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13 private banks are reducing the dollar's exchange rate to the citizens


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The side of the press conference held by Managing Director of the Bank of Assyria Adnan Chalabi today (May 23, 2015)

 

Author: ASJ, HH 
Editor: AB, HH 23.05.2015 thirty-five past five p.m. number of readings: 331 

 

 

Long-Presse Baghdad

Assyria bank, announced on Saturday that 13 private banks took the initiative to reduce the dollar exchange for citizens and companies the price of banking, as he emphasized that this step comes in support of monetary policy of the Central Bank and to ensure exchange rate stability.

The Managing Director of the Bank of Assyria Adnan Chalabi during a press conference held in Baghdad and attended (range Press), that "the 13 private banks took the initiative to reduce the cash rate for the dollar for citizens and companies banking price support monetary policy of the Central Bank and to ensure exchange rate stability."

He said Chalabi, said that "banks will start tomorrow since the sale of the dollar price for 1193 dinars, and the price of 1192 dinars to the remittances," noting that "these banks are the Bank of Assyria, the Middle East, and across Iraq, the Islamic and national levels, and the Union, and the Gulf, and Dar es Salaam, the Muslim and the country, and the Iraqi Islamic, and United, and the Bank of Irbil, the trade and the region, and the Iraqi Credit Bank ".

He pointed Chalabi, that "the announcement of the other banks that are expected to take such a step will be later," pointing out that "the initiative banks to reduce will follow their customers from banking companies to commit to this initiative and open windows to the public and selling prices specified".

The specialize in the banking sector attributed, in (April 9, 2015), the reason for the high dollar exchange in front of the dinar to the last Central Bank special procedures to deduct customs duties and taxes in advance, and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need the abolition of Article 50 of the budget.

The Central Bank of Iraq announced, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control of "money laundering" through prepayment of taxes and customs for goods entering Iraq, returned to that will double the country's imports.

The International Monetary Fund predicted in (21 March 2015), the high proportion of the deficit in the budget for Iraq in 2015 to more than the proportion of 12% announced by the government, because of lower oil prices and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget, He suggested the implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and the revision of the maximum limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.

The current year's budget law, committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in the daily auction ceiling does not exceed 75 million dinars, with the exercise of justice in the sale, and claim participant in the auction the bank to provide the introduction of goods and data documents settling accounts and tax savings Alkmarki within 30 days from the date of the purchase amount, and so it applied the sanctions set forth in the Central Bank Act or regulations issued it, and use other banking instruments to maintain the strength of the dinar against the dollar.

 

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Private banks cut dollar selling prices for citizens 1193 dinars

 
      Saturday   23   May   2015 | 17:31
 

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That a number of private banks took the initiative to reduce the price of the dollar to 1193 dinars for direct sale to the citizens and businesses of banking

 
 

Qurtas News / Baghdad

Initiated some Iraqi private banks on Saturday, reducing the dollar's exchange rate against the dinar for those wishing to buy from citizens, saying it would monitor the shops, banking contractors for selling the dollar.

The Managing Director of the Bank of Assyria Adnan Chalabi told a news conference in Baghdad, said that "13 private banks are Assyria, the Middle East, through Iraq, the National Islamic, Union, Gulf, Dar es Salaam, the Islamic country, the Islamic Iraqi, United, Erbil, the region trade , Iraqi credit, took the initiative to reduce cash sales for citizens and companies banking B1193 price dinars to the dollar and the price of 1192 dinars to the dollar of remittances and starting on Sunday, in support of monetary policy of the Central Bank and to ensure exchange rate stability. "

The Chalabi that "the announcement of the other banks, which expect it Stkhti step these banks will be announced later," adding that "banks Initiative reduction will follow their customers from banking companies to commit to this initiative and open windows to the public and selling prices specified".

 

 
Saturday 23 May 2015 17:07
 
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The Iraqi Association of Banks, Saturday, an initiative to reduce cash sales of dollars to citizens and banking companies from tomorrow Sunday, indicated that it will be sold for 1193 dinars to the dollar.

