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The Central Bank: The new 20,000 dinars currency will be introduced at the end of 2023


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K24 - Erbil:

In a statement, an adviser to the Central Bank of Iraq said that the size of the reserves has reached the highest level in Iraqi history, and that this is an opportunity to compensate all those who are deprived of their pensions.

In the statement, Ihsan Shamran Al-Alyaseri, an adviser to the Central Bank of Iraq, said: "Iraq's oil has crossed the 90 billion dollar border, and this is the first time in Iraq's history that the amount of oil will reach that level."

Yasseri also stressed that by controlling the performance of customs and taxes collection departments, oil revenues will be a secondary source of public budget.

The International Bank had previously announced that Iraq would need $233 billion to deal with the change in the climate.

In a report on the climate change in Iraq, the International Bank confirmed that Iraq will face a change in the climate. And to face it, there is a need to take unsuccessful action, including expanding the area of greenery and environmental monitoring, especially through economic diversity and Decrease the carbon support rate.

According to the report, By 2040, Iraq will need 233 billion dollars to invest in the development of the greenery sector, which is similar to the rate of 6% of the country's internal revenues

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13-Dec-2022

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CENTRAL BANK RESERVES EXCEEDED $90 BILLION (FACEBOOK)

 

Ultra Iraq - Editorial Team

On Tuesday, December 13, 2022, the Central Bank of Iraq announced that the volume of currency reserves had reached its highest level in Iraq's history.

Central Bank adviser Ihsan Shamran al-Yasiri told the official agency and his follower, "Ultra Iraq", that "the reserves of the Central Bank have reached their highest levels in the history of the Iraqi state and exceeded 90 billion dollars," noting that "what we rely on is not the reserve of the Central Bank, but the performance of public finances, which are now blessed with a very sufficient abundance of funds."

"The central bank is a monetary policy department and intervention to fix problems related to the exchange rate and others," he said, noting that "the bank's reserves are still abundant and our measures are rational."

He stressed the need for "public finances to be disciplined and direct public spending to real priorities instead of dispersing them," pointing out that "public finances have an opportunity to compensate all the disadvantaged during previous years from vulnerable classes, social benefits and low-paid retirees, as these classes need subsidies for them."

"Controlling the performance of customs and tax collection departments, oil revenues will be a secondary source of financing the public budget," al-Yasiri said.

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The Central Bank of Iraq announced today, Tuesday, the volume of currency reserves to the highest levels in the history of Iraq, while pointing out that the public finances have an opportunity to compensate all the disadvantaged and low-salary retirees.

Central Bank adviser Ihsan Shamran Al-Yasiri said in a statement followed by "Tigris", that "the reserves of the Central Bank have reached their highest levels in the history of the Iraqi state and exceeded 90 billion dollars," noting that "what we rely on is not the reserve of the Central Bank, but the performance of public finances, which are now blessed with a very sufficient abundance of funds."

"The central bank is a department of monetary policy and intervention to fix problems related to the exchange rate and others," he said, noting that "the bank's reserves are still abundant and our measures are rational."

He stressed the need for "public finances to be disciplined and direct public spending to real priorities instead of dispersing them," pointing out that "public finances have an opportunity to compensate all the disadvantaged during previous years from vulnerable classes, social benefits and those with low salaries of retirees, as these classes need subsidies for them."

"Controlling the performance of customs and tax collection departments, oil revenues will be a secondary source of financing the public budget," al-Yasiri said.

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Technical clarification on what was published about the devaluation of the exchange rate by the Central Bank

 

  

Baghdad - Nas   

The Iraqi Observatory for Human Rights, quoting the "Bahoush" fact-finding team, published on Tuesday a clarification on what was published about the devaluation of the exchange rate by the Central Bank.  

  

  

  

The Observatory stated in a post followed by "NAS" (December 13, 2022), that "accounts on social media published information that the Central Bank of Iraq announced a change in the exchange rate of the dollar against the Iraqi dinar."  

  

He added, "The text of the information that was published read: "(Urgent and immediately. Central Bank: Officially the dollar exchange rate is 120,000 over the next two weeks)."  

  

"The publication of this information comes as the exchange rate of the dollar against the Iraqi dinar has risen and news of government efforts to reduce it," he said.  

