Official CBI News 03/14/2023

[yota691]

The Central Bank is commenting on the possibility of opening a window for selling dollars to citizens

2023.04.01 - 13:06

 

Baghdad - Nas  

The Central Bank of Iraq said, on Saturday, that opening a window to sell dollars to citizens violates international controls and norms.  

  

  

  

And the assistant general manager of the investment department in the bank, Muhammad Yunus, stated in a statement to the official agency, affiliated with “NAS”, (April 1, 2023), that “all financial transfers are followed up and monitored by the Central Bank of Iraq through the electronic platform, and the cash sale platform (fitr). ".  

  

Yunus added, "These operations come within the international standards for combating money laundering and terrorist financing, and are compatible with all international norms and laws, and do not affect the reputation of Iraq, the Central Bank and financial institutions in the event of any defect in those transfers."  

  

He pointed out that "accepted remittances began to increase continuously, and we expect the Central Bank to reach very high levels."  

  

Concerning the daily conversion rate of foreign currencies, Yunus confirmed that "the bank publishes daily its cash sales and transfers, which currently range between 100 to 150 million dollars, in addition to cash sales," expecting an increase in transfers in the coming days.  

  

Regarding the possibility of the exchange rate of the dollar returning to its previous price, Younis indicated that "the parallel rate has begun to gradually decrease on a daily basis during the past days," pointing out that "the Central Bank is working hard to solve all the problems that banks and merchants suffer from in the process of financial transfer."  

  

Regarding the possibility of opening a window to sell the dollar to citizens with specific numbers per month, Yunus explained that "the dollar cannot be available to any citizen as it is not a national currency for Iraq," noting that "the dollar must be allocated for dealing outside Iraq for the purposes of financing trade, travel, treatment and study."  

  

He continued, "Opening a window to sell dollars to citizens violates all international regulations and norms."  

[yota691]

The central bank refuses to open a window for selling dollars to citizens, describing it as a violation of regulations

• Time: 04/01/2023 13:00:16
•  
• Read: 1,066 times

  

{Economic: Al Furat News} The Central Bank of Iraq confirmed, today, Saturday, that all financial transfers are monitored from the electronic platform, while indicating that opening a window to sell dollars to citizens violates international controls and norms.

The assistant general manager of the investment department in the bank, Muhammad Yunus, said in a press interview: "All financial transfers are followed up and monitored by the Central Bank of Iraq through the electronic platform and the (fitr) cash sale platform." 

He added, "These operations come within the international standards for combating money laundering and terrorist financing, and are compatible with all international norms and laws, and do not affect the reputation of Iraq, the Central Bank and financial institutions in the event of any defect in those transfers."

He pointed out that "accepted remittances began to increase continuously, and we expect the central bank to reach very high levels."

Concerning the daily conversion rate of foreign currencies, Younis confirmed that "the bank publishes daily its cash sales and transfers, which currently range between 100 to 150 million dollars, in addition to cash sales," expecting an increase in transfers in the coming days.

Regarding the possibility of the dollar exchange rate returning to its previous price, Younis indicated that "the parallel rate has begun to gradually decrease on a daily basis during the past days," pointing out that "the central bank is working hard to solve all the problems that banks and merchants suffer from in the financial transfer process."

Regarding the possibility of opening a window to sell the dollar to citizens with specific numbers per month, Yunus explained that "the dollar cannot be available to any citizen as it is not a national currency for Iraq," noting that "the dollar must be allocated for dealing outside Iraq for the purposes of financing trade, travel, treatment and study."

He continued, "Opening a window to sell dollars to citizens violates all international regulations and norms."

[yota691]

Al-Sudani's advisor identifies the reasons for the decline in the parallel price of the dollar in the Iraqi market

2023-04-01 06:02

 

 

Shafaq News/ Mazhar Muhammad Salih, the financial and economic advisor to the Prime Minister, Muhammad Shia'a al-Sudani, commented today, Saturday, on the decline in the exchange rate of the dollar in Iraq.

 

Saleh told Shafaq News agency, "Foreign trade financing operations in foreign exchange for the private commercial sector are currently in a stage of recovery and escalating adaptation to the new international compliance requirements that have been implemented since last November. Window sales are after the three packages launched by the Central Bank and procedures The government regulators that simplified foreign trade operations for the private sector are all undergoing an accelerated state of adaptation towards accelerating external transfer and financing trade at the official exchange rate.

