Exclusive: Iraq to end all dollar cash withdrawals by Jan. 1, 2024, central-bank official says

[screwball]

3 hours ago, 6ly410 said:

added that the banking and financial sector has not witnessed any reform process since 2003 and explained that Iraq's trade is now reliable
and real.
He added that the Iraqi and Iranian central banks are working on a mechanism to regulate trade and break the back of the parallel

This excites me….break the parallel (Er) and has not witnessed any reform

[screwball]

3 hours ago, 6ly410 said:

We have real reforms for the financial sector and the teams are working on that.

Exciting times…

[screwball]

On 9/11/2023 at 12:31 AM, yota691 said:

he confirms that the demand for investment and consumer goods will increase after the release of budget allocations.

Confirms what MM had said about budget allocations and that the budget has NOT a been distributed

[yota691]

A hand has been placed on the “reason” for the rise in dollar prices, and an expert warns a group against “burning with fire”

2023-09-12 04:53

 

Shafaq News/ Economist and former general director at the Central Bank, Mahmoud Dagher, revealed on Tuesday that the rise in the dollar is due to the leakage of currency to punished entities.

 

Dagher said in an interview with Shafaq News Agency, “There is no dollar crisis, but rather a crisis of merchant dollars in cash that leaks to cover trade with punished entities, and it represents only less than 10 percent of the central bank’s sales. The dollar is stable in financing imports to Iraq at 1,320 dinars to one dollar.” ".

 

He added, "The cash problem does not represent a large volume, and therefore the demand for it is a demand for the purpose of continuing imports from punished entities. This is a mistake committed by these merchants, so let them bear the price increase."

 

He pointed out that "the poor Iraqi citizen has nothing to do with the dollar, as inflation is low, and the person who has a salary has nothing to do with the dollar. When he wants to travel, for example, he has a card that he puts the required amounts on, and he goes out and takes dollars for purposes of living and shopping, so he does not need cash dollars."

 

He continued, "Those who need cash dollars are those who deal with sanctioned entities or speculators," noting that "these will suffer the fire of this rise until they abandon this type of trade or find another outlet until they return to the right path."

 

He stated that "the central bank is not responsible for what happens to the cash dollar, but rather speculators and importers from the sanctioned entities, who represent a small amount of the bank's total sales."

 

The dollar is witnessing a gradual rise against the Iraqi dinar during these days, recording 155,000 dinars against 100 dollars on Tuesday morning on the Al-Kifah Stock Exchange.

[6ly410]

Financial advisor reveals understandings to exclude the dollar in dealing with Iran

• Today 19:01

Information / Baghdad.

Financial Advisor Reveals Understandings to Exclude Dollar in Trade with Iran | Information (almaalomah-me.translate.goog)

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, Thursday, that "there is a looming understanding with Iran to use a basket of foreign currencies other than the dollar to stabilize trade transactions between Iraq and Iran."

Saleh said in a statement that "allowing an international means of payment other than the dollar and identifying trade flows in a transparent and highly governed manner with the Islamic Republic of Iran within the international trading system will undoubtedly contribute to the stability of the exchange market in Iraq, in addition to strengthening the stability of the external payments system in our country, and lead to high stability in the movements of trade and money without negative monetary effects borne by our national economy."

He added: "Therefore, there is a high understanding on the horizon in using a basket of foreign currencies other than the dollar to settle commercial transactions with the neighboring country, Iran, without this constituting an international obstacle, and at the same time providing the desired monetary stability in our country, especially the foreign currency market."

He pointed out, "It is clear that there is a correlation between trade with the Islamic Republic of Iran on the part of the Iraqi private sector and the need to have an international payment currency to settle trade exchanges, at a time when there is a ban by the United States in the field of financial transfers that was imposed on Iran more than a decade ago." time, and is subject to high degrees of strictness."

He continued: "Such requirements led, over time, to dealing with commercial settlements in foreign currency, but from outside the official markets, especially in the demand for cash dollars on the local black market."

