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The Central Bank of Iraq's foreign remittances exceed $160 million


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9 hours ago, yota691 said:

The term stability refers to keeping the market exchange in range of 1470 for the money outlets for the swap on the streets. The CBI is @ 1460 if you swap directly at a bank. The CBI is comfortable giving the money outlets the 1470 which makes it stable. The CBI makes it share @ 1460..

So the CBI wants to keep the stable rate at 1,460 as long as they like. And the CBI hasn't had the intention to stop the auction yet.

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"Why Is Price (exchange rate) Stability Important? Price stability is vital to economies because price levels determine inflation and deflation—inflation is defined as an increase in prices and a decrease in the value of money, while deflation is a decrease in prices and an increase in the value of money."
 
"Countries, especially developing ones, pursue stable exchange rates to attract foreign capital. They usually accomplish this by fixing their currencies to that of a more stable country, a practice called pegging. A country's central bank may increase or decrease the money supply to maintain this rate."
 
"Meanwhile, an exchange rate stablility, undoubtedly, tends to attract foreign investment and precisely by this reason we find the answer to why countries pursue intended astability in the exchange rate. There is a State agency that is in charge of specifying the monetary policy of the State that is none other than the Central Bank. Just fitted the responsibilities of implementing policies and managing resources in this regard. Central banks are capable of influencing its economy price levels certainly carrying out different regulations on interest rates or on the financial market, among others. Then, stable exchange rate is usually achieved when a country fixed its currency to another more stable nation, while the central bank will be who mark the rhythm of stability, and can increase or decrease the range."
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2 minutes ago, rvmydinar said:

Thanks for your clarification Carrello. By the way, did the word " fixed " in that sentence sound like an rv?

No. 

"What Is a Fixed Exchange Rate? 

A fixed exchange rate is a regime applied by a government or central bank that ties the country's official currency exchange rate to another country's currency or the price of gold. The purpose of a fixed exchange rate system is to keep a currency's value within a narrow band."

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3 minutes ago, Carrello said:

No. 

"What Is a Fixed Exchange Rate? 

A fixed exchange rate is a regime applied by a government or central bank that ties the country's official currency exchange rate to another country's currency or the price of gold. The purpose of a fixed exchange rate system is to keep a currency's value within a narrow band."

Thanks again Carrello. So let's say the iqd rate can be pegged to kuwaiti rate.

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5 minutes ago, rvmydinar said:

Thanks again Carrello. So let's say the iqd rate can be pegged to kuwaiti rate.

You can say that, but it would be folly. A "peg" has nothing to do with value and everything to do with "stability."

 

Saudi Arabia has a value of $.26 cents and "pegs" to the US dollar.

 

"In the Middle East, many countries including Jordan, Oman, Qatar, Saudi Arabia, and the United Arab Emirates peg to the U.S. dollar for stability—the oil-rich nations need the United States as a major trading partner for oil."

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40 minutes ago, boosterbglee said:

Is our currency stable…..I’m beginning to wonder.😬

House of cards…

 

what our economy needs are:

 

1. more politicians with a spine who will rip away the safety net and thereby force the lazy Americans to go to work and fill all the empty jobs 

 

2. deregulation to fix the supply chain. Although I think it is more a Newsome problem here at the ports in Caliunicornia than it is a DC problem. 
 

3. feds need to raise rates

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13 minutes ago, Carrello said:

You can say that, but it would be folly. A "peg" has nothing to do with value and everything to do with "stability."

 

Saudi Arabia has a value of $.26 cents and "pegs" to the US dollar.

 

"In the Middle East, many countries including Jordan, Oman, Qatar, Saudi Arabia, and the United Arab Emirates peg to the U.S. dollar for stability—the oil-rich nations need the United States as a major trading partner for oil."

So the IQD should have a higher rate ( at least close to Saudi Arabia's rate=$0.26 cents ) in order to be able to peg to the U.S dollar.

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15 hours ago, yota691 said:

The instruction are all in arabic, I can't translate them. I've try couple different way. Here are the New Instruction from the file from the CBI...13 pages

 

IBAN, Swift, OFAC, RTGS (Real Time Gross Settlement) is obivious

 

https://cbi.iq/static/uploads/up/file-163229832140731.pdf?_x_tr_sl=ar&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=nui

 

Thanks again for keeping us up today with the news. I really appreciate it.

 

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 2021-10-19 07:38

Shafaq News/ The Central Bank of Iraq's sales rose today, Tuesday, in hard currency, to record more than 138 million dollars.

