Central Bank: start applying the new system of remittances and sell currency

[yota691]

Central Bank: start applying the new system of remittances and sell currency
Wednesday, February 25, 2015 13:03

 

 

[baghdad-where]

 

Central Bank announced to start applying the new system of remittances and sell the currency.

 

According to a brief statement of the bank received by all of Iraq [where] a copy of which was "no truth to the news stop selling the dollar operations."

 

He was placed source at the Central Bank of Iraq, said to [where] on Tuesday, "The cover need banking offices, community and government banks of currencies will be by remittances only," adding that "this decision is not contrary to what was stated by the budget bill for 2015 Select the auction amounts to 75 million dollars. "

 

The source indicated that "the move is part of the Bank's policy to maintain the stability of the Iraqi dinar exchange rate against the dollar has been preceded by a step to reduce the volume of sales in the auction."

 

The Central Bank of Iraq sells in previous years, sums up to billions of dollars a month, but decreased significantly in the past few weeks where he sold more than $ 2.8 billion in the month of January last.

 

It is said that the bank was selling the dollar on the price of 1166 Iraqi dinars to the dollar, which is sold in markets and banking offices at about 1220 dinars a difference of 54 dinars.

 

It was expected by the bank's decision to drop the sales of the dollar in the auction for this year, according to the law of the state budget, which began in Parliament on 29 January last, and ratified by the Presidency of the Republic in 10 of this February.

 

The Act provided that "the central bank is committed to identifying sales of hard currency [dollar] in the daily auction ceiling does not exceed $ 75 million a day with the exercise of justice in the sales process, and calls for the participant bank in the auction provide goods enter documents and statements of tax settling accounts and input Alkmarki within 30 days of the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the Atar.anthy

Central Bank: start applying the new system of remittances and sell currency
Wednesday, February 25, 2015 13:03

 

 

[baghdad-where]

 

Central Bank announced to start applying the new system of remittances and sell the currency.

 

According to a brief statement of the bank received by all of Iraq [where] a copy of which was "no truth to the news stop selling the dollar operations."

 

He was placed source at the Central Bank of Iraq, said to [where] on Tuesday, "The cover need banking offices, community and government banks of currencies will be by remittances only," adding that "this decision is not contrary to what was stated by the budget bill for 2015 Select the auction amounts to 75 million dollars. "

 

The source indicated that "the move is part of the Bank's policy to maintain the stability of the Iraqi dinar exchange rate against the dollar has been preceded by a step to reduce the volume of sales in the auction."

 

The Central Bank of Iraq sells in previous years, sums up to billions of dollars a month, but decreased significantly in the past few weeks where he sold more than $ 2.8 billion in the month of January last.

 

It is said that the bank was selling the dollar on the price of 1166 Iraqi dinars to the dollar, which is sold in markets and banking offices at about 1220 dinars a difference of 54 dinars.

 

It was expected by the bank's decision to drop the sales of the dollar in the auction for this year, according to the law of the state budget, which began in Parliament on 29 January last, and ratified by the Presidency of the Republic in 10 of this February.

 

The Act provided that "the central bank is committed to identifying sales of hard currency [dollar] in the daily auction ceiling does not exceed $ 75 million a day with the exercise of justice in the sales process, and calls for the participant bank in the auction provide goods enter documents and statements of tax settling accounts and input Alkmarki within 30 days of the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the Atar.anthy

Consultant Abadi: a central bank in the sale of money orders to prevent money laundering
By Mohammed Emad one nine 2.25.2015 | Views: 1
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Brother - Baghdad

He attributed the appearance of Mohammed Saleh, adviser to Prime Minister Haider al-Abadi for Economic Affairs, a CBI limited auction for the sale of currency through remittances only to prevent any process of money laundering, trade and speculation. "

Saleh said in a press statement that "currency auction at the Central Bank did not stop, but the mechanisms Ngiller became cover financing traders requests for Astiradthm of foreign currency carried out through banks namely that meet these demands because it is a legitimate and well thought out and well-known destinations applications without the need for cash for the auction."

He added that "the action was merely regulate the mechanisms of action did not stop the auction, but the foreign currency remittances through processing and there is a section for the registration of banks cash in dollars for the purposes of tourism and travel."

The Deputy Governor of the Central Bank of the former, "the continuation of the monetary policy of the Bank and to maintain the purchasing power of the Iraqi dinar and at the same time distant trade for speculative financing and money laundering."

The Iraqi Central Bank announced today the start applying the new system of remittances and sell the currency ", denying reports about" Stop selling the dollar operations. "

The source familiar with the bank, males "cover the need banking offices, community and government banks of currencies will be through money orders only," adding that "this decision is not contrary to what was stated by the budget bill for 2015 identifying the auction amounts to 75 million dollars."

