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Central Bank doubles the share of banking companies from the dollar to curb the rise


yota691
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Central Bank building one independent bodies in accordance with the Iraqi constitution .. Photographed by Mahmoud Raouf

 

Author: ASJ, HH 
Editor: AB, HH 04.09.2015 12:38 Number of Views: 90 

 

 

Long-Presse / Baghdad

Decided to CBI, on Thursday, doubling the share of banking companies of the dollar, while allowing banks Rafidain and Rasheed and Trade open windows to sell the dollar for banking companies and small importers to reduce the high rate of exchange against the Iraqi dinar.

The central bank said, in a brief statement issued today, and received a (long-Presse), a copy of it, he "decided to double the share of banking companies of the dollar."

He said the central bank, that "allowed the banks Rafidain and Rasheed and Trade open windows to sell dollars to banking companies and small importers."

The past few days have seen a significant rise in the US dollar against the Iraqi dinar for up to 1,340.

He was an economic adviser to the Iraqi Council of Ministers counting, in (30 March 2015), that the rise in the dollar's exchange rate against the dinar "serve" Iraq, through the creation of the phrase "positive" variables such as the provision of new jobs and stimulate different working local production sectors, indicating that the low price represents a "support" for foreign importer at the national account.

 
 
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Thursday April 9, 2015 12:00
 
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Alsumaria News / Baghdad's 
central bank announced Thursday, about double the share of banking companies of the dollar, while decided to allow open other windows to sell the dollar. The bank said in a statement received Alsumaria News, a copy of which he "decided to double the share of banking companies of the dollar." He said the bank "It also decided to allow banks Rafidain and Rasheed and Iraqi trade open windows to sell the dollar companies and small importers," adding that "the purpose behind it is to reduce the price of the dollar in the Iraqi market."


The Governor of the Central Bank on the Keywords announced in the third from last March that "the new regulations set by the Bank is that the auction is no longer a daily window of operations for the sale of currency auctions," adding that "new mechanisms developed to sell this currency, especially that of its functions to provide currency for trade Foreign. " The dollar price in domestic markets to the Iraqi dinar gradually to reach 1229 dinars to the dollar, compared to 1225 dinars to the dollar over the past month and 1,200 dinars to the dollar late last year in 2014.

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BAGHDAD / Baghdadi News / .. central bank announced on Thursday, allowing the opening of new outlets to sell the dollar, pointing to the decision to double the share of banking companies of the dollar.

The bank said in a statement, I followed / Baghdadi News /, that "also decided to allow banks, Rafidain and Rasheed and Iraqi trade open windows to sell the dollar companies and small importers," adding that "the purpose behind it is to reduce the dollar prices in the Iraqi market."

 

The bank said it "has decided to double the share of banking companies of the dollar" .anthy 21 / m

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Yota, I still can't get my head around what the are trying to accomplish here.

 

Does it mean that they are doing this for investment connections from other countries?

 

Does it mean that they are going to conduct business using the USD rather than the IQD?

 

... adding that "the purpose behind it is to reduce the dollar prices in the Iraqi market."

 

Is the above statement referring to the ISX or consumer market?

 

 

A little help here knowledgeable members please.

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Flooding the market with dollar helps to collect more dinar from circulation and keep the dinar from loosing more value

Go CBI keep moving forward

1:1 please.!

Ok Laid Back. I clipped this from a KTFA post.

 

 

For example, you have people in Baghdad who have relatives in Kurdistan. When they try to send money to their relatives … the money transfer companies are protecting the dinars and NOT sending the dinar, but sending [uS] dollars.

The money transfer companies are acting as if they know something is going to happen so they are taking advantage of people and the exchange rate – because they know the dollar is very high … and so the citizens are losing a lot of money because of the ratio.

 

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10/04/2015 01:23

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Central Bank decided to double the share of banking companies of the dollar .

BAGHDAD / Obelisk: central bank announced Thursday, about double the share of banking companies of the dollar, while decided to allow open other windows to sell the dollar.

The bank said in a statement seen by "obelisk", he "decided to double the share of banking companies of the dollar."

