The central bank talks about new procedures related to the transfer process

[yota691]

The central bank talks about new procedures related to the transfer process

2023.04.30 - 14:55

 

Baghdad - Nas   

Today, Sunday, the Central Bank of Iraq confirmed that the impact of growth was greatly reflected in the volume of orders, amounts, and banks participating in the foreign currency sale window platform, while noting that   

  

Governmental procedures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.  

  

The Deputy Director General of the Investments Department at the Central Bank of Iraq, Muhammad Yunis, said in a statement to the official agency, followed by "NAS", (April 30, 2023), that "the growth helped reduce the gap between the official and parallel exchange rate, significantly during the past days."  

  

Younes added, "The growth rate of the banks participating in this platform reached 155%, while the levels of demand rose from 42 requests per week, to about 1,280 requests."   

  

He explained, "This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 million per week, while the volume of executed amounts reached nearly 80%, and the 20% was It is caused by the delay in implementation, due to a lack of information or a request for additional information.  

  

Yunus continued, "These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools," pointing out that, "despite the challenges and obstacles that accompanied the implementation of the new procedures, which suffer Including some banks and companies, as they represent a qualitative transition in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages.  

  

He pointed out that “the increase in the number of requests and the size of their development prompted the Central Bank to work to start new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in solid foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to to other currencies such as (the euro) and (the Chinese yuan).   

  

And Younes stated, "The banks' requests will be met faster and easier, given the reduction in the volume of transactions according to which the strengthening mechanism will be implemented in order to implement them," stressing, "These measures are supported by the government's approach and the Central Bank of Iraq's direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat." The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance.  

  

  

 

[6ly410]

Central: Paying the wages and salaries of foreign workers in Iraqi dinars

Economic News Agency - Central: Payment of wages and salaries of foreign workers in Iraqi dinars (economy-news.net)

 

  

Economy News - Baghdad

The Central Bank of Iraq confirmed on Sunday that the impact of growth was significantly reflected in the volume of orders, amounts and banks participating in the foreign currency window platform, while noting that government measures obligated to pay the wages and salaries of foreign workers in Iraqi dinars.

Deputy Director General of the Investments Department at the Central Bank, Muhammad Yunus, told the official news agency that "the growth has helped reduce the gap between the official and parallel exchange rate significantly over the past days."

Younis added, "The growth rate in the banks participating in this platform reached 155%, while demand levels increased from 42 requests per week to about 1280,<> requests."

He explained that "this increase was accompanied by a significant increase in the volume of amounts for these requests, as they rose by approximately $ 44 million per week, to more than $ 490 million per week, while the volume of implementation of it reached nearly 80%, and the 20%, was caused by delays in implementation, due to lack of information or requests for additional information."

He added that "these amounts were distributed among a variety of goods, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools," pointing out that "despite the challenges and obstacles that accompanied the implementation of the new procedures, which some banks and companies suffer from, as they represent a qualitative transition in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages."

He pointed out that "the increase in the number of demand and the size of its development prompted the Central Bank to work on starting new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in reputable foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to other currencies such as the (euro) and (Chinese yuan)."

Younis said that "the requests of banks will be met faster and easier, due to the reduction of the volume of transactions under which the strengthening mechanism will be carried out in order to implement them," stressing that "these measures are supported by the government's orientation and the Central Bank of Iraq's orientation towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the General Secretariat of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month by relying on the Iraqi dinar, and collecting taxes, government fees and insurance, and these procedures also obligated to pay Wages and salaries for foreign workers, and payment of university and kindergarten fees in Iraqi dinars."

Views 141

Added 2023/04/30 - 2:51 PM

 

 

[yota691]

The Central Bank confirms that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars

Economy

14:51 - 2023-04-30

 

Today, Sunday, the Central Bank of Iraq confirmed that the impact of growth was greatly reflected in the volume of requests, amounts, and banks participating in the foreign currency sale window platform, while indicating that 

government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.

"Growth has helped reduce the gap between the official and parallel exchange rate, significantly over the past days," said Dr. Muhammad Yunis, Assistant Director General of the Investments Department at the Central Bank of Iraq, in a press statement.

Younes added, "The growth rate of the banks participating in this platform reached 155%, while the levels of demand rose from 42 requests per week, to about 1,280 requests." 