  

He explained, "The truth of the news: The Bahoush team investigated the truth of the news, and searched the official website of the Central Bank and its platforms on social media, and in the official news agency, and did not find anything to confirm this."  

  

He continued, "It turned out that the news was fabricated, and did not have any truth, as the Central Bank of Iraq did not announce any change in the exchange rate of the dollar against the Iraqi dinar."  

  

"It is noteworthy that the exchange rates of the dollar have risen in recent days and reached in some areas of the capital Baghdad to 151,000 Iraqi dinars for every 100 dollars," he said.  

 
 
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The President of the Republic meets the Governor of the Central Bank of Iraq

 December 13, 2022
The President of the Republic meets the Governor of the Central Bank of Iraq

 


His Excellency the President of the Republic, Dr. Abdul Latif Jamal Rashid, met on Monday with His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhif, at Baghdad Palace.

During the meeting, they discussed the role of monetary policy in enhancing financial inclusion in the country and its major development initiatives that contributed to moving the wheel of the Iraqi economy and providing thousands of job opportunities for various groups and segments of Iraqi society, as well as the bank's role in plans to reform the banking system and its commitment to applying international standards to combat money laundering and terrorist financing, as well as its role in confronting climate change and combating desertification.

For his part, His Excellency the Governor stressed that the Central Bank of Iraq faced the financial and economic challenges witnessed by the country through the pioneering role it played, indicating that the bank has strengthened its relations with financial and banking institutions in the countries of the world to serve the interest of Iraq and its financial system.

The Governor added that the Iraqi banking sector has witnessed a great development in its work during the past years and has gained international confidence, noting that Iraqi banks keep pace with developments in the banking sector in the world.

Central Bank of Iraq
Media
Office 12 - Dec - 2022
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  1. Advisor to the Prime Minister: Kuwait Compensation Committee is in the process of closing its accounts and liquidating all belongings

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    News source /

     

    Baghdad - Waa - Nassar Al-Hajj

    Financial Adviser to Prime Minister Mazhar Mohammed Saleh confirmed on Tuesday that the United Nations Special Committee on Kuwait Compensation is in the process of closing its accounts and liquidating all belongings within the next few days after Iraq fulfilled its obligations in full.

    Saleh told the Iraqi News Agency (INA) that "Iraq paid at the end of December 2021 the full compensation approved by the UN Security Council following the Kuwait war in 1990, which was stipulated in UN Security Council Resolution No. 692 in 1991 establishing the United Nations Special Compensation Commission and fulfilled its obligations in full.”

    He added, "The total compensation paid by Iraq to Kuwait amounted to about $52.4 billion," pointing out that "the United Nations Compensation Committee, which is based in Geneva, is in the process of closing its accounts and jobs and liquidating all belongings within the next few days, based on Resolution 2621, which It was adopted unanimously by the UN Security Council in February 2022, according to which it declared the termination of the mandate of the United Nations Special Committee on Compensation for Damages Resulting from the Kuwait War in 1990.

    And that "the government of Iraq has fulfilled its international obligations to compensate for the losses and damages that were incurred in 1990."

    Yesterday, Monday, the Central Bank of Iraq announced that it had received the remaining amount in the Kuwait Compensation Fund. 

    And a statement by the Central Bank of Iraq, received by the Iraqi News Agency (INA), stated that “the bank has received the remaining amount in the compensation fund, amounting to (7,946,316) US dollars, after paying the full compensation for the State of Kuwait.”

    The statement added, "The amount was returned after auditing the accounts according to Security Council Resolution No. (2621) for the year (2022) concerned with ending the file of compensation resulting from the invasion of the former Iraqi regime into the State of Kuwait." 

     

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The Central Bank of Iraq discusses with the World Bank the strengthening of corporate governance frameworks for the banking sector

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Baghdad /NinaThe Central Bank of Iraq discussed with the World Bank to strengthen the institutional governance frameworks for the banking sector. A statement to the bank's media said: "The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, received, on Wednesday, a delegation from the International Finance Corporation of the World Bank, headed by the Regional Director for the Middle East, Khawaja Aftab Ahmed.”

