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 November 21, 2021
mandatory reserve

 



In view of the importance of the requirements for maintaining the mandatory reserve imposed on all authorized banks and in accordance with the Central Bank of Iraq Law No. 56 of 2004 amended Article (29) of it, and attached to our repeated circulars on the same subject, the last of which is Circulars No. 1671/3/6 on 6/14/2021 Paragraph (4) From it regarding the imposition of the penalty for the deficit in the account of the mandatory reserve. With regard to the inquiries received by your banks about imposing the fine, we would like to state the following:-

  1. The necessity for your banks to reinforce the balances of your current accounts in Iraqi dinars and US dollars with this bank when sending the mandatory reserve reports, provided that the amounts reinforced by you cover the amount of the mandatory reserve appearing in your report sent to this bank in dinars and dollars, in order to avoid imposing a deficit fine on the bank.
  2. Your banks should continue to follow up on strengthening your current accounts until the accounting department in this bank performs the procedures for booking the mandatory reserve for your banks, which take place during the first days of the month of holding the mandatory reserve and your balance is not relied on for the last day of the previous month.
  3. The process of withdrawing the amounts of the mandatory reserve is done through your current accounts with this bank exclusively, which are (119-129) for local banks and (179-180) for foreign banks in dinar and dollars. The amounts are not withdrawn from the balances of temporary accounts with this bank.
  4. We emphasize the necessity of informing this department/compulsory reserve section in case of any obstacles or problems before an appropriate period of time starts from the beginning of the month of holding the mandatory reserve so that this department can take the necessary measures in a timely manner and before imposing the disability fine.
  5. In the event of new government deposits with your banks, they are not included in the special deposit form and are confirmed in the government deposit form sent to you previously related to the mandatory reserve reports.

We ask you to abide by the above, and we stress the need to adhere to all the instructions of the mandatory reserve and to strengthen the balances of your current accounts in dinars and dollars in order to avoid the imposition of a deficit fine on your banks, while checking the mandatory reserve reports and the schedules attached to them before sending them to this bank, provided that they are signed by two authorized persons and sealed with a live seal For all attachments and otherwise, your banks shall bear the imposition of fines, according to the instructions issued in this regard.

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 November 21, 2021
The Central Bank stresses the need to report suspicious transactions of money laundering

 



The Central Bank of Iraq confirms the necessity of reporting suspicious operations that include suspicions of money laundering, based on the Anti-Money Laundering and Terrorist Financing Law of 2015, through the published reporting form.
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 November 21, 2021
The Central Bank of Iraq participates in the ceremony of completing the rehabilitation of the Sabean-Mandaean building

 

 


His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mokhiv, participated in the celebration of the completion of the rehabilitation and restoration of the sect building in Baghdad, with funding from the Community Initiative Fund sponsored by the Central Bank of Iraq, in which banks and non-bank financial institutions participate, and supported by the Association of Iraqi Private Banks.
His Excellency the Governor stressed, during his speech at the celebration, which was attended by the Ministers of Culture, Immigration and Displacement, that the Community Initiative Fund exceeded the accepted limits in the banking sector, as it went to financing humanitarian, cultural, environmental and artistic activities and projects, pointing out that the Sabean-Mandaean building is no less important than the rest of the projects funded by the Fund. Because it has a human dimension linked to the importance of our people from this important sect in Iraq.
For his part, the head of the Sabean-Mandaean sect in Iraq and the scholar Sheikh Sattar Jabbar Helou described the central bank’s move as a forerunner because it paved the appropriate religious atmosphere for the sect after rehabilitating the building, as well as the spaces that would be available for the sect’s members to practice their rituals.