The bank said it was "also decided to allow banks Rafidain and Rasheed and Iraqi trade open windows to sell the dollar companies and small importers," adding that "the purpose behind it is to reduce the price of the dollar in the Iraqi market."

The Governor of the Central Bank on the Keywords announced in the third from last March that "the new regulations set by the Bank is that the auction is no longer a daily window of operations for the sale of currency auctions," adding that "new mechanisms developed to sell this currency, especially that of its functions to provide currency for trade Foreign ".

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Thursday April 9, 2015 12:00
 
NB-130411-635641681050704511.jpg
 
 
 
 

Alsumaria News / Baghdad's 
central bank announced Thursday, about double the share of banking companies of the dollar, while decided to allow open other windows to sell the dollar. The bank said in a statement received Alsumaria News, a copy of which he "decided to double the share of banking companies of the dollar." He said the bank "It also decided to allow banks Rafidain and Rasheed and Iraqi trade open windows to sell the dollar companies and small importers," adding that "the purpose behind it is to reduce the price of the dollar in the Iraqi market."

 

The Governor of the Central Bank on the Keywords announced in the third from last March that "the new regulations set by the Bank is that the auction is no longer a daily window of operations for the sale of currency auctions," adding that "new mechanisms developed to sell this currency, especially that of its functions to provide currency for trade Foreign. " The dollar price in domestic markets to the Iraqi dinar gradually to reach 1229 dinars to the dollar, compared to 1225 dinars to the dollar over the past month and 1,200 dinars to the dollar late last year in 2014.

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GMT 7:43 2015 Friday, April 10[/size] : Last Updated[/size]

 

Iraq is increasing sales of the dollar to stop the decline in local

 Baghdad: Iraqi Central Bank yesterday said he had decided to take action to stop the decline of the local currency (the dinar) against the dollar in the local foreign exchange market, by doubling the share exchange companies in auctions selling foreign exchange. And open ports to sell the dollar in a number of banks Aovernmah.otraja Iraqi dinar exchange rate against the US dollar in the local foreign exchange market to reach its lowest level in almost two years. The dollar stood before yesterday dinars in 1350, compared to 1280 dinars in the past week, up 5.5 percent.The bank said it decided to allow banks Rafidain and Rasheed, and the Iraqi Trade (government) to open outlets to sell the dollar companies and small importers. 
In a report issued in March 19 / March last, International Monetary Fund cut its forecast for the growth of the Iraqi economy to 1% during the current year, from a previous forecast last January, a growth of 2.5%, to conform to the current forecast with recent government estimates of the Central Bank of Iraq Fund Report .oukdr achieve the Iraqi economy contraction of 2% in 2014, which was the first contraction of the economy since the US invasion of Iraq in 2003.
 
He said economists and traders Iraqi Iraqi markets are experiencing a recession clearly affected by the financial crisis plaguing the country. Reflected this notoriously on commercial traffic - especially with the rise in the dollar exchange rate - and also the government's delay in paying salaries Mozvin.oadt recession to pay merchants to sell their goods on credit (and subsequent payment). Some also saw an increase in the prices of goods compared to the end of last year amid rising dollar exchange rate against the Iraqi dinar to its highest level in two years Tgariba.ovi Shorja market, the largest commercial markets in the capital, Baghdad, Saad al-Falah busy arranging the ranks of his shop, which sells food after it was found same spend hours without customers which was not familiar with before. Falah said in his speech that his store sales fell by 25 percent, at least at the moment compared to the same period last year.
 
He added: »economic crisis in Iraq greatly affected us as Iraqis and private traders. Many retailers are now cutting back the size of their purchases because they are affected by the very crisis plaguing the country ».oausband Iraq's economic crisis forced him to reduce the size of the financial budget as a result of lower oil prices by more than 50 percent since the middle of last year and begin a policy of austerity. And announced that the Iraqi Ministry of Finance earlier it would increase taxes on some services Almekdma.oukal farmer that a lot of customers are starting to reduce private purchases of luxury goods. Understanding confined to buy basic goods and important because some of them are suffering from delayed delivery of salary and others worried about buying more because of the circumstances that prevailed in the country.
 