"It has become logical to find an alternative international monetary intermediary for trade settlements with the neighboring country instead of the United States currency, and to use the alternative international monetary intermediary in a transparent and clear manner before the international financial community and at the same time avoid the local exchange market from the pressures of international restrictions, their complexities and their impacts on our country's economy," he said. Finished/25hr

[BETTYBOOP]

With any luck the traders on both sides will comply and the parallel markets could sink in a matter of weeks. Maybe even within the 2 % range required by the IMF?

[6ly410]

37 minutes ago, 6ly410 said:

Therefore, there is a high understanding on the horizon in using a basket of foreign currencies other than the dollar to settle commercial transactions with the neighboring country, Iran, without this constituting an international obstacle, and at the same time providing the desired monetary stability in our country, especially the foreign currency market.

 

[6ly410]

New Iraqi banks under the gaze of "US sanctions". And fears of a new rise in the dollar

Economy | Today, 20:15 | 

    New Iraqi banks under the gaze of "US sanctions". And fears of a new rise in the dollar » Baghdad News Agency Today (baghdadtoday.news)

 

Baghdad Today - Follow-up

Reuters revealed on Thursday (September 14, 2023), possible US sanctions that may affect new Iraqi banks.

Reuters quoted a senior official at the US Treasury Department as saying, "The Central Bank of Iraq must address the ongoing risks resulting from the misuse of the dollar in Iraqi commercial banks in order to avoid imposing new punitive measures targeting the financial sector in the country," pointing to "acts of fraud, money laundering and Iran's evasion of sanctions."

The United States in July banned 14 Iraqi banks from conducting dollar transactions as part of a broader crackdown on the illegal use of the U.S. currency.

The official, who spoke on condition of anonymity, said there were still "other Iraqi banks operating with risks that must be addressed despite the crackdown".

With more than $100 billion in reserves in the United States, Iraq relies heavily on Washington's goodwill to ensure that oil revenues and funds are not subject to U.S. sanctions.

The official said the country's action in July was based on clear indications of illegal financial activity. He explained that the alleged crimes being considered by the Treasury Department included money laundering, bribery, extortion, embezzlement and fraud.

Iraq has more than 70 private banks, and about a third of these banks are under recent U.S. sanctions.

The official told Reuters in Baghdad: "I choose to focus on banks that still have access and I see that the risks persist there."

"It would be great if the central bank took the opportunity to address the matter directly, which could negate the need (in the United States) to take further action."

The information led to fears that any sanctions on new banks and depriving them of the dollar could lead to a further rise in exchange rates.

[6ly410]

US official advises Iraq to avoid additional punitive measures against banks

•  Time : 2023/09/14 20:56:06
•  
•  US official advises Iraq to avoid additional punitive measures against banks - Al-Furat News (alforatnews.iq)

  

A senior US Treasury official said on Thursday that the Central Bank of Iraq must address the ongoing risks posed by the misuse of the dollar in Iraqi commercial banks in order to avoid imposing new punitive measures targeting the country's financial sector.

 

In July, the United States banned 14 Iraqi banks from conducting dollar transactions as part of a broader crackdown on the illegal use of the U.S. currency.
The official, who spoke on condition of anonymity, said other Iraqi banks were still operating with risks that "must be addressed" despite the crackdown.
With more than $100 billion in reserves in the United States, Iraq relies heavily on Washington's goodwill to ensure that oil revenues and funds are not subject to U.S. sanctions.
The official added that the country's action, taken in July, was based on clear indications of illegal financial activity.
He explained that the alleged crimes being considered by the Treasury Department include money laundering, bribery, extortion, embezzlement and fraud.
The governor of the Iraqi central bank says his country is committed to applying stricter regulations for the financial sector and combating dollar smuggling.
The Iraqi central bank did not immediately respond to a request for comment on Thursday.
"I choose to focus on banks that still have access and I see that the risks persist there," the Baghdad official said.
"It would be great if the central bank took the opportunity to address the matter directly, which could negate the need (in the United States) to take further action."

