Official: CBI News 02/03/2023

[yota691]

The Central Bank of Iraq issues the first package of facilities to meet the demand for dollars

 

  

February 03, 2023

 

---

---

The Central Bank of Iraq issues the first package of facilities to meet the demand for dollars, on both sides of cash and foreign transfers, as follows:

1. Increasing the ceiling of cash sales for travel purposes to (7,000) dollars per month (seven thousand dollars per month), and selling them to adults (18 years and over) exclusively.

2. The sale of dollars for the purposes of personal transfers will be through the agents of money transfer companies (Western Union and Money Gram) at the official rate (1470) dinars to the dollar, and the Central Bank of Iraq will consolidate the balances of these agents in dollars at the official rate.

3. Expanding the scope of transactions allowed to be financed in foreign currency to include:

a) Importing goods and commodities that are legally permitted to be imported.
b) Purchasing and supplying services permitted by law, including shipping services.
c) Financing the import part of the contracts of contractors with state departments.
d) Requests received by the Central Bank of Iraq from governmental and public institutions and self-financed entities for their needs for which there is no allocation in dollars within the federal general budget of the state, supported by official documents that support these requests.
e) Enhancing the balances of sub-accounts of banks and electronic payment companies opened with (GB Morgan) Bank, which has a major membership with international card companies (Visa, Master).
F) Enhancing the balances of the sub-accounts of the Iraqi financial institutions opened with Citibank, which has a major membership with international money transfer companies (Western Union, MoneyGram) in order to settle its obligations with those companies after submitting the required statements.
g) Transfers for legal transactions for the purchase of real estate abroad.
h) Treatment abroad, and the transfer is from the account of the customer or one of his relatives of the first or second degree to the account of the hospital abroad after submitting a medical report from the concerned hospital.
i) Payment of tuition fees abroad, and the transfer shall be from the account of the student or one of his relatives of the first or second degree to the account of the university in which he is studying or to the account of the student himself in the country of study after submitting proof of his registration in the study certified by the Iraqi Cultural Attaché in the country of study.
j) Transfers related to foreign investments in Iraq.
k) Transferring the proceeds of the sale of shares distributed inside Iraq to an Iraqi residing abroad or a foreigner (the original value plus its returns, if any) in the event of selling them, provided that support is provided by the Iraq Stock Exchange.
l) Compensation decided or approved by Iraqi official authorities for foreigners, or for Iraqis residing abroad.
m) Profits of shareholders in companies duly registered in Iraq.
n) Amounts of financial proceeds (sale of real estate or other assets or their returns) in Iraq to an Iraqi residing abroad, provided that the transfer is from his account or his agent’s account inside Iraq to his account or his company’s account abroad exclusively.
o) Due payments related to banking and credit facilities that the customer has associated with banks outside Iraq.

4. Expanding and facilitating external transfer procedures for the categories below, as a first stage, followed by other categories later, namely:

a) All types of companies registered with the Companies Registration Department at the Federal Ministry of Trade.
b) Projects registered with the Directorate General of Industrial Development at the Federal Ministry of Industry and Minerals.
C) Simple companies duly incorporated by the chambers of commerce (according to an incorporation contract certified by a notary public) with an amount not exceeding (200,000) dollars (two hundred thousand dollars per month).
d) Branches of foreign companies registered with the Companies Registration Department at the Federal Ministry of Trade.
e) Investment projects of all kinds licensed by investment commissions.
f) Agricultural and animal projects licensed by the Animal Wealth Department, the Agricultural Investments Department, or the Veterinary Department at the Federal Ministry of Agriculture.
g) Scientific offices duly licensed by the Syndicate of Pharmacists.
h) Distributors of international factories who are fixed to be appointed from those factories for the purpose of working in Iraq, and agents whose appointment is approved by the distributor to work in the Iraqi market and who are duly licensed to work in Iraq.
i) Agents of international companies registered in accordance with the commercial agency law in force.
j) All types of companies, factories, laboratories and projects licensed in the Kurdistan Region of Iraq, after submitting proof of incorporation or licensing from the relevant sectoral authorities, translated into Arabic by legal translation.

5. The Central Bank is obligated to cover all requests for dollars in cash and foreign transfers for all legitimate purposes. Thus, each sale at a price higher than the official price becomes an act aimed at speculation or to cover illegal activity, and the Central Bank of Iraq is obligated to compensate the beneficiaries (importers) the amount of the difference that exceeds the official established price, and this difference is deducted from the account of the violating bank with us.

6. Another important package will be issued soon to stabilize the exchange rate and the general level of prices.

7. The Central Bank of Iraq is studying various proposals and scenarios related to the official exchange rate.

 

Central Bank of Iraq
Media Office
2/3/2023

[yota691]

After meeting with the US Treasury

A 'facilitation package' from the Central Bank to face the dollar crisis

2023.02.03 - 22:28

 

Baghdad - Nas  

On Friday, the Central Bank of Iraq issued the first package of facilities to meet the demand for the dollar, on both sides of cash and foreign transfers.  

  

 

  

  

According to a statement by the Central Bank, of which “NAS” received a copy (February 3, 2023), the facilities were as follows: “  

  

1- Increasing the ceiling of cash sales for travel purposes to (7,000) dollars per month (seven thousand dollars per month), and selling them to adults (18 years and over) exclusively.  

2- The sale of the dollar for the purposes of personal transfers will be through the agents of money transfer companies (Western Union and Money Gram) at the official price (1470) dinars to the dollar, and the Central Bank of Iraq is responsible for strengthening the balances of these agents in dollars at the official price.  

3- Expanding the scope of transactions allowed to be financed in foreign currency to include:  

a) Importing goods and commodities that are legally permitted to be imported.  

b) Purchasing and supplying services permitted by law, including shipping services.  

c) Financing the import part of the contracts of contractors with state departments.  

d) Requests received by the Central Bank of Iraq from governmental and public institutions and self-financed entities for their needs for which there is no allocation in dollars within the federal general budget of the state, supported by official documents that support these requests.  

e) Enhancing the balances of sub-accounts of banks and electronic payment companies opened with (GB Morgan) Bank, which has a major membership with international card companies (Visa, Master).  

F) Enhancing the balances of the sub-accounts of the Iraqi financial institutions opened with Citibank, which has a major membership with international money transfer companies (Western Union, MoneyGram) in order to settle its obligations with those companies after submitting the required statements.  

g) Transfers for legal transactions for the purchase of real estate abroad.  

h) Treatment abroad, and the transfer is from the account of the customer or one of his relatives of the first or second degree to the account of the hospital abroad after submitting a medical report from the concerned hospital.  

i) Payment of tuition fees abroad, and the transfer shall be from the account of the student or one of his relatives of the first or second degree to the account of the university in which he is studying or to the account of the student himself in the country of study after submitting proof of his registration in the study certified by the Iraqi Cultural Attaché in the country of study.  

j) Transfers related to foreign investments in Iraq.  

k) Transferring the proceeds of the sale of shares distributed inside Iraq to an Iraqi residing abroad or a foreigner (the original value plus its returns, if any) in the event of selling them, provided that support is provided by the Iraq Stock Exchange.  

l) Compensation decided or approved by Iraqi official authorities for foreigners, or for Iraqis residing abroad.  

m) Profits of shareholders in companies duly registered in Iraq.  

n) Amounts of financial proceeds (sale of real estate or other assets or their returns) in Iraq to an Iraqi residing abroad, provided that the transfer is from his account or the account of his agent inside Iraq to his account or his company's account abroad exclusively.  

o) Due payments related to banking and credit facilities that the customer has with banks outside Iraq.  

4- Expanding and facilitating external transfer procedures for the categories below, as a first stage, to be followed by other categories later, namely:  

a) All types of companies registered with the Companies Registration Department at the Federal Ministry of Trade.  

b) Projects registered with the Directorate General of Industrial Development at the Federal Ministry of Industry and Minerals.  

  

C) Simple companies duly incorporated by the chambers of commerce (according to an incorporation contract certified by a notary public) with an amount not exceeding (200,000) dollars (two hundred thousand dollars per month).  

d) Branches of foreign companies registered with the Companies Registration Department at the Federal Ministry of Trade.  

e) Investment projects of all kinds licensed by investment commissions.  

f) Agricultural and animal projects licensed by the Animal Wealth Department, the Agricultural Investments Department, or the Veterinary Department at the Federal Ministry of Agriculture.  

g) Scientific offices duly licensed by the Syndicate of Pharmacists.  

h) Distributors of international factories who are fixed to be appointed from those factories for the purpose of working in Iraq, and agents whose appointment is approved by the distributor to work in the Iraqi market and who are duly licensed to work in Iraq.  

i) Agents of international companies registered in accordance with the commercial agency law in force.  

j) All types of companies, factories, laboratories and projects licensed in the Kurdistan Region of Iraq after presenting proof of incorporation or licensing from the relevant sectoral authorities, translated into Arabic, legally.  