During the meeting, according to the statement, aspects of bilateral cooperation and strengthening it were discussed, and the completed projects between the Central Bank of Iraq and the Foundation were reviewed, including the project to strengthen the institutional governance frameworks of the Iraqi banking sector, and the preparation of the regulatory framework for financial leasing activity, as well as the accession of the Central Bank of Iraq to the International Sustainability Network.
According to the statement, future projects were also discussed, which include the development of environmental and social aspects of the Iraqi banking sector, and the development of the capabilities and expertise of workers in the banking sector.
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Iraq reaches the highest financial reserve in the history of the state, and the Central Bank calls for compensation for those affected

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News S

Baghdad - Iraq Today:

The Central Bank announced on Tuesday that the volume of currency reserves has reached its highest level in the history of the State of Iraq, while noting that public finances have an opportunity to compensate all disadvantaged and low-paid pensions.

Central Bank advisor Ihsan Shamran al-Yasiri said in a statement that "the reserves of the Central Bank have reached their highest levels in the history of the Iraqi state and exceeded 90 billion dollars," explaining that "what we count on is not the reserve of the Central Bank, but the performance of public finances, which are now blessed with a very sufficient abundance of funds.”

Al-Yasiri continued, "The central bank's work is to manage monetary policy and intervene to fix problems related to the exchange rate and others," noting that "the bank's reserves are still abundant and our procedures are rational."

And he stressed the need for “public finances to be disciplined and direct public spending to real priorities rather than scattering them,” stressing that “public finances have an opportunity to compensate all those deprived during the previous years of fragile classes, social benefits and low-paid retirees, as these classes need subsidies.”

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Central Bank: The exchange rate of the dollar by more than 1500 dinars we see as normal and reasonable

economy |   09:47 - 14/12/2022

Central Bank: The exchange rate of the dollar by more than 1500 dinars we see as normal and reasonable (mawazin.net)

 

 

Baghdad - Mawazine News
The Central Bank of Iraq clarified today, Wednesday, The mechanism of the auction of foreign currency sale in the current period, and while commenting on the high price The exchange of the dollar, confirmed the imposition of the US Federal Reserve strict conditions and determinants on the process Sell the dollar.
Central Bank of Iraq advisor Ihsan Chamran said Al-Yasiri during a seminar at the Iraq Book Fair, "The window for selling currency has a group One of the functions is to stabilize the exchange rate and the second is to meet the requirements of trade foreign companies, traders, the economic sector and the public."
He added, "The Iraqi commodity sector is unable to Providing the requirements of the local market, which expanded imports," he explained, "The Ministry of Finance sells to the Central Bank the dollar coming from the state's imports, and the bank grants finance The value of the dollar sold to him in Iraqi dinars to manage the requirements of the state's work, and a sale window Foreign currency is the only way to call the Iraqi dinar from the market towards financial State, turning off the window will create the problem of unavailability of a local currency to buy the dollar coming from Iraq's imports are like oil, and the window meets 87% of Iraq's commodity import requirements."
He warned that "stopping the sale of foreign currency It will force us to print more of the national currency, increasing the dinar exported for circulation. Monthly and this measure will force the bank to print the amount of salaries, which is estimated at 7 trillion A dinar per month and up to 100 trillion annually and printing without the import of the dollar will be signed great damage to the economy."
On the fate of what is sold, he explained that "less than 15% of Foreign currency sold at the central bank is demarcated as a commodity and passed on to power. Customs and more than 80% of the value of the sale enter as imported materials change their identity in customs And the ports and the change during which the imported materials are demarcated in a different form than their original form To reduce customs, for example, to enter for example alcoholic beverages or expensive goods and paint on They are vegetables, fruits or children's clothes with the aim of exempting them from taxes."
"There are unofficial outlets," al-Yasiri said. Smuggled goods pass through them either under the protection of people or enter in roundabout ways, and are supposed to enter The state treasury has 18 trillion dinars the value of taxes and fees collected annually and what is collected It amounts to only 3 trillion dinars."
On how the difference was lost, he stressed that "it must be What enters Iraq as the value of imported goods parallel to the dollar sold from the window and check It's in the hands of the customs and tax authorities."
On the rise in the exchange rate and its causes, Al-Yasiri said: "The central bank has recently created a platform for a currency selling window to raise Authorized banks are orders to buy in the name of people and the names are considered over the course of a week The bank shall decide its position one day before the date of the auction for the sale of the currency submitted for purchase after its application Conditions include the submission of applications by persons to buy dollars to licensed banks and proving the type of The commodity, the need to be purchased, details of the beneficiary, and the name of the seller must be mentioned And the name of the person ordering the purchase and the name enters into a global system called (OFAC) to indicate whether Required or problematic, as well as communication with the seller of the imported goods to verify its dealings with the person requesting to buy the dollar," pointing out that "in Some days, the percentage of rejected applications reached 40% because they did not meet the conditions."
He added, "The US Federal Reserve from His side has set strict conditions recently that oblige us to display lists in dollars sold to him Includes the names of the persons and beneficiaries and wait 15 days for the bank's position statement The Federal of the integrity of the purchase process to the requesting party, and the sale process stops if The Federal Bank objected to a certain name because it was wanted, there was a similarity of names, or there was a suspicion with the purpose of buying dollars."
"The Fed is in the process of adding 3 Regulators on the sale of dollars to check its destination after the sale, and they say that they They check to prevent it from reaching terrorist or banned parties, and because of these conditions and limitations, it cannot Central Bank of AldoLar to all who ask for it, what happens crowding and we are obligated And in the interest of Iraq to apply these standards to prevent a decision to stop the flow of dollars to Iraq because A disaster will occur and the sale of dollars in Iraq is subject to strict control by the Federal Bank because he is the issuer of the dollar."
He stressed that "the exchange rate of the dollar by more than 1500 Dinar we see it as natural and reasonable based on what we mentioned of strict limitations and I have no problem the central bank in providing dollars for sale through a currency auction."
On the internal debt, Al-Yasiri said: "The Ministry of Finance has an internal debt of up to 69 trillion dinars (44 trillion) of which to the central bank and 25 trillion to the banking sector."

