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Association of Exchange Companies in Iraq aspirations and challenges

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 Keywords: The banking sector in Iraq is growing and growing in order to expand the base of different economic trends
 
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 Banks


Economy News _ Baghdad

The governor of the Central Bank Ali Alalak, on Monday, that the banking sector in Iraq is growing and growing, so as to expand the base of different economic trends.

"The banking sector in Iraq is growing, expanding and expanding in order to expand the base of different economic trends," said the governor of the Central Bank Ali Al-Alaq in his speech during the first Iraqi conference of exchange companies and attended by "the economy news". He pointed out that "exchange companies represent an important part of the banking process through The great work done by the banking companies operating in the country. " 

"The exchange companies in Iraq is one of the largest companies now in the level of exchange companies operating in the countries of the world."

 
 

Views 42   Date Added 01/21/2019

http://economy-news.net/content.php?id=15158

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2019/01/21 12:09
  • Number of readings 29
  • Section: Iraq
  •  

Central Bank: The preparation of exchange companies in Iraq is the largest in the region

BAGHDAD (Reuters) - Iraq's central bank governor Ali al-Alak said on Monday that Iraq has the largest exchange companies in the region and a number of countries in the world, stressing that these companies are not just "small shops". 

"The number of exchange companies in Iraq is the largest in the region, but the largest in many companies located in the countries of the world," he said, noting that "this reflects the importance of these companies and their role and the nature of the economic reality in the country."

 "The Central Bank is maintaining the stability of the exchange rate, which is a goal to achieve real growth and stability, which is the essence of monetary policy to achieve economic stability in the country and exchange companies are playing an important role in this framework and any imbalance will be reversed," adding that " Companies and make them close to keep pace with developments in the world. " 

Al-Alak pointed out that "the bank asked exchange companies to take steps is to assemble companies from the forces capable of development and keep pace with global development," pointing out that "some companies have forgiven for several reasons." 

"The world is currently living in an age where these companies can not be a small shop that opens in a short time and closes at a certain time, but these companies must perform vital work and provide services parallel to financial institutions," he said. 


 

The obelisk

http://almasalah.com/ar/news/161742/البنك-المركزي-اعداد-شركات-الصرافة-بالعراق-تعد-الاكبر-في-المنطقة

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Monday, January 21, 2019 13:36

1

 

 

The governor of the Central Bank Ali Alalak, on Monday, that the number of exchange companies in Iraq is the largest in the region, but the largest in many companies located in the countries of the world. 
Al-Alak said in the first Iraqi conference of exchange companies, that reflects the importance of these companies and their role and nature of the economic reality in the country " 
He added that" the Central Bank is maintaining the stability of the exchange rate, a goal of real growth and stability, which is the essence of monetary policy to achieve economic stability "The bank is continuing to develop these companies and make them close to keep up with developments in the world," he said.
Al-Alak pointed out that "the bank asked exchange companies to take steps is to assemble companies from the forces capable of development and keep pace with global development," pointing out that "some companies have forgiven for several reasons." 
Keywords stressed that the world is currently living in an era and these companies fit in it just be a small shop opens its doors shortly and closes a certain time, but must lead these companies vital work and to provide services that are parallel to financial institutions. " 
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Monday, January 21
 
 
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Alsumaria News / Baghdad, said the central bank governor on the Keywords, Monday, possession of Iraq exchange companies are the largest in the region and the number of countries in the world, stressing that these companies are not just "small shops". 

"The number of exchange companies in Iraq is the largest in the region, but the largest in many companies located in the countries of the world," noting that "this reflects the importance of these companies and their role and the nature of the economic reality in the country "He said.

 


"The Central Bank is maintaining the stability of the exchange rate, which is a goal to achieve real growth and stability, which is the essence of monetary policy to achieve economic stability in the country and exchange companies are playing an important role in this framework and any imbalance will be reversed," adding that " Companies and make them close to keep pace with developments in the world. " 

Al-Alak pointed out that "the bank asked exchange companies to take steps is to assemble companies from the forces capable of development and keep pace with global development," pointing out that "some companies have forgiven for several reasons." 

"The world is currently living in an age where these companies can not be a small shop that opens in a short time and closes at a certain time, but these companies must perform vital work and provide services parallel to financial institutions," he said.

Most of the private banks and exchange offices in Iraq rely heavily on the central bank auction to obtain profits without performing its credit work.

