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 October 01, 2020
Small denominations of banknotes

 



The Central Bank of Iraq decided, and based on the minutes of the Currency Affairs Committee meeting No. (6) for the year 2020 held on 9/23/2020
 
Re-impose a shortage fine on the small denominations ( 1000 , 500 , 250 ), starting from the date of 1/10/2020 and according to the instructions of the standards for circulation and replacement of banknotes and the mechanisms of counting and sorting.
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1 hour ago, yota691 said:

( 1000 , 500 , 250 ), starting from the date of 1/10/2020 and according to the instructions of the standards for circulation and replacement of banknotes

Setting the stage for the 1, 1/2 and 1/4 dinar notes?

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This articles is directly from the cbi. This is getting good but i am not going to get excited yet. Wait a minute. This is iraq i am talking about. Cbi just talks but i haven't seen the action yet. I just hope this time no more talking, no more BS, no more game and no more delay. Go rv.

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5 hours ago, yota691 said:
 
  
 October 01, 2020
Small denominations of banknotes

 



The Central Bank of Iraq decided, and based on the minutes of the Currency Affairs Committee meeting No. (6) for the year 2020 held on 9/23/2020
 
Re-impose a shortage fine on the small denominations ( 1000 , 500 , 250 ), starting from the date of 1/10/2020 and according to the instructions of the standards for circulation and replacement of banknotes and the mechanisms of counting and sorting.


A lot of us have those denominations. Not small enough yet to get excited. 

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6 hours ago, yota691 said:
 
  
 October 01, 2020
Small denominations of banknotes

 



Re-impose a shortage fine on the small denominations ( 1000 , 500 , 250 ), starting from the date of 1/10/2020 and according to the instructions of the standards for circulation and replacement of banknotes and the mechanisms of counting and sorting.

The title is " small denomination of banknotes ". According to the title, I am curious are iqd 1,000 ,500 , 250 already called small denomination of bills? Or does the cbi try to disguise the real new denomination of bills on purpose until the right time to suddenly announce the iraq citizens to exchange old dinar for a new lower denomination of bills. Only time will tell. Go rv.

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Same notes. from the CBI...

 
  
 September 23, 2019
The central bank eliminates the fine for shortage of deposits of small groups to banks

 



In its endeavor to cover the market need of new notes for small denominations (250, 500, 1000), the Central Bank of Iraq decided to cancel the fine that may appear in the deposits of banks approved by this bank of small cash denominations for a limited period, in order to achieve the desired goal of withdrawing the currency Damaged in circulation
 
This bank would also like to show that the counting and sorting of damaged banknotes for these categories requires time and effort from the specialized employees due to the difficulty of counting them in the counting and sorting machines.
 
The Central Bank of Iraq
information Office
2019/9/23
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10 hours ago, rvmydinar said:

The title is " small denomination of banknotes ". According to the title, I am curious are iqd 1,000 ,500 , 250 already called small denomination of bills? Or does the cbi try to disguise the real new denomination of bills on purpose until the right time to suddenly announce the iraq citizens to exchange old dinar for a new lower denomination of bills. Only time will tell. Go rv.

rvmydinar, 

I agree with you, the cbi is trying  to disguise the real new denomination of bills on purpose until the right time to suddenly announce the iraq citizens to exchange old dinar for a new lower denomination of bills.


