Official: CBI News 02/11/2023

[yota691]

Governor of the Iraqi Central Bank: Launching a second package of facilities to suppor t the exchange rate

 

Central Bank of Iraq

 February 12, 2023 02:19 PM

Mubasher: The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, confirmed the bank’s intention to launch the second package of facilities. That would enhance the stability of the exchange rate, during a meeting with a delegation of the US Federal Reserve Bank and the US Treasury Department in Washington, DC.

 

The Iraqi Central Bank delegation met with both the US Federal Reserve and the US Treasury delegation in Washington, D.C., and the two parties expressed their willingness to work jointly to meet the challenges of working on the electronic platform for remittances and cash, according to a statement from the Iraqi Central Bank.

The meeting listened to a presentation by the Governor of the Central Bank of Iraq regarding the bank's directions in achieving its most important goals to ensure general stability in prices, and options and proposals in the field of accelerating, expanding and streamlining the work of the electronic platform for external transfer .

The delegation of the US Federal Reserve Bank and the US Treasury discussed a number of support mechanisms for the Central Bank of Iraq. In order to enhance his ability to deal flexibly with crises during this stage .

And the US Federal Bank confirmed that the procedures of the Central Bank of Iraq are in the right direction to build a sober banking sector .

And the Assistant Deputy Secretary of the US Treasury indicated ways to fully support the efforts of the Iraqi Prime Minister, Muhammad Shia Al-Sudani, in economic reform, and the readiness of the US Treasury Department to provide the required support .

[yota691]

The Central Bank of Iraq meets the US Federal Reserve Bank and the US Treasury at the same time

 

  

February 11, 2023

 

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On Friday 10/2/2023, the delegation of the Central Bank of Iraq met for long hours with both the delegation of the US Federal Reserve Bank and the US Treasury Department in Washington, DC.
The two parties expressed their willingness to work jointly to meet the challenges of working on the electronic platform for remittances and cash.
The delegation of the US Federal Reserve Bank and the US Treasury discussed a number of support and attribution mechanisms for the Central Bank of Iraq, in order to enhance its capabilities to deal flexibly with crises during this stage.
The US Federal Bank confirmed that the Central Bank of Iraq's measures are in the right direction to build a solid banking sector.
Mr. Assistant Deputy Secretary of the US Treasury showed ways to fully support the efforts of the government of Iraqi Prime Minister Mr. Muhammad Shia'a Al-Sudani in economic reform, and the readiness of the US Treasury Department to provide the required support.
The meeting listened to a presentation by the Governor of the Central Bank of Iraq regarding the bank's directions in achieving its most important goals to ensure general stability in prices, and options and proposals in the field of accelerating, expanding and streamlining the work of the electronic platform for external transfer.
The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, confirmed the bank's intention to launch the second package of facilities that would enhance the stability of the exchange rate.

Central Bank of Iraq
Media Office 
11/2/2023

[yota691]

Expert: The agreement with international banks will reduce currency smuggling from Iraq and improve the price of the dinar

2023-02-11 05:10

 

 

Shafaq News/ The economic and financial expert, Hilal Al-Taan confirmed, on Saturday, that the agreement with international banks will reduce the smuggling of hard currency outside the country, and improve the performance of the exchange rate of the dinar against the US dollar.

 

Al-Taan said in an interview with Shafaq News agency, "The agreement with international banks, including the US (JP Morgan) bank, to facilitate payments to China to finance private sector imports directly is a step in the right path because it will reduce smuggling, especially since most of our imports are from China."

 

 

 

He continued, "The more such steps are taken, the more smuggling will be confined to a narrow angle and it will give more transparency to the import transfer process," noting that "this step will also lead to an improvement in the exchange rate of the Iraqi dinar against the dollar."

 

Al-Taan also indicated that "this step does not lead to the elimination of small merchants, as it is believed, but that any merchant can import from China after submission through the electronic window, and the dollar is spent for him electronically and not on paper by hand as it was previously," noting that "the central bank will open an account for any He traded in China, and the latter can officially import goods, but he will eliminate the unofficial ways of smuggling the dollar.