5- The Central Bank is obligated to cover all requests for dollars in cash and external transfers for all legitimate purposes, and thus each sale at a price higher than the official price becomes an act aimed at speculation or to cover illegal activity, and the Central Bank of Iraq is obligated to compensate the beneficiaries (importers) the amount of the difference that exceeds the official price decided, and this difference is deducted from our offending bank account.  

  

6- Another important package will be issued soon to achieve stability of the exchange rate and the general level of prices.  

7- The Central Bank of Iraq is studying various proposals and scenarios related to the official exchange rate.  

[yota691]

'Crowd in front of exchange shops'

Dollar prices are falling in Erbil trading after the Central Bank's statement

2023.02.03 - 23:10

 

Baghdad - people  

The exchange rates of the dollar fell, this evening, Friday, after the conclusion of the central bank’s meeting with the US Treasury Department.  

  

  

  

According to publications by specialists, followed by "Nass" (February 3, 2023), the exchange rate of the dollar decreased in exchange shops in Erbil, to 168,000 for every 100 dollars.  

  

  

  

  

On Friday evening, Central Bank Governor Ali Mohsen and his accompanying delegation concluded his meetings with US Assistant Secretary of the Treasury Brian Nelson and his accompanying delegation in Turkey.  

  

During the meeting, according to a statement by the Central Bank, they discussed prospects for cooperation and coordination between the two sides in a way that contributes to achieving stability in the exchange rate in Iraq and the mechanisms related to that.  

  

The US Treasury affirmed, "its support for achieving economic stability in Iraq, in reference to strengthening what was discussed between the Iraqi Prime Minister and the US President in the phone call that took place between them yesterday, Thursday, in emphasizing the importance of Iraq's stability to the region."    

  

It also expressed its readiness for the necessary flexibility to achieve common goals. It was agreed to continue coordination and cooperation during the meetings to be held in Washington DC before the middle of this month, according to the statement.    

[yota691]

An advisor to the Sudanese sets a date for stabilizing the exchange rate of the dollar against the dinar

2023.02.04 - 09:27

 

Baghdad - Nas  

The political advisor to the Prime Minister and a leader in the Wisdom Movement, Fadi Al-Shammari, set a date for the stability of the exchange rate of the dollar against the dinar.  

 

  

  

Al-Shammari said, in a tweet followed by "Nass" (February 4, 2023), "The success of the Istanbul meeting between the Central Bank of Iraq and the US Treasury."  

  

He added, "The Central Bank announces a set of new measures that will contribute significantly to the decline in the exchange rate, accompanied by strict security measures in pursuing smugglers and speculators."  

  

And he continued, "Within two weeks, the exchange rate will witness stability at its normal price, and there is no consolation for the speculators and the corrupt."  

  

  

  

  

Earlier, Central Bank Governor Ali Mohsen and his accompanying delegation concluded his meetings with US Treasury Assistant Secretary Brian Nelson and his accompanying delegation in Turkey.  

  

During the meeting, according to a statement by the Central Bank, of which "NAS" received a copy (February 3, 2023), "they discussed prospects for cooperation and coordination between the two sides in a way that contributes to achieving stability of the exchange rate in Iraq and the mechanisms related to that."    

  

The US Treasury affirmed, "its support for achieving economic stability in Iraq, in reference to strengthening what was discussed between the Iraqi Prime Minister and the US President in the phone call that took place between them yesterday, Thursday, in emphasizing the importance of Iraq's stability to the region."    

  

It also expressed its readiness for the necessary flexibility to achieve common goals. It was agreed to continue coordination and cooperation during the meetings to be held in Washington DC before the middle of this month, according to the statement.    

  

And the Central Bank of Iraq issued, earlier, the first package of facilities to meet the demand for dollars, on both sides of cash and foreign transfers.  

  

According to a statement by the Central Bank, of which “NAS” received a copy (February 3, 2023), the facilities came as follows: “    

  

1- Increasing the ceiling of cash sales for travel purposes to (7000) dollars per month (seven thousand dollars per month), and selling them to adults (18 years and over) exclusively.    

2- The sale of the dollar for the purposes of personal transfers will be through the agents of money transfer companies (Western Union and Money Gram) at the official price (1470) dinars to the dollar, and the Central Bank of Iraq is responsible for strengthening the balances of these agents in dollars at the official price.    

3- Expanding the scope of transactions allowed to be financed in foreign currency to include:    

a) Importing goods and commodities that are legally permitted to be imported.    

b) Purchasing and supplying services permitted by law, including shipping services.    

c) Financing the import part of the contracts of contractors with state departments.    

d) Requests received by the Central Bank of Iraq from governmental and public institutions and self-financed entities for their needs for which there is no allocation in dollars within the federal general budget of the state, supported by official documents that support these requests.    

e) Enhancing the balances of the sub-accounts of banks and electronic payment companies opened with (JP Morgan) Bank, which has a major membership with international card companies (Visa, Master).    

F) Enhancing the balances of the sub-accounts of the Iraqi financial institutions opened with Citibank, which has a major membership with international money transfer companies (Western Union, MoneyGram) in order to settle its obligations with those companies after submitting the required statements.    

g) Transfers for legal transactions for the purchase of real estate abroad.    

h) Treatment abroad, and the transfer is from the account of the customer or one of his relatives of the first or second degree to the account of the hospital abroad after submitting a medical report from the concerned hospital.    

i) Payment of tuition fees abroad, and the transfer shall be from the account of the student or one of his relatives of the first or second degree to the account of the university in which he is studying or to the account of the student himself in the country of study after submitting proof of his registration in the study certified by the Iraqi Cultural Attaché in the country of study.    

j) Transfers related to foreign investments in Iraq.    

k) Transferring the proceeds of the sale of shares distributed inside Iraq to an Iraqi residing abroad or a foreigner (the original value plus its returns, if any) in the event of selling them, provided that support is provided by the Iraq Stock Exchange.    

l) Compensation decided or approved by Iraqi official authorities for foreigners, or for Iraqis residing abroad.    

m) Profits of shareholders in companies duly registered in Iraq.    

n) Amounts of financial proceeds (sale of real estate or other assets or their returns) in Iraq to an Iraqi residing abroad, provided that the transfer is from his account or the account of his agent inside Iraq to his account or his company's account abroad exclusively.    

o) Due payments related to banking and credit facilities that the customer has with banks outside Iraq.    

4- Expanding and facilitating external transfer procedures for the categories below, as a first stage, to be followed by other categories later, namely:    

a) All types of companies registered with the Companies Registration Department at the Federal Ministry of Trade.    

b) Projects registered with the Directorate General of Industrial Development at the Federal Ministry of Industry and Minerals.    

  

C) Simple companies duly incorporated by the chambers of commerce (according to an incorporation contract certified by a notary public) with an amount not exceeding (200,000) dollars (two hundred thousand dollars per month).    

d) Branches of foreign companies registered with the Companies Registration Department at the Federal Ministry of Trade.    

e) Investment projects of all kinds licensed by investment commissions.    

f) Agricultural and animal projects licensed by the Animal Wealth Department, the Agricultural Investments Department, or the Veterinary Department at the Federal Ministry of Agriculture.    

g) Scientific offices duly licensed by the Syndicate of Pharmacists.    

h) Distributors of international factories whose appointment is fixed from those factories for the purposes of working in Iraq, and agents whose appointment is approved by the distributor to work in the Iraqi market and who are duly licensed to work in Iraq.    

i) Agents of international companies registered in accordance with the commercial agency law in force.    

j) All types of companies, factories, laboratories and projects licensed in the Kurdistan Region of Iraq after submitting proof of incorporation or licensing from the relevant sectoral authorities, translated into Arabic, legally.    

5- The Central Bank is obligated to cover all requests for dollars in cash and external transfers for all legitimate purposes, and thus each sale at a price higher than the official price becomes an act aimed at speculation or to cover illegal activity, and the Central Bank of Iraq is obligated to compensate the beneficiaries (importers) the amount of the difference that exceeds the official price decided, and this difference is deducted from our offending bank account.    

  

6- Another important package will be issued soon to achieve stability of the exchange rate and the general level of prices.    

7- The Central Bank of Iraq is studying various proposals and scenarios related to the official exchange rate.    

[yota691]

A “significant decrease” .. the exchange rates of the dollar in the local markets for today

2023.02.04 - 09:56

 

Baghdad - people  

On Saturday, the exchange rates of the dollar witnessed a "significant decline" in the Iraqi local markets, according to the monitoring of specialists.  