 

 

He added, "The Central Bank's window sales began to touch their previous normal rates of sale, to reach approximately $200 million per working day in the foreign currency auction, which is a very stable level of sales to meet the market demand for foreign exchange, and is supported at the same time by high reserves of foreign currency that It is in the possession of the monetary authority, which enables it to effectively intervene in the stability of the market in an easy and effective manner.

 

And the financial and economic advisor to the Prime Minister stated that "in light of the foregoing, the price differences between the official exchange rate of the dinar against the dollar and the price equivalent to it did not widen, but there are strong signals towards contraction and a clear gradual decline towards the convergence of the two prices, especially the decline of the dollar in the parallel price on a daily and tangible basis." .

 

On Tuesday, March 21, the Governor of the Central Bank of Iraq, Ali Al-Alaq, expected a decrease in the parallel dollar exchange rate (the market price and local exchange rates) during the coming period.

 

Al-Alaq said at the time, in a special statement to Shafaq News Agency, "The Central Bank launched several packages of measures, and the packages that were launched are dealt with seriously to control the exchange rate of the parallel dollar."

 

Al-Alaq indicated that "the central bank's procedures are continuing to control the exchange rate, and we expect a decrease in the parallel exchange rate."

 

The parallel price means the exchange rate of the dollar in the market and exchanges, and not the official price set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers.

 

And the Central Bank of Iraq issued three reform packages, which it said came with the aim of addressing the rise in dollar exchange rates.

[tn vol]

How long has it been since it was reported that the US was giving Iraq 3 months to stop using the dollar?

 

[Laid Back]

18 hours ago, Carrello said:

Many have said the US government hold dinar in reserves. If true, The 50k bill came years after the invasion and printing of the current paper currency, so I would assume, if true our government is holding IQD, the denomination would be 25k.

Good point Carrello, 

So, you think the 20k note is just talk to confuse speculators?

[Carrello]

33 minutes ago, Laid Back said:

Good point Carrello, 

So, you think the 20k note is just talk to confuse speculators?

No, Laid Back, I don't think the 20k note is to confuse and agree with your breakdown and theory. 

 

I have forgotten who said it (maybe Rumsfeld) that the IQD in US possession (as of 2004) would "pay for the war." That hasn't happened yet. 

 

My point is if the US government has 25k notes, our 25k notes would more than likely be fine. After all, the US government is leading Iraq with a stiff, guided hand through this process of reformation politically, economically, and financially, there is not doubt. The government won't let the 25k notes die in a vault and turn to dust. We lost too many lives and treasure to let that happen, and besides, we're writing the instructions booklet.

 

Cheers, LB.

 

 

Edited April 1, 2023 by Carrello

[horsesoldier]

6 hours ago, tn vol said:

How long has it been since it was reported that the US was giving Iraq 3 months to stop using the dollar?

 

Years ??? I've lost track of the going's on in their lunatic asylum 

[Laid Back]

3 hours ago, Carrello said:

No, Laid Back, I don't think the 20k note is to confuse and agree with your breakdown and theory. 

 

I have forgotten who said it (maybe Rumsfeld) that the IQD in US possession (as of 2004) would "pay for the war." That hasn't happened yet. 

 

My point is if the US government has 25k notes, our 25k notes would more than likely be fine. After all, the US government is leading Iraq with a stiff, guided hand through this process of reformation politically, economically, and financially, there is not doubt. The government won't let the 25k notes die in a vault and turn to dust. We lost too many lives and treasure to let that happen, and besides, we're writing the instructions booklet.

 

Cheers, LB.

 

 

Cheers Carrello, l appreciate your input.

[Carrello]

It's good to see Iraq turning around and headed towards being a sovereign nation and one that in time will provide infrastructure, education and economic stability for their citizens. Sometimes I feel a bit melancholy for some of the old Dinarians that knew this investment and provided good, solid economic and political knowledge for many of us that had no clue.  I learned a lot. They came to DV to share unselfishly what they knew and what they believed would happen with our investment, and never complained, quipped, or demeaned. They understood Iraqis have basically always been ruled or heavily influenced by other countries or a dictator, never knowing how to rule on their own. But Iraqis are smart people and are coming into their own.

