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URGENT: CBI Issues New Directives On USD & The ER.


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Here's an article of Dinarian intersts...

CBI Issues New Directives On USD & The ER.

Treat as a rumor.  Not verifieid.  Your opine.



Tlm724 Administrator Bondlady’s Corner:    A Statement Issued By The CBI Regarding Dealing With Dollars & The Exchange Rate.

ARTICLE: Following the recent developments in the local markets, especially with regard to the circulation of an informal ER in platforms & daily transactions & its unreal & fabricated fluctuations, imposes on us the clarification of the basic facts related to the trading of foreign currency (the USD) in the local markets & the role of the CBI in providing the currency Foreign through its official sources that included all the legally permitted transactions & preventing other illegal transactions.


The necessity of joining all the relevant authorities & their cooperation in order to achieve the main general goals, including the stability of the ER in light of the existence of sufficient foreign reserves to meet the legitimate needs of citizens, merchants & investors from foreign currency.


Then we would like the following statement:

1- The source of the USD circulating in the local markets is the CBI, which is presented through banks & exchange & mediation companies, at the official price scheduled (1320) Dinars per Dollar.   Accordingly, what is called the “parallel market” has no truth, as this description is launched when the market has its own sources of foreign currency, through exports of private sector & local tourism, transfers of residents abroad & others.


As is the case in other countries, at which time the central bank’s role is to achieve a balance in the ER, so he is a seller or a buyer of foreign currency in the market. In it is a speculative market with a currency specified in price & purposes, which is illegal trading & it cannot be added to it, or the announcement of ER created by speculators, and the competent authorities should stop the platforms and sites that announce the exchange rates for a limited currency, the CBI is obligated to circulate it at its price.  The headquarters, as long as it is its only source.


 2- To achieve the aim of controlling the movement of funds and foreign trade, in implementation of the Anti-Money Laundering & Terrorist Financing Law & to enhance the application of international standards, the new system is based on:  

A. Implementing all external transfers & documentary credits via the electronic platform, in which the pre-audit of all operations is made from all aspects & verification of the final beneficiary, which protects the banking sector & non-banking financial institutions & the parties to all these operations from the risks they face locally & internationally & the electronic platform allows all Legitimate transfers without limits or restrictions, and the Central Bank does not set a ceilings for banking banks to conduct the transfer.


Rather, this depends on the bank’s ability to attract customers, the validity & accuracy of operations & the number of its credible correspondents abroad.

B. Implementing personal transfers abroad, such as the fees of study, treatment, purchase of personal needs, residents’ transfers & pension salaries for residents abroad & others, across international financial transfer companies, such as “Western Yunin & Moni Gram” & citizens are also available to use electronic payment cards to use them in buying goods & services abroad.  All of these & other operations covered by the central bank at the scheduled official ER.


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Here's an article relatwed to the above....



Clare:     CBI To Reduce The Price Of The USD.

Article:  “Next week.. The Iraqi Central Bank launches a package of measures that will reduce the price of the USD”  Quote: “Decisions will be issued next week, which may contribute significantly to reducing the ER of the Dollar. “


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