 

Today, Saturday (February 11, 2023), the Central Bank announced its agreement with JPMorgan Bank to facilitate payments from the Iraqi banking system to the People's Republic of China to directly finance private sector imports.

[yota691]

Governor of the Central Bank: We are committed to applying the standards of combating money laundering and terrorist financing

 

February 11, 2023

Baghdad / Obelisk: The Central Bank of Iraq confirmed, on Saturday, February 11, 2023, the agreement to facilitate payments to China to finance private sector imports.

A statement from the media office of the Central Bank stated, "The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, met with Daniel Zeliko, Vice Chairman of the Board of Directors at JPMorgan Corporation, on the sidelines of his visit to Washington."

 

The statement added, "During the meeting, it was agreed that JP Morgan Bank would facilitate payments from the Iraqi banking system to the People's Republic of China to finance private sector imports directly."

 

He pointed out that "a number of issues related to reserves management, liquidity management and technical support provided by the aforementioned bank to the Central Bank of Iraq and to the banking sector in Iraq were also discussed."

 

Al-Alaq indicated, according to the statement, that “the Central Bank of Iraq is committed to applying international standards in combating money laundering and financing terrorism,” stressing “strengthening the Central Bank of Iraq’s relations with its counterparts in countries of the world to serve the work of the Iraqi banking sector and its development.”

[Caye98]

1 hour ago, yota691 said:

Governor of the Iraqi Central Bank: Launching a second package of facilities to suppor t the exchange rate

 

Central Bank of Iraq

 February 12, 2023 02:19 PM

Mubasher: The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, confirmed the bank’s intention to launch the second package of facilities. That would enhance the stability of the exchange rate, during a meeting with a delegation of the US Federal Reserve Bank and the US Treasury Department in Washington, DC.

 

The Iraqi Central Bank delegation met with both the US Federal Reserve and the US Treasury delegation in Washington, D.C., and the two parties expressed their willingness to work jointly to meet the challenges of working on the electronic platform for remittances and cash, according to a statement from the Iraqi Central Bank.

The meeting listened to a presentation by the Governor of the Central Bank of Iraq regarding the bank's directions in achieving its most important goals to ensure general stability in prices, and options and proposals in the field of accelerating, expanding and streamlining the work of the electronic platform for external transfer .

The delegation of the US Federal Reserve Bank and the US Treasury discussed a number of support system" rel="">support mechanisms for the Central Bank of Iraq. In order to enhance his ability to deal flexibly with crises during this stage .

And the US Federal Bank confirmed that the procedures of the Central Bank of Iraq are in the right direction to build a sober banking sector .

And the Assistant Deputy Secretary of the US Treasury indicated ways to fully support system" rel="">support the efforts of the Iraqi Prime Minister, Muhammad Shia Al-Sudani, in economic reform, and the readiness of the US Treasury Department to provide the required support system" rel="">support .

 

As I was saying... Expect another rate change (improvement) early this week...

[southbeach]

The float starting?

[tn vol]

19 hours ago, Caye98 said:

Make up your own mind. I follow the published news. If you have, you will be familiar with the comments made by Iraqi government.

Hey Caye98, This is the only place I get dinar info. Where do we find these news articles that are posted on here and which ones are the most legit? Like many of you, I quit getting excited about about 10 years ago but this is by far the best I've seen.  GO RV!!!  I'll be ready for a dinarvets celebration somewhere when this happens. Vegas is easy to get to from anywhere, Denver is near the middle of the country. I'd like to meet some of you crazy dreamers, like myself. As ACDC would say, PULL THE TRIGGER!

[screwball]

1 hour ago, southbeach said:

The float starting?

