Issuing a package of decisions related to the entry and exit of funds across the Iraqi borders

[yota691]

Issuing a package of decisions related to the entry and exit of funds across the Iraqi borders

 

Local currencies

money and business Economy News - Baghdad  Ali Mohsen Ismail, chairman of the Council for Combating Money Laundering and Terrorism Financing, has issued a series of decisions concerning the controls on the declaration of funds when they are brought in and taken out across the Iraqi border. Among the new decisions, customs authorities may be allowed to search people and inspect their luggage to verify the authenticity of the information. As for the amounts allowed in or out of the territory of the Republic of Iraq, amounts below (10) thousand US dollars or the equivalent of other currencies are allowed to enter without authorization. Amounts exceeding (10) thousand US dollars to (20) thousand US Dollars are required to be declared with the need to show supporting the purpose of the introduction or removal of these amounts. It is required that the process of inserting and removing funds through financial institutions exclusively if the amount exceeds (20) thousand US dollars. One of the decisions stipulates that "the entry and exit of amounts exceeding (1,000,000) (one million Iraqi dinars) is prohibited even if they have been declared, and the amount is withheld and legal proceedings are taken." Views: 60   Date Added: 28/08/2019

[DWS112]

20 minutes ago, yota691 said:

the entry and exit of amounts exceeding (1,000,000) (one million Iraqi dinars) is prohibited

Looks like 1 million dinar will be worth more than $800 soon!

Edited August 28, 2019 by DWS112

[gregp]

So, IF, this is implying....... 

$1,000,000-million Dinar is equal to $10,000.00 USD at customs, then

$1,000,000 Dinar will equal-= $0.01-penny.

 

 

[tigergorzow]

1 hour ago, DWS112 said:

Looks like 1 million dinar will be worth more than $800 soon!

DWS112,  Totally & Wholeheartedly I must agree with your analysis of the above article.  DV,  Surprise Surprise Surprise ole Gomer Pyle favorite phrase back in the day.  I am feeling the RV & RI vibe in my bones... 😁😁😊😊👍👍

 

Come on Boys & Girls git er done ASAP

[64jaguar]

22 minutes ago, gregp said:

So, IF, this is implying....... 

$1,000,000-million Dinar is equal to $10,000.00 USD at customs, then

$1,000,000 Dinar will equal-= $0.01-penny.

 

 

Man, I pray that is just a low threshold for compliance, ($0.01 -penny per dinar),  and trying to curb the flow of Dinar outside the country. It also makes me wonder whether customs around the world will follow suit somehow? Wouldn't want my Dinar to get confiscated if traveling! 

[Half Crazy Runner]

16 minutes ago, gregp said:

So, IF, this is implying....... 

$1,000,000-million Dinar is equal to $10,000.00 USD at customs, then

$1,000,000 Dinar will equal-= $0.01-penny.

 

 

 

Actually, I think (or hope 😄) they’re saying it’s more than that. 

Amounts up to $10,000 are fine

$10,000-$20,000 require supporting documentation. 

And 1,000,000 dinars is prohibited. 

So, 1,000,000 dinars must be more than $20,000...? 

 

[keylime]

9 minutes ago, Half Crazy Runner said:

 

Actually, I think (or hope 😄) they’re saying it’s more than that. 

Amounts up to $10,000 are fine

$10,000-$20,000 require supporting documentation. 

And 1,000,000 dinars is prohibited. 

So, 1,000,000 dinars must be more than $20,000...? 

 

Sounds good to me. This definitely points to a value increase of the Dinar although I would have liked them say one hundred thousand Dinar would be restricted. But at .10 one million Dinar would be one hundred thousand dollars. 

Good news though when they are restricting Dinar in and out including financial institutions.

[Catluver67]

1 hour ago, Half Crazy Runner said:

Actually, I think (or hope 😄) they’re saying it’s more than that. 

Amounts up to $10,000 are fine

$10,000-$20,000 require supporting documentation. 

And 1,000,000 dinars is prohibited. 

So, 1,000,000 dinars must be more than $20,000...? 

 

 

That was my take on it as well...falls into the over 20k prohibited category.

[Laid Back]

Long time ago a had a conversation about the dinar with an economist friend who have a PhD in international finance.

I just remembered his words;

When a country is about to raise the value of their currency, the first thing they do 

Is to put a tight control on the funds that are brought in and taken out across the  border.

 

Something is going on.... 1,000,000 IQD = $840 dollars.

 

I believe the decision from chairman of the Council for Combating Money Laundering and Terrorism Financing, concerning the controls on the declaration of funds.

Is to keep a tight control on the monetary mass inside Iraq to proceed with the

delete of the zeros project and raise the value of the IQD and also to prevent people 

Traveling outside  of Iraq with millions of IQD to exchange at the international at the time of a revaluation.

 

Remember, people inside Iraq at the time of a revaluation will get the same amount of money but with more purchasing power. People outside Iraq (like us) will get the international rate.

 

Just my opinion.

 

Go RV

Go $1:1

[Carrello]

Thank you, Laid Back. Keep it up and I will need to get you a week's worth of Mai Tais delivered right to that new hammock. 

 

Thanks!

[Laid Back]

7 minutes ago, Carrello said:

Thank you, Laid Back. Keep it up and I will need to get you a week's worth of Mai Tais delivered right to that new hammock. 

 

Thanks!

Thank you my dear friend Carrello,

Hope we can meet someday in the near future after this ride is over. To celebrate 

 

Go RV asap

Go $1:1

[cranman]

Remember, people inside Iraq at the time of a revaluation will get the same amount of money but with more purchasing power. People outside Iraq (like us) will get the international rate.

 

I hope that is truly the case.  Time will tell all.

[climber7]

23 minutes ago, Laid Back said:

Something is going on.... 1,000,000 IQD = $840 dollars.

 

Um ok, 

Im running on 4 hours of sleep fumes so forgive me if  not understanding this correctly but if  

1 million dinars = 800.00 that’s a big LOSS because paid around a 1,000 /million when I bought mine 

 

Am I seeing this wrong or are we taking a big loss here? 

[cranman]

Why the confused face?  I was merely hoping he is right.

[jg1]

11 minutes ago, climber7 said:

 

Um ok, 

Im running on 4 hours of sleep fumes so forgive me if  not understanding this correctly but if  

1 million dinars = 800.00 that’s a big LOSS because paid around a 1,000 /million when I bought mine 

 

Am I seeing this wrong or are we taking a big loss here? 

The reason you paid $1000.00 is because of the extra dealer exchange fee was probably an extra $300 bucks. 

[presence]

11 hours ago, 64jaguar said:

Man, I pray that is just a low threshold for compliance, ($0.01 -penny per dinar),  and trying to curb the flow of Dinar outside the country. It also makes me wonder whether customs around the world will follow suit somehow? Wouldn't want my Dinar to get confiscated if traveling! 

 

[Carrello]

27 minutes ago, Laid Back said:

Thank you my dear friend Carrello,

Hope we can meet someday in the near future after this ride is over. To celebrate 

 

Go RV asap

Go $1:1

 

I used to live in Lahaina and would love to stand in the water by the airport and watch a golden sunset. Nothing like it and I will be planning a trip back over. We will have to talk.