Shafak News Agency correspondent stated that today, during its auction for buying and selling US dollars, the Central Bank witnessed an increase in its sales by 165.38% to reach 138 million, and 51 thousand and 898 US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar, compared to last Sunday, The sales amounted to 52 million and 70 thousand US dollars.

Our correspondent indicated that cash requests are approaching foreign remittances, as purchases amounting to 74 million and 451 thousand and 898 dollars went to enhance balances abroad in the form of transfers and credits, while the remaining amount of 63 million and 600 thousand dollars went in cash.

Our correspondent indicated that 12 banks fulfilled requests to enhance balances abroad, and 7 other banks to meet cash requests, in addition to 16 mediation companies.

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 2021-10-20 06:06
 

Shafaq News/ Sales of the Central Bank of Iraq rose for the second day in a row, Wednesday, from the US dollar, to record more than 155 million dollars.

 

Shafak News Agency correspondent stated that today, during its auction for buying and selling US dollars, the Central Bank witnessed an increase in its sales by 12.38% to reach 155 million, and 51 thousand and 898 US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar, compared to Sunday. Last year, sales amounted to 138 million and 872 thousand and 791 US dollars.

 

Our correspondent explained that the purchases amounting to 106 million, 342 thousand and 791 dollars went to strengthen balances abroad in the form of remittances and credits, while the remaining amount of 49 million and 530 thousand dollars went in cash.

 

He pointed out that 16 banks have met requests to enhance balances abroad, 8 banks to meet cash requests, in addition to 103 mediation companies.

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 2021-10-24 08:40
 

Shafaq News/ The Central Bank of Iraq's sales decreased today, Sunday, from the US dollar, to record more than 150 million dollars.

 

Shafak News Agency correspondent stated that today, during its auction for buying and selling US dollars, the Central Bank witnessed a decrease in its sales by 3.23% to reach 150 million, and 823 thousand and 703 dollars, which it covered at a base exchange rate of 1460 Iraqi dinars per dollar, compared to last Thursday. The sales amounted to 155 million and 51 thousand and 898 US dollars.

 

Our correspondent indicated that the purchases, amounting to 122 million and 13 thousand and 703 dollars, went to strengthen balances abroad in the form of remittances and credits, while the remaining amount of 28 million and 810 thousand dollars went in cash.

 

Our correspondent indicated that 19 banks have fulfilled requests to enhance balances abroad, 11 banks to meet cash requests, in addition to 198 mediation companies.

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 2021-10-25 07:20
 

Shafaq News/ The Central Bank of Iraq's sales fell today, Monday, from the dollar, to record 103 million dollars.

Shafak News Agency correspondent stated that today, during its auction for buying and selling US dollars, the Central Bank witnessed a decrease in its sales by 31.5% to reach 103 million, and 313 thousand and 44 US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar, compared to yesterday, Sunday, In which sales amounted to 150 million and 823 thousand and 703 US dollars.

Our correspondent indicated that the purchases amounting to 97 million and 23 thousand and 44 dollars went to strengthen the balances abroad in the form of remittances and credits, while the remaining amount of 6 million and 290 thousand dollars went in cash.

Our correspondent indicated that 16 banks have fulfilled requests to enhance balances abroad, 5 banks to meet cash requests, in addition to 42 mediation companies.

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 2021-10-26 06:44
 

Shafaq News/ Sales of the Central Bank of Iraq rose, on Tuesday, from the dollar, to record more than 183 million dollars.

Shafak News Agency correspondent stated that today, during its auction for buying and selling US dollars, the Central Bank witnessed an increase in its sales by 77.67% to reach 183 million, and 513 thousand and 572 US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar, compared to yesterday, Monday, In which sales amounted to 103 million and 313 thousand and 44 US dollars.

Our correspondent indicated that the purchases amounting to 134 million and 433 thousand and 572 dollars went to strengthen balances abroad in the form of remittances and credits, while the remaining amount of 49 million and 80 thousand dollars went in cash.

Our correspondent indicated that 23 banks have fulfilled requests to enhance balances abroad, 17 banks to meet cash requests, in addition to 199 mediation companies.

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"Is it an indication of recession?".. An economist explains the reason for the stability of the dollar's exchange
  
{Economist: Al Furat News} The economic expert, Nabil Al Marsoumi, explained, on Tuesday, the reason for the stability of the dollar exchange rate.
 