  

 

  

The selling price of the dollar was 161,000 dinars per 100 dollars, while the buying price of the dollar was 159,500 dinars per 100 dollars.  

  

Earlier, the political advisor to the Prime Minister and a leader in the Wisdom Movement, Fadi Al-Shammari, set a date for the stability of the exchange rate of the dollar against the dinar.  

  

Al-Shammari said, in a tweet followed by "Nass" (February 4, 2023), "The success of the Istanbul meeting between the Central Bank of Iraq and the US Treasury."    

  

He added, "The Central Bank announces a set of new measures that will contribute significantly to the decline in the exchange rate, accompanied by strict security measures in pursuing smugglers and speculators."    

  

And he continued, "Within two weeks, the exchange rate will witness stability at its normal price, and there is no consolation for the speculators and the corrupt."    

  

  

  

Earlier, Central Bank Governor Ali Mohsen and his accompanying delegation concluded his meetings with US Treasury Assistant Secretary Brian Nelson and his accompanying delegation in Turkey.  

  

During the meeting, according to a statement by the Central Bank, of which "NAS" received a copy (February 3, 2023), "they discussed prospects for cooperation and coordination between the two sides in a way that contributes to achieving stability of the exchange rate in Iraq and the mechanisms related to that."      

  

The US Treasury affirmed, "its support for achieving economic stability in Iraq, in reference to strengthening what was discussed between the Iraqi Prime Minister and the US President in the phone call that took place between them yesterday, Thursday, in emphasizing the importance of Iraq's stability to the region."      

  

It also expressed its readiness for the necessary flexibility to achieve common goals. It was agreed to continue coordination and cooperation during the meetings to be held in Washington DC before the middle of this month, according to the statement.      

  

And the Central Bank of Iraq issued, earlier, the first package of facilities to meet the demand for dollars, on both sides of cash and foreign transfers.  

  

According to a statement by the Central Bank, of which “NAS” received a copy (February 3, 2023), the facilities were as follows: “      

  

1- Increasing the ceiling of cash sales for travel purposes to (7000) dollars per month (seven thousand dollars per month), and selling them to adults (18 years and over) exclusively.      

2- The sale of the dollar for the purposes of personal transfers will be through the agents of money transfer companies (Western Union and Money Gram) at the official price (1470) dinars to the dollar, and the Central Bank of Iraq is responsible for strengthening the balances of these agents in dollars at the official price.      

3- Expanding the scope of transactions allowed to be financed in foreign currency to include:      

a) Importing goods and commodities that are legally permitted to be imported.      

b) Purchasing and supplying services permitted by law, including shipping services.      

c) Financing the import part of the contracts of contractors with state departments.      

d) Requests received by the Central Bank of Iraq from governmental and public institutions and self-financed entities for their needs for which there is no allocation in dollars within the federal general budget of the state, supported by official documents that support these requests.      

e) Enhancing the balances of sub-accounts of banks and electronic payment companies opened with (GB Morgan) Bank, which has a major membership with international card companies (Visa, Master).      

F) Enhancing the balances of the sub-accounts of the Iraqi financial institutions opened with Citibank, which has a major membership with international money transfer companies (Western Union, MoneyGram) in order to settle its obligations with those companies after submitting the required statements.      

g) Transfers for legal transactions for the purchase of real estate abroad.      

h) Treatment abroad, and the transfer is from the account of the customer or one of his relatives of the first or second degree to the account of the hospital abroad after submitting a medical report from the concerned hospital.      

i) Payment of tuition fees abroad, and the transfer shall be from the account of the student or one of his relatives of the first or second degree to the account of the university in which he is studying or to the account of the student himself in the country of study after submitting proof of his registration in the study certified by the Iraqi Cultural Attaché in the country of study.      

j) Transfers related to foreign investments in Iraq.      

k) Transferring the proceeds of the sale of shares distributed inside Iraq to an Iraqi residing abroad or a foreigner (the original value plus its returns, if any) in the event of selling them, provided that support is provided by the Iraq Stock Exchange.      

l) Compensation decided or approved by Iraqi official authorities for foreigners, or for Iraqis residing abroad.      

m) Profits of shareholders in companies duly registered in Iraq.      

n) Amounts of financial proceeds (sale of real estate or other assets or their returns) in Iraq to an Iraqi residing abroad, provided that the transfer is from his account or the account of his agent inside Iraq to his account or his company's account abroad exclusively.      

o) Due payments related to banking and credit facilities that the customer has with banks outside Iraq.      

4- Expanding and facilitating external transfer procedures for the categories below, as a first stage, to be followed by other categories later, namely:      

a) All types of companies registered with the Companies Registration Department at the Federal Ministry of Trade.      

b) Projects registered with the Directorate General of Industrial Development at the Federal Ministry of Industry and Minerals.      

  

C) Simple companies duly incorporated by the chambers of commerce (according to an incorporation contract certified by a notary public) with an amount not exceeding (200,000) dollars (two hundred thousand dollars per month).      

d) Branches of foreign companies registered with the Companies Registration Department at the Federal Ministry of Trade.      

e) Investment projects of all kinds licensed by investment commissions.      

f) Agricultural and animal projects licensed by the Animal Wealth Department, the Agricultural Investments Department, or the Veterinary Department at the Federal Ministry of Agriculture.      

g) Scientific offices duly licensed by the Syndicate of Pharmacists.      

h) Distributors of international factories whose appointment is fixed from those factories for the purposes of working in Iraq, and agents whose appointment is approved by the distributor to work in the Iraqi market and who are duly licensed to work in Iraq.      

i) Agents of international companies registered in accordance with the commercial agency law in force.      

j) All types of companies, factories, laboratories and projects licensed in the Kurdistan Region of Iraq after presenting proof of incorporation or licensing from the relevant sectoral authorities, translated into Arabic, legally.      

5- The Central Bank is obligated to cover all requests for dollars in cash and external transfers for all legitimate purposes, and thus each sale at a price higher than the official price becomes an act aimed at speculation or to cover illegal activity, and the Central Bank of Iraq is obligated to compensate the beneficiaries (importers) the amount of the difference that exceeds the official price decided, and this difference is deducted from our offending bank account.      

  

6- Another important package will be issued soon to achieve stability of the exchange rate and the general level of prices.      

7- The Central Bank of Iraq is studying various proposals and scenarios related to the official exchange rate.      

[yota691]

This is what will happen to the Iraqi dinar

Mazhar Muhammad Salih comments on the recent measures of the Central Bank

2023.02.04 - 11:08

 

Baghdad - people  

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Saturday, that the Central Bank's measures had positively affected the negotiations with the US Treasury, indicating that these measures would raise the value of the Iraqi dinar.   

  

  

Salih said in a statement to the official agency, followed by "NAS", (February 4, 2023), that "the procedural package launched by the Central Bank of Iraq hours ago is a positive reflection of the success of negotiations between the Central Bank of Iraq and the US Treasury, and is a systematic easing of the imposed restrictions, by adopting banking tools." International channels as transparent channels for the transfer of funds, and in a more detailed way to conduct external transfers between Iraq and the world.   

He added, "The instructions issued indicate a systematic liberation of external transfers from the restrictions, instructions, and customs previously approved on the movements of the Iraqi balance of payments, which will rapidly raise the value of the Iraqi dinar."   

  

Earlier, Central Bank Governor Ali Mohsen and his accompanying delegation concluded his meetings with US Treasury Assistant Secretary Brian Nelson and his accompanying delegation in Turkey.  

  

During the meeting, according to a statement by the Central Bank, of which "NAS" received a copy (February 3, 2023), "they discussed prospects for cooperation and coordination between the two sides in a way that contributes to achieving stability of the exchange rate in Iraq and the mechanisms related to that."        

  

The US Treasury affirmed, "its support for achieving economic stability in Iraq, in reference to strengthening what was discussed between the Iraqi Prime Minister and the US President in the phone call that took place between them yesterday, Thursday, in emphasizing the importance of Iraq's stability to the region."        

  

It also expressed its readiness for the necessary flexibility to achieve common goals. It was agreed to continue coordination and cooperation during the meetings to be held in Washington DC before the middle of this month, according to the statement.        

  

And the Central Bank of Iraq issued, earlier, the first package of facilities to meet the demand for dollars, on both sides of cash and foreign transfers.  

  

According to a statement by the Central Bank, of which “NAS” received a copy (February 3, 2023), the facilities came as follows: “        

  

1- Increasing the ceiling of cash sales for travel purposes to (7000) dollars per month (seven thousand dollars per month), and selling them to adults (18 years and over) exclusively.        

2- The sale of the dollar for the purposes of personal transfers will be through the agents of money transfer companies (Western Union and Money Gram) at the official price (1470) dinars to the dollar, and the Central Bank of Iraq is responsible for strengthening the balances of these agents in dollars at the official price.        