Majid said Kettani, who owns a shop selling food market in the fourth police southwest of the capital Baghdad, said that the market is suffering from the consequences of the crisis experienced by Iraq. He added: «Proof of this is that some of the top traders have begun to send their delegates to promote their goods and give incentives to retailers such as selling on credit or afford transport fares in order to stimulate sales Movement» Kanani. He said that the crisis experienced by Iraq «affected all segments of society. Many citizens do not have enough money to buy all their needs and some of them buy on credit, pending receipt of his salary. » He said that some of the goods increased private basic ones their prices because of several factors including the rise of the dollar in the foreign exchange market. »
She said an economic expert and a professor in the Department of Economics at the University of Baghdad peace Sumaisem The government delayed the payment of government salaries and behind the economic recession started dogging commercial markets. She added that there are some government agencies delayed payment of salaries for a month or two because of the economic crisis plaguing the country because of low oil prices.
 
It is noteworthy that Iraq Iatmdaly oil imports to finance 95 percent of the budget, and produces about 2.5 million barrels per day, with expectations to increase production to 4 million barrels per day. Sumaisem said: «Of course the movement of trade in the markets affected by it because the owners of the largest purchasing power in the market are the owners of middle-income, mostly from staff».
The economic expert to be the continuation of the crisis depends on the government's policies to address this and address it. The government called for the middle-income in real wages and the imposition of taxes on people with high incomes. » The governor of the Central Bank of Iraq, the relationship, the high price of the dollar «is still within acceptable limits». He attributed that to the new system, which followed the central bank to sell the currency in order to reduce money laundering.
 
Central Bank and follow a new policy to sell the dollar for importers and that by requiring traders to submit documents proving the volume and value of imported materials with customs duties and taxes upfront deduction. He also played down the sales of the dollar to banks and exchange offices to Raba.oaakd CBI six auctions a week from Saturday to Thursday for the sale of foreign currencies, so as to provide dollar liquidity to the local market. The official price for the sale of Bank of dollars to domestic banks and exchange offices in 1166 Danara.okhvd central bank sales of the dollar to $ 75 million a day after it was 250 million. This move came at the request of the Iraqi Council of Representatives, which obliged the central bank not to sell more than 75 million dollars and place it within the budget approved in February of the year items Alhala.oahdf Bank from behind organizing currency auctions to stabilize the price of the local currency against foreign currencies . He is careful to put the dollar at prices below the real exchange him in the local market price.

 

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Measures to improve the Iraqi currency

 

 

         


4/13/2015 0:00 

The appearance of the morning: Required review dinar compared with the dollar 
 BAGHDAD - Farah pumice 
with the central bank from making swift action to improve the value of the Iraqi dinar against the dollar, the economic expert of new proposals to make it happen on the ground. 
decided the central bank to take based on the formats with the government action to stop the decline the dinar against the dollar in the local foreign exchange market, by doubling the share exchange companies in Auctions sale of foreign exchange, and open ports to sell the dollar in state banks are (Rafidain and Rasheed and the Iraqi trade) companies and small importers economist Dr. appearance of Mohammed Saleh suggested in this regard correct path and the value of the dinar Iraq's new prices in line with the economic situation faced by the country, saying that the official discount rate of the dinar against the dollar is unrealistic in light of Alhalah.ufema circumstances pointed to the "morning" that the central bank's reserves, which covers currency in circulation as much as time and a half, and was built on the basis of revenues oil to $ 103 a barrel, with a surplus in the balance of the Iraqi payments, but the current situation has changed from the previous to lower global oil prices as the price of a barrel generator of foreign currency for Iraq nearly $ 53, Maady to get a current account deficit of the balance of the Iraqi payments. 
Salih stressed the need lift restrictions on the Central Bank determines amounts sell the currency within Article 50 of the federal budget for the 2015 law, returned this restriction "danger" to the Iraqi market stability, as well as the pricing of the Central Bank, which do not help the stability of the existence of the market Almoizih.otans Article 50 of the Federal Budget Law 2015: "The central bank is committed to identifying sales of foreign currency (dollar) in daily auction ceiling does not exceed 75 million dinars a day." 
As Saleh, said that the presence of the deficit in the current account of the balance of payments can not be treated in the same official pricing in place of the dinar against the dollar, what leads to the depletion of foreign currency. 
The central bank sells foreign currency in daily currency auction, specifically the US dollar by 1166 Iraqi dinars plus a commission of 21 dinars remittances and 29 dinars for Cash.


