ! I feel the same way about this . . . .maybe, just maybe this roller coaster ride is coming into the platform and we can all disembark and head on to greener pastures . . . FINGERS CROSSED IT'S VERY

[yota691]

so your Yota...what is your take on significance here ???

Well It seems this move will make them move away from using USD and make them deal with the IQD..   

[Sk 1962]

Bring it on baby $$$

[Markinsa]

Central Bank of Iraq to stop the auction of the dollar starting from tomorrow
Of agency independence of news: Baghdad office
 

February 21, 2015 15:47 by: Agency independence editor Category: News Economy , a senior , urgent Leave a comment A + / A-


Governor of the Central Bank of Iraq and the agency's leadership, said Dawa on the Keywords that on Sunday will stop working ERA Bank and the adoption of the banking system as being responsible for foreign remittances, and will prepare a feasibility study showing the deletion of zeros at this stage.

 

The Central Bank of Iraq since 2003 and has so far received funds from the sale of Iraqi oil, the US central bank will sell auctions in Iraqi dinars and delivers what sells the Ministry of Finance and deducted 18 dinars for each dollar sale as commission

 

 

The FED is going to sell Dinars?  I wonder where they'll get those?  Or is this a translation issue?

[Markinsa]

02/21/2015 (22:49) - The number of readings: 251 - Issue (3294)
 
 

 

Central Bank announces suspension of auction currency and adopt a new mechanism for foreign remittances


Baghdad / term 
 

Iraqi Central Bank announced, on Saturday, stopping work ERA Bank and the adoption of the banking system as being responsible for foreign remittances and as of Sunday.
 
 
The governor of the Central Bank of the relationship, in a press statement, "it was the completion of a new formula and leave the old ways, coupled with certain conditions can not remain governor at the central bank, which has the functions and tasks and activities of a large and important for the national economy," noting that "not right The central stays busy selling the currency like ATM daily basis. "
 
In the same vein, a report issued by the Central Bank of Iraq, yesterday revealed, and received the "long" version of it, "according to the provisions of the Iraqi Central Bank Act 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 All non-central occupancy of functions which are at the heart of the work of the banking system and the relevant departments, with a commitment to the requirements of the Anti-Money Laundering Act and the financing of terrorism Central decided to new instructions issued in this regard. 

The statement said, "The Central Bank of Iraq to strengthen banks balances wishing to do so at their correspondents abroad to finance permitted banking law and set out in detail in the attached list, according to the appropriate indicators to ensure the stability of the exchange rate and trade finance and other operations." 

The statement added: "The banks are willing to strengthen their balances dollar deposit the equivalent in Iraqi dinars in their accounts of the type 216 before fifteen days from the date of submission guarantee coverage amounts equal to their requests, to be not less than the amount required for a certain extent decided by the central bank." "The Bank provides a written request to the Directorate General Investments asking promote tally with its representatives abroad, attach a copy of the entry to strengthen the balance of his account in Iraqi dinars from 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, which was converted to its customers. " 

He pointed out that the central bank "applies the principle of" know your customer "for the purpose of legal and banking safety of special procedures Bmstryate and sales of foreign currency for various purposes guarantee." 

It pointed out that the bank "retains disclose accounts with correspondents showing the movement of the account and uses of funds transferred by the central bank." 

Central and noted that "banks are sending statements, 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." 

And that he "will be selling the dollar to strengthen the balance abroad for the purposes of all by 1187 dinars per dollar, and the cash sales price shall be 1190 Iraqi dinars per dollar," pointing out that the work "continues to Ptalimatna own cash sale through the Department of window buying and selling foreign currency, is not required to provide lists of the names of the dollar in cash buyer, 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. " 

The Central Bank of Iraq announced on Sunday (February 1, 2015) to take five resolutions for "support" the development of the Iraqi economy, and confirmed his agreement to cover bank accounts abroad to "US dollar" to cover imports, and as he emphasized the importance of "accelerating" legislation Deposit Insurance Act , praised the formation of a committee to reconsider the benefits of the restructuring of its "approval of the Central Bank to cover the bank accounts abroad in US dollars to cover imports of customers and for other purposes without the need to pass a window sell the currency at the Central Bank of Iraq." 

Paragraph 50 of the Federal Assembly of the Budget Law 2015 provides that "the central bank is committed to identifying sales of foreign currency (dollar) in daily auction ceiling does not exceed 75 million dinars a day with exercise justice in the sales process, and calls for participating in the auction the bank providing the introduction of cargo documents Data and settling accounts and tax savings Alkmarki within 30 days from the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the central bank law or instructions issued by him, and the use of other banking tools to maintain strength of the dinar against the dollar.

[navira45]

Woooohooo

[TQueezy]

They failed at only selling a maximum of 75million between cash and remittances and even then why is a central bank selling currency in the form of cash at an auction instead of disbursing through monetary measures as necessary for other state banks.

This CBI is either rite with corruption and/or incompetence or is hiding something behind the facade of "daily operations" that they don't want the rest of the world knowing.

[Saintsfan]

Thanks...

[elgin]

I would like to Thank everyone for their hard work in sharing all these wonderful articles, and also Thank the ones who try and explain some of the thinking behind the articles.

 

( WELL DONE EVERYONE!! )  I've learned so much in such a short time..