 

I hope TLar, RCookie, Quiet Learner and others are pleased with what they see, both here at DV and Iraq.

 

Thankful we have had Laid Back and Yota!

 

 

Edited April 1, 2023 by Carrello

[Dinarrock]

11 minutes ago, Carrello said:

It's good to see Iraq turning around and headed towards being a sovereign nation and one that in time will provide infrastructure, education and economic stability for their citizens. Sometimes I feel a bit melancholy for some of the old Dinarians that knew this investment and provided good, solid economic and political knowledge for many of us that had no clue.  I learned a lot. They came to DV to share unselfishly what they knew and what they believed would happen with our investment, and never complained, quipped, or demeaned. They understood Iraqis have basically always been ruled or heavily influenced by other countries or a dictator, never knowing how to rule on their own. But Iraqis are smart people and are coming into their own.

 

I hope TLar, RCookie, Quiet Learner and others are pleased with what they see, both here at DV and Iraq.

 

Thankful we have had Laid Back and Yota!

 

 

Nice post Carrello and hopefully these Iraqis can actually add some significant value before we lose anymore of the old school dinarians as we have lost quite a few but atleast we hope and pray they are in a better place where money has no meaning!! Tear was one exceptional poster with tons of knowledge and the reason we never see anything is because he passed away a few years ago already!!! 

[3n1]

4 hours ago, Carrello said:

My point is if the US government has 25k notes, our 25k notes would more than likely be fine. After all, the US government is leading Iraq with a stiff, guided hand through this process of reformation politically, economically, and financially, there is not doubt. The government won't let the 25k notes die in a vault and turn to dust

 

america and coalition forces lost many lives in iraq and surrounding countries there is no value that can be placed on a human life ....

the us gov. will always be able to recoup any iqd it posses held in its foreign reserve the unknown has been and will always be what is the plan for the currency held outside iraqs borders , and that we have no way of knowing all my 50's went to dust when the cbi retired that note dont misunderstand me im a very positive individual and would not have kept the currency all these years if not but also a realist knowing we simply dont know what we dont know it seemed iraq followed the "Future of iraq " plan that was declassified in the early 2000's up till the currency -banking section of the Plan , as you know then isis was allowed to destroy iraq and the struggle continues for iraq though progress has been made i appreciate all you post carrello . heres hoping 

[yota691]

Central: allocations to suppor t green economy projects

Economical  04/04/2023

 

 

 Baghdad: Omar Abdul Latif 

 

The Governor of the Central Bank, Ali Al-Alaq, revealed the trend towards a green economy through financial allocations to finance projects, while indicating that the Central Bank encourages the use of modern tools in electronic payment. 

 

Al-Alaq said to "Al-Sabah": "The bank focuses in its program on using modern means in the matter of dealing with funds and electronic payment, which provides a great deal of ease, flow, organization, control and tracking of money movement."

 

He added, "The use of modern financial tools and technologies makes us have a great deal of transparency and control over these funds," while pointing out that "the Central Bank is a real supporter of projects related to the green economy and climate change, and there are large allocations for this purpose."

 

[yota691]

Central Bank: We are heading to the green economy and allocations to finance its projects

• Time: 04/04/2023 03:41:35
•  
• Read: 1,768 times

  

{Economic: Al Furat News} Central Bank Governor Ali Al-Alaq revealed the trend towards a "green economy" through financial allocations to finance projects.

Al-Alaq said in a press statement, "The bank focuses in its program on using modern means in dealing with funds and electronic payment, which provides a great deal of ease, flow, regulation, control, and tracking of money movement."
He added, "The use of modern financial tools and technologies makes us have a great deal of transparency and oversight regarding these funds."
He pointed out that "the Central Bank is a real supporter of projects related to the green economy and climate change, and there are large allocations for this purpose."