Read more: http://dinarvets.com/forums/index.php?/topic/200701-measures-to-improve-the-iraqi-currency/#ixzz3XBqJRyyM

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Issuing securities worth 50 and 100 thousand dinars: the Central Bank tries to disrupt the dollar Ferrari




By: Gazwan on: Tuesday 04/14/2015 13:22 
 
Iraq today / special 
seems to be the US dollar, boarded Since the Ferrari car, made ​​by his government's measures and the central bank, making it at the forefront of the race with the Iraqi dinar, and the curse that has hit the dinar noted the US dollar rising, said professor of economics at the University of Mustansiriya, banking expert Maytham and coffee, "The 
opening of new outlets to pump dollar, will contribute to reducing the price of the dollar, in front of the dinar, but it will put the central bank in front of a big challenge to the Iraqi constitution, "and graduated the next Laibi words in his speech for the" Iraq today "from geographically terms to the annotations simplistic, read where: "" The opening of new outlets would besiege the monopoly of the dollar selling from limited outlets, and lowers its price, but it will increase the amount of sales, a challenge faced by the central bank, and have it in front of two options, the first override the Constitution which set / 75 / million dollars a day or withdrawal of foreign reserves from the state treasury, and both will sign the Central Bank ", and before we get into the world of parliamentary views, remember, that the central bank had decided last Thursday, doubling the share of banking companies of the dollar, and to allow banks Rafidain and Rasheed and Iraqi trade, open windows to sell the dollar, companies and small importers as a measure to reduce the dollar exchange rate in the Iraqi market, and how to help the Iraqi dinar, which was riding a bicycle in his attempt to catch up with the owner of the Ferrari dollar, a member of the Economic Committee, MP for the Kurdistan Alliance, Najiba Najib announced a "new measures by Central Bank to issue pumping the category of / 50 / thousand dinars, and the category of / 100 / thousand dinars in the local market, as a measure to reduce the demand for foreign currency, and support the local currency ". It is the door of generalities to the box of privacy, we read in the coming her for" Iraq today "Next," "The coming days will witness a class trading the / 50 / thousand dinars in local markets, and after achieving success and attract the turnout will be issued a class of / 100 / thousand dinars, as a measure to support the Iraqi currency, and reduce the demand for foreign currency, and reduce banknotes trading in the market size, "and the opinion of Najib open central Nuama new to sell the dollar, we read:" The central bank action, opening new windows to sell the dollar, will achieve success in reducing its price against the Iraqi dinar, "predicted Najib then, that contributes to this measure the fuel suction from Ferrari Dollar: "I expect the decline in the dollar exchange rate against the dinar in the next few days, because of the infusion of hard currency significantly in the local market, after the rise in price to 135 thousand dinars, for each $ 100," said Najib: "The Bank Central, took the decision last Thursday, opening new windows to sell the dollar, as a measure of it to control the local currency deterioration ", and the measures taken by the Central to strengthen its position in these proceedings, disclosed Najib:" The appeal of the Central Bank in Article / 50 / in the budget that violated currency local, and led to degradation, after restricting the central bank $ 75 million, and stop the daily currency auction, will contribute to the strength of the dinar against the dollar, "and remind the reader, that the central bank had decided last Thursday, doubling the share of banking companies of the dollar, and to allow banks Rafidain and good governance and the Iraqi Trade open windows to sell the dollar companies and small importers as a measure to reduce the dollar exchange rate in the Iraqi market, and stop the decline in the local currency (the dinar) against the dollar in the local foreign exchange market by doubling the share exchange companies in auctions selling foreign exchange.


Read more: http://dinarvets.com/forums/index.php?/topic/200813-issuing-securities-worth-50-and-100-thousand-dinars-the-central-bank-tries-to-disrupt-the-dollar-ferrari/#ixzz3XNT1Zs79

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