[Markinsa]

CBI Arabic Announcement

 

 

11

Feb

11 Feb 2015

vweb

In Banking, Global Economics, Iraq Economics

Comments Off

  CBI Arabic Announcement Translated – “”To / banks authorized to exercise all banking

CBI Arabic Announcement

“To / banks authorized to exercise all banking – financial companies approved the conversion of all – all licensed exchange companies ( sale and purchase of foreign currency instructions)02/11/2015“

 

Directorate General of the banking and credit control

Department of Banking Studies and Research

 

No. 42/2/9

Date: 02/08/2015

 

To // Authorized to exercise all banking banks

 

Remittance companies approved all

Exchange companies approved all

 

M / Help sale and purchase of foreign currency

Board of Directors of the Bank Directors exceptional numbered decided in 1519 and held on 01/25/2015 the following:-

 

Approve the issuance of instructions sale and purchase of foreign currency numbered 26/3/9 in 2015 with a list of transactions allowed funded from the assets of the banks abroad (accompanying connectivity), which have been posted on the site this Bank on 02/02/2015 and implemented this instruction from date of 02/22/2015.

 

To be acted upon with appreciation .. ….

 

Ali Mohsen Ismail

Governor agency

 

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 of functions which are at the heart of the device 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 remarks when correspondents abroad to finance legally permitted banking operations are described in detail in the attached list, according to 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 dollar 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 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 in Iraqi dinars from 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, which was converted to its customers.

 

D – the bank applies the principle of know-your-customer for the purpose of legal and banking safety procedures 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 of dinars) per dollar.

 

H – Work continues Ptalimatna Alopecia cash sale through the Department of buying and selling foreign currency window, and is not required to provide lists of the names of the dollar cash buyer, and reserves the vendors (banks and companies) disclosures detailed the names of buyers and documents enhanced it 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 set forth in applicable laws and regulations.

 

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 02/22/2015.

 

Ali Mohsen Ismail

Governor agency

 

————————————-

 

Transactions allowed funded balances of banks abroad

 

1 – finance the operations of private traders foreign documentary credits and remittances to import goods and services.

 

2 – of payments owed to the relevant banking and credit facilities, which has been associated with the customer with banks outside of Iraq (out of commitment or interest due on it) and requires that the bank maintains a documented passage of the customer includes the following: -

 

A – loan contract signed between the customer and the bank that granted the banking and credit facilities outside Iraq with the details and the reason for him to grant the loan.

B – provide proof of entry out of the banking and credit facilities to Iraq through the banking system in Iraq and the goal of access to and use for the same purpose.

 

3 – of payments owed to foreign investment in Iraq, which were issued by the special leave in accordance with the influential investment law after the submission of the investor to the bank documents that supports profitable, and its own investment and financial statements audited leave the observer metaphor accounts supports achieve profits in the investment project and meeting fees and taxes assessed legally on profits that supported the General Authority for the project (for personal moral) distribution of profits.

 

4 – transfers to secure the living expenses for Iraqis living abroad permanently and statement legality of the sources of these funds after the submission of what is supported by the bank.

 

5 – Convert amounts of stocks and bonds owned by the Iraqi citizen residing abroad or in the case of foreign selling as well as the conversion of the resulting revenue. This requires the submission of winning ownership of stocks and bonds on behalf of the seller’s certificate and contract to sell stock to the bank indicated the date of the sale and documentation of the sale by the Iraq Stock Exchange with the support of the introduction of the value of money (Original) by the banking system.

 

6 – re-transfer of funds and deposits and savings deposited in approved foreign banks in Iraq and the interest earned on them. The bank maintains a file includes detection student account and transfer the source of these funds (deposits and savings) deposited in the Iraqi bank rate or the basis of the calculated yield.

 

7 – Convert incomes in Iraq to the Iraqis and is deposited in authorized banks in Iraq. The bank maintains a file includes detection student account and transfer the source of these funds (deposits and savings) deposited in the bank rate or the basis of the calculated yield.

 

(HERE THE DOCUMENT IS SIGNED AND DATED 02/02/2015)

 

8 – transfers from fundamentalism to sell registered real estate transactions in Iraq and pro-valued under the martyrdom are from the Directorate General for registration of real estate for Iraqis living abroad permanent residence under the support of specialized agencies to be the history of real estate ownership of the holder or heir (the seller) before receiving a permanent residence outside of Iraq .

 

9 – compensation determined by the official Iraqi destinations for foreigners or those that were acquired by the judicial decisions have become final. This requires the support of the party concerned that the compensation and the inclusion of RFM and history of the instrument and the name of the bank, which was deposited in which the amount of compensation.

 

10 – for students studying abroad transfers after the submission of the documents that they support the continuation of the study.

 

11 – amounts for medical treatment transferred to hospitals and medical centers outside Iraq.

 

12 – Convert scholarships salaries for students studying at their own expense after they submit requests parents to transfer their dues to the desired address (bank and address of the student … etc) to the bank and its branches in Baghdad and the provinces, coupled with the support of the Ministry of Higher Education and Scientific Research, at a cost of study for students outside of Iraq and they I opened a file for him. support also includes a monthly expense and the cost of student housing. The bank maintains a file containing details of disbursements (price to be) and the names of the students disbursed to them.

 

13 – Convert retirees who want the salaries of those who have not turned their salaries in accordance with the mechanism adopted in the National Commission for retirement by submitting a written request from a retired abroad through our embassies or through his agent to convert the dues required titles (the bank and the title, retired, etc.) to the concerned bank and its branches in Baghdad and the provinces, coupled with the support of the Department of pension.

(HERE THE DOCUMENT IS SIGNED AND DATED 02/02/2015)

 

Original Arabic Document Link:

http://www.cbi.iq/documents/Announcemen%2011-2-2015.pdf

[DiNaR DoCtOr]

The list of allowed transactions is very comprehensive, and the CBI has done a good job of identifying potential issues with a RV or so-called "lop". I really don't know what way they will go, even though it seems like a RV is to good to be true, but I am confident the allowed transactions abroad is setting the playbook for changes to occur SOON. On another note, I miss Doc31. I am going to see if I can dig up some of his old posts. GLTA

This is legitimately coming to an end.