He explained, "This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 million per week, while the volume of executed amounts reached nearly 80%, and the 20% was It is caused by the delay in implementation, due to a lack of information or a request for additional information.

Yunus continued, "These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools," pointing out that, "despite the challenges and obstacles that accompanied the implementation of the new procedures, which suffer Including some banks and companies, as they represent a qualitative transition in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages.

He pointed out that “the increase in the number of requests and the size of their development prompted the Central Bank to work to start new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in solid foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to to other currencies such as (the euro) and (the Chinese yuan). 

And Younes stated, "The banks' requests will be met faster and easier, given the reduction in the volume of transactions according to which the strengthening mechanism will be implemented in order to implement them," stressing, "These measures are supported by the government's approach and the Central Bank of Iraq's direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat." The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance.

[6ly410]

Central Bank: Government measures obligated to pay the wages and salaries of foreign workers in Iraqi dinars

 

 Today, 14:46.

 

Baghdad – Waa – Mohammed Talbi

The Central Bank of Iraq confirmed on Sunday that the impact of growth was significantly reflected on the volume of requests, amounts and banks participating in the foreign currency window platform, while noting that

The government measures required the payment of wages and salaries of foreign workers in Iraqi dinars.

The assistant director general of the investment department at the Central Bank of Iraq, Dr. Muhammad Yunis, told the Iraqi News Agency (INA) that "the growth has helped reduce the gap between the official and parallel exchange rate, significantly over the past days."

Younis added that "the growth rate in the banks participating in this platform reached 155%, while demand levels increased from 42 requests per week to about 1280,<> requests."

He explained, "This increase was accompanied by a significant increase in the volume of amounts for these requests, as they rose approximately $ 44 million per week, to more than $ 490 million per week, while the volume of implementation of it reached nearly 80%, and the 20%, was caused by delay in implementation, due to lack of information or request for additional information."

"These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools," Younis said, pointing out that "despite the challenges and obstacles that accompanied the implementation of the new procedures, which some banks and companies suffer from, as they represent a qualitative transition in the process of financing foreign trade, and in line with international norms and standards, today they have reached very advanced stages."

He pointed out that "the increase in the number of demand and the size of its development prompted the Central Bank to work on starting new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in reputable foreign banks, for the purpose of meeting the demands of their customers in dollars, in addition to other currencies such as the (euro) and (Chinese yuan)."

Younis said that "the requests of banks will be met faster and easier, due to the reduction of the volume of transactions under which the strengthening mechanism will be carried out in order to implement them," stressing that "these measures are supported by the government's orientation and the Central Bank of Iraq's orientation towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the General Secretariat of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month by relying on the Iraqi dinar, and collecting taxes, government fees and insurance, and these procedures also obligated to pay Wages and salaries for foreign workers, and payment of university and kindergarten fees in Iraqi dinars."

[yota691]

Central: Payment of wages and salaries of foreign workers in Iraqi dinars

 

money and business
   

Economy News - Baghdad
Today, Sunday, the Central Bank of Iraq confirmed that the impact of growth was greatly reflected in the volume of requests, amounts, and banks participating in the foreign currency sale window platform, while indicating that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.

 

"Growth has helped reduce the gap between the official and parallel exchange rate significantly over the past days," said Muhammed Yunis, deputy director general of the investment department at the Central Bank, in an interview with the official news agency.

 

Younes added, "The growth rate of banks participating in this platform reached 155%, while demand levels increased from 42 requests per week, to about 1,280 requests."

 

 

He explained, "This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 million per week, while the volume of executed amounts reached nearly 80%, and the 20% was Caused by delay in implementation, due to lack of information or requesting additional information.

 

He continued, "These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools," noting that "despite the challenges and obstacles that accompanied the implementation of the new procedures, which some suffer from." Banks and companies, as they represent a quantum leap in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages.

 

He pointed out that "the increase in the number of requests and the size of their development prompted the Central Bank to work to start new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in solid foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to Other currencies such as (the euro) and (the Chinese yuan).

 

And Younes stated, "The banks' requests will be met faster and easier, given the reduction in the volume of transactions according to which the strengthening mechanism will be implemented in order to implement them," stressing, "These measures are supported by the government's approach and the Central Bank of Iraq's direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat."