 
  Central Bank of Iraq
     Media Office
  November 20, 2021
 
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image.jpeg

 

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 November 21, 2021
Gold bullion and coin prices for Sunday 11/21 until Thursday 25/11/2021

 


( Citizens can review government and private banks to buy gold bars and coins )

Gold bullion and coin prices for Sunday 11/21 until Thursday 25/11/2021
the weight
Price/JD
picture/forward
Photo/Back

minted 15 g

1,447,250

 

 

coin 22 g

2,122,250

file-155047419319872.jpg

file-155047424067597.jpg

5 g ingot

454,000

file-155167974932800.jpg

file-15516798818313.jpg

slug 10 g

897,500

file-155167978087073.jpg

slug 15 g

1,349,250

file-155167980596158.jpg

slug 20 g

1,810,000

file-155167982617318.jpg

slug 25 g

2,271,500

file-155167984789586.jpg


 

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 2021-11-21 00:36
 

 

Shafaq News/ On Sunday, the Central Bank issued controls related to a permit for funds entering and leaving the country, in order to "limit the entry and exit of funds across the Iraqi borders, and the exploitation of this in money laundering or terrorist financing operations."

According to a statement issued by the Central Bank today, the controls are as follows:

 

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  •  Time: 11/21/2021 08:35:07
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  •  Reading: 2002 times
The Central Bank announces the controls for declaring funds
  
{Economic: Al Furat News} The Central Bank of Iraq announced controls for declaring funds in order to reduce the risks of entering and taking money across the Iraqi borders and exploiting it in money laundering or terrorist financing operations.

856490a8eb25974567e67d4036c3c044.jpg

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 Expenditures


Economy News - Baghdad

Today, Sunday, the Central Bank of Iraq published the controls for the declaration of funds.

The Central Bank stated in a statement received by "Al-Iqtisad News", that this came "in order to reduce the risks of entering and taking money across the Iraqi borders and exploiting this in money laundering or terrorist financing operations, and based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015, and the provisions of Regulations No. 1 of 2019 (amended to Regulations No. 1 of 2017).

The Central Bank decided to allow the entry and exit of sums less than 10 thousand US dollars or its equivalent in other currencies without declaring them.

As well as allowing the entry and exit of amounts exceeding 10 thousand US dollars to 20 thousand US dollars, provided that they are declared with the need to show what supports the purpose of entering and removing these amounts, and in the event that the supporting documents are not available, the traveler submits an undertaking to bring those documents within 30 days from the date of declaration. 

The Central Bank decided to prevent the entry and exit of amounts exceeding 20 thousand dollars or its equivalent in other currencies. The process of entering or taking out these amounts is through the financial institutions exclusively. 

It also prevented the entry and exit of sums of more than one million Iraqi dinars, even if it was declared, and the amount is seized and legal measures are taken against him.

In the case of gemstones and precious metals, they must be declared if their value exceeds 10,000 dollars, according to the statement. 

The statement stressed the procedure for "declaring the bearer's negotiable financial instruments or transferring them inside or outside Iraq through a person, mail service, shipping service or any other means, whose value exceeds 10 thousand dollars."

 

 

 

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Views 165   Date Added 11/21/2021
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Baghdad International Airport
  

 banks


Economy News - Baghdad

Today, Sunday, the Central Bank of Iraq published the controls for the declaration of funds.

The Central Bank stated in a statement received by "Al-Iqtisad News", that this came "in order to reduce the risks of entering and taking money across the Iraqi borders and exploiting this in money laundering or terrorist financing operations, and based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015, and the provisions of Regulations No. 1 of 2019 (amended to Regulations No. 1 of 2017).

The Central Bank decided to allow the entry and exit of sums less than 10 thousand US dollars or its equivalent in other currencies without declaring them.

As well as allowing the entry and exit of amounts exceeding 10 thousand US dollars to 20 thousand US dollars, provided that they are declared with the need to show what supports the purpose of entering and removing these amounts, and in the event that the supporting documents are not available, the traveler submits an undertaking to bring those documents within 30 days from the date of declaration. 

The Central Bank decided to prevent the entry and exit of amounts exceeding 20 thousand dollars or its equivalent in other currencies. The process of entering or taking out these amounts is through the financial institutions exclusively. 

It also prevented the entry and exit of sums of more than one million Iraqi dinars, even if it was declared, and the amount is seized and legal measures are taken against him.

In the case of gemstones and precious metals, they must be declared if their value exceeds 10,000 dollars, according to the statement. 

