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


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25/05/2015 (00:01 pm)   -   the number of readings: 197   -  number (3368)
 
 
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13 private banks cut dollar exchange rates for the citizens and businesses of banking


 

BAGHDAD / long-Presse 
 


Ashur Bank, announced Saturday that the 13 private banks took the initiative to reduce the dollar exchange rate for the citizens and businesses of banking rate, as he emphasized that this step comes in support of monetary policy of the Central Bank and to ensure the stability of the exchange rate. 
The Managing Director of the Bank of Assyria Adnan Chalabi during a press conference held in Baghdad and attended ( long-Presse), "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 added 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: Bank of Assyria, the Middle East, and across Iraq, the Islamic and national levels, and the Union, and the Gulf, and Dar es Salaam, and the Muslim country, Islamic and Iraqi, and United, and the Bank of Irbil, the trade and the region, and the Bank Iraq Trust". 
He pointed Chalabi, that "Advertising for 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 (9 April 2015), the reason for the high dollar exchange in front of the dinar to the last Central Bank special deduct customs duties and taxes in advance procedures, and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need for the abolition of Article 50 of the budget. 
The Central Bank of Iraq has announced, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control the "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, and the proposed implementation of reform measures strict include austere in investment projects, and a commitment to reducing expenses, and the revision of the maximum limits for sales of the Central Bank of 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, it has committed the Central Bank of Iraq, in paragraph 50, identifying sales of currency difficult (the dollar) in the daily auction ceiling does not exceed 75 million dinars, with the exercise of justice in the sale, and claim the participant in the auction the bank to provide the introduction of cargo documents and statements of tax settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount, and otherwise apply the penalties provided for in Central Bank Act or regulations issued by, and the use of other banking instruments to maintain the strength of the dinar against the dollar.

 
 

 

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i fail to see any excitement here.... 

There ain't, it's just movement whether it be forward, backward, or sideways.  It's just movement and "always' considered part of the puzzle.  But, if you think like me, I say once this does pop, it will be short lived.  The middle east is blowing up, people killing people thinking they do God's service.   I hope to bless many when this happens but not without telling them time is short, redemption draws nigh for the taking.  Malke sure that they bless others.  All things are possible only believe. 

 

He called my name!  

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Central Bank: 18 banks sold dollars B1193 DT

Author: Publisheron: May 30, 2015In: economyViews: 28 views

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Central Bank of Iraq said that 18 banks began selling the adoption of a fixed rate to the dollar B1193 dinars in order to re-stabilize the exchange rate in the domestic market.

He said the Central Bank Council member Majid picture's (IMN) "The Central Bank has taken measures to restore the stability of the Iraqi dinar exchange rate against the dollar chain", noting that "the banks began to sell 18 per dollar at 1193 dinars."

Suri said that "there are many reasons led to increased demand for hard currency, the psychological factor has a significant impact, as well as the activity of speculators, and the increase in demand for hard currency is still continuing despite the increase in supply, except for economic reasons."

And I saw the Iraqi dinar exchange rate against the dollar significantly reduced after the one-dollar sale B1230 dinars over the past two weeks the price.


Read more: http://dinarvets.com/forums/index.php?/topic/203387-central-bank-18-banks-sold-dollars-b1193-dt/#ixzz3bcWTwj00

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Governor of the Central Bank: Other banks will join for the adoption of a fixed selling price for the dollar

 
      Monday   01   June   2015 | 11:20
 

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13 Iraqi private banks recently began selling B1193 dinars per dollar with a view to re-stabilize the exchange rate in the domestic market and later joined her five other banks

 
 

The coming stage will join the other banks to participate in this step that we believe will help the stability of the Iraqi dinar exchange rate against the dollar

 
 

Qurtas News / Baghdad

Detection Governor of the Central Bank of Iraq on the Keywords, Monday, about the existence of new banks would join soon to the banks, which began the adoption of a fixed selling price for the dollar.

Keywords and said for "Ply News", "13 Iraqi private banks recently began selling B1193 dinars per dollar with a view to re-stabilize the exchange rate in the domestic market and later joined her five other banks."