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43 minutes ago, 6ly410 said:

He stressed that "the exchange rate of the dollar by more than 1500 Dinar we see it as natural and reasonable based on what we mentioned of strict limitations and I have no problem the central bank in providing dollars for sale through a currency auction."

 

Wrong, 1-1 sounds a lot better based on the amount of time energy and money we have invested in your worthless country and currency.  Liberate you citizens and give them a REAL exchange amount.  They deserve a more equal opportunity to share in the wealth that oil gives your Country.  You better hurry up because Fusion power is coming and then we won't need your oil.  
 

image.thumb.png.4365ae51bf0a9c89145e20584eafe8ec.png

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Central Bank: The national currency will collapse if the window for selling the currency is closed and the rise in dollar exchange rates is very normal!

Central Bank: The national currency will collapse if the window for selling the currency is closed and the rise in dollar exchange rates is very normal!
Last Updated: 15 December 2022 - 9:53 AM

Baghdad / Iraq News Network - The Central Bank of Iraq explained, on Thursday, the mechanism of the auction of the sale of foreign currency in the current period, and while commenting on the rise in the exchange rate of the dollar, confirmed the imposition of the US Federal Reserve strict conditions and determinants on the process of selling the dollar.The adviser to the Central Bank of Iraq, Ihsan Shamran Al-Yasiri during a seminar at the Iraq Book Fair, said that "the window for selling currency has a set of functions, the first of which is to stabilize the exchange rate and the second to meet the requirements of foreign trade from companies, traders, the economic sector and the public." That "the Iraqi commodity sector is unable to provide the requirements of the local market, which expanded the import," explaining, "The Ministry of Finance sells to the Central Bank the dollar coming from the state's imports, and the bank gives the finance the value of the dollar sold to him in Iraqi dinars to manage the requirements of the state's work, and the window for selling foreign currency is the only way to call the Iraqi dinar from the market towards the state's finances, and stopping the window will create the problem of the lack of local currency to buy the dollar coming from Iraq's imports such as oil, and the window meets 87% of the import requirements commodity for Iraq."
He warned that "stopping the sale of foreign currency will force us to print more national currency, which increases the dinar issued for circulation monthly, and this measure will force the bank to print the amount of salaries, estimated at 7 trillion dinars per month and up to 100 trillion annually, and printing without the import of the dollar will cause great damage to the economy." of the value of the sale is entered as imported materials that change their identity at customs and ports, and the change during which the imported materials are demarcated in a different form to reduce customs, for example, alcoholic beverages or expensive goods are introduced and painted as vegetables, fruits or children's clothes in order to exempt them from taxes." "There are unofficial ports where smuggled goods pass either to protect people or to enter in roundabout ways, and 18 trillion dinars are supposed to enter the state treasury in the value of taxes and fees collected annually, and what is collected amounts to 3 trillion dinars only," al-Yasiri said.