Al-Marsawy told Al-Furat News that "the recent stability of the dollar exchange rate is a result of the decrease in the sales movement of the Central Bank last week, after imposing new restrictions by it to limit the process of currency smuggling."
He pointed out that "dealing with banking offices and private companies flexibly with restrictions, which led to the stability of the dollar exchange rates, up to 148 thousand dinars per 100."
"This does not indicate any recession in the local markets," Al-Marsoumi stressed.
Buying and selling prices have stabilized in banking shops in the local markets in Baghdad, where the selling price amounted to 148250 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 147,250 Iraqi dinars per 100 US dollars.

From: Raghad Daham

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%D9%81%D9%84%D9%88%D8%B3-%D8%A7%D9%84%D8
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Sales Of The Central Bank Of Iraq Rose, On Tuesday, From The Dollar, To Record More Than 183 Million Dollars.

The Central Bank Auction For The Sale And Purchase Of Foreign Currencies, Today, Witnessed An Increase In Its Sales By 77.67% To Reach 183 Million, And 513 Thousand And 572 Dollars, Which The Bank Covered At A Base Exchange Rate Of 1460 Dinars Per Dollar.

The Purchases, Amounting To 134 Million, 433 Thousand And 572 Dollars, Went To Enhance Balances Abroad In The Form Of Remittances And Credits, While The Remaining Amount Of 49 Million And 80 Thousand Dollars Went In Cash.

Also, 23 Banks Responded To Requests To Enhance Balances Abroad, And 17 Banks To Meet Cash Requests, In Addition To 199 Mediation Companies.  

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%D9%81%D9%84%D9%88%D8%B3-%D8%A7%D9%84%D8

Today, Thursday, Sales Of The Central Bank Of Iraq Rose From The Dollar, To Record More Than 184 Million Dollars.

A Source Told Al-Ahed News That The Central Bank Witnessed Today, During Its Auction For Buying And Selling US Dollars, An Increase In Its Sales By 3.95% To Reach 184 Million, 601 Thousand, And 540 US Dollars Covered By The Bank At A Base Exchange Rate Of 1460 Dinars Per Dollar, Compared To On Wednesday, Sales Amounted To 177 Million 104 Thousand And 384 Dollars.

He Explained That The Purchases Amounting To 134 Million And 431 Thousand And 540 Dollars Went To Strengthen Balances Abroad In The Form Of Remittances And Credits, While The Remaining Amount Of 50 Million And 170 Thousand Dollars Went In Cash.

He Pointed Out That 22 Banks Have Fulfilled Requests To Enhance Balances Abroad, 12 Banks To Meet Cash Requests, In Addition To 211 Mediation Companies.

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The central bank takes a step to reduce the dollar against the dinar

281020211220583872image1-618x400.jpg
 

PM:03:20:28/10/2021

10,204 views

 
 
Sales of the Central Bank of Iraq rose, on Thursday, from the dollar, to record more than 184 million dollars.
Today, during its auction of buying and selling US dollars, the Central Bank witnessed an increase in its sales by 3.95% to reach 184 million, 601 thousand, and 540 US dollars, which were covered by the bank at a base exchange rate of 1460 dinars per dollar, compared to yesterday, Wednesday, in which sales amounted to 177 Two million and 104 thousand and 384 US dollars.
The purchases amounted to 134 million, 431 thousand and 540 dollars, which went to strengthen balances abroad in the form of remittances and credits, while the remaining amount of 50 million and 170 thousand dollars went in cash.
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On 10/18/2021 at 11:30 AM, Fairways&Greens said:

House of cards…

 

what our economy needs are:

 

1. more politicians with a spine who will rip away the safety net and thereby force the lazy Americans to go to work and fill all the empty jobs 

 

2. deregulation to fix the supply chain. Although I think it is more a Newsome problem here at the ports in Caliunicornia than it is a DC problem. 
 

3. feds need to raise rates

You might want to look up California AB5 (its not really the Fed Govt causing the supply chain issue) and follow how that is progressing - especially as it goes through SCOTUS. Remember California enacted law that got rid of the "Gig economy" in their state. AB5 is an extension to this. Congress currently has legislation that it is working on that would do what California did across the entire nation. The Gig economy isn't just about rideshare drivers and truckers, it affects all contractors in many different industries, like STEM contractors, freelancers, event planners et cetera. Anyone who is contracted by a company or individual that is considered a 1099 contractor. The problem is not the port it is the government (local AND federal) that is artificially causing the supply chain issues because they (local AND federal governments) want to further control what you earn, how you earn your money, and how you spend your money.

 

Why?