[yota691]

The Ministry of Oil announces the practical launch of electronic payment service at gas stations in Baghdad

Iraq

00:02 - 2023-04-04

 

The Ministry of Oil announced the practical launch of the electronic payment service at petrol stations in Baghdad.
The ministry stated in a statement, "In implementation of the government's direction towards adopting the electronic payment service in financial transactions, and in implementation of the directives of the Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani, the Undersecretary for Distribution Affairs announced the launch of the electronic payment service in a number of fuel filling stations on the Karkh and Rusafa sides." ".
The Undersecretary for Distribution Affairs, Laith Al-Shaher, said, according to the statement, that "the Petroleum Products Distribution Company has begun the practical application of electronic payment cards in a number of fuel filling stations in Baghdad," referring to "the experimental expansion to include all governorates."
For his part, Hussein Talib, General Manager of the Petroleum Products Distribution Company, said, "The ministry has fulfilled its pledges to launch the service on the first of April," noting that "the experimental service had been launched in Baghdad in cooperation with the Central Bank of Iraq, which provides an opportunity for all citizens to refuel through devices." pos at a number of stations on both sides of Karkh and Rusafa.
And Talib indicated that "the stations where the electronic payment service was launched are (Yarmouk - First Police - Umm Al-Taboul - Al-Risala) stations, while Al-Rusafa stations are (Al-Saadoun - Abu Iqlam - Musa bin Naseer - Al-Khalisa - Al-Bataween), stressing that the service will soon be launched in the stations New in Baadad and the whole of Iraq.
The general manager of the company explained that "cooperation with the Central Bank resulted in the allocation of nine electronic gates for electronic payment, provided that each gate takes one of the stations," calling on citizens to invest in the service as it is a civilized service and a modern electronic culture that contributes to reducing effort and time and reduces negative cases.

[yota691]

One thousand dollars profits per person from money transfers to Turkey

2023-04-06 04:04

 

 

Shafaq News/ When the Central Bank of Iraq issued three reform packages, which it said came with the aim of addressing the rise in dollar exchange rates, this prompted some traders in the parallel market to devise ways to reap profits, which created queues of citizens in front of Al-Taif Islamic Bank to transfer to Turkey.

 

 

And the Central Bank of Iraq had reduced the specified amount for each citizen from 7 thousand to two thousand dollars granted to those wishing to travel, and the aim of this is to clamp down on companies and agencies collecting the dollar at the state price to sell it in the free market, by a large difference of up to 22 thousand dinars for every 100 dollars.

 

One of the citizens seeking to obtain the dollar in front of the bank said, in an interview with Shafaq News Agency, "Any person can obtain the dollar from Al-Taif Islamic Company, at an amount of 7,400 dollars, for a sum of money amounting to 9.768 million dinars, and an exchange rate of 132,000 dinars for 100 dollars." The profits the citizen gets as a result of this is about a thousand dollars.

 

He added, "Any person can get more than a thousand dollars in profits if he brings more than one of his relatives, brothers, or friends to buy dollars," stressing that "this is what is currently happening to most of those standing in front of the company, as they are not satisfied with a thousand dollars."

 

Citizens queuing in front of Al-Taif Bank complained of a crisis in obtaining the necessary foreign exchange for the purposes of traveling abroad, or paying the education expenses of their families who are studying abroad, and they said that most of those in the queues are traffickers or cooperators with them.

 

For his part, "one of the employees of Al-Taif Company explained to Shafaq News Agency, "Anyone can buy dollars from the company at an amount of $7,400, at a price of 132,000 dinars, in return for $100, provided that it is transferred to Turkey and received from there through any person authorized by him. beneficiary".

 

He added, "All we need from the dollar buyer is his official personal identity and the identity papers of the recipient in Turkey."

 

The central bank set a price of 1,300 Iraqi dinars to buy the dollar from the Ministry of Finance, 1,310 dinars to sell it to banks through the “electronic platform,” and 1,320 dinars to sell it to the final beneficiary.

 

Despite the procedures of the Central Bank and its approval of a specific exchange rate, the exchange rates of the dollar still range in the markets between 149-151 thousand dinars for the category of 100 US dollars.

[yota691]

Cancellation of the dollar.. An Iraqi bank relies on the dinar only in its electronic financial transactions

2023.04.12 - 14:21

 

Baghdad - people  

The Iraqi Trade Bank decided, on Wednesday, to adopt the dinar currency only in all ATMs and electronic financial services.  

  

  

  

The media advisor to the bank, Aqil Al-Shuwaili, said in a statement to the official agency, affiliated with “NAS”, (April 12, 2023), that it is “in support of the Iraqi national currency by adopting it in financial transactions inside Iraq and not using the dollar currency and in implementation of the decision of the Council of Ministers and the directive of the Central Bank of Iraq, It was decided that the approved cash currency in all ATMs affiliated to the Iraqi Trade Bank shall be in dinars only.  