3- Expanding the scope of transactions allowed to be financed in foreign currency to include:        

a) Importing goods and commodities that are legally permitted to be imported.        

b) Purchasing and supplying services permitted by law, including shipping services.        

c) Financing the import part of the contracts of contractors with state departments.        

d) Requests received by the Central Bank of Iraq from governmental and public institutions and self-financed entities for their needs for which there is no allocation in dollars within the federal general budget of the state, supported by official documents that support these requests.        

e) Enhancing the balances of the sub-accounts of banks and electronic payment companies opened with (JP Morgan) Bank, which has a major membership with international card companies (Visa, Master).        

F) Enhancing the balances of the sub-accounts of the Iraqi financial institutions opened with Citibank, which has a major membership with international money transfer companies (Western Union, MoneyGram) in order to settle its obligations with those companies after submitting the required statements.        

g) Transfers for legal transactions for the purchase of real estate abroad.        

h) Treatment abroad, and the transfer is from the account of the customer or one of his relatives of the first or second degree to the account of the hospital abroad after submitting a medical report from the concerned hospital.        

i) Payment of tuition fees abroad, and the transfer shall be from the account of the student or one of his relatives of the first or second degree to the account of the university in which he is studying or to the account of the student himself in the country of study after submitting proof of his registration in the study certified by the Iraqi Cultural Attaché in the country of study.        

j) Transfers related to foreign investments in Iraq.        

k) Transferring the proceeds of the sale of shares distributed inside Iraq to an Iraqi residing abroad or a foreigner (the original value plus its returns, if any) in the event of selling them, provided that support is provided by the Iraq Stock Exchange.        

l) Compensation decided or approved by Iraqi official authorities for foreigners, or for Iraqis residing abroad.        

m) Profits of shareholders in companies duly registered in Iraq.        

n) Amounts of financial proceeds (sale of real estate or other assets or their returns) in Iraq to an Iraqi residing abroad, provided that the transfer is from his account or the account of his agent inside Iraq to his account or his company's account abroad exclusively.        

o) Due payments related to banking and credit facilities that the customer has with banks outside Iraq.        

4- Expanding and facilitating external transfer procedures for the categories below, as a first stage, to be followed by other categories later, namely:        

a) All types of companies registered with the Companies Registration Department at the Federal Ministry of Trade.        

b) Projects registered with the Directorate General of Industrial Development at the Federal Ministry of Industry and Minerals.        

  

C) Simple companies duly incorporated by the chambers of commerce (according to an incorporation contract certified by a notary public) with an amount not exceeding (200,000) dollars (two hundred thousand dollars per month).        

d) Branches of foreign companies registered with the Companies Registration Department at the Federal Ministry of Trade.        

e) Investment projects of all kinds licensed by investment commissions.        

f) Agricultural and animal projects licensed by the Animal Wealth Department, the Agricultural Investments Department, or the Veterinary Department at the Federal Ministry of Agriculture.        

g) Scientific offices duly licensed by the Syndicate of Pharmacists.        

h) Distributors of international factories whose appointment is fixed from those factories for the purposes of working in Iraq, and agents whose appointment is approved by the distributor to work in the Iraqi market and who are duly licensed to work in Iraq.        

i) Agents of international companies registered in accordance with the commercial agency law in force.        

j) All types of companies, factories, laboratories and projects licensed in the Kurdistan Region of Iraq after submitting proof of incorporation or licensing from the relevant sectoral authorities, translated into Arabic, legally.        

5- The Central Bank is obligated to cover all requests for dollars in cash and external transfers for all legitimate purposes, and thus each sale at a price higher than the official price becomes an act aimed at speculation or to cover illegal activity, and the Central Bank of Iraq is obligated to compensate the beneficiaries (importers) the amount of the difference that exceeds the official price decided, and this difference is deducted from our offending bank account.        

  

6- Another important package will be issued soon to achieve stability of the exchange rate and the general level of prices.        

7- The Central Bank of Iraq is studying various proposals and scenarios related to the official exchange rate.        

[yota691]

A recommendation from an economist for those who own dollars in Iraq

2023.02.04 - 12:52

 

Baghdad - Nas  

On Saturday, the economic expert, Salam Sumaisem, made a recommendation to those who own dollars in Iraq.  

  

 

  

Sumaisem said in a post followed by "Nass" (February 4, 2023), "Beware of speculation and do not fall prey to rumors. Wait for the exchange rate to stabilize, otherwise some may tempt you to sell your dollars at a low price and then return to sell them at a higher price. Wait for the market to stabilize."  

  

  

  

Earlier, dollar exchange rates jumped again, amid turmoil in Iraqi market trading prices.  

  

Prices in Sulaymaniyah now:    

100$=167,000     

  

The  exchange rates of the dollar, according to the announcement of the exchange offices at the opening of the market in Erbil and Sulaymaniyah for today, Saturday, (February 4, 2023), were as follows: –  

  

In Sulaymaniyah:-  

100$=165,000        

100€=107.5$/108.5$        

100£=$119.5/$120.5        

100$=1850 /1900 lira turkey        

1000 k swede =93.5$        

1000 k nare = $96.75        

1000 Danish kroner = $139       

  

In Erbil :     

  

Today, Saturday morning, the exchange rates of the dollar witnessed a "significant decline" in the Iraqi local markets, according to the monitoring of specialists.  

  

The selling price of the dollar was 161,000 dinars per 100 dollars, while the buying price of the dollar was 159,500 dinars per 100 dollars.      

  

Earlier, the political advisor to the Prime Minister and a leader in the Wisdom Movement, Fadi Al-Shammari, set a date for the stability of the exchange rate of the dollar against the dinar.  

  

Al-Shammari said, in a tweet followed by "Nass" (February 4, 2023), "The success of the Istanbul meeting between the Central Bank of Iraq and the US Treasury."        

  

He added, "The Central Bank announces a set of new measures that will contribute significantly to the decline in the exchange rate, accompanied by strict security measures in pursuing smugglers and speculators."        

  

And he continued, "Within two weeks, the exchange rate will witness stability at its normal price, and there is no consolation for the speculators and the corrupt."     

  

  

  

Earlier, Central Bank Governor Ali Mohsen and his accompanying delegation concluded his meetings with US Treasury Assistant Secretary Brian Nelson and his accompanying delegation in Turkey.  

  

During the meeting, according to a statement by the Central Bank, of which "NAS" received a copy (February 3, 2023), "they discussed prospects for cooperation and coordination between the two sides in a way that contributes to achieving stability of the exchange rate in Iraq and the mechanisms related to that."          

  

The US Treasury affirmed, "its support for achieving economic stability in Iraq, in reference to strengthening what was discussed between the Iraqi Prime Minister and the US President in the phone call that took place between them yesterday, Thursday, in emphasizing the importance of Iraq's stability to the region."          

  

It also expressed its readiness for the necessary flexibility to achieve common goals. It was agreed to continue coordination and cooperation during the meetings to be held in Washington DC before the middle of this month, according to the statement.          

  

And the Central Bank of Iraq issued, earlier, the first package of facilities to meet the demand for dollars, on both sides of cash and foreign transfers.  

  

According to a statement by the Central Bank, of which “NAS” received a copy (February 3, 2023), the facilities came as follows: “          

  

1- Increasing the ceiling of cash sales for travel purposes to (7000) dollars per month (seven thousand dollars per month), and selling them to adults (18 years and over) exclusively.          

2- The sale of the dollar for the purposes of personal transfers will be through the agents of money transfer companies (Western Union and Money Gram) at the official price (1470) dinars to the dollar, and the Central Bank of Iraq is responsible for strengthening the balances of these agents in dollars at the official price.          

3- Expanding the scope of transactions allowed to be financed in foreign currency to include:          

a) Importing goods and commodities that are legally permitted to be imported.          

b) Purchasing and supplying services permitted by law, including shipping services.          

c) Financing the import part of the contracts of contractors with state departments.          

d) Requests received by the Central Bank of Iraq from governmental and public institutions and self-financed entities for their needs for which there is no allocation in dollars within the federal general budget of the state, supported by official documents that support these requests.          

e) Enhancing the balances of sub-accounts of banks and electronic payment companies opened with (GB Morgan) Bank, which has a major membership with international card companies (Visa, Master).          