 

The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance.

 

---

Views 144

Added 04/30/2023 - 2:51 PM

[Laid Back]

“Today, Sunday, the Central Bank of Iraq confirmed that the impact of growth was greatly reflected in the volume of requests, amounts, and banks participating in the foreign currency sale window platform, while indicating that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.”

“these measures are supported by the government's orientation and the Central Bank of Iraq's orientation towards enhancing confidence in the Iraqi dinar”

 

More confidence > More demand > More Value 

 

Go Stronger Dinar $1+

[yota691]

New procedures from the Central Bank related to the foreign currency sale window platform

---

15:13  2023-04-30  176  Economy 0

 

Today, Sunday, the Central Bank of Iraq confirmed that the impact of growth was greatly reflected in the volume of requests, amounts, and banks participating in the foreign currency sale window platform, while indicating that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.
 
And the Deputy Director General of the Investments Department at the Central Bank of Iraq, Muhammad Yunis, said in a statement to the official agency, which was followed by “The Insider”, that: “The growth helped reduce the gap between the official and parallel exchange rate, significantly during the past days.”
 
Younes added, "The growth rate of the banks participating in this platform reached 155%, while the levels of demand rose from 42 requests per week, to about 1,280 requests." 
 
He explained: "This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 million per week, while the volume of executed amounts reached nearly 80%, and the 20% was It is caused by the delay in implementation, due to a lack of information or a request for additional information.
Yunus continued, "These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools," pointing out that, "despite the challenges and obstacles that accompanied the implementation of the new procedures, which suffer Including some banks and companies, as they represent a qualitative transition in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages.
 
He pointed out that “the increase in the number of requests and the size of their development prompted the Central Bank to work to start new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in solid foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to to other currencies such as (the euro) and (the Chinese yuan). 
 
And Younes stated, "The banks' requests will be met faster and easier, given the reduction in the volume of transactions according to which the strengthening mechanism will be implemented in order to implement them," stressing, "These measures are supported by the government's approach and the Central Bank of Iraq's direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat." The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance.

[Laid Back]

“These measures are supported by the government's approach and the Central Bank of Iraq's direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat." The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance.”

 

Relying on the Iraqi dinar, and collecting taxes, government fees and insurance 

Relying: Depend on with full trust or confidence.

 

This measures will drastically reduce the demand for the dollar and will increase confidence and demand for the Iraqi dinar.

 

De-dollarization process.!

 

More confidence > More Demand > More Value

 

Go CBI

Go new monetary policy 

Go Stronger Dinar $1+

 

[edbeach]

The government is going to pay foreign wages now in Dinars instead of the dollar which will be up to 490 million per week. Plus we think they going to increase the dinar rate in a RV. Something wrong with this senerio for them to RV the dinar and changing the way foreign wages to be paid in dinar instead of dollars. This would mean if they RV'd would cause them to pay out millions of money to foreign workers. To me it would appear they would not RV the dinar and benefit the foreign workers so they could benefit in a RV.  Does not make any sense of RVing the dinar while paying wages to foreign workers in dinar. I wouldn't RV to give out millions more like I said would not make any sense in an RV.   JMO 

[rvmydinar]

25 minutes ago, edbeach said:

The government is going to pay foreign wages now in Dinars instead of the dollar which will be up to 490 million per week. Plus we think they going to increase the dinar rate in a RV. Something wrong with this senerio for them to RV the dinar and changing the way foreign wages to be paid in dinar instead of dollars. This would mean if they RV'd would cause them to pay out millions of money to foreign workers. To me it would appear they would not RV the dinar and benefit the foreign workers so they could benefit in a RV.  Does not make any sense of RVing the dinar while paying wages to foreign workers in dinar. I wouldn't RV to give out millions more like I said would not make any sense in an RV.   JMO 

May be they will pay the foreign wages in dinar after the Dinar RV first. In addition to that , they also didn't mention the exact date they will really start paying the foreign workers in dinar. Therefore , they still pay the foreign workers in dollars at this moment in time.

6 hours ago, yota691 said:

He explained: "This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 MILLION per week

 

[3n1]

41 minutes ago, edbeach said:

Does not make any sense of RVing the dinar while paying wages to foreign workers in dinar.