The source indicated that "the move is part of the Bank's policy to maintain the stability of the Iraqi dinar exchange rate against the dollar has been preceded by a step to reduce the volume of sales in the auction."

 

The Central Bank of Iraq sells in previous years, sums up to billions of dollars a month, but decreased significantly in the past few weeks where he sold more than $ 2.8 billion in the month of January last.

[MyLadiesDaddy]

"FOR THE PURPOSES OF TOURISM AND TRAVEL"

And on the left side of the bus you'll see ISIS beheading a few Christians.

What a vacation destination they will be.

[yota691]

Central Bank starts the application of the new system of remittances and sell the currency and denies stopped selling the dollar

By Mohammed Emad 2.25.2015 11:46 a.m. | Views: 136
Font Size:  

 

 

Brother - Baghdad

An informed source, on Wednesday, revealed that the Central Bank of Iraq began to apply the new system of remittances and sell the currency, while noting that the bank denied stopped selling the dollar.

The source said that "the central bank embarked on a new system of remittances and sell the currency."

The source, who asked not to be named, said "the bank denied stopped selling the dollar operations."

 

The Central Bank of Iraq was established independently as a bank under a law issued on the sixth of March 2004 as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies being sessions daily for buying and selling currencies. 

[sandfly]

THANKS YEP LGD

[yota691]

Central Bank applies a new system of remittances and sell the currency and denies stop selling the dollar
 
Wednesday

25
February
2015
12:22




 

The most prominent in the news
 
Denied a brief statement of the bank news to stop selling the dollar operations
Central Bank of Iraq, announced Wednesday, on the application of a new system of remittances and sell the currency, and denied he stopped selling the dollar.

The bank said in a statement received "Qurtas News" that "the Bank in a new system of cash transfers to the dollar adopted to control the dollar's exchange rate against the dinar."

"The new system does not mean that the bank will depend on the dollar in cash for the sale of banks and banking companies, but will continue to sell in accordance with the new mechanism."

It is noteworthy that the Iraqi Central Bank established an independent bank under the law issued on the sixth of March 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 buying and selling currencies.

[yota691]

Central Bank starts the application of the new system of remittances and sell currency

 

History of edits:: 25.02.2015 11:58 a.m. • 56 visits readable


{Baghdad: Euphrates News} central bank, announced on Wednesday, to start applying the new system of remittances and sell the currency.
According to a statement of the Central Bank and the agency {Euphrates News} received a copy of it today that "the bank began on Wednesday, the application of the new system of remittances and sell the currency, and denied stopped selling the dollar operations." The governor of the Central Bank of Iraq on the Keywords announced that it "is not true that the bank remains Central busily selling the currency like ATM daily. " In the same vein, a report revealed issued by the Central Bank of Iraq, saying, "Based on 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 all needs and not the 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. "commented Economists and Financial on the decision to stop the bank daily currency auction as a means Cancel selling by remittances, and cash sales will continue, explaining that he came to curb money laundering and smuggling of currency, warning against complacency and inaction in the follow-up to the point of money that banks purchased from the bank, stressing the need to follow the legal procedures that banks in converting Alambalg.anthy

[captl1]

Thanks Yota

[SgtFuryUSCZ]

***///

 

YerYOTAness... thank you so much for all you bring! 

 

You are consistently AWESOME !  We're not worthy....!  :bow:

[yota691]

 

 

Central Bank building one independent bodies in accordance with the Iraqi constitution .. Photographed by Mahmoud Raouf

Central Bank starts the application of a new system of remittances and dollar selling

 

Author: ASJ, BS 
Editor: BS 02.25.2015 thirty-six past one p.m. number of readings: 166 

 

 

 

Long-Presse / Baghdad

Iraqi Central Bank announced on Wednesday, triggered the application of a new system of remittances and sell the currency, and denied selling the dollar stops.

The bank said in a statement received (long-Presse) a copy of it, "The bank has decided to adopt a new system of cash transfers to the dollar over the mechanism and ways to serve the market and the economy is controlled by the dollar against the Iraqi dinar."

The bank said in a statement that "this system does not mean that the bank will depend on the dollar in cash for the sale of banks and banking companies, but will continue to be sold in accordance with the new mechanism," without giving further details of the mechanism.

The Central Bank of Iraq was established independently as a bank under a law issued on the sixth of March 2004 independent Kahyeh, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies being sessions daily for buying and selling currencies.

[SgtFuryUSCZ]

***///

 

... that's now our new mantra: ..."details of the mechanism, details of the mechanism..." :blink:

[captl1]

Forex maybe?