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Central Bank: Iraq has the largest number of exchange companies in the region

21120191351592-7.jpg

 

Selling the Dollar in a Money Exchange Company

Photo: Archive

 

Digital Media

The governor of the Central Bank Ali Al-Alak, on Monday, that  Iraq has a number of exchange companies is the largest in the region and a number of countries in the world . Al-Alak said in a speech today, January 21, 2019, during the first Iraqi conference of exchange companies that "the number of exchange companies in Iraq is the largest in the region, but the largest in many companies in the countries of the world," noting that " Companies and their role and the nature of the economic reality in the country . "  
 

He added that "the central bank is maintaining the stability of the exchange rate, which is a goal to achieve growth and stability in real, which is the essence of monetary policy to achieve economic stability in the country and exchange companies are playing an important role in this framework and any imbalance will be reversed," noting that "the Bank continues to develop these companies and make them Close to keeping pace with developments in the world . "

Al-Alak pointed out that "the bank called on exchange companies to take steps is to assemble companies from the forces capable of development and keep pace with global development," stressing that some companies have forgiven for several reasons.

 The Department of Banking and Credit Control at the Central Bank of Iraq, confirmed earlier that there was in Iraq 340 banking companies in 2003, and rose over the past years to more than 2000 companies, and they buy the dollar from the bank centerThe one-way window to provide foreign currency for citizens .

ر.إ

http://www.nrttv.com/AR/News.aspx?id=8595&MapID=5

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Tuesday, 22 January 2019 11:22 p

 

Iraq has the largest exchange companies in the region

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The governor of the Central Bank Ali al-Alaq, the possession of Iraq exchange companies are the largest in the region and a number of countries in the world, stressing the importance that these companies are not just "small shops." 

"The number of exchange companies in Iraq is the largest in the region, but the largest in many companies in the countries of the world," he said, noting that "this reflects the importance of these companies and their role and the nature of the economic reality in the country." 

He added that "the central bank is maintaining the stability of the exchange rate, which is a goal to achieve real growth and stability, which is the essence of monetary policy to achieve economic stability in the country and exchange companies play an important role in this framework and any imbalance will lead to the opposite," adding that "the Bank continues to develop these Companies and make them close to keep pace with developments in the world. "


Al-Alak pointed out that "the bank asked exchange companies to take steps is to assemble companies from the forces capable of development and keep pace with global development," pointing out that "some companies have forgiven for several reasons."

https://www.thebaghdadpost.com/ar/Story/146837/العلاق-العراق-يمتلك-أكبر-شركات-الصرافة-في-المنطقة

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Central Bank: The preparation of exchange companies in Iraq is the largest in the region

 

Bertha News Agency122 2019-01-21
5c45e4a56619b.jpg
 
 

The governor of the Central Bank Ali Alalak, on Monday, the possession of Iraq exchange companies are the largest in the region and a number of countries in the world, stressing that these companies are not just "small shops."

"The number of exchange companies in Iraq is the largest in the region, but the largest in many companies located in the countries of the world," he said, noting that "this reflects the importance of these companies and their role and the nature of the economic reality in the country."

"The Central Bank is maintaining the stability of the exchange rate, which is a goal to achieve real growth and stability, which is the essence of monetary policy to achieve economic stability in the country and exchange companies are playing an important role in this framework and any imbalance will be reversed," adding that " Companies and make them close to keep pace with developments in the world. "

Al-Alak pointed out that "the bank asked exchange companies to take steps is to assemble companies from the forces capable of development and keep pace with global development," pointing out that "some companies have forgiven for several reasons."

Alaq said that the world is currently living in an era where these companies can not be just a small shop that opens in a short time and closes at a certain time, but they must perform vital work and provide services parallel to financial institutions.

Most of the private banks and exchange offices in Iraq rely heavily on the central bank auction to obtain profits without performing its credit work.


Article Credit: http://burathanews.com/arabic/economic/344205

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(Rubbing hands together greedily) and what would you need all these exchanges for 😁😁😁 and the IMO ... and the auctions to suddenly cease to exist... let's go Iraq! Let's go!

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In the oil patch there would be days when the air had that very distinctive aroma of Oil. We always proclaimed loudly-SMELLS LIKE MONEY  ! 

 

Reading some of the threads today, My Smell-a-phone is picking up the very same sort of aroma going on in here. 

 

SMELLS LIKE MONEY !!!  :bagofmoney:

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6 minutes ago, 10 YEARS LATER said:

In the oil patch there would be days when the air had that very distinctive aroma of Oil. We always proclaimed loudly-SMELLS LIKE MONEY  ! 