F) Enhancing the balances of the sub-accounts of the Iraqi financial institutions opened with Citibank, which has a major membership with international money transfer companies (Western Union, MoneyGram) in order to settle its obligations with those companies after submitting the required statements.          

g) Transfers for legal transactions for the purchase of real estate abroad.          

h) Treatment abroad, and the transfer is from the account of the customer or one of his relatives of the first or second degree to the account of the hospital abroad after submitting a medical report from the concerned hospital.          

i) Payment of tuition fees abroad, and the transfer shall be from the account of the student or one of his relatives of the first or second degree to the account of the university in which he is studying or to the account of the student himself in the country of study after submitting proof of his registration in the study certified by the Iraqi Cultural Attaché in the country of study.          

j) Transfers related to foreign investments in Iraq.          

k) Transferring the proceeds of the sale of shares distributed inside Iraq to an Iraqi residing abroad or a foreigner (the original value plus its returns, if any) in the event of selling them, provided that support is provided by the Iraq Stock Exchange.          

l) Compensation decided or approved by Iraqi official authorities for foreigners, or for Iraqis residing abroad.          

m) Profits of shareholders in companies duly registered in Iraq.          

n) Amounts of financial proceeds (sale of real estate or other assets or their returns) in Iraq to an Iraqi residing abroad, provided that the transfer is from his account or the account of his agent inside Iraq to his account or his company's account abroad exclusively.          

o) Due payments related to banking and credit facilities that the customer has with banks outside Iraq.          

4- Expanding and facilitating external transfer procedures for the categories below, as a first stage, to be followed by other categories later, namely:          

a) All types of companies registered with the Companies Registration Department at the Federal Ministry of Trade.          

b) Projects registered with the Directorate General of Industrial Development at the Federal Ministry of Industry and Minerals.          

  

C) Simple companies duly incorporated by the chambers of commerce (according to an incorporation contract certified by a notary public) with an amount not exceeding (200,000) dollars (two hundred thousand dollars per month).          

d) Branches of foreign companies registered with the Companies Registration Department at the Federal Ministry of Trade.          

e) Investment projects of all kinds licensed by investment commissions.          

f) Agricultural and animal projects licensed by the Animal Wealth Department, the Agricultural Investments Department, or the Veterinary Department at the Federal Ministry of Agriculture.          

g) Scientific offices duly licensed by the Syndicate of Pharmacists.          

h) Distributors of international factories whose appointment is fixed from those factories for the purposes of working in Iraq, and agents whose appointment is approved by the distributor to work in the Iraqi market and who are duly licensed to work in Iraq.          

i) Agents of international companies registered in accordance with the commercial agency law in force.          

j) All types of companies, factories, laboratories and projects licensed in the Kurdistan Region of Iraq after submitting proof of incorporation or licensing from the relevant sectoral authorities, translated into Arabic, legally.          

5- The Central Bank is obligated to cover all requests for dollars in cash and external transfers for all legitimate purposes, and thus each sale at a price higher than the official price becomes an act aimed at speculation or to cover illegal activity, and the Central Bank of Iraq is obligated to compensate the beneficiaries (importers) the amount of the difference that exceeds the official price decided, and this difference is deducted from our offending bank account.          

  

6- Another important package will be issued soon to achieve stability of the exchange rate and the general level of prices.          

7- The Central Bank of Iraq is studying various proposals and scenarios related to the official exchange rate.  

[yota691]

The Association of Banks regarding the new measures package of the Central Bank: It will contribute to the stability of the exchange rate

2023-02-04 03:40

 

Shafaq News / The Iraqi Private Banks Association confirmed, on Saturday, its support for government efforts and the new package of measures issued by the Central Bank to facilitate international trade financing, which contributes to raising the value of the Iraqi dinar against the dollar, directly and gradually, and with the provision of materials and goods in the local market.

 

The Association said in a press statement today, that the new package of measures issued by the Central Bank of Iraq, to facilitate the financing of international trade, and organize its work in accordance with international requirements, will contribute to the stability of the exchange rate, and reduce the parallel market and illegal transfers.

 

 

 

She added that private banks are ready to implement all instructions of the Central Bank, because they have the necessary infrastructure, and in compliance with the instructions by opening accounts and providing official documents for the import of goods, by various categories, including companies and simple companies registered in the chambers of commerce, owners of laboratories, factories, agricultural and investment projects, in addition to offices. Scientific and companies in the Kurdistan Region.

 

The Association of Banks also called on the business sector and merchants to deal with banks directly by opening accounts, bank credits, and fundamental transfers, and benefiting from the advantages and official exchange rates, without an intermediary or third party, or using unlicensed channels and exchange, as the transfer process will take place after verifying the fundamental requirements and verifying Lists of bans and penalties.

 

She added that the banking sector is determined to implement this package of decisions in a smooth and easy way, simplify procedures within the controls and expand the network of dealing with merchants, especially through all branches in the governorates, in addition to intensifying awareness campaigns for the public on the mechanisms of opening the account and the controls of external transfer.

 

Yesterday, Friday, the Central Bank of Iraq announced that the US Treasury had expressed its readiness for the necessary flexibility to achieve “common goals,” and the agreement to continue coordination and cooperation during the meetings to be held in Washington, DC, before the middle of this month, after the conclusion of the Central Bank Governor Ali Mohsen Ismail and his accompanying delegation in Turkey. His meetings with US Treasury Assistant Secretary Brian Nelson and his accompanying delegation.

 

Yesterday, Friday, the Central Bank of Iraq issued the second package of facilities to meet the demand for the dollar, on both sides of cash and foreign transfers.

The price of the dollar against the dinar rose in an unprecedented way recently due to the measures imposed by the United States of America to limit currency smuggling from Iraq.

 

The Central Bank of Iraq announced, on Monday, January 19, the first package of decisions that would return the foreign currency market to its normal position after the rise that occurred in it.

[yota691]

Sudanese adviser: Central Bank actions will raise the value of the Iraqi dinar

Economie| 10:25 - 04/02/2023

 

 

 

 

Baghdad - Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Saturday, that the Central Bank's measures had positively affected the negotiations with the US Treasury, indicating that these measures would raise the value of the Iraqi dinar.

Salih said, "The procedural package launched by the Central Bank of Iraq hours ago is a positive reflection of the success of negotiations between the Central Bank of Iraq and the US Treasury, and is a systematic easing of the restrictions imposed, by adopting international banking tools as transparent channels for the transfer of funds, and in a more detailed way to conduct external transfers." between Iraq and the world.

And Saleh continued, in an interview with the official news agency, which was followed by Mawazine News, that "the issued instructions indicate a systematic liberation of external transfer from the restrictions, instructions and customs previously approved on the movements of the Iraqi balance of payments, which will raise the value of the Iraqi dinar rapidly."

[yota691]

The Association of Private Banks announces its suppor t for the Central Bank's measures to raise the value of the dinar

money and business
   

Economy News-Baghdad
The Association of Iraqi Private Banks announced, on Saturday, its support for government efforts and the new package of measures issued by the Central Bank of Iraq to facilitate financing international trade, which contributes to raising the value of the Iraqi dinar against the dollar, directly and gradually, and with the provision of materials and goods in the local market.

 

The association stated in a statement that "the new package of measures issued by the Central Bank of Iraq, to facilitate the financing of international trade, and to organize its work in accordance with international requirements, will contribute to the stability of the exchange rate, and reduce the parallel market and illegal transfers."

 

She added, "Private banks are ready to implement all the instructions of the Central Bank, because they have the necessary infrastructure, and in compliance with the instructions by opening accounts and providing official documents for the import of goods, by various categories, including companies and simple companies registered in the chambers of commerce, owners of factories, factories, agricultural and investment projects, in addition to Scientific offices and companies in the Kurdistan region.

 

The Association of Banks called on the business sector and merchants to deal with banks directly by opening accounts, bank credits, and fundamental transfers, and benefiting from the advantages and official exchange rates, without a mediator or a third party, or using unlicensed channels and exchange, as the transfer process will take place after verifying the fundamental requirements and verifying Lists of bans and penalties.

 

And she added, "The banking sector is determined to implement this package of decisions in a smooth and easy way, simplify procedures within the controls, and expand the network of dealing with merchants, especially through all branches in the governorates, in addition to intensifying awareness campaigns for the public on account opening mechanisms and external transfer controls."

 

 

---

Views 167

Added 02/04/2023 - 11:41 AM

Updated 2023/02/04 - 4:45 PM

[yota691]

Adviser to the Prime Minister: Central Bank actions will raise the value of the Iraqi dinar

money and business
   

Economy News-Baghdad
Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the Central Bank's measures have reflected positively on negotiations with the US Treasury, indicating that these measures will raise the value of the Iraqi dinar.

 

Salih told the Iraqi News Agency, "The procedural package launched by the Central Bank of Iraq hours ago is a positive reflection of the success of negotiations between the Central Bank of Iraq and the US Treasury, and is a systematic easing of the restrictions imposed, by adopting international banking tools as transparent channels for the transfer of funds, and in a more detailed way to conduct operations." External conversion between Iraq and the world.

