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CBI News 01/03/2018


yota691
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Wednesday, January 3,
 
 
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Iraq 's Central Bank issued a new condition on the brokerage companies to sell and buy foreign currency to continue to enter the window of selling currencies. 
 

The bank said in a statement received by Alsumaria News, "it was decided to deposit 100 million dinars in the insurance account with the Central Bank instead of letters of guarantee by notification of the payment system of the amount mentioned from the bank account with your companies in favor of the Central Bank," noting that "the decision comes Based on the decision of the Board of the Bank No. 55 on 25 December last. "

 

 

The bank added that "the last period to complete the deposit is on 31 January." 

 

The bank has set new conditions and instructions on banks and brokerage firms to enter the currency sale window to prevent corruption and trading in hard currency.

 

 
 
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Thanks Yota...This implies the brokerage firms dealing in the currency auction have to be basically 'Bonded' in hard-cash in lieu of a 'Letter of Intent''...A 100 million dinar deposit would be a lot easier to come up with now than after the dinar starts to gain value...and it's just sheer coincidental that all these dinars will be setting in the CBI insurance reserve when the RV does happen... 

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Economy News Baghdad:

 

The Central Bank of Iraq, the companies to mediate the sale and purchase of foreign currency need to deposit 100 million dinars instead of the letter of guarantee in its dealings with the Central Bank.

 

According to a document issued by the Central Bank and obtained by "Economy News", "The Central Bank decided on the basis of the decision of the Board of Directors of exchange companies to deposit a hundred million dinars in the insurance account with the Central Bank instead of providing letters of guarantee."

 

"The payment will be by notice of the payment system ( RTGS) of the same amount from the bank account with which these companies are working for the central bank," the document said.

 

The document stated that the decision obligates the companies to complete this decision, ie the deposit of 100 million dinars at the end of January.

 

 

Views 40   Date Added 01/03/2018

 
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Thanks Yota...Correct me if I'm wrong...'RTGS'  is the 'open economy' that the CBI just switched to...now that commerce can be generated through the 'RTGS/open economy' the CBI is requiring bonded accounts to be opened into a 'insurance fund' by anyone wanting to enter the money exchange market...giving instant security/accountability for 'international' trading...This generates transparency in the international monetary world...and is basically bringing the CBI up to speed with the rest of the world...  

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Central Bank of Iraq Auctions $184,926,651 on 02 January 2018

 

by b88ef8cc81a87701a1091493f3241fb4?s=40&d=Ibrahim KhalilJan 2, 2018, 1:45 pm

 

 

Central_Bank_of_Iraq_Logo
 

 

 

 

 

Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on January 2 registered $184,926,651 in sales, a 2.41% volume increase from the US $180,580,013 sold by Iraqi Dinar, credit and transfer at the previous auction held on December 28.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on January 2 compared to the previous auction.

Data for the January 2 auction was made public by CBI Announcement Number 3604.

Dollar sales in the in the period January 1, 2018 to January 2, 2018 saw an increase of -1% compared to the sales of US $15.7 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to January 2018, sales of US dollars averaged US $1.86 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

YEAR MONTH US DOLLAR SALES IN BILLIONS INCREASE/(DECREASE) COMPARED TO THE PREVIOUS MONTH
2017 January 2.2
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 2.2 120%
2017 November 1.9 -14%
2017 December 1.9 0%
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IMO, mandating transaction by RTGS and requiring approximately 100,000.00 dollars in deposits with the CBI. will weed out a lot of the corrupt and and make it easier to track transactions.  Iraq's big push is for building new infrastructure and infrastructure has been one of the main ways for the corrupt to steal Millions, if not Billions. through fake companies.  All I can say is it's about time!

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%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8

Media treasures / Baghdad ..

The central bank on Wednesday called on brokerage companies to sell, buy and exchange foreign currency in order to deposit 100 million dinars instead of the letter of guarantee in its dealings with the bank.

According to a document issued by the bank, "The Central Bank decided on the basis of the decision of the Board of Directors of exchange companies to deposit a hundred million dinars in the insurance account with the Central Bank instead of providing letters of guarantee."

"The payment will be by notice of the payment system ( RTGS ) of the same amount from the bank account with which these companies are working for the central bank," the document said.

"The decision obligates the companies to complete this decision, ie the deposit of 100 million dinars at the end of January

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4 minutes ago, KDuesing said:

100 mill dinars is only 85000.00 usd. so let me get this straight they removed the guarantee they gave on the letters of guarantee and replaced it with only 85k of insurance lol.

 

What If They Raise The Value On That 100 Million Dinar ? :o 

 

:D  :D  :D 

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This move by the CBI is to prevent corruption in the daily auctions

 

Looks like the CBI will continue with the daily auctions at least till January 31

 

100 million dinars per company is a lot of dinar off the streets

 

Go new monetary policy 

Go open market economy 

 

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