[gregp]

#BRICS

[Officiallytook]

Stop laundering...and you won't feel the need to be under fire by anyone... or get better at it... can't make money till there is actual money to steal...

Edited September 14, 2023 by Officiallytook

[horsesoldier]

3 hours ago, Officiallytook said:

Stop laundering...and you won't feel the need to be under fire by anyone... or get better at it... can't make money till there is actual money to steal...

It's would seem like a no brainer for many to have launched Iraq into the financial & economic stratasphere years ago: but noooo, theft & money laundering...

( & every other type of nefarious undertaking were all the rage ).

So instead of the powerhouse they should be NOW: it's a House of Horrors with the people still getting it in the shorts dealing with a Corrupt EPIC FUBAR.

 

[gregp]

Grab the mortar. It’s time for some BRICS. 

Thanks 6LY

Edited September 15, 2023 by gregp

[yota691]

An American official advises Iraq to avoid additional punitive measures against banks

• Time: 09/14/2023 20:56:06
•  
• Read: 3,211 times

  

{Economic: Al-Furat News} A senior US Treasury Department official said on Thursday that the Central Bank of Iraq must address the ongoing risks resulting from the misuse of the dollar in Iraqi commercial banks in order to avoid imposing new punitive measures targeting the country’s financial sector.

 

Last July, the United States prevented 14 Iraqi banks from conducting transactions in dollars as part of a broader campaign against the illegal use of the American currency.
The official, who spoke on condition of anonymity, said that there were still other Iraqi banks operating with risks that "must be addressed" despite the campaign.

With reserves of more than $100 billion in the United States, Iraq relies heavily on Washington's good faith to ensure that its oil revenues and funds are not subject to US sanctions.

The official added that the measure, which his country took in July, was based on clear indications of illegal financial activity.

He explained that the alleged crimes being considered by the Treasury Department include money laundering, bribery, extortion, embezzlement and fraud.

The Iraqi Central Governor says that his country is committed to implementing stricter regulatory rules for the financial sector and combating dollar smuggling.

The Iraqi Central Bank did not immediately respond to a request for comment on Thursday.

“I choose to focus on banks that still have access and where I see continued risks,” the Baghdad-based official said.

He added, "It would be great if the central bank seized the opportunity to address the matter directly, which might negate the need (in the United States) to take further measures."
 

[yota691]

America threatens new punitive measures against banks in Iraq

2023-09-14 12:12

Shafaq News/ A senior US Treasury Department official said that the Central Bank of Iraq must address the ongoing risks resulting from the misuse of the dollar in Iraqi commercial banks in order to avoid imposing new punitive measures targeting the country’s financial sector, pointing to acts of fraud, money laundering, and Iran’s evasion of sanctions.

 

In July, the United States prevented 14 Iraqi banks from conducting transactions in dollars as part of a broader campaign against the illegal use of the American currency.

The official told Reuters that there are still other Iraqi banks operating with risks that "must be addressed" despite the campaign.

 

With reserves of more than $100 billion in the United States, Iraq relies heavily on Washington's good faith to ensure that its oil revenues and funds are not subject to US sanctions.

 

The official added that the measure, which his country took in July, was based on clear indications of illegal financial activity. He explained that the alleged crimes being considered by the Treasury Department include acts of money laundering, bribery, extortion, embezzlement and fraud.

 

The Iraqi Central Governor says that his country is committed to implementing stricter regulatory rules for the financial sector and combating dollar smuggling. The Iraqi Central Bank did not immediately respond to a request for comment on Thursday.

 

Iraq has more than 70 private banks, a relatively new feature in a sector that was almost entirely under state control until the fall of Saddam Hussein after the US invasion in 2003.

 

Of these banks, just under a third are on the US blacklist.

 

“I choose to focus on banks that still have access and where I see continued risks,” the official told Reuters in Baghdad.

 

He added, "It would be great if the central bank seized the opportunity to address the matter directly, which might negate the need (in the United States) to take further measures."