He added, "The instructions issued indicate a systematic liberation of external transfers from the restrictions, instructions, and customs previously approved on the movements of the Iraqi balance of payments, which will rapidly raise the value of the Iraqi dinar."

 

 

---

Views 146

Added 02/04/2023 - 10:59 AM

Updated 2023/02/04 - 5:05 PM

[Jaygo]

3 minutes ago, yota691 said:

Adviser to the Prime Minister: Central Bank actions will raise the value of the Iraqi dinar

money and business
   

Economy News-Baghdad
Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the Central Bank's measures have reflected positively on negotiations with the US Treasury, indicating that these measures will raise the value of the Iraqi dinar.

 

Salih told the Iraqi News Agency, "The procedural package launched by the Central Bank of Iraq hours ago is a positive reflection of the success of negotiations between the Central Bank of Iraq and the US Treasury, and is a systematic easing of the restrictions imposed, by adopting international banking tools as transparent channels for the transfer of funds, and in a more detailed way to conduct operations." External conversion between Iraq and the world.

He added, "The instructions issued indicate a systematic liberation of external transfers from the restrictions, instructions, and customs previously approved on the movements of the Iraqi balance of payments, which will rapidly raise the value of the Iraqi dinar."

 

 

---

Views 146

Added 02/04/2023 - 10:59 AM

Updated 2023/02/04 - 5:05 PM

🙏

[yota691]

The Central Bank issues a package of facilities regarding the demand for the dollar

Sweeteners

2023-02-03 | 14:27

 

 

Source:

Alsumaria News

 

18,537 views

 

Today, Friday, the Central Bank announced the issuance of the first package of facilities to meet the demand for the dollar in both sides of cash and foreign transfers.

In a statement received by Alsumaria News, the bank said, "It is issuing the first package of facilities to meet the demand for the dollar on both sides of cash and foreign transfers, as follows:

1- Increasing the ceiling of cash sales for travel purposes to (7000) dollars per month (seven thousand dollars per month) For adults (18 years and over) exclusively.

2- The sale of the dollar for the purposes of personal transfers will be through the agents of money transfer companies (Western Union and Money Gram) at the official price (1470) dinars to the dollar, and the Central Bank of Iraq will consolidate the balances of these agents in dollars at the official rate.

3- Expanding the scope of transactions permitted to be financed in foreign currency to include:

a) Importing goods and commodities that are legally permitted to be imported.

b) Purchasing and supplying services permitted by law, including shipping services.

c) Financing the import part of the contracts of contractors with state departments.

d) Requests received by the Central Bank of Iraq from governmental and public institutions and self-financed entities for their needs for which there is no allocation in dollars within the federal general budget of the state, supported by official documents that support these requests.

e) Enhancing the balances of sub-accounts of banks and electronic payment companies opened with (GB Morgan) Bank, which has a major membership with international card companies (Visa, Master).

F) Enhancing the balances of the sub-accounts of the Iraqi financial institutions opened with Citibank, which has a major membership with international money transfer companies (Western Union, MoneyGram) in order to settle its obligations with those companies after submitting the required statements.

g) Transfers for legal transactions for the purchase of real estate abroad.

h) Treatment abroad, and the transfer is from the account of the customer or one of his relatives of the first or second degree to the account of the hospital abroad after submitting a medical report from the concerned hospital.

i) Payment of tuition fees abroad, and the transfer shall be from the account of the student or one of his relatives of the first or second degree to the account of the university in which he is studying or to the account of the student himself in the country of study after submitting proof of his registration in the study certified by the Iraqi Cultural Attaché in the country of study.

j) Transfers related to foreign investments in Iraq.

k) Transferring the proceeds of the sale of shares distributed inside Iraq to an Iraqi residing abroad or a foreigner (the original value plus its returns, if any) in the event of selling them, provided that support is provided by the Iraq Stock Exchange.

l) Compensation decided or approved by Iraqi official authorities for foreigners, or for Iraqis residing abroad.

m) Profits of shareholders in companies duly registered in Iraq.

n) Amounts of financial proceeds (sale of real estate or other assets or their returns) in Iraq to an Iraqi residing abroad, provided that the transfer is from his account or his agent’s account inside Iraq to his account or his company’s account abroad exclusively.

o) Due payments related to banking and credit facilities that the customer has associated with banks outside Iraq.

 

Expanding and facilitating the procedures for external transfers for the categories below, as a first stage, followed by other categories later, namely :

 
A) All types of companies registered with the Companies Registration Department at the Federal Ministry of Trade .

 
b) Projects registered with the Directorate General of Industrial Development at the Federal Ministry of Industry and Minerals .

 
C) Simple companies duly incorporated by the chambers of commerce (according to an incorporation contract certified by a notary public) with an amount not exceeding (200,000) dollars (two hundred thousand dollars per month ).

 
d) Branches of foreign companies registered with the Companies Registration Department at the Federal Ministry of Trade .

 
e) Investment projects of all kinds licensed by investment commissions .

 
f) Agricultural and animal projects licensed by the Animal Wealth Department, the Agricultural Investments Department, or the Veterinary Department at the Federal Ministry of Agriculture .
g) Scientific offices duly licensed by the Syndicate of Pharmacists .

 
h) Distributors of international factories whose appointment is fixed from those factories for the purposes of working in Iraq, and agents whose appointment is approved by the distributor to work in the Iraqi market and who are duly licensed to work in Iraq .

 
i) Agents of international companies registered in accordance with the commercial agency law in force .

 
j) All types of companies, factories, laboratories and projects licensed in the Kurdistan Region of Iraq after submitting proof of incorporation or licensing from the relevant sectoral authorities translated into Arabic legal translation

 
 

5- The Central Bank is obligated to cover all requests for dollars in cash and external transfers for all legitimate purposes, and thus every sale at a price higher than the official price becomes an act aimed at speculation or to cover illegal activity, and the Central Bank of Iraq is obligated to compensate the beneficiaries (importers) the amount of the difference that exceeds the official price decided, and this difference is deducted from the account of the offending bank with us .

 
6- Another important package will be issued soon to achieve stability of the exchange rate and the general level of prices .

 
7- The Central Bank of Iraq is studying various proposals and scenarios related to the official exchange rate .

 

[6ly410]

An economic institution sets the date for the return of the dollar rate: it will not fall soon

An institution specialized in economics sets the date for the return of the dollar price: it will not fall soon » Baghdad Today News Agency (baghdadtoday-news.translate.goog)

Economy |Today, 18:57 |

    

 

 

Baghdad Today - Baghdad

The "Iraq of the Future" Foundation for Economic Affairs confirmed on Saturday that the decline in the exchange rate of the dollar in the local market will not happen soon.

The head of the institution, Manar Al-Obaidi, told (Baghdad Today) that “the main exchange exchanges in most cities of Iraq are closed today, and tomorrow, according to the sales of the Central Bank of Iraq, and the New procedures, which were announced, will show the exchange rate, especially that the decline in the exchange rate will not be soon, but needs approximately two months.”

“The exchange rate of the dollar in the local market will not fall quickly and significantly, especially as we are approaching the month of Ramadan and during these two months the demand for transfer increases and it is expected that this rate will be maintained until after Ramadan.” , unless easier measures are taken during this period, " Al-Obaidi said.

[yota691]

Association of Banks: The dinar will recover and the dollar crisis is temporary

Economical  2023/02/05

 

 

 Baghdad: Hussein Thaghb Al-Tamimi

A broad welcome by the economic community towards the first package issued by the Central Bank of Iraq in terms of facilities to meet the demand for the dollar, on both sides of cash and foreign transfers, suggesting that the exchange rate will return to its normal rates set by the Central Bank within a simple period not exceeding three weeks.

 

And the Central Bank issued a number of instructions that deal with the decline of the Iraqi dinar against the US dollar, including increasing the ceiling for cash sales for travel purposes to (7000) dollars per month, and selling dollars for personal transfers through agents of money transfer companies (Western Union and Money Gram) at the official price (1470). ) dinars to the dollar, and the Central Bank of Iraq shall consolidate the balances of these agents in dollars at the official rate.

 

Banking consultant and advisor to the Association of Private Banks, Samir Al-Nusairi, confirmed that "the Iraqi dinar will recover and the exchange rate crisis is temporary, and that the first package of instructions represents a start to address confusion in the exchange rate."

 

He added to “Al-Sabah” that “specialized work teams from the Central Bank, banks and the private sector, with follow-up from the Prime Minister and the Parliamentary Finance Committee, are holding a series of meetings, discussions and reviews of the instructions with the aim of simplifying the procedures that lead to securing the US dollar in the quantities required to cover the needs of foreign trade.” Through the banking system, as well as covering the needs of citizens traveling outside Iraq for all purposes, as well as issuing the first package of instructions and mechanisms that will work to overcome the crisis.