Keywords and he pointed out that "the coming phase will join the other banks to participate in this step that we believe will help the stability of the Iraqi dinar exchange rate against the dollar," noting that "there is a great demand for the dollar, whether citizens or business owners to cover their trade."

And I saw the Iraqi dinar exchange rate against the dollar significantly reduced after the one-dollar sale price B1230 dinars over the past two weeks.

The dollar exchange rate has risen in the coming days to gradually up to 1,260 dinars, the highest rate in years.

It is noteworthy that 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 sales, and demand co-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 law or instructions issued from it, and use other banking instruments to maintain the strength of the dinar against the dollar.
 

 

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Parliamentary Finance outweigh lower demand for the dollar with a new currency issuance

Author: Publisheron: June 2, 2015In: economyViews: 51 views

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - the parliamentary finance committee suggested reduced demand for the dollar in the Iraqi market with the release of the new category of the local currency, noting that the central bank reduced sales led to increased demand and lifted the dollar exchange rate against the dinar.

Central Bank of Iraq and the process and intends to issue new paper from the category of 50 thousand dinars and 100 thousand dinars not to grudge measures aimed to revive the local market chain.

The committee member said Jabbar Abdul-Khaliq's (IMN) "The forecasts indicate lower demand for the dollar in the domestic market with the start of trading the new category of local currency," adding that "the growing demand for the dollar has caused a decline in the dinar exchange rate."

Abdul-Khaliq said that "the increasing demand for the dollar with reducing the supply of it in accordance with procedures and instructions of the Central Bank of the federal budget caused by increasing dollar exchange rates against the Iraqi dinar."

He said the Central Bank of Iraq last Saturday, he said that the 18 banks they started the adoption of a fixed selling price per dollar B1193 dinars in order to re-stabilize the exchange rate in the domestic market.

And I saw the Iraqi dinar exchange rate against the dollar decline after the record per dollar exchange rate 1330 dinars over the past two weeks.


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Economist: Speculators increased demand Afshla cut dollar initiative
Economy and tenders

 Since 10.06.2015 at 10:52 (GMT Baghdad)

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 BAGHDAD - scales News

He attributed the economic expert, the reasons for not activating the Iraqi banks to cut dollar initiative to increase demand and tight supply by the Central Bank of Iraq and the presence of some speculators who monopolize the dollar to benefit even more.

He said economic expert on behalf of Jamil Anton in a statement to / scales News /: "The Association of Iraqi banks initiative launched dollar selling price in 1193 was good to reduce the high dollar and the return to the normal price, but that the initiative hit by obstacles several of which increased demand and tight supply by Central Bank of Iraq and the presence of some speculators who monopolize the dollar to benefit even more. "

He said Anton, the process of the withdrawal of the dollar from the central bank included the addition of 8% Thoel which constitute 3% of the trusts "income tax" and 5% of the customs tariff and the Iraq oil revenues are the other did not develop what led to the lack of speed of response to the initiative, but at the same time united rapid Manalartvaa in dollar prices .29- 3 / h

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Private banks: the central bank to determine the price lower than the market to convert the dollar caused great overwhelm

 
June 11, 2015 18:50
 
Readers Number:78
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The member of the Association of private banks Ali Tariq, Thursday, to determine central bank rate 1200 dinars to convert the next dollar from abroad led to a major disruption because of him the difference and the market price, and between that it is currently working with the central bank to postpone the implementation of this resolution until the stability of the dollar exchange rate. said Tariq in an interview that "the Central Bank issued, on 25 May last, instructions for banks to be deposited in cash in dollars in the central bank can pull the dollar but overpriced next foreign remittances in dollars, the central bank converts the Iraqi dinar at a price of 1,200 dinars and pass it to private banks," He pointed out that "private banks are obliged to fulfill its obligations to its customers in Iraqi dinars and at this price."
 