  

Al-Shuwaili added, "It was decided to cancel the dollar currency from ATMs, as well as to adopt the national currency in all electronic financial services."  

  

[Laid Back]

From the White Papers Reform Project;

 

(a) Banking sector
Objective:
The reform of this sector aims to “reform government banks towards working according to commercial standards, reduce their hegemony over the banking sector and pave the way for private banks to ensure the development of the sector and take its role as a lever for the Iraqi economy, end the role of government banks as an arm to finance government spending, return to the independence of these banks from the Ministry of Finance and restore people's confidence in the sector Banking in general”, through the following steps
1) Addressing the level of capital of all government banks and organizing the process of increasing their capital, if necessary
2) Establishing and activating the basic banking system in the Rafidain and Rasheed banks, and continuing with the steps previously taken towards restructuring these two banks after conducting a full financial review by international auditing companies
3) Appointing an international law firm to conduct a full audit of the international legal position of Al-Rafidain and Rasheed banks in order to return them to international dealings
4) Reconsidering the Industrial Bank Law and increasing its capital in order to expand its business base and present it as a model for reforming other government banks
5) Accelerate the development of electronic banking and mobile banking services to become the primary means of the payments system to encourage more access to traditional banking services and enhance financial inclusion

6) Strengthening the ability of the Central Bank to perform its supervisory functions and enabling it to effectively supervise and regulate the banking sector, including the power of forced merger of low-performing banks
7) Implementing a deposit insurance system in order to enhance the confidence of depositors in the private banking sector
😎 Complete the application of international accounting systems in all banks to improve their transparency practices and according to the Central Bank's instructions in this regard
9) Providing an appropriate environment to encourage private banks to lend a stimulus to the economy and move away from focusing on generating revenues through the issuance of guarantees, the currency window and other fees.
10) Adopting market mechanisms in determining the interest rate and profits for the Iraqi financial markets

 

Go CBI

Go new monetary policy 

Go Open market economy 

Go stronger dinar $1+

[6ly410]

"In preparation for holding her accountable." Central Bank: Recording a list of complexes and companies that are not committed to the exchange rate

 

Al-Eqtisadi News Agency - "In preparation for its accountability".. Central Bank: Recording a list of complexes and companies that are not committed to the exchange rate (economy-news.net)

   

---

Economy News - Baghdad

The Central Bank of Iraq revealed on Friday the registration of a list of the names of complexes and companies that are not committed to the official exchange rate.

"The Central Bank issued three circulars obliging the owners of residential complexes and companies to the official dollar rate and pricing in Iraqi dinars, based on the decision of the Council of Ministers, which stipulated that all government agencies and the private sector are obliged to price their products in Iraqi dinars and receive the local currency at the official exchange rate," said Assistant Director General of the Investment Department at the Central Bank, Muhammad Yunus, to state television, noting that "some of them have adhered to the instructions and the other section is still not compliant."

He added, "The Central Bank recorded a list of residential complexes and violating companies, including car companies that are not committed to the exchange rate, in clear violation of the decisions of the Council of Ministers, and we sent the list to the Investment Authority to hold it accountable."

He continued, "All providers of services and goods inside Iraq must abide by the official exchange rate and be dealing in local currency," stressing that "the dollar is a foreign currency used for the purposes of international payments abroad, and the Iraqi dinar must have the main role in the economy and not the dollar."

---

Views 309

Added 2023/04/14 - 10:11 PM

[6ly410]

 

[Laid Back]

“All providers of services and goods inside Iraq must abide by the official exchange rate and be dealing in local currency," stressing that "the dollar is a foreign currency used for the purposes of international payments abroad, and the Iraqi dinar must have the main role in the economy and not the dollar."

 

Looks like the CBI is trying to stop Multi Currency Practice.

 

NO more Dollars inside Iraq …… Only Dinars 

 

It feels we are getting closer !!!