 

im sure its all digital payments to the foreign workers and they are xchanging to their own currency sending it to their home banks they reside in , the numbers are easy to adjust digitally whatever the iqd rate is . im sure its not physical paper dinar they are being paid with id bet most have families that are living on whats being sent home .... so tired of waiting one way or the other .. cheers 

[edbeach]

Does not say digital there is still a chance we not see an RV or increase in value I do not trust this Iraq government but as diff people say we have to wait & see. I hope we not getting a bunch of bull from them or another 15 years of waiting for any increase. JMO of course

[3n1]

4 hours ago, edbeach said:

Does not say digital there is still a chance we not see an RV or increase in value I do not trust this Iraq government but as diff people say we have to wait & see. I hope we not getting a bunch of bull from them or another 15 years of waiting for any increase. JMO of course

 

yup itsa long shot speculation for sure , wish i had the answers we all seek ... all the best edbeach 

[yota691]

18 hours ago, edbeach said:

The government is going to pay foreign wages now in Dinars instead of the dollar

If it contracted rates, it doesn't really matter, as along as the value remains from the contract rate. As example if one agrees to be paid $100,000 dinars a week, which they receive 4 $25,000 notes, if the dinar increase in value and now they only get 1 $25,0000 note for the same contract rates.  

[edbeach]

So Yota then this be same on our money we holding 100,000 if value raises only worth 25,000 instead of the 100,000 dinars. I would think be same senerio for us as the same for foreign worker

[HowieC]

So Yota,  say I contract with someone to remodel my home with a balance due of $100,000. 3 months later the balance is due..... BUT the value of USD has now plummeted 25%, in those 3 months. We're saying I can pay them $50,000 now?  Am I missing something? 

 

The same scenario would apply to a gain in value.

 

I guess you would have to stipulate in the contract " according to VALUE at the time of payment "

[Officiallytook]

6 hours ago, yota691 said:

If it contracted rates, it doesn't really matter, as along as the value remains from the contract rate. As example if one agrees to be paid $100,000 dinars a week, which they receive 4 $25,000 notes, if the dinar increase in value and now they only get 1 $25,0000 note for the same contract rates.  

So if price said increases that same 100k note is now worth ? 175k?  I like it give me the increase lol

Edited May 2, 2023 by Officiallytook

[pacmen]

48 minutes ago, Officiallytook said:

So if price said increases that same 100k note is now worth ? 175k?  I like it give me the increase lol

100000 ÷ 175000 = .57 Cents Usd or 175000 ÷100000 = 1.75 USD.... Almost same Prediction from Early Article...Hmmm 🤔

 

[Officiallytook]

3 hours ago, pacmen said:

100000 ÷ 175000 = .57 Cents Usd or 175000 ÷100000 = 1.75 USD.... Almost same Prediction from Early Article...Hmmm 🤔

 

I'll take either lol just as long as it changes for the better ... .57 with the ability to increase in value would be understandable but so would 👋 our currency is now 1.75 USD to 1iqd

[Laid Back]

This is one of the reasons they are putting in place a new salary scale.!

Go new Salary Scale

Go Stronger dinar $1+

 

[screwball]

52 minutes ago, Laid Back said:

This is one of the reasons they are putting in place a new salary scale.!

Go new Salary Scale

Go Stronger dinar $1+

 

💯

[lmb4321]

Let's get this Budget and HCL passed end of May......👋

[yota691]

Quote

 say I contract with someone to remodel my home with a balance due of $100,000. 3 months later the balance is due..... BUT the value of USD has now plummeted 25%, in those 3 months. We're saying I can pay them $50,000 now?  Am I missing something? 

Don't know how a house is brought into the picture. In these parts of the woods, they don't even give you a price of the house until the house is done...These folks don't think that way...

 

Al-Fayyad issued a fatwa prohibiting selling dollars other than the official rate

 

 

I was referring to foreign workers that are on a payroll, not some contractor or country that doing work for oil.. 

[psdon]

I go to work i get 25,000  Dinar's a week THE Dinar RV. I go to work next week i get 25,000 dinars 

I win  the boss loses

 

[3n1]

inside Iraq one dinar will always just be one dinar outside iraqs borders is where the exchange rate comes into play , inside iraq borders the iqd will gain purchasing power with a stronger iqd exchange rate , cheers