🙏🙏

[horsesoldier]

The suspense of it all is, well, suspenseful 😎

[6ly410]

Currency exchange rate in Iraq. The economy is damaged and the search for solutions to the problem

سعر صرف العملة في العراق.. الاقتصاد يتضرر وبحث عن حلول للمشكلة (alhurra.com)

Free - Washington, Free / Agencies - Washington

12 February 2023

سعر صرف العملة في العراق.. الاقتصاد يتضرر وبحث عن حلول للمشكلة (alhurra.com)

 

The exchange rates of the Iraqi dinar against the dollar remain a dilemma for the Iraqi state apparatus, as it trades in the market at higher prices than set by the Central Bank of Iraq.

The Central Bank of Iraq announced on Saturday that it held meetings with officials from the US Federal Reserve and the Treasury Department in Washington, pointing to a trend to "launch a second package of facilities to enhance the stability of the exchange rate."

He said in a press release that the US Federal Reserve and the US Treasury expressed their readiness "to work together to meet the challenges of working with the electronic platform for remittances and cash."

The Central Bank of Iraq recently decided to amend the exchange rate to become 1300,1470 dinars against the dinar, but the market trading rate is <>,<> dinars against the dollar, according to a report by the Iraqi News Agency (INA).

The US Federal Reserve has imposed amendments to the Iraqi remittance procedures that go through the "SWIFT" system, to include an audit of the source of funds until the final future, which came after the consequences of what was known as the story of "stealing the century" in Iraq.

"A Matter of Time"

 

Professor of International Economic Relations at the University of Iraq, Abdul Rahman Najm Al-Mashhadani, expressed optimism in the talks between the Central Bank of Iraq, the Federal Reserve and the US Treasury because they "will contribute to easing the exchange rate crisis slightly," noting that "reducing this crisis will take time until the gap between the exchange rate determined by the Iraqi Central Bank is bridged and the price in the local market."

He added in an interview with Alhurra that the issue of "the time needed by Iraq to reach the stability of the exchange rate is not linked in any way to discussions with US financial institutions directly, especially since the Iraqi Central Bank did not request any deadline to postpone electronic procedures," explaining that "Prime Minister, Mohammed Shia Sudani, stressed Iraq's commitment to comply with international standards, especially as it contributes to supporting the country's efforts in the fight against corruption."

Iraqi economist Salam Simasim believes that a solution to the crisis of "the exchange rate in Iraq is not in sight", despite official efforts, stressing that indicators indicate "a shortage of liquidity in the official authorities from paying the dues of the general budget."

She explained in response to inquiries from Alhurra that resolving the crisis and reaching a stage of stability in exchange rates "will need time while relying fully on the electronic platform, which will limit the smuggling of dollars out of the country."

The Iraqi News Agency (INA) quoted an adviser to the Iraqi Prime Minister, Hussein Allawi, as saying that Iraq "has engaged in a negotiating path that went towards a positive atmosphere and constructive understanding between representatives of the Central Bank of Iraq and the US Treasury Department, stressing in their meeting the prospects for cooperation between the two sides, which contributes to the stability of the Iraqi exchange rate."

He added that the current government has effectively managed "the exchange rate crisis towards focusing on social growth, preserving the gains of the state's financial revenues from Iraqi oil, and correcting the course of the exchange rate and the local market after the approval of the study submitted by the Central Bank of Iraq that the official exchange rate of the dinar against the dollar is 1300 dinars against the dollar and determine the flexibility of the market as well."

Achieving "monetary stability"

 

  

The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, confirmed "the bank's intention to launch the second package of facilities that will enhance the stability of the exchange rate."

The statement quoted the US Federal Reserve as saying that "the measures of the Central Bank of Iraq are in the right direction to build a solid banking sector."

Iraqi economist Mahmoud Dagher said he hopes the second package launched by the central bank will "have an impact on the money supply from the dollar to import," noting that the demand of traders so far to open accounts through banks for transfers is still "limited," and there is a gap in meeting the demand for dollars.