[eburt]

Thanks Yota - What does all this means in regards to possible RV????

[Butifldrm]

 

Central Bank of Iraq cancels auction selling currencies to keep the dinar exchange rate

 

Wed Feb 25 2015 thirty-six past two p.m. | (Voice of Iraq) - Add comments - Baghdad / statement of the Central Bank of Iraq announced the abolition of the daily auction for the sale of foreign currencies to keep the dinar exchange rate against the dollar. The flags of the Central Bank director Fadel Hussein told all of Iraq: "The cover the need banking offices, banks and civil government of currencies will be by remittances, with only stop the daily bank, which includes the sale of direct cash auction, including the dollar. " He added that "this decision is not contrary to what was stated by the budget bill for 2015 identifying the auction amounts to $ 75 million . " He pointed out that "the move is part of the Bank's policy to maintain the stability of the Iraqi dinar exchange rate against the dollar has been preceded by a step to reduce the volume of sales in the auction." The Central Bank of Iraq sells in previous years, sums up to billions of dollars a month, but decreased significantly in the past few weeks where he sold more than $ 2.8 billion in the month of January last. It is said that the bank was selling the dollar on the price of 1166 Iraqi dinars to the dollar, which is sold in markets and banking offices at about 1220 dinars a difference of 54 dinars. It was expected before the bank's decision The reduced sales of the dollar in the auction for this year, according to the law of the state budget, which began in Parliament on 29 January last, and ratified by the Presidency of the Republic on 10 February this. The law that "is committed to the Central Bank determines sales of foreign currency (dollar) in daily auction ceiling does not exceed $ 75 million a day with the exercise of justice in the sales process, and calls for the participant bank in the auction provide goods enter documents and statements of tax settling accounts and 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 FAQ outgoing, and use other banking tools to maintain the strength of the dinar against the dollar.

Read more: http://www.sotaliraq.com/mobile2014.php?id=189320#ixzz3SlEftrHX

Edited February 25, 2015 by Butifldrm

[bsims25]

The CBI uses currency auctions to maintain the 1166:1 peg(they are absolutely essential)..there is a lot of work involved in maintaining the peg, it's not like they just set the rate and forget it. So obviously the "process" continues, It's just that their now doing it in a way(a new mechanism)that cuts down on some of the corruption that was taking place.

If they just completely shut the whole thing down like some think has happened, we'd know it... Cause something like this would happen...

http://www.themoscowtimes.com/mobile/business/article/ukraine-s-hryvna-currency-plunges-as-foreign-currency-auctions-scrapped/515492.html

[bsims25]

From one of the articles above...

"saleh said in a press statement that "currency auction at the Central Bank did not stop,"

"He added that "the action was merely regulate the mechanisms of action did not stop the auction,"

"Saleh said in a press statement that "currency auction at the Central Bank did not stop, but the mechanisms Ngiller became cover financing traders requests for Astiradthm of foreign currency carried out through banks namely that meet these demands because it is a legitimate and well thought out and well-known destinations applications without the need for cash for the auction."

He added that "the action was merely regulate the mechanisms of action did not stop the auction, but the foreign currency remittances through processing and there is a section for the registration of banks cash in dollars for the purposes of tourism and travel."

The Deputy Governor of the Central Bank of the former, "the continuation of the monetary policy of the Bank and to maintain the purchasing power of the Iraqi dinar and at the same time distant trade for speculative financing and money laundering."

[chinadawg]

Ennorstes take on this.........

 

Can you imagine the reaction of a local Iraqi businessman when he goes to the bank to buy some dollars and is told that they don't have any?  What else could he do except use dinars, right?  Talk about turning the tables quickly!  Sure, some will find ways to get dollars from other sources, but not nearly enough.  Eventually, and probably sooner rather than later, people will realize that they have to use their own currency.  This will stabilize the market, at which point the CBI will be in position to allow the float.  As some have suggested, they may not even make a big thing about it.  The value of the dinar will just begin to rise, and the official rate will rise with it.  Of course at some point they will have to drop the fixed official rate.

 

The foreign remittances issue means that dollars can still be had by locals, IF they can find foreigners who will accept the dinars in trade.  This is the crux:  getting the dinar to be accepted as an international currency.  It could be a jerky road, but I think that the CBI is convinced that there is sufficient backing of their currency to see this through.  Hold on to your hats!  The next few turns could be scary.

[bsims25]

Ennorstes take on this.........