 

The association said in a statement Sumerian received News a copy of it, he was "in support of monetary policy of the Central Bank of Iraq and to ensure the stability of the exchange rate took the initiative of private banks (Ashur, the Middle East , acrossIraq , the National Islamic, Union, Gulf, Dar es Salaam , the Islamic country, the Islamic Iraqi, United, Arbil, commercial region, the Iraqi credit) to reduce cash sales for citizens and companies banking rate for 1193 dinars to the dollar and the price of 1192 dinars to the dollar of remittances, "adding that it" will be starting tomorrow Sunday 24 of May. "

 


 

Association of Banks added that "banks will follow their customers from banking companies to commit to this initiative and its windows open to the public and sell these specific prices."

 

The deputy head of the parliamentary Economic Committee Harith al-Harthy expected, in (April 12, 2015), the low dollar exchange rates against the dinar during the next two days, while pointing out that some of the "mafias" in controlling and manipulating the markets in prices according to their interests.

 

The dollar price in the domestic market in front of the Iraqi dinar gradually during the last period up to 1335 dinars to the dollar, compared to 1200 dinars to the dollar by the end of last year 2014.
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Yota! you are awesome at gathering the news and consistant! I followed you and have read your news for years and joined the site to say thank you to you Yota!

Thanks newbieDA and Welcome to DV..We got a Great bunch of Folks here...that makes this site #1....

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Association of Banks added that "banks will follow their customers from banking companies to commit to this initiative and its windows open to the public and sell these specific prices."

 

This is good too, the banks that sell at higher prices will have to watch their customers leave for these new banking companies or commit to this new lower 1193 exchange or lose out haha

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To sum up,

 

The Iraqi Association of Banks, Saturday, an initiative to reduce cash sales of dollars to citizens and banking companies from tomorrow Sunday, indicated that it will be sold for 1193 dinars to the dollar.
 
The dollar price in the domestic market in front of the Iraqi dinar gradually during the last period up to 1335 dinars to the dollar, compared to 1200 dinars to the dollar by the end of last year 2014.
 
Someone please clarify. They are reducing the cash sales of USD inside Iraq by ???? increasing the cost to buy USD or by lowerig the cost? Last time I checked the world wide exchange rate of IQD per the CBI was still in the 1160 +/- range. What was the previous in country cost to buy USD? How will this exactly effect the exchange rate via the CBI? How does this work with alledged policies and desires for the CBI and GOI to RV? Sorry I am just not the sharpest tool in the shed when it comes to this article.
 
Yup, just off the CBI site:
US dollar USD 1166.000 sell, 1164.000 buy .
                                                                                                                        
                                                                                                                          
 
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To sum up,

 

The Iraqi Association of Banks, Saturday, an initiative to reduce cash sales of dollars to citizens and banking companies from tomorrow Sunday, indicated that it will be sold for 1193 dinars to the dollar.
 
The dollar price in the domestic market in front of the Iraqi dinar gradually during the last period up to 1335 dinars to the dollar, compared to 1200 dinars to the dollar by the end of last year 2014.
 
Someone please clarify. They are reducing the cash sales of USD inside Iraq by ???? increasing the cost to buy USD or by lowerig the cost? Last time I checked the world wide exchange rate of IQD per the CBI was still in the 1160 +/- range. What was the previous in country cost to buy USD? Sorry I am just not the sharpest tool in the shed on this article.

 

 

the market price is 1305 within the market http://www.rs.iq/

 

the exchange rate is 1166 http://www.cbi.iq/

 

there is an 8% remittances fee which was enacted which should bring that too 1193 sell price to the market

 

CBI sent out a warning to all to stop selling so high

 

To / banks approved to exercise all banking - licensed remittance companies all - to broker the sale and purchase of foreign currencies approved all companies (Warning)

05/05/2015

 

CBI opened up all these outlets to sell the dollar with the correct market price and to stop it to get the exchange rate back within 2%, IMF compliance, after 90 days of this they are eligible for Article 8

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This is good too, the banks that sell at higher prices will have to watch their customers leave for these new banking companies or commit to this new lower 1193 exchange or lose out haha

 

Could possibly set up competition in the marketplace which eventually leads to something closer to a 1 to 1 rate??  

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Could possibly set up competition in the marketplace which eventually leads to something closer to a 1 to 1 rate??  