 

GO STRONGER DINAR $1+

[6ly410]

Former member of the parliamentary finance: The decisions of the Central Bank on the dollar stopped the exploitation of speculators of citizens

Saturday 15, April 2023 09:52 |EconomicalViews: 267

Former member of the parliamentary finance: The decisions of the Central Bank on the dollar stopped the exploitation of speculators of citizens (ninanews-com.translate.goog)

Bagdad (Nina) - Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, described the decisions of the Central Bank on the dollar as good decisions, stressing that they reflected positively on the local market. Rashid said in a statement to the Iraqi National News Agency (
) that "the decisions of the Central Bank taken to control the exchange rate of the dollar were good, as it gradually fell to 145 thousand dinars per hundred dollars after it rose to 170 thousand dinars a short time ago."
He pointed out that "the Council of Ministers set the dollar exchange rate at 130 In the Central Bank and took punitive measures against violators and conducted inspection campaigns for exchange offices in Baghdad to stop the exploitation of citizens by speculators in the dollar price, all of which came with positive results for the price of the dinar.” Rashid stressed that "the decline in the exchange rate of the dollar and the return to its previous price contributes to the stability of the local market and prevents the exploitation of the
simple citizen, indicating that the dollar in the future will be a bilateral currency after several Currencies will enter into foreign imports, some countries seek to consider them as official currencies alternative to the dollar in their commercial dealings.

[6ly410]

Will Iraq succeed in switching to electronic payment?

economy

Rami Alsalhi

17-Apr-2023

 

7 ADVANTAGES AND OBSTACLES THAT STAND IN THE WAY OF ITS APPLICATION (GETTY)

 

Despite lagging behind the rest of the world by many years, Iraq has recently sought to shift to electronic payment and educate citizens on the new global banking system.

A few years ago, Iraq took its first steps to move towards the electronic system by localizing the salaries of employees, whose numbers are estimated according to the Ministry of Planning at more than 3 million, which prompted the private sector to work in the same way as the government.

Economic Objectives

Indeed, in 2017, Iraq began moving towards electronic exchange, which was adopted by all countries and preceded Iraq by long distances, according to economic and financial expert Jalil Al-Lami.

"The new government found earlier this year the need to take advantage of these technologies and introduce them into financial transactions and economic systems, in order to allow freedom of trade, movement and exchange of resources locally and internationally," al-Lami told Ultra Iraq.

Through electronic payment, the Iraqi government aims to withdraw the 84 trillion dinars in circulation in Iraq and use it to finance investment and infrastructure projects, according to al-Lami.

On January 17, 2023, the Iraqi Council of Ministers approved the recommendation of the Council of Ministers for Economy to activate the electronic payment service, as the decision stipulated that "the system enjoys a high level of protection and security, shortens time and effort, and contributes to activating the movement of the economy."

The previous government decision obligated the central bank to "facilitate the procedures for granting licenses to collect bank cards and exempt all transactions with electronic payment (POS) from taxes."

3 Advantages of the electronic system

According to Al-Lami, the advantages of the electronic system are:

• First: Fast shortens time and effort, and the most important feature of electronic payment systems is that they allow customers to receive and transfer money within a few moments.
• Second: It allows companies to exceed the distances between them, as electronic payment will allow companies and economic activities to expand and spread if it is applied correctly.
• Third: It is important in revitalizing the economy, as the system opens the gate of e-commerce to the countries of the whole world to exchange resources and services freely away from the economic restrictions imposed on countries.

Obstacles that stand in the way of its implementation

But despite all the services provided by electronic payment, there are obstacles that stand in the way of this experience diagnosed by the Lami, including:

• First: The culture of the population, where the culture of the population in Iraq and their experience of the advantages of electronic payment is almost non-existent.
• Second: Restrictions on shipping and delivery services, as Iraq lacks companies or shipping offices that can absorb the huge amount of resources that could flow if the e-commerce system is activated.
• Third: The lack of electronic security, as Iraq is one of the countries where there is insufficient electronic security, this aspect will have a negative impact through security and information breaches.
• Fourth: Weak qualifications and infrastructure, as Iraq does not have a strong and appropriate ground from which to start to popularize e-commerce and shift to a digital economy in which securities disappear completely.

Over the past years, Iraq has been witnessing the reluctance of citizens to deposit their money in government and private banks, against the backdrop of a loss of confidence in this sector, while Al-Lami expects that Iraq's use of its available resources correctly "will achieve a qualitative leap in the field of electronic exchange."

Success or failure?