 

Because they can't stay in power anymore when they talk about increasing taxes to pay for their out of control spending and austerity programs. The inflation we are facing, the rise in gasoline and diesel prices, the rise in food and other goods and services has all been manufactured by the current administration because they aren't satisfied with power they want control over your life down to the minute detail. Sounds like another theocracy that started int he 7th century.  The pandemic was manufactured to get control of your individual life to form one collective (this is called Socialism which leads to Communism).

 

What is AB 5?  

 

Freight carriers have long contracted with drivers who own and operate their own rigs, but a 2019 California law, AB5, has threatened such arrangements by establishing a three-part test to determine whether workers are employees or independent contractors.

 

 

California legislators enacted AB5 after the state's Supreme Court adopted the so-called ABC test in a 2018 ruling (Dynamex Operations West, Inc. v. Superior Court). The test, which under AB5 affects numerous industries, requires that three criteria be met for a worker to be classified as an independent contractor. The worker must:

  • (A) Be free from the hiring company's control and direction in performing the work, both in fact and under contract.
  • (B) Perform work outside the hiring firm's usual course of business.
  • (C) Be customarily engaged in an independent trade, occupation or business.

Cabral noted that many owner-operators made significant investments in their own equipment so they could be self-employed. But if an employer fails to establish all three conditions, AB5 requires that the worker be considered an employee rather than an independent contractor. Experts consider the "B" criteria the most difficult for independent contractors to meet. The California Trucking Association (CTA)—which was representing motor carriers that hire owner-operators—and two independent truckers filed a complaint seeking to block enforcement of the ABC test against motor carriers, as the "B" prong jeopardized their business model.

The CTA contended that the Federal Aviation Administration Authorization Act of 1994, or FAAAA (which pre-empts state laws related to motor carrier prices, routes or service involving transportation of property), should bar enforcement of AB5 against carriers.

 

The U.S. District Court for the Southern District of California, after hearing the case, issued a preliminary injunction blocking the state from enforcing AB5 against motor carriers operating in the state, holding that the CTA's case was likely to succeed on its claim that the state rule is pre-empted by the FAAAA. The court noted that carriers likely would have to reclassify all independent-contractor drivers as employees for all purposes to comply with the California labor law.

California officials and the International Brotherhood of Teamsters appealed the ruling to the 9th Circuit. The appeals court reversed the district court's order, ruling that the FAAAA doesn't pre-empt enforcement of AB5 against motor carriers.

"Because AB5 is a generally applicable labor law that affects a motor carrier's relationship with its workforce and does not bind, compel or otherwise freeze into place the prices, routes or services of motor carriers, we conclude that it is not pre-empted" by the FAAAA, the panel ruled in a majority opinion.

Judge Mark Bennett dissented, arguing that AB5 "significantly impacts the services motor carriers are able to provide to their customers" and therefore requires that the FAAAA pre-empt the law's enforcement against carriers. Bennett wrote that differences in services provided by independent contractors and employees are not superficial, and that AB5 will eliminate carriers' ability to respond to fluctuations in supply and demand.

Unless reversed on appeal to the full 9th Circuit or the U.S. Supreme Court, the decision could upend motor carrier business models.

"Practically, the main takeaway for motor carriers and owner-operators is that they need to comply with AB5, either by converting to traditional employee classifications or satisfying one of the AB5 exemptions," Cabral said. "The latter option is not for the faint of heart and should only be considered with the advice of counsel. Maintaining an independent contractor business model might create significant potential liability and would require a high degree of risk tolerance."

Cabral cited a split among the federal circuit courts (the 7th and 9th circuits on one side and the 1st and 3rd on the other) "making the issue of FAAAA pre-emption ripe for review."  

If the state and individual employees are allowed to start enforcing AB5, motor carriers might face new wage and hour class actions, including those potentially alleging it was unlawful for trucking companies to maintain independent-contractor classification during the injunction period, according to Cabral, who suggested carriers establish and maintain compliant employment policies and procedures.

Broader Implications

The appeals panel decision could possibly have broader implications for other independent contractors in California, according to Winnick. "It certainly strengthens the argument that other federal law does not pre-empt AB5. For example, the Airline Deregulation Act, which covers air carriers, uses a similar, albeit broader, pre-emption clause as the one at issue in CTA v. Bonta," he said, noting that AB5 creates uncertainty for employers.

"Many of the exemptions to AB5 are vague and ambiguous. For example, the business-to-business exemption contains 12 criteria that an employer must meet. It will take time for the courts to clarify these criteria and other exemptions to AB5," he said. "California employers would do well to audit their contractor relationships and err on the side of caution."