Can you imagine the reaction of a local Iraqi businessman when he goes to the bank to buy some dollars and is told that they don't have any? What else could he do except use dinars, right? Talk about turning the tables quickly! Sure, some will find ways to get dollars from other sources, but not nearly enough. Eventually, and probably sooner rather than later, people will realize that they have to use their own currency. This will stabilize the market, at which point the CBI will be in position to allow the float. As some have suggested, they may not even make a big thing about it. The value of the dinar will just begin to rise, and the official rate will rise with it. Of course at some point they will have to drop the fixed official rate.

The foreign remittances issue means that dollars can still be had by locals, IF they can find foreigners who will accept the dinars in trade. This is the crux: getting the dinar to be accepted as an international currency. It could be a jerky road, but I think that the CBI is convinced that there is sufficient backing of their currency to see this through. Hold on to your hats! The next few turns could be scary.

Dinar thug pointed out earlier this week that This guy was part of the GET TEAM back in the day, with Terryk. Lol

No 40 year economic expert teams up with a crack pot like terry.

Be careful

[Officiallytook]

...hmmm, no hard currency, I see, all electronic you say, lower auctions to control corruption huh, hmm... They are screaming security reform stability all lining up for the international courts...

Exciting times indeed...

March 1st maybe too soon, anbar & other places got their money, any record of musal?

They still need time to boot them in all black and sneaky clean sneaks, before the country can "profit"(rv)... In my opinion of course

[TBomb]

Economist: stop the auction currency will reflect negatively on the Iraqi dinar

Baghdad-and-economic expert said Bassem Jamil Antoine, to stop the currency auction will reflect negatively on the Iraqi currency ", calling on the Central Bank to pump large amounts of dollars to control the price and create a balance in the local market."

 

Antoine said, "to stop the auction currency came to ease pressure on the Bank to be cashiers and overshadowed the main task is to maintain the transfer amounts and other mandated operations".

 

"The rise of the dollar against the Iraqi dinar was due to lack of supply of dollars in the market and as a result the World Bank stopped pumping the currency".

 

He was the Governor of the Central Bank of Iraq on Sunday drew the relationship, with the discontinuation of the auction currency to ease pressure on the Bank and not Bank ATM daily foreign currency.

 

http://www.alrayy.com/134563.htm

[MyLadiesDaddy]

Due to the lack of dollars in the market?

Well what'd you expect you sell your dinar for dollars and then ship your dollars

to those freaks running Iran.

[chinadawg]

Dinar thug pointed out earlier this week that This guy was part of the GET TEAM back in the day, with Terryk. Lol

No 40 year economic expert teams up with a crack pot like terry.

Be careful

 Keys words...............WAS part of the GET TEAM....................Not saying i live by every word the man speaks, but he is no dummie.

[bsims25]

Keys words...............WAS part of the GET TEAM....................Not saying i live by every word the man speaks, but he is no dummie.

He was teamed up with one of the most notorious dinar pumpers..FOR OVER 2 YEARS! TERRY IS RIGHT UP THERE WITH OKIE!!! Lol

Just the fact that he didn't leave the second Terry opened his lying mouth tells me all I need to know about him.

He also needs to take a course on just the basics of how currencies work. The guy is clueless.

[navira45]

Bsims25, is that u rainman?

[bsims25]

Bsims25, is that u rainman?

I'm a rainman??

[zul]

Ennorstes take on this.........

Can you imagine the reaction of a local Iraqi businessman when he goes to the bank to buy some dollars and is told that they don't have any? What else could he do except use dinars, right? Talk about turning the tables quickly! Sure, some will find ways to get dollars from other sources, but not nearly enough. Eventually, and probably sooner rather than later, people will realize that they have to use their own currency. This will stabilize the market, at which point the CBI will be in position to allow the float. As some have suggested, they may not even make a big thing about it. The value of the dinar will just begin to rise, and the official rate will rise with it. Of course at some point they will have to drop the fixed official rate.

The foreign remittances issue means that dollars can still be had by locals, IF they can find foreigners who will accept the dinars in trade. This is the crux: getting the dinar to be accepted as an international currency. It could be a jerky road, but I think that the CBI is convinced that there is sufficient backing of their currency to see this through. Hold on to your hats! The next few turns could be scary.

What else could he do except use dinar??

Iraq is a co-circulating market. In its current situation, dollars will always reign over dinar.

The demand for dollars will continue. Iraqis will continue to have faith in dollars for their daily transactions and to store their wealth

Now that CBI has stopped the flow of dollar, others will fill in the gap. Currency mafias! Blackmarket will be blooming.

The price of dollar will be determined by these mafias and it's not going to be cheaper. Price of dinar will continue to fall, confidence eroded. If Errnoste thinks, at some point after stopping the auctions, CBI "will be in position to allow the float", he needs to think again.

I agree something has to change, and fast. Just not the way Errnoste sees it.