 

I am looking at in baby steps, its outta control by the mafias and money changers, need to hit them hard, take em out, thats the plan I see

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I am looking at in baby steps, its outta control by the mafias and money changers, need to hit them hard, take em out, thats the plan I see

 

That's a decades long process that after 115 years we've finally got a handle on here in the US.  Hope it doesn't take that long!

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I like this thread very well.

 

Thanks for clarifying stuff for me newbie DA and K98nights. I also appreciate that link you provided newbie http://www.rs.iq/ it goes directly to the ISX market index. I have been searching somewhat over the past years for such a site to gain further knowledge on some detailed in's and out's of the ISX inorder to develope and test potential ISX investment strategies when I have more than pocket change or the actually get themselves onto Nasdaq. Whichever comes first.

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Back in July 30, 2014 The Security Council of The U.N. extended the mandate of the United Nations Assistance Mission for Iraq (UNAMI) for another year until 31 July 2015. This date is profoundly interesting with the timeline of Iraq now beginning in earnest to "cleaning up their act" financially. For example Article 8 within 90 days.

 

All I can say is that where's there's smoke there's fire. 

 
 
Interesting to say the least.
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Association of Banks: cash sales of dollars for dinars in 1193 from today
Economy and tenders

 Since 24.05.2015 at 11:48 (GMT Baghdad)

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BAGHDAD - scales News

The Iraqi Association of Banks, an initiative to reduce cash sales of dollars to citizens and banking companies as of Sunday, indicated that it will be sold for 1193 dinars to the dollar.

The association said in a statement, received / scales News / copy of it: "support the monetary policy of the Central Bank of Iraq and to ensure the stability of the exchange rate has initiated special Assyria banks, the Middle East, through Iraq, the National Islamic, Union, Gulf, Dar es Salaam, the Islamic country, the Iraqi Islamic , United, Arbil, commercial region, the Iraqi credit to reduce cash sales for citizens and companies banking rate by 1193 dinars to the dollar and the price of 1192 dinars to the dollar of remittances. "

She explained that "will be starting on Sunday, May 24, the current sale price mentioned."

Association of Banks added that "banks will follow their customers from banking companies to commit to this initiative and its windows open to the public and sell these specific prices."

The dollar prices in the domestic market has seen a big increase reached more than 1,300 dinars to the dollar. End

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Publishing Date: Sat, 23 May two thousand and fifteen 5:18:57 p.m. | Views: 363

BAGHDAD - Today's News 
 

 The Iraqi Association of Banks, on Saturday, an initiative to reduce the cash sales to the dollar for citizens and companies from the banking, on Sunday, indicated that it will be sold for 1193 dinars to the dollar. 

 

 The association said in a statement, received "Today's News" a copy of it, he was "in support of monetary policy of the Central Bank of Iraq and to ensure the stability of the exchange rate took the initiative of private banks (Ashur, the Middle East, through Iraq, the Islamic National, Union, Gulf, Dar es Salaam, the Islamic country, Islamic Iraqi, United, Arbil, commercial region, the Iraqi credit) to reduce cash sales for citizens and companies banking rate by 1193 dinars to the dollar and the price of 1192 dinars to the dollar remittances of Btdae on Sunday. " 

 

 Association added that "banks will follow their customers from banking companies to commit to this initiative and its windows open to the public and sell these specific prices." For his part, he said the appearance of Mohammed Saleh, Prime Minister Haider al-Abadi Counselor for Economic Affairs, said that "This initiative shows the Iraqi market ethic, a goodwill gesture by these banks." 

 

 Saleh added, in an interview with "Today's News" that "these banks account for more than 50% of the bidders on the proportion of hard currency." Saleh pointed out that "the government's economic policy direction of the market is starting to bear fruit, the Azad period before the central bank raised the dollar amount of the sale and the amount of remittances to support these banks."

 

 Saleh stressed that "this gesture prevent speculation that harm the Iraqi economy." Saleh pointed out that "the Central Bank of Iraq trillion dinars allocated for the financing of small and medium enterprises, will be allocated for the banks to maintain their liquidity and revitalization engaged with customers, which necessarily will push stock prices to rise."

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I've tried to get some attention on just how important Article 8 is in being compliant... it hasn't been a big seller...The WTO and the UN have major issues with Iraq bein' compliant with Article 8 and are serious in their intension...

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