Dagher, a former official at the Central Bank of Iraq, said in response to inquiries by Alhurra that "as long as the problem is related to the supply of cash, the central bank should aim to fill this gap through the banking system."

He called for more flexibility to attract traders, importers and companies to integrate more into the Iraqi banking system and make transfers through banks.

According to academic Mashhadani, monetary stability "is linked to the compliance of traders and importers inside Iraq to complete their transactions through the banking system and not through reliance on the parallel market".

Al-Mashhadani called for any facilitation package to "facilitate the entry of small traders and importers into the system of financial transactions through banks, and expand the base of various financial transfer systems".

For her part, the expert Smaisem stressed that any new package from the Central Bank of Iraq should aim to "reduce the smuggling of cash dollars out of Iraq, and reduce the gap in exchange rates between what is officially defined and what is sold in the parallel market.

 

 

"The central bank's packages will accelerate the levels of meeting the demand for foreign currency," said Mazhar Mohammed Saleh, adviser to the prime minister for financial affairs, explaining that the rise in prices in the parallel market "is artificial and based on false information called color noise and does not match the strength of the financial situation."

Saleh told AWARE that dollar reserves exceeded $115 billion.

In late December, the Iraqi Central Bank approved a package of measures to stabilize the exchange rate against the dollar, including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for selling foreign currency in government banks to the public for travel purposes.

The bank called on traders at the time on the importance of dealing "with banks directly and not to resort to intermediaries and speculators to avoid charging their imports with undue commissions and expenses," pointing to the importance of the Cabinet's decision to "not collect customs duties and amounts of tax deposits in advance," especially since this will reduce procedures and remove costs resulting from problems with advance fees.

[screwball]

17 minutes ago, 6ly410 said:

including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for selling foreign currency in government banks to the public for travel purposes.

currency desks and boards i like it! now just do it!!

[screwball]

3 hours ago, 6ly410 said:

including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for selling foreign currency in government banks to the public for travel purposes.

if you remember this is one of the reasons there was a bank run on warka...govt withdrew 100's of millions from the bank a major account 

[screwball]

3 hours ago, 6ly410 said:

as long as the problem is related to the supply of cash, the central bank should aim to fill this gap through the banking system."

any thoughts?

 

[6ly410]

INA: JP Morgan to Facilitate Iraqi Payments to China

13th February 2023 

INA: JP Morgan to Facilitate Iraqi Payments to China | Iraq Business News (iraq-businessnews.com)

 

By John Lee.

The Central Bank of Iraq (CBI) has reportedly confirmed an agreement with J.P. Morgan Development Finance Institution to facilitate payments to China in order to finance private sector imports.

According to the state-owned Iraqi News Agency (INA), this agreement enables Iraqi banking systems to make payments directly to the People's Republic of China, and allows the CBI to apply international standards in combating money laundering and financing terrorism.

A number of issues such as reserves management, liquidity management, and technical support provided by JP Morgan Bank to CBI and the banking sector in Iraq were also discussed and agreed upon.

(Source: INA)

[yota691]

Deputy calls for the initiation of a new tax system

Sumerian special

2023-02-13 | 13:40

 

 

Source:

Alsumaria News

 

3,605 views

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, considered, on Monday, that there are war dealers who benefit from crises, referring to the “dollar crisis,” calling for the initiation of a new tax system.

Al-Kazemi said, during his speech to the "Twenty" program broadcast by Alsumaria TV, that "the performance of the Central Bank and the last package, there must be a simplification of procedures more for small merchants, so that they can obtain bank transfers."

 

 

He added, "We need to freeze taxes and initiate a new tax system, and we need to be serious about simplifying procedures," noting that "there are war dealers who benefit from crises."

 

Al-Kazemi pointed out that "transfers from the central bank go to the compliance system," stressing that "there are those who benefit from the vast difference between selling the currency."

 

He continued, "The United States forces us to sell oil in dollars, deposit the value of oil in the US Federal Reserve, and impose a boycott on Iraq from neighboring countries, which shows the extent of the arbitrariness with which the United States deals."