 

Al-Nusairi pointed to "the relentless efforts of the Central Bank and the government to coordinate high-level and direct coordination with the concerned international bodies to meet the international banking standards and technical and auditing aspects for the purpose of preserving the integrity of the Iraqi banking system, developing banking methods and ensuring the preservation of the recovery of the Iraqi dinar and the arrival of the US dollar in the manner of external transfers to the real beneficiary."

 

While preserving the central bank's reserves of foreign currency with the bank and with other banks, according to the highest levels of care, transparency and responsibility. 

He said: "Our analysis of the current situation of the money market in Iraq and the continued flow of the dollar according to the daily rates of oil imports and the availability of foreign cash reserves of about $115 billion makes us reassured that the current exchange rate crisis is temporary and the price will return to its target rates from the Central Bank in a short time. It requires governmental and parliamentary cooperation and support, and keeping the crisis away from political disputes, tensions, and conflicts, as well as media support for the Central Bank's procedures.

 

He praised "the government's measures to track down speculators in the currency market and unlicensed money changers, who harm the money market and the commercial market." He added, "We are betting that the crisis will end in the short term and that the Iraqi dinar will recover and return stable as determined by the Central Bank." 

Financial expert Haider Al-Aqabi explained to Al-Sabah that “the package of instructions will have a positive impact on the value of the Iraqi dinar against the US dollar, and it will be a first step that regulates the path of hard currency in a way that achieves the highest levels of benefit for the country, as it must employ the financial revenues that have become Abundance is achieved as a result of oil revenues in a way that develops other joints of the economy. 

 

Regarding exchange rates, he stressed, "They will move towards stability and return to normal rates within a period of three weeks, and this naturally creates great economic benefits for the national economy, as financial stability represents the most important steps to activate the national labor market." 

 

As for the researcher in financial development affairs, Aqil Jabr Ali Al-Muhammadawi, he said: “The negotiation of the Central Bank of Iraq with the US Federal Bank has an objective effect and represents the main reason that resulted in the refraction of the dollar exchange rate curve, regardless of the central bank’s package of measures and their importance,” pointing to “the role of unifying Efforts in this crisis are attempts to restore control over the exchange rate of the dollar, and what has been achieved on the ground is important and worthy of praise. 

[screwball]

23 hours ago, yota691 said:

that "the procedural package launched by the Central Bank of Iraq hours ago is a positive reflection of the success of negotiations between the Central Bank of Iraq and the US Treasury, and is a systematic easing of the imposed restrictions

Systematic
 

systematic

/ˌsɪstɪˈmatɪk/

Learn to pronounce

 

adjective

 

1. done or acting according to a fixed plan or system; methodical.

   "a systematic search of the whole city"

    

   this means any day now in MO…let’s hopefully the finales is a new rate…

[Danishere4news2]

52 minutes ago, screwball said:

Systematic
 

systematic

/ˌsɪstɪˈmatɪk/

Learn to pronounce

 

adjective

 

1. done or acting according to a fixed plan or system; methodical.

   "a systematic search of the whole city"

    

   this means any day now in MO…let’s hopefully the finales is a new rate…

Not sure I am following you on what you think is going to happen any day. But as I had already stated by commenting on other related articles, this is talking of the "imposed sanctions aka the shortage of USD). And according to this article, they came to an agreement to ease up on the imposed restrictions. In other words, they were asking for more USD in their country to function properly & stabilize the IQD & got their request approved. The news is not at all what I have been hoping for.

[yota691]

Officials and bankers: Traders avoid the platform and resort to the black market to secure dollars

2023.02.05 - 13:13

 

Baghdad - people  

Iraqi officials, bankers and owners of exchange companies revealed the impact of the Central Bank's measures on the currency market and transfers.  

  

  

  

And the officials stated in a report to the Middle East Eye website, followed by "NAS" (February 5, 2023), that "the measures led to the reluctance of merchants and capital owners to participate in the auction to avoid revealing their identities, the purpose of the money transfers, the identity of the final beneficiary, and other sensitive information."  

  

They added, "Instead, they resorted to the black market and other unofficial methods to obtain dollars, which led to a significant rise in the smuggling of dollars from Iraq by land, and maintained high exchange rates."  

  

A member of the Association of Iraqi Private Banks said, according to the website, that "private banks dealt in the past with all the details of the main clients who wanted to exchange the dinar in the dollar auction.  

  

The banker said, "The major clients do not want to reveal any information related to the sources of their money or their identities for security or financial reasons, and some do not want to waste time in routine paper procedures."  

  

He added, "This mechanism is no longer available now, and therefore there is great reliance on the black market to secure dollars and transfer them through unofficial outlets."  

  

And they indicated, "The process will not take more than 10 minutes, and you will find your money in dollars in a neighboring country, as long as you are willing to pay the exchange rate difference." 

[6ly410]

Details of the meeting of the Governor of the Central Bank with the heads of the boards of banks

 

Economy | Today, 20:44 | 

Details of the meeting of the Governor of the Central Bank with the heads of the boards of banks » Baghdad News Agency Today (baghdadtoday.news)

    

 

Baghdad Today-Baghdad

The Governor of the Central Bank of Iraq Ali Al-Alaq on Sunday, that there are no internal or external restrictions on the external transfer or cash sale of the dollar for "legitimate" requests.

The Central Bank said in a statement received by "Baghdad Today" that "the Governor of the Central Bank of Iraq met today, Sunday, 2023/2/5, the heads of the boards, general managers and commissioners of government and private banks to put the necessary arrangements for the first package of exchange rate control measures into effect, and to clarify and simplify procedures to achieve smoothness and speed in the implementation of dollar purchase requests."

The governor affirmed, according to the statement, "the ability of the Central Bank to meet all legitimate requests," noting that "a second important package will be issued in the middle of this month."

He also stressed that "there are no internal or external restrictions on the external transfer or monetary sale of dollars in compliance with the International Monetary Fund agreement ratified by the House of Representatives in 2008, and that the new system does not aim to restrict the response to legitimate requests, as much as it aims to provide protection for the banking and financial system from illegal or suspicious operations, and supports the application of the Anti-Money Laundering and Combating the Financing of Terrorism Law and its related instructions, and also enhances the openness of the banking sector externally, which has been deprived of it for decades."

The governor pointed out that "the exchange rate is related to the lives of citizens and their purchasing power, which should be stable at the target levels of high priority, and that the efforts of the concerned parties should be concerted, to prevent harm to citizens."

He directed "not to limit requests for external transfer and cash in Baghdad, and to take immediate measures to receive bank branches in the provinces those requests," and pointed to "the Central Bank of Iraq to open new channels and external outlets to facilitate foreign transfers and avoid the role of intermediaries who are not qualified to do so."

He warned against "taking advantage of the current circumstance to carry out unauthorized acts or activities that make the situation more difficult," noting that "the Central Bank will take strict punitive measures against violators licensed by it, and also praised the role of some banks in adhering to everything that achieves the desired goals."

The governor listened to "the observations and proposals of the meeting, and directed the departments of the Central Bank to take the necessary action in this regard, and it was decided to form a joint operations room between the Central Bank and banks, to follow up the implementation of the first package of measures, monitor phenomena, results and obstacles and make appropriate recommendations thereon."

[6ly410]

Central Bank Governor: A second package will be issued in the middle of this month to control the exchange rate

•  Today, 20:44

 

Baghdad - Central
Bank Governor Ali Al-Alaq announced on Sunday that a second package will be issued in the middle of this month to control the exchange rate, while stressing that there are no internal or external restrictions on external transfer or cash sale of the dollar.

[6ly410]

Central Bank forms operations room with banks to adjust exchange rate

IQ News

Central Bank forms operations room with banks to adjust exchange rate

•  19 minutes ago
• boards The Governor of the Central Bank of Iraq met today, Sunday 5/2/2023, the heads of the boards, general managers and commissioners of government and private banks to put the necessary arrangements for the first package of exchange rate control measures into effect, and to clarify and simplify procedures to achieve smoothness and speed in the implementation of dollar purchase requests.
  The governor stressed the ability of the central bank to meet all legitimate requests, noting that a second important package will be issued in the middle of this month.
  
  
  He also stressed that there are no restrictions, internal or external, on external transfer or cash sale of dollars in compliance with the International Monetary Fund Agreement ratified by the House of Representatives in 2008, and that the new system does not aim to restrict the response to legitimate requests, as much as it aims to provide protection to the banking and financial system from illegal or suspicious operations, and supports the application of the Anti-Money Laundering and Combating the Financing of Terrorism Law and its related instructions, and also promotes the openness of the banking sector externally, which it has been deprived of. Long decades.
  
  
  The Governor pointed out that the exchange rate is related to the lives of citizens and their purchasing power, which should be stable at the target levels of great priority, and that the efforts of the relevant concerned parties should be concerted to prevent harm to citizens.
  