Iraq is able to move towards electronic payment, especially after the recent measures of the Central Bank that facilitated access and granting ATM cards, according to economist Humam Al-Shamma.

Al-Shamma told Ultra Iraq that "the Central Bank's decision to adopt the local currency in ATMs will increase reliance on the electronic payment system, stressing that "allowing citizens to withdraw small amounts of dollars, which are within the official rate, also encourages support for the advanced system."

Last Thursday, the Central Bank decided that the electronic financial services provided inside Iraq through (ATMs, POS machines, electronic payment gateway) will be in Iraqi dinars only.

[6ly410]

One week separates the dollar from stabilizing at the parallel price of 132 thousand dinars

Economy | Today, 11:10 am | 

    One week separates the dollar from stabilizing at the parallel price of 132 thousand dinars » Baghdad Today News Agency

 

Baghdad Today – Baghdad

Economist Nabil Al-Tamimi predicted on Wednesday that the dollar exchange rate in the parallel market will gradually decline to 1320 thousand dinars.

Al-Tamimi told Baghdad Today that "the central bank's procedures enabled it to pass a lot of remittances, leaving only simple things."

"There was no need left for irregular transfers, so the dollar exchange rate fell, and the Iraqi street was convinced that the government would not raise the dollar rate," he said.

He pointed out that "the price of the dollar at the beginning of the week will stabilize at 1320 thousand dinars per dollar, and will be sold in the market to the citizen at 1320 or 1330 as a maximum."

Exchange rates are witnessing a significant decline compared to previous months until the exchange rate reached 141000,100 dinars against 1320 dollars, amid expectations that the exchange rate in the local markets will reach the official rate scheduled (<>) thousand dinars in the coming days.

[yota691]

A statement from the Iraqi Trade Bank regarding foreign remittances

2023.04.26 - 10:35

 

Baghdad - people  

The Iraqi Trade Bank issued a statement regarding foreign commercial transfers.  

  

  

  

And the bank said in its statement, of which “NAS” received a copy, (April 26, 2023), “You can make foreign commercial transfers through the platform of the Central Bank of Iraq to all countries of the world through our bank’s branches, using your accounts opened in Iraqi dinars with us, and it is calculated at the official rate approved by the bank.” The Iraqi Central Bank, and economically restricted countries are excluded from all banking transactions.  

[yota691]

Central: The dinar will witness a more recovery soon..and this is the reason for the decline in the dollar

• Time: 04/26/2023 09:45:33
•  
• Read: 2,756 times

  

{Economic: Al Furat News} The Iraqi Central Bank advisor, Ihsan Al-Shammari, confirmed that the Iraqi dinar will witness a more recovery soon and return to its official price or close to it, which is set at 1320 dinars against the US dollar.

 Al-Shammari said in a press statement: "We will witness a revival of the dinar through the procedures of the Central Bank of Iraq and the government's measures to support the dinar and reach the official exchange rate, through the package of measures launched by the central bank to improve the performance of the currency selling window on the one hand, and the great cooperation between the government and the central bank in obligating Companies and government institutions sell their services in Iraqi dinars at the official price, after they used to force the public to sell in dollars, and the public is forced to request dollars through the window and outside the window to obtain dollars for the purpose of their requirements.
 He added, "The public can now pay services in Iraqi dinars at the official rate," adding that "the Iraqi dinar will soon return to stability and its normal status, close to its official price, which is 1,320 dinars per dollar."
 Al-Shammari attributed the improvement in the value of the Iraqi dinar to "improving the performance of the currency sale window, to meet the requirements of foreign trade through the electronic platform, which ensures that merchants obtain dollars to meet their requirements and supply goods to the country, instead of resorting to companies, money changers and speculators to obtain US dollars." .
Yesterday, Tuesday, the exchange rate of the dollar in the local stock exchanges witnessed a new decline, in an indication of a recovery in the value of the Iraqi dinar against the US dollar.
It is noteworthy that the Council of Ministers approved, on February 7, 2023, the decision of the Board of Directors of the Central Bank of Iraq to adjust the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars to one dollar, according to a statement issued by the media office of the Prime Minister, Muhammad Shia Al-Sudani.
 The exchange rate of the Iraqi dinar against the US dollar has fluctuated for more than three months, and this led on the second of February to a decline in the exchange rate of the dinar to 1750 dinars against one dollar.