On how the difference was lost, he stressed that "what enters Iraq as the value of imported goods must be parallel to the dollar sold from the window and verify this in the hands of the customs authorities and taxes." Persons submit requests to buy dollars to licensed banks and prove the type of commodity and the need to be purchased and details of the beneficiary and must mention the name of the seller and the name of the person requesting the purchase and the name enters into a global system called (OFAC) to indicate whether it is required or problematic as well as communicate with the seller of the imported goods to verify its dealings with the person requesting the purchase of the dollar, pointing out that "on some days the percentage of rejected requests reached 40% due to their non-conformity with conditions".
He added, "The US Federal Reserve, for its part, has set strict conditions recently obliging us to display lists of dollars sold on it that include the names of people and beneficiaries, and we wait 15 days to indicate the Federal Bank's position on the safety of the purchase process for the requesting party, and the sale process stops in the event that the Federal Bank objects to a specific name because it is required, or there is a similarity of names, or there is a suspicion of the purpose of buying the dollar." The dollar to check about its destination after the sale, and they say that they are checking to prevent it from reaching terrorist or banned parties, and because of these conditions and limitations, the Central Bank cannot provide dollars to all those who request it.We are obligated and in the interest of Iraq to apply these standards to prevent a decision to stop the flow of dollars to Iraq because it will cause a disaster and the sale of dollars in Iraq is subject to strict control by the US Federal Bank because it is the issuer of the dollar. On the internal debt, Al-Yasiri said: "The Ministry of Finance has an internal debt of up to 69 trillion dinars, 44 trillion of which is for the Central Bank and 25 trillion for the banking sector."

 

 
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39 minutes ago, screwball said:

That’s because Iraqis are hoarding their cash…if you give the Dinar purchasing power they will flock to banks to exchnage…we know they buy Foriegn currencies because they have more power! LOL….why print when 70% is under their beds, give them a fair rate of exchnage. And 1:1 rate we are all happy!

 

39 minutes ago, screwball said:

That’s because Iraqis are hoarding their cash…if you give the Dinar purchasing power they will flock to banks to exchnage…we know they buy Foriegn currencies because they have more power! LOL….why print when 70% is under their beds, give them a fair rate of exchnage. And 1:1 rate we are all happy!

Crap ton of smoke & mirrors lately has my attention.  

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in the document. The Central Bank of Iraq decides to reduce the exchange rate of the dollar to 1465 dinars

In the document.. The Central Bank of Iraq decides to reduce the exchange rate of the dollar to 1465 dinars | The information (almaalomah-me.translate.goog)

  • Today 14:05
central bank Central Bank
  • In the document .. The Central Bank of Iraq decides to reduce the exchange rate of the dollar to 1465 dinars in the document. The Central Bank of Iraq decides to reduce the exchange rate of the dollar to 1465 dinars

 

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Mazhar Muhammad Saleh to / NINA /: The Central Bank’s reserves cover 20 import months 

1020941-19fb73da-c07f-41a1-9584-f7783089
Baghdad / NINA / - The financial expert, Mazhar Muhammad Salih, confirmed that: The Central Bank's hard currency reserves cover 20 import months.

He told the National Iraqi News Agency ( NINA ) that the net foreign currency reserves of the Central Bank of Iraq, along with the government's reserves, amounted to more than 90 billion dollars, which is the highest in Iraq's financial history.

Saleh added that these reserves cover the value of the national currency exported to circulation by about one and a half times, and also cover about 20 import months, while the international standard does not exceed 3-6 months as a maximum./ End 3
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