  
  He directed not to limit requests for external transfer and cash in Baghdad, and to take immediate measures to receive bank branches in the provinces for those requests, and pointed to the start of the Central Bank of Iraq to open new channels and external outlets to facilitate the conduct of foreign transfers and avoid the role of intermediaries who are not qualified to do so.
  
  
  He warned against taking advantage of the current situation to carry out unauthorized actions or activities that make the situation more difficult. He pointed out that the Central Bank will take strict punitive measures against violators licensed by it, and also praised the role of some banks in adhering to everything that achieves the desired goals.
  
  
  The Governor listened to the observations and suggestions of the meeting, and directed the Central Bank departments to take the necessary action in this regard. It was decided to form a joint operations room between the Central Bank and banks to follow up on the implementation of the first package of measures, monitor phenomena, consequences and obstacles and make appropriate recommendations thereon.
  
  
  Central Bank of Iraq
  Media Office
  5/2/2023

 

[6ly410]

 

Outputs of the meeting of the Governor of the Central Bank with the heads of the boards of banks

2023.02.05 - 20:52

Outputs of the meeting of the Governor of the Central Bank with the heads of the boards of banks (nasnews.com)

 

  

Baghdad - Nas  

The Governor of the Central Bank met on Sunday with the heads of councils, general managers and commissioners of government and private banks to put the necessary arrangements for the first package of exchange rate control measures into effect, and to clarify and simplify procedures to achieve smoothness and speed in the implementation of dollar purchase requests.  

  

  

In a statement received by NAS (February 5, 2023), the governor stressed "the ability of the Central Bank to meet all legitimate requests, indicating that an important second package will be issued in the middle of this month."  

He also stressed that "there are no internal or external restrictions on the external transfer or monetary sale of dollars in compliance with the International Monetary Fund agreement ratified by the House of Representatives in 2008, and that the new system does not aim to restrict the response to legitimate requests, as much as it aims to provide protection for the banking and financial system from illegal or suspicious operations, and supports the application of the Anti-Money Laundering and Combating the Financing of Terrorism Law and its related instructions, and also enhances the openness of the banking sector externally, which has been deprived of it for decades."  

The Governor pointed out that "the exchange rate is related to the lives of citizens and their purchasing power, which should be stable at the target levels of high priority, and that the efforts of the relevant stakeholders should be concerted to prevent harm to citizens.  

He also directed "not to limit requests for external transfer and cash in Baghdad, and to take immediate measures to receive bank branches in the provinces those requests, and pointed to the start of the Central Bank of Iraq to open new channels and external outlets to facilitate foreign transfers and avoid the role of intermediaries who are not qualified to do so."  

"Taking advantage of the current situation to carry out unauthorized acts or activities makes the situation more difficult," he warned. He pointed out that the Central Bank will take strict punitive measures against violators licensed by it, and also praised the role of some banks in adhering to everything that achieves the desired goals.  

The Governor listened to "the observations and proposals of the meeting, and directed the departments of the Central Bank to take the necessary action in this regard. It has been decided to form a joint operations room between the Central Bank and banks to follow up on the implementation of the first package of measures, monitor phenomena, consequences and obstacles and make appropriate recommendations thereon."  

  

[6ly410]

Al-Alaq announces a second package to be issued in the middle of this month to control the exchange rate

https://ninanews-com.translate.goog/Website/News/Details?key=1031319&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Sunday 05 , February 2023 21:05 |EconomicalViews: 55

 

Baghdad /Nina/ The Governor of the Central Bank of Iraq Ali Al-Alaq announced on Sunday a second package that will be issued in the middle of this month to control the exchange rate. The Central Bank said in a statement that “the Governor of the Central Bank Ali Al-Alaq met on Sunday, the heads of the boards, general managers and commissioners of government and private banks to put the necessary arrangements for the first package of exchange rate control measures into effect, and to clarify and simplify the procedures to achieve smoothness and speed in the implementation of dollar purchase requests.”

During the meeting, Al-Alaq stressed "the ability of the Central Bank to meet all legitimate requests, indicating that an important second package will be issued in the middle of this month."
He also stressed that there are no internal or external restrictions on the external transfer or sale of cash to dollars in compliance with the International Monetary Fund agreement ratified by the House of Representatives in 2008, and that the new system does not aim to restrict the response. to legitimate requests, as much as it aims to provide protection to the banking and financial system from illegal or suspicious operations, supports the application of the Anti-Money Laundering and combating the Financing of Terrorism Law and its related instructions, and also enhances the openness of the banking sector externally, which has been deprived of contracts. long".
The governor pointed out that "the exchange rate is related to the lives of citizens and their purchasing power, which should be stable at the target levels of great priority, and that the efforts of the relevant concerned parties should be concerted to prevent harm to citizens .”

Al-Alaq directed not to "limit requests for external transfer and cash in Baghdad, and to take immediate measures to receive bank branches in the provinces those requests, and pointed to the start of the Central Bank of Iraq to open new channels and external outlets To facilitate the conduct of foreign transfers and avoid the role of intermediaries who are not qualified to do so.”
He warned against taking advantage of the current situation to carry out unauthorized actions or activities that make the situation more difficult. He pointed out that the Central Bank will take strict punitive measures against violators licensed by it, and also praised the role of some banks in adhering to everything that achieves the desired goals.
The governor listened to "the observations and proposals of the meeting, and directed the departments of the Central Bank to take the necessary action in this regard."

Al-Alaq decided to "form a joint operations room between the Central Bank and banks, to follow up the implementation of the first package of measures, monitor phenomena, results and obstacles and make appropriate recommendations in this regard." End8

[6ly410]

CBE Governor Announces New Measures to Control Dollar Exchange Rate

Political| 08:46 - 05/02/2023

CBE Governor Announces New Measures to Control Dollar Exchange Rate (www-mawazin-net.translate.goog)

 

Baghdad - Mawazine News

The Governor of the Central Bank Ali Al-Alaq announced on Sunday that a second package will be issued in the middle of this month to control the exchange rate, while stressing that there are no internal or external restrictions on external transfer or monetary sale of the dollar.The media office of the Central Bank said in a statement received by Mawazine News / a copy of it, that “the Governor of the Central Bank Ali Mohsen Al-Alaq met today with the heads of the boards, general managers and commissioners of the government and private banks, to put the necessary arrangements for the first package of measures to control the exchange rate into effect, and to clarify and simplify the procedures to achieve smoothness and speed in the implementation of dollar purchase requests.”
Al-Alaq stressed "the ability of the Central Bank to meet all legitimate requests," noting that "a second important package will be issued in the middle of this month."He pointed out that "there are no restrictions, internal or external, on the external transfer or monetary sale of dollars in compliance with the International Monetary Fund agreement ratified by the House of Representatives in general," pointing out that "the new system does not It aims to restrict the response to legitimate requests, as much as it aims to provide protection for the banking and financial system from illegal or suspicious operations, and supports the application of the Anti-Money Laundering and Terrorist Financing Law and its related instructions, and also enhances the openness of the banking sector externally, which was deprived of it.long decades.”
"The exchange rate is related to the lives of citizens and their purchasing power, which should be stable at the target levels with great priority, and the efforts of the relevant concerned parties should be concerted to prevent harm to citizens," he said, directing "Not to limit requests for external transfer and cash in Baghdad, and to take immediate measures to receive bank branches in the provinces for those requests.""The Central Bank has begun to open new external channels and outlets to facilitate foreign transfers and avoid the role of unqualified intermediaries to do so," he said, warning against "taking advantage of the current situation to carry out unauthorized acts or activities that make the situation more difficult.”
He stressed that "the Central Bank will take strict punitive measures against violators approved by it," praising "the role of some banks in adhering to everything that achieves the desired goals."According to the statement, the Governor of the Central Bank listened to the observations and proposals of the meeting, and directed the Central Bank departments to "take the necessary action in this regard", as it was decided to form a joint operations room between the Central Bank and banks, to follow up the implementation of the first package of measures, monitor phenomena, results and obstacles and make appropriate recommendations there.

[6ly410]

 

Central Bank of Iraq about selling dollars: we will announce some other ways

ECONOMY

 

 

The governor of the Central Bank of Iraq says he will announce other measures in mid-February. Meanwhile, Iraq has taken steps to sell the dollar and raise the value of the dinar against the dollar.

 

"There are no internal and outside restrictions on the sale of dollar stake and the sale of dollars," said Alli Alaq, governor of the Central Bank of Iraq.

 

On Saturday, 04-02-2023, the US Treasury Department welcomed the Central Bank of Iraq's "reforms". "The new procedures are to protect the banking and financial system from suspicious work," he said.