The Iraqi Central Bank directs a request to the citizens regarding large monetary exchanges

[yota691]

The Iraqi Central Bank directs a request to the citizens regarding large monetary exchanges

Central Bank of Iraq - Basra Branch

 August 18, 2020 03:20 PM

Mubasher: The Central Bank of Iraq called today, Tuesday, all citizens to deal with banks and licensed financial intermediation companies, during large cash exchanges, instead of hoarding in homes.

 

The Central Bank confirmed, in a statement, that it seeks through this to preserve the monetary mass of citizens, avoid cases of theft and fraud, and promote counterfeit currencies.

The Iraqi Central stressed the need to reduce trade exchange in paper currencies, which medical studies have proven to be an effective carrier of viruses and bacteria, especially since the country is going through a crisis of the spread of the Corona virus.

The Central Bank indicated that it adopts the mechanisms of spreading financial inclusion in Iraq, which enhances the banking culture and the shift to monetary exchange through banking transactions in all its advanced civilized forms.

[nannab]

I bet most of the hidden money has been in the walls or

under ground for a long time so corona does not apply.

Thank you Yota and Good morning  

[blueskyline]

Thank You Yota . GM DV's ....The Central Bank of Iraq called today, Tuesday, all citizens to deal with banks and licensed financial intermediation companies, during large cash exchanges, instead of hoarding in homes....I'd like to think something motivates them to make large monetary exchanges...soon

[KristiD]

On 8/19/2020 at 9:34 AM, yota691 said:

The Central Bank of Iraq called today, Tuesday, all citizens to deal with banks and licensed financial intermediation companies, during large cash exchanges, instead of hoarding in homes.

 

So it looks like the CBI is trying to decrease the money supply.  I have to think their goal is to increase the dinar's value because the less dinar there are in circulation, the higher its value (i.e.: supply versus demand, the greater the supply, the less value it has, and vice versa).  They are undoubtedly concerned that the street rate is quite a bit lower than the stated rate and you never like to see that, so that may be part of their reason.  But I'm also thinking (hoping) it's a last minute effort to bring the circulating dinar supply as low as possible right before they RV.  That way they have the maximum upward pressure on the new dinar price/rate.    .  

[Sage449]

KristiD, I lika the way you think! 🤩😍

[3n1]

imo as long as iraq is using dual currencies they will never get those non circulated iqd back to the system  cheers