[yota691]

New statements from the central bank governor regarding the dollar crisis

2023.02.15 - 08:41

 

Baghdad - people  

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed, on Wednesday, that the platform was found to protect the banking sector, while indicating the central bank’s determination to stabilize the exchange rate of the dollar.  

  

 

  

Al-Alaq said in a statement to the official agency, followed by “NAS”, (February 15, 2023), that “the new electronic platform is to avoid any penalties imposed on the parties that carry out transfer operations, whether they are banks or others, as it is a protection for the banking sector, the central bank and banks from falling into any forms.” It is related to foreign financial transfers, and this serves all parties."  

  

On the exchange rate of the dollar, Al-Alaq explained, “The responsibility of the central bank is to close the difference in the exchange rate, and our steps are serious and vigorous, and we receive great support from all parties to achieve the goal.” He added, “Our discussions with the International Monetary Fund were very fruitful, and we agreed on programs that serve properly directly or indirectly to achieve this goal.  

[yota691]

The Iraqi Central Bank compensates banks and exchange companies that received their share of the dollar at a price higher than the specified prices

2023-02-15 07:33

 

 

Shafaq News/ The Central Bank of Iraq announced that banks and exchange companies will be compensated with cash for receiving their weekly share at the old prices, after decreasing the dollar exchange rate.

 

The Central Bank said, in an official document issued by it and seen by Shafaq News agency, that it "decided to compensate the bank, exchange company, or mediator for buying and selling foreign currency, with the exchange rate difference of 150 dinars for each dollar of the weekly share that was received during the period from February 507, 2023 exclusively, and for the amounts (Part of the weekly currency) that was not sold during the aforementioned days and was sold during and after the date of February 8, 2023 at the new exchange rate of 1320 dinars to the dollar.

 

 

He added, "The decision requires that the bank or the company submit a statement that includes details of the amounts that were purchased in cash from the window during the mentioned period and were not sold during the mentioned days and were sold during and after the date of February 8 at the new exchange rate."

 

It is noteworthy that the number of banks and exchange and mediation companies received their weekly share in light of the old price of 146 thousand dinars compared to 100 dollars at a time when the Central Bank reduced the value of the dollar to 131 thousand dinars compared to 100 dollars, which exposed these banks and companies to financial losses as a result.

 

 

[yota691]

A source for Al-Furat News: the expansion of dollar sales outlets and a new package for the Central Bank is near

• Time: 02/16/2023 10:53:32
•  
• Read: 3,744 times

  

{Economic: Al Furat News} An informed source revealed that the dollar sales outlets will soon be expanded at the official price of 1320 dinars.

 

The source told {Euphrates News} agency: "Soon, the outlets for selling dollars to citizens will be expanded to government banks and other parties to include commercial centers, malls, and others."

 

He pointed out, "the imminent issuance of a new package of procedures for the Central Bank of Iraq to control the exchange rate, including the movement of transactions in dinars in all fields instead of dollars with regard to buying and selling."

 

And the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced two days ago that the bank “will issue a number of instructions and directives to banks and other financial institutions in order for things to be clear and easy, so that they can enter the platform as soon as possible, the faster the joining of this platform is achieved, the more There has been a balance between supply and demand.

 

He pointed out that "the official price should not exceed 1320 dinars against the dollar in the market. We believe that there is no reason or justification for selling the dollar at more than this price."

[yota691]

Parliamentary warning: Reducing the dollar without controlling market prices is in the interest of the corrupt

2023-02-16 07:40

 

 

 

Shafaq News/ Independent MP Raed Al-Maliki stressed, on Thursday, the need to reduce the discrepancy between the official price of the dollar and the parallel price, and to control food and consumer prices in the local markets, considering that the continuation of this discrepancy in the two prices will be in the interest of the corrupt.