He said Tariq that "the problem lies in the price of 1200 and the market price because the market is different from the largely price and this is what led to a significant disruption," noting, "We are currently working with the central bank to postpone the implementation of this resolution until the stability of the dollar in the market and the bank rate." He continued by Association of private banks that "private banks implemented a decision from the date of issue and this has led to problems, especially exchange for foreign companies being involved in dollars to pay their dues and salaries of their employees," noting, "We were expecting a significant decline in the market which is what happened but suddenly the dollar rose main reason is Display process and demand in the market because there is a great demand for the dollar because of the massive imports imported by the private sector as well as the decline in the price of oil. " The Iraqi Association of Banks announced that, in (23 May 2015), an initiative to reduce the cash sales to the dollar for the citizens and businesses of banking, and showed it will be sold for 1193 dinars to the dollar. The dollar price in the local markets for the Iraqi dinar gradually to reach during the last period to 1335 dinars to the dollar, compared to 1200 dinars to the dollar through the end of last year 2014.


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Anything above 1166, the program rate, is to be considered the street rate. Once the program rate vanishes then you will have to check the CBI as to what the rate is and compare that to the rate being discussed to find market rate.

 

I wish they would just say we no longer honor dollars. Quit funneling dollars into the local economies convert to an all IQD system. Only allow dollars to be exchanged into IQD and any foreigners to Iraq must also change dollars to IQD at only at official currency exchanges. This would change their economy in a millisecond. As long as Iraq continues to honor dollars or any other foreign currency to Iraq then no RV will happen because after years the dollar has been firmly ensconced into the mindset of the everyday Iraqi people. They think in dollars not IQD. Change the currency save the world. Okay maybe not the world but at least Iraq. 

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Who controls the dollar prices ?!

 

 

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Author: Yasser incumbent

14/06/2015 0:00

Are attempts and measures succeed in stabilizing the exchange rates of the dollar and that controls determine exchange rates ?! This is what will answer him this conversation with one of the friends. 
Tell me Iraqi businessman resident between Erbil and Turkey met him in his office in Arbil during a short visit to Kurdistan last week - about the reasons for the fluctuation dollar exchange rates against the dinar and the controlling force in identified, is supposed to play a theory supply and demand their role is recognized but identified gaps was able to control.   
I go my friend Mr. Jaafar as the situation which recently acquired from the truncated 8 percent from the Deposit tax and Alcomerk had exploited by cashiers contributed to a deepening crisis upward, as well as a decrease in the supply of foreign exchange by Central Bank which set the budget law to paragraph 50 of them, which was the first spark for the rise of the progressive. 
And the impact of this pre-deduction in advance of the value of remittances, he said: simple calculation, the deduction of 8 percent means for Asravien that the price set for the category of $ 100, which is equivalent in 1192 will equal the equivalent of of $ 92 and a difference of 8 percent added to the price, which led to a steady increase exchange rate, this price manipulation led to increasing trade price. 
Note that the deduction teams clinch share of the citizen, this culture devoted to the Abavien, otherwise what's the difference between a tax deduction and Alcomerk at incoming goods What are deducted from pre same percentage. 
attempts and measures taken by private banks to sell the fifty dollar price of 1193 dinars to support and enhance the action of the Central Bank of Iraq to stabilize the exchange rates, and the calls and appeals to banking companies to support these measures without Mujibur! What do you mean by this phenomenon then? 
The answer is simply that the strength of banking companies are in control of the money market despite the fact that all they have does not constitute a tenth of thousandth of what is owned by Bank of currency reserves, and this requires a review of decisions and the creation of bumpers for the control of cash in the market and expected his subsequent hikes for many reasons. 
eight central bank recently issued new instructions stipulate that responsibility for the provision of securities and cash foreign for remittance of foreign currency, and this is contrary to the principle of the free movement of money and the implications on foreign investment, which deals in all of the obligations, we believe here Bdharoh re considering such a procedure because it will increase the pace of ascent.


Read more: http://dinarvets.com/forums/index.php?/topic/204156-who-controls-the-dollar-prices/#ixzz3d2KRKKvC

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