The statement stressed the procedure for "declaring the bearer's negotiable financial instruments or transferring them inside or outside Iraq through a person, mail service, shipping service or any other means, whose value exceeds 10 thousand dollars." 

 
 
Views 43   Date added 11/21/2021
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19 minutes ago, yota691 said:

It also prevented the entry and exit of sums of more than one million Iraqi dinars, even if it was declared, and the amount is seized and legal measures are taken against him.

 

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(edited)

image.jpeg

 

Google translation:

 


Terms of declaring money

 

In order to reduce the risks of entering and taking money across the Iraqi border and exploiting it
in money laundering or terrorist financing operations. Based on the anti-laundering law
Money and Terrorism Dependence No. 8 of 2018; and the enforcement of controls
No. 1 for the year 2019 (amended to Regulation No. 1 for the year 2019?: The following should be adhered to:

 

1. It is allowed to enter or take out amounts less than (10,000) dollars (ten thousand US dollars).
Or its equivalent in other currencies without declaring it.


2 It is allowed to enter or take out amounts exceeding (10,000) dollars (ten thousand dollars
American) to (20,000) dollars (twenty thousand US dollars), provided that it is declared
With the need to show what supports the purpose of entering or taking out these notifications; In the case of
Unavailability of supporting documents, the traveler submits an undertaking to bring these
Documents after one (1) day from the date of the permit.


3. It is prohibited to bring in or take out amounts exceeding (20,000) dollars (twenty thousand US dollars).
Or its equivalent in other currencies. The process of entering or removing these amounts from
exclusively through financial institutions.


4. It is prohibited to enter or take out amounts exceeding (1,000,000) dinars (one million Iraqi dinars).
Even if it has been declared, the amount is withheld, and legal action is taken against it.


5. Declaration of gemstones and precious metals if their value exceeds (10,000)
Ten thousand dollars


6. Declaring the bearer negotiable financial instruments or transferring them inside Iraq or
Outside it through a person, postal service, shipping service, or any other means
Its value exceeds 10,000 US dollars?

Edited by DWS112
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3 hours ago, DWS112 said:

It also prevented the entry and exit of sums of more than one million Iraqi dinars, even if it was declared, and the amount is seized and legal measures are taken against him.

 

Does this mean each Dinar will be worth 2 cents?

1,000,000 x 2 cents = $20,000

That wouldn't be so great.  🤔

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21 minutes ago, Laid Back said:

“The Central Bank issued controls related to a permit for funds entering and leaving the country, in order to "limit the entry and exit of funds across the Iraqi borders, and the exploitation of this in money laundering or terrorist financing operations”


This process is called Sterilization.

The Central Bank seeks to limit the effects of inflows and outflows of capital on the money supply. It is designed to offset the effect of foreign exchange intervention.

 

Fasten your seatbelt.

 

Go CBI 

Go new monetary policy 

Go increase dinar exchange rate 

 

    What circumstantially good news that this" sterilization "  process has begun !   Travelling to Mexico from the  US , you are allowed $10k USD . OK , put that in your pipe and smoke it.


 

 


 

 

 

 

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The question you should ask yourself is why $10,000 that is equivalent to 14,600.000 dinars is allowed.. And only 1,000,000 dinars that is equivalent

to $684 is allowed.

 

Only few people see this.

 

Go CBI

Go new monetary policy 

Go new exchange rate 

 


 

 

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3 minutes ago, Floridian said:

 

Carrello, you understand what Laid Back is saying.  I guess I'm too dumb to get it.

What kind of price is he talking about for the dinar?

Don't feel bad....maybe it's a Florida thing...my mind is gone    😄

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2 minutes ago, HowieC said:

Don't feel bad....maybe it's a Florida thing...my mind is gone    😄

 

Maybe so!  😂

 

I'm trying to figure all kinds of math.  It's not $14.60 per dinar, is it?

That would be totally insane.  Nobody's currency is worth that much.

 

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6 minutes ago, Floridian said:

 

Carrello, you understand what Laid Back is saying.  I guess I'm too dumb to get it.

What kind of price is he talking about for the dinar?

 

Floridian, a while back you said I was "stupid." Why would you be asking me?

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