Go RV

Go asap

10/4 🙏🏼

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The central bank imposes a fine on the shortage of small groups

 
  Baghdad: Morning 
 
The Central Bank of Iraq decided to re-impose a shortage fine on banks on the small categories of (1000,500,250) dinars, starting from the date of 10/1/2020, according to the instructions for the standards of circulation and replacement of banknotes, and the mechanisms of counting and sorting.
In a statement followed by Al-Sabah, the bank stated that this came, based on the minutes of the Currency Affairs Committee meeting No. (6) for the year 2020 held on 9/23/2020.
The Central Bank had earlier addressed all licensed banks regarding instructions and standards for the circulation and replacement of banknotes and the mechanisms of counting and sorting.
"Due to lack of commitment to the instructions and standards for the circulation of banknotes, their replacement and the counting and sorting mechanisms, we confirm what was stated in the book of the Department of Issuance and Treasury / Department of Banking and Conformity Follow-up / Banking Follow-up Division numbered 12/8/1470 and dated 10/4/2018, noting that The extent of your banks' compliance with the above will be monitored through inspection bodies and on-site inspection.
On the other hand, the Central Bank of Iraq participated in the meetings of the Board of Directors of the Arab Monetary Fund, and the Board of Directors of the Arab Trade Financing Program, each separately.
The bank discussed with the member states of the Arab Monetary Fund’s board of directors issues that support joint Arab action, most notably the "Arab Payments and Clearing System" Buna "and its importance in facilitating inter-Arab payments and financial transfers.
While the meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms for re-arranging funding priorities for the national agencies organizing the program, in a manner that helps mitigate the effects of the Corona pandemic on Arab trade.
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 September 29, 2020
He called for intensifying efforts ... The Central Bank participates in two Arab meetings

 



The Central Bank of Iraq participated separately in the meetings of the Board of Directors of the Arab Monetary Fund and the Board of Directors of the Arab Trade Financing Program.
Where the bank discussed with members of the Fund Board states of the Arab Monetary topics to support the joint Arab action , most notably the payments system of the Arab and clearing " structures "and its importance in facilitating payments and financial transfers of inter - Arab."
 
While the meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms for re-arranging funding priorities for the national agencies organizing the program, in a manner that helps mitigate the effects of the Corona pandemic on Arab trade.
 
The Central Bank of Iraq
information Office 
2020/9/29
 

 

 

 

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11 hours ago, yota691 said:

"Arab Payments and Clearing System" Buna "and its importance in facilitating inter-Arab payments and financial transfers.

02 JUL'2020

THE ARAB MONETARY FUND LAUNCHES BUNA PAYMENT PLATFORM

Abu Dhabi, United Arab Emirates, February 23, 2020. The Arab Monetary Fund (AMF) launched a regional payment platform Buna that enables regional financial institutions to send and receive cross-border payments across the Arab region and beyond in Arab currencies, as well as key international currencies, in an efficient, cost-effective, risk-controlled, and transparent environment.

The platform comes as a culmination of months of planning and collaboration with global and regional stakeholders and provides members with modern payment platform compliant with international standards, according to AMF.

The Buna system is based on CMA’s RTS/X product installed in dozens of Central banks around the world. CMA took part in the Buna project as a partner of DXC company.

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Arab states finalize regional payment and settlement system

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File photo of a man counting Egyptian currency at an exchange office in Cairo, Egypt. (AP)
Reuters, Abu DhabiSunday 22 April 2018
 

Arab countries have finalized plans to create an independent, regional cross-border payments system after current arrangements were hit by a rise in compliance costs and downsizing by some international banks.

At present, many cross-border payments and settlements among Arab countries are carried out by correspondent banks, which act as agents for foreign financial institutions that do not have a local presence in a given country.

A tightening of anti-money laundering rules by US and European banks in the last several years has added to the cost of this practice, while some banks have quit the market to focus on more lucrative areas.

The board of the Arab Monetary Fund (AMF), which has 22 member-countries ranging from Gulf states to Sudan and Morocco, approved the creation of an independent regional body to clear and settle payments among them, the AMF said on Sunday.

It did not specify when the system would go live, but AMF officials said earlier that they expected the system to be in operation by 2020.

The new body, supported by Arab central banks, will have capital of $100 million and be owned by the AMF.

“The aim of the entity is to promote the use of local currencies in intra-Arab payments clearing and settlement transactions, alongside main international currencies,” the AMF said.

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