 

Reading some of the threads today, My Smell-a-phone is picking up the very same sort of aroma going on in here. 

 

SMELLS LIKE MONEY !!!  :bagofmoney:

Coming from you...... my ears... perked up! Thanks Bud

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2 hours ago, NEPatriotsFan1 said:

Coming from you...... my ears... perked up! Thanks Bud

 

Been pretty jaded of late .... “ Grumpy “ too .... of the 7 Dwarfs  it’s time I was “ Happy “ ( and for all here as well ) - lots of folks here waiting a very long time.

 

Those poor folks over there deserve to live like human beings not animals scratching the dirt for scraps. 

:crossedfingers:

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1 hour ago, 10 YEARS LATER said:

Those poor folks over there deserve to live like human beings not animals scratching the dirt for scraps. 

 

💯 !!!! 

 

As hard as it is is here for Average Americans or those in 1st world countries..... I can’t imagine the devastation, depression, loss of loved ones that the average Iraqis have endured.....

 

I would love for all of us little people to have a prosperous 2019! 

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1 hour ago, ChuckFinley said:

After the last few days of work I am ready to walk away from all of this in a second.

 

Too right CF ...... walking away from - BUT.... running towards something Wonderful, huh.

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4 hours ago, ChuckFinley said:

After the last few days of work I am ready to walk away from all of this in a second.

 

I hear ya. I can’t wait. 

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Iraqi exchange companies hold their first conference

 
Baghdad / follow-up 
 
Iraqi banking companies organized their first conference under the auspices of the Governor of the Central Bank of Iraq, in cooperation with the Arab Union for Arbitration and Settlement of Economic and Investment Disputes, Branch of the Republic of Iraq and the Service Establishment of Iraqi Companies, 
In Baghdad.
And the presence of the Governor of the Central Bank and some members of the Iraqi Council of Representatives and the Director General of the Banking Department in the Central Bank and the Executive Chairman of the Arab Union for Arbitration and Settlement and the President of the service institution and a large number of owners of Iraqi exchange companies.
 
Economic directives
Governor of the Central Bank d. Ali Alaq said: "The banking sector in Iraq is growing and growing and expanding to expand the base of different economic directives, especially that the exchange companies are an important part of the banking process through the great work carried out by these companies in the country, and is the largest companies now at the level of exchange companies in Countries of the world, "pointing to" the importance of these companies and their role and the nature of the economy in the country. "
 
Companies merger
The conference included a discussion and put forward views and proposals on the call of the Central Bank in his book No. 361/9/5 dated 5 October, calling for the merger of companies Altosit selling and buying foreign currencies, and support the exchange rate Iraqi dinar and financial stability and reduce the imposition of risk transfer in the best presentation Services and financial instruments, as well as the development of alternatives aimed at raising the level of exchange and responsibility for integration and its impact on the financial sector.
 
economic stability
The role of the central bank, which aims to maintain stability of the exchange rate and is the goal of achieving stability in real and is the essence of monetary policy to achieve economic stability in the country, while the exchange companies play an important role in this framework and any imbalance occurs and lead to the contrary, especially as the central bank continues to develop These companies make them close to the pace of developments in the world by taking steps is a pool of expertise capable of keeping abreast of continuous updates and benefit from them, and parallel to financial institutions.
 
Discuss challenges
"The conference discussed with transparency all the challenges facing the work of banking companies, and in the presence of the governor. This can be described positively as the challenges and means of developing performance are discussed directly without any intermediary, which made the owners of companies interact with the program. The conference, and put forward all the views that serve the financial sector and the development of sound performance in this important sector. " 
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“Most of the private banks and exchange offices in Iraq rely heavily on the central bank auction to obtain profits without performing its credit work.“

 

I found this statement in the article to be quite telling. Sounds to me like an affirmation of a “good ole boys” club that needs to change the way they do business. Is the article saying to take the central bank out of the daily auctions and give it over to open competition among local banks? If so how will the CBI be able to control the exchange rate? OR WILL THEY? Looks to me like a great step forward for the Dinar. 

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My opinion ONLY is there are exceptionally LIMITED capabilities NOW for the Bicraqi Iraqi to facilitate reconstruction, construction, AND economic development operating under a sanctions era “closed economy” with the weekday CBI daily currency auctions and limited electronic exchange capabilities with a program rate Bicraqi Iraqi Dinar. Both the foreign investment AND real INTERNATIONAL RATE Bicraqi Iraqi Dinar will need to be activated for the bulk AND needed reconstruction, construction, AND economic development to kick in. The lining up of foreign companies, ESPECIALLY The United States Of America Companies, is EXCEEDINGLY Good News!!!

