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The Central Bank allows companies to mediate the sale and purchase of foreign currencies
Sunday 30 December 2018
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Baghdad - Nas

The Central Bank of Iraq (CBE) on Sunday ordered the brokerage firms to sell and buy foreign currencies.

According to a document issued by the Central, read by "NAS", today (December 30, 2018), "it was decided to cancel our pledge No. 9/6/94, dated 17/4/2013, and to allow companies to mediate the sale and purchase of foreign currencies more than the company mediated "He said.

 

 

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https://www.nasnews.com/البنك-المركزي-يسمح-لشركات-التوسط-ببيع/

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40 minutes ago, Donziman said:

Question   If companies can mediate the sale of currencies does this

look like a float?

 

I am not sure these two ideas are connected (i.e., brokerage powers to companies and a specific monetary policy tool). To me, it just looks looks like a milestone development within the existing financial system.

 

If there is a float, there will be more financial players with the tools and experience in the Iraqi marketplace who can offer Iraqis broader financial services.

 

To me, this looks like legislation that loosens one screw to tighten another promoting more control, legitimating trading powers over illegitimate exchangers--so called black market traders. 

 

Not sure what else to make of it, other than it is good financial 'infrastructure' news.

Edited by bkeiller
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Caught the " BOWL MANIA Fever " - I Got the Yips, Heeby Geebies & the Snorting Jordies. Only cure is my favorite Adult Beverage and College Football.

 

Should be fine after Alabama WHOOPS the Tar outta Clemson on 7 January 2019.

 

Oh yea . . . C'mon U Sand Monkeys . . . RI/RV January 2019

 

 

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