 

 

 

Al-Maliki told Shafaq News agency, "We support the government's decision to reduce the exchange rate of the dollar, but on the condition that the market, food and consumer goods prices, and corruption be controlled in the currency buying and selling window."

He added, "If there remains a difference between the official exchange rate and the parallel rate in the market, this will cause corruption and a great waste of public money, and if these things are not achieved, the government's decision will be worthless."

 

He continued, "If the situation remains as it is now, the decision to change the exchange rate will be in the interest of the corrupt more than the interest of the Iraqi people."

Al-Maliki explained, "We, as independent representatives, will follow up and evaluate the government's work, and we will not accept that there is a difference in the official and parallel exchange rate, and prices and the market depend on the parallel exchange rate, not the official one."

 

And he added, "We are not opposed to decreasing the dollar exchange rate, and we asked earlier to host the prime minister and the governor of the central bank to discuss the high exchange rate, but we do not want the decision to reduce the dollar exchange rate to be a lifeline for the government's survival and continuity. Rather, we want the decision to reduce the dollar exchange rate to It is in the interest of the Iraqi people, not for political reasons and to protect and stabilize the government."

 

Last week, the Iraqi government decided to reduce the official price of the dollar from 1450 dinars per dollar to 1320 dinars per dollar in the currency sale window of the Central Bank of Iraq.

[yota691]

With documents.. The Central Bank issues new controls for transferring funds abroad

• Today 18:02

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  With documents.. The Central Bank issues new controls for transferring funds abroad

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  With documents.. The Central Bank issues new controls for transferring funds abroad

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  With documents.. The Central Bank issues new controls for transferring funds abroad

• 

  With documents.. The Central Bank issues new controls for transferring funds abroad

• 

  With documents.. The Central Bank issues new controls for transferring funds abroad

• 

  With documents.. The Central Bank issues new controls for transferring funds abroad

• 

  With documents.. The Central Bank issues new controls for transferring funds abroad

• 

  With documents.. The Central Bank issues new controls for transferring funds abroad

• 

  With documents.. The Central Bank issues new controls for transferring funds abroad

• 

  With documents.. The Central Bank issues new controls for transferring funds abroad

• 

  With documents.. The Central Bank issues new controls for transferring funds abroad

• 

  With documents.. The Central Bank issues new controls for transferring funds abroad

• 

  With documents.. The Central Bank issues new controls for transferring funds abroad

[Pitcher]

Nice, thank you Yota

[yota691]

The Central Bank determines the parties allowed to be funded through the electronic platform (documents)

political| 06:33 - 02/19/2023

 

 

 

 

 

 

 

[DWS112]

The Central Bank imposes the electronic platform on all banks and exchange companies (document)

Feb 19, 2023

 

Today, Sunday, the Central Bank imposed the electronic platform on all banks and exchange companies, starting tomorrow.

The bank said, according to a document addressed to all licensed banks, all exchange companies, and all licensed foreign currency mediation companies, which Alsumaria News reviewed, that "it was necessary to adopt the electronic platform for the cash sale of foreign currency, as of Monday, corresponding to 2/20/2023."

He added, "The bank or company that does not use the aforementioned platform will be denied access to its weekly share of cash (dollars)."

 

[jg1]

16 minutes ago, DWS112 said:

The Central Bank imposes the electronic platform on all banks and exchange companies (document)

Feb 19, 2023

 

Today, Sunday, the Central Bank imposed the electronic platform on all banks and exchange companies, starting tomorrow.

The bank said, according to a document addressed to all licensed banks, all exchange companies, and all licensed foreign currency mediation companies, which Alsumaria News reviewed, that "it was necessary to adopt the electronic platform for the cash sale of foreign currency, as of Monday, corresponding to 2/20/2023."

He added, "The bank or company that does not use the aforementioned platform will be denied access to its weekly share of cash (dollars)."

 

Bumpp!

[HowieC]

Electronic banking brought to you by the Cabal / DS coming to a neighborhood near you....