 

:crossedfingers:   :crossedfingers:   :crossedfingers:

 

In The Mean Time...................................

 

The “Standard Disclaimer” Applies........

 

AND (of course)................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET ‘ER BUCK!!!)!!!

:rodeo:   :pirateship:

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3 hours ago, Calijim said:

“Most of the private banks and exchange offices in Iraq rely heavily on the central bank auction to obtain profits without performing its credit work.“

 

I found this statement in the article to be quite telling. Sounds to me like an affirmation of a “good ole boys” club that needs to change the way they do business. Is the article saying to take the central bank out of the daily auctions and give it over to open competition among local banks? If so how will the CBI be able to control the exchange rate? OR WILL THEY? Looks to me like a great step forward for the Dinar. 

Totally agree with you Calijim,

This companies have been using the daily auctions for years to make a profit.

The CBI knows the solution..... “Remove exchange control and move to an open market economy”

moving to an open market economy is going to let the dinar to be subject to forces

of supply and demand... “real market value”

 

Go CBI

Go End of exchange control

Go supply and demand 

Go real market value 

 

 

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POSTED ON 2019-02-01 BY SOTALIRAQ

Association of Exchange Companies in Iraq aspirations and challenges

 

Hadi Glow Meri

Iraqis are looking for a more flexible economy based on openness to the world's economies, refusing to mortgage money, trade and investment in a country or a particular system. With the increasing confidence of international banks in the Central Bank of Iraq and the lifting of restrictions and barriers created as a result of conflict conditions. In particular, and with it taking the work of banking companies expand and mature, established the Association of Exchange Companies, headed by businessman and businessman Nasir al-Musawi, which we discussed with him through the dialogue of the reasons for establishment, working conditions, and the future ambition.

- Mr. Al-Moussawi: Do we have a brief brief about the motives of the establishment and the objectives envisaged?

The goal is to unite and unite all exchange companies under one tent, and represent them to government agencies to solve problems and enhance cooperation to serve economic stability.

- How many companies are members of the association, and the number of shareholders?

Is the first official entity to exist for money exchange and transfer companies and the money in Iraq, including membership of all the exchange companies from the north of Iraq to the south, runs this organization specialists in the Iraqi Stock Exchange and those with experience and certificates.

After completing the fundamental approvals from the General Secretariat of the Council of Ministers and the relevant departments.

The number of companies that have been granted official work permits in all governorates of Iraq is 2000 companies except for the Kurdistan Region which contains a large number. The Central Bank also takes legal measures for the purpose of subjecting them to the same laws as other companies. Accountant and other employees according to the nature of the company's work). According to the law of NGOs, which allows the organization to deal with the relevant government departments. The Association of Exchange Companies has sought to overcome all the difficulties facing the security, administrative and technical exchange companies with various departments Mieh to ensure the smooth flow of work of these companies and remove all obstacles and resolve all the dilemmas note that the sector, which oversees the work of exchange companies are the Central Bank of Iraq.

- Can you describe the role of exchange companies in the local economy and do you have external transactions?

Civil society organizations have played a big role in representing the segments of society and defending their rights. We hope to transfer this culture to our dear country and benefit from the role of NGOs in the private sector to make it the strong arm to support government work and integration in the public interest of the country. Requires the support of a large state in Iraq for the purpose of helping these organizations to play an effective role to serve the segment represented by the government sector as well as the need to cooperate and work together to achieve the desired goals, lead exchange companies in Iraq a very important role where to Devoid of any city there is a company that has direct contact with the public exchange company, it holds the performance of services the customer needs it, such as selling foreign currencies and internal conversion to all provinces and issuing cards to pay employees' salaries and will expand its role in the future for the implementation of foreign remittances.

- With whom financial institutions deal directly and what is your indirect dealings with others?

Through contracting with international companies such as (Western Union, MoneyGram) and to do the work of a mini bank by providing all the services allowed by the law to provide to customers and finally hopes this large and important segment, which is estimated in the thousands of more care and attention by the State because it has the largest role In the daily movement of the mass of cash and activating the private sector and the operation of labor in addition to the large services provided to traders and importers.

 

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4 hours ago, yota691 said:

Iraqis are looking for a more flexible economy based on openness to the world's economies, refusing to mortgage money, trade and investment in a country or a particular system. With the increasing confidence of international banks in the Central Bank of Iraq and the lifting of restrictions

wow...

Edited by 6ly410
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