 

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FYI the Federal legislation introduced by Patty Murray (D-WA) and Chairman Bobby Scott (D-VA) is called Protecting the Right to Organize (PRO) Act.

 

This has always been about how mega ride sharing companies (Uber/Lyft) thwarted the Unions in many, many, law suits.  However, it has carried over into other industries as well. The PRO Act will destroy the Gig economy. And if you have no idea what the Gig economy is, then you need to do your research because everyone, and I do mean every single man, woman and child or whatever else they want to be classified as, is affected by the Gig Economy. 

 

Again trying to establish one collective to control your life down to the minute detail under the auspices of worker protection.

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    • By yota691
      A significant increase in the Central Bank of Iraq's dollar sales
         2021-08-01 05:06   Shafaq News/ The Central Bank of Iraq's sales rose significantly, on Sunday, to reach 232 million dollars.
      Shafak News Agency correspondent stated that the Central Bank witnessed, during its auction for buying and selling US dollars, an increase in its sales by 14.85% to reach 232 million and 925 thousand and 290 US dollars, compared to last Thursday, which sales amounted to 202 million and 420 thousand dollars. American.
      The purchases amounting to 176 million and 705 thousand and 290 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 56 million and 220 thousand dollars went in cash.
      Our correspondent indicated that 35 banks have responded to requests to enhance balances abroad, and 21 banks to meet cash requests, in addition to the participation of 21 exchange companies and 291 participating mediation companies.
    • By yota691
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         2021-08-01 05:06   Shafaq News/ The Central Bank of Iraq's sales rose significantly, on Sunday, to reach 232 million dollars.
      Shafak News Agency correspondent stated that the Central Bank witnessed, during its auction for buying and selling US dollars, an increase in its sales by 14.85% to reach 232 million and 925 thousand and 290 US dollars, compared to last Thursday, which sales amounted to 202 million and 420 thousand dollars. American.
      The purchases amounting to 176 million and 705 thousand and 290 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 56 million and 220 thousand dollars went in cash.
      Our correspondent indicated that 35 banks have responded to requests to enhance balances abroad, and 21 banks to meet cash requests, in addition to the participation of 21 exchange companies and 291 participating mediation companies.
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      A significant increase in the Central Bank of Iraq's dollar sales
         2021-08-01 05:06   Shafaq News/ The Central Bank of Iraq's sales rose significantly, on Sunday, to reach 232 million dollars.
      Shafak News Agency correspondent stated that the Central Bank witnessed, during its auction for buying and selling US dollars, an increase in its sales by 14.85% to reach 232 million and 925 thousand and 290 US dollars, compared to last Thursday, which sales amounted to 202 million and 420 thousand dollars. American.
      The purchases amounting to 176 million and 705 thousand and 290 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 56 million and 220 thousand dollars went in cash.
      Our correspondent indicated that 35 banks have responded to requests to enhance balances abroad, and 21 banks to meet cash requests, in addition to the participation of 21 exchange companies and 291 participating mediation companies.
    • By yota691
      A significant increase in the Central Bank of Iraq's dollar sales
         2021-08-01 05:06   Shafaq News/ The Central Bank of Iraq's sales rose significantly, on Sunday, to reach 232 million dollars.
      Shafak News Agency correspondent stated that the Central Bank witnessed, during its auction for buying and selling US dollars, an increase in its sales by 14.85% to reach 232 million and 925 thousand and 290 US dollars, compared to last Thursday, which sales amounted to 202 million and 420 thousand dollars. American.
      The purchases amounting to 176 million and 705 thousand and 290 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 56 million and 220 thousand dollars went in cash.
      Our correspondent indicated that 35 banks have responded to requests to enhance balances abroad, and 21 banks to meet cash requests, in addition to the participation of 21 exchange companies and 291 participating mediation companies.
    • By yota691
      A significant increase in the Central Bank of Iraq's dollar sales
         2021-08-01 05:06   Shafaq News/ The Central Bank of Iraq's sales rose significantly, on Sunday, to reach 232 million dollars.
      Shafak News Agency correspondent stated that the Central Bank witnessed, during its auction for buying and selling US dollars, an increase in its sales by 14.85% to reach 232 million and 925 thousand and 290 US dollars, compared to last Thursday, which sales amounted to 202 million and 420 thousand dollars. American.
      The purchases amounting to 176 million and 705 thousand and 290 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 56 million and 220 thousand dollars went in cash.
      Our correspondent indicated that 35 banks have responded to requests to enhance balances abroad, and 21 banks to meet cash requests, in addition to the participation of 21 exchange companies and 291 participating mediation companies.
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