[6ly410]

Learn about the mechanism by which Iraq deals with Iran in light of the continued dollar embargo

economy

 

18-Sep-2023

NEW MECHANISM (FACEBOOK)

 

A few days ago, during a meeting with TV presenters, Prime Minister Mohammed Shia al-Sudani confirmed that "the Iranian side informed the government in the last meeting to stop dealing with the dollar, and replace it with euros, yuan, dirhams, Iraqi dinars or Iranian toman," and revealed that there is "a mechanism that the Central Bank of Iraq and its Iranian counterpart are working on to prepare a plan to regulate this trade."

Sudan's financial adviser said that Iraq and Iran are close to understanding a new formula for paying money in commercial transactions

The financial adviser to the Prime Minister, Mazhar Muhammad Saleh, explained the new way of dealing with Iran as a result of the continued ban on the dollar currency on the latter.

Saleh said in an interview with "Ultra Iraq", that "Iraq and Iran are approaching an understanding on a new formula for the payment of money in commercial transactions," noting that "the mechanism will be through the use of a basket of foreign currencies through international means with transparency and high governance."

Saleh pointed out that "Iraq is keen to follow the controls of the international trading system in its relationship with the Islamic Republic of Iran to ensure the stability of the exchange market in Iraq," adding that "following this new plan will enhance the stability of Iraq's external payments system, and will also push the trade and financial movement to stability away from any negative monetary effects on the economy."

Saleh pointed out that "the new mechanism that will be dealt with with Iran through foreign currencies except the dollar will not constitute an international obstacle as much as the stability of the Iraqi exchange market," considering that "the solution came as a result of the existence of a correlation between the Iraqi and Iranian private sectors, as it requires the provision of an international payment currency to settle trade exchange with the continuation of US sanctions on Iran for a long time and the tightening continues regarding it."

According to Saleh, "the sanctions led over time to the private sector to deal with trade settlements in foreign currency outside the official markets represented by the black market," noting that "the implementation of the new plan will spare Iraq international pressures and their effects on Iraq's economy."

 

Sudani says his government will end dollar crisis after deal with Iran

Economist Nabil al-Marsoumi commented on the solutions of dealing with trade between Iraq and Iran in a foreign currency other than the US dollar, which is prohibited according to US sanctions.

Al-Marsoumi said, in an interview with "Ultra Iraq", that "the reforms carried out by the Central Bank of Iraq to improve the compliance of banks to deal with the requirements of the electronic platform and the US Federal Bank, led to the majority dealing with them," adding: "But this resulted in a significant rise in the central bank's sales of the dollar to reach an average of about 200 million dollars per day."

Another result of the reforms was "the widening of the gap between the official and parallel rates of the dinar against the dollar, reaching 20%," noting that it is "much larger than the recognized global levels of only about 2%."

According to the decree, this gap is linked to two important reasons:

First: Preventing financial transfers through banking channels to the countries sanctioned by the United States, especially Iran, which led to financing trade with it by buying dollars from the parallel market and then smuggling it to Iran.

Second: The large demand from Iraqi travelers to Iran for dollars from the parallel market, because the instructions of the Central Bank do not allow them to buy dollars at the official rate, which is a large demand, because Iraqi travelers to Iran constitute 55% of the total foreign tourists, and they spent in 2022 in Iran about 3.410 billion dollars.

As for Iranian exports of non-oil goods to Iraq - and the decree - amounted to $ 10.3 billion in 2022, about 20% of Iran's total non-oil exports in 2022.

The decree detailed Iran's supply to Iraq in the following points:

First: 8.2% in the machinery sector.

Second: 26.7% in the field of agriculture, industry and foodstuffs.

Third: 18.9% of mineral needs.

Fourth: 55% of building materials.

Fifth: 48% of refinery products.

Sixth: 28% of petrochemical products.

Since studies indicate more than one million professions provided by the Iranian export sector to Iraq, according to the decree, the gap between the official and parallel prices of the dinar against the dollar cannot be reduced or neutralized except through the following:

1- Cancel US sanctions on Iran so that Iraq's imports can be financed through banks.

2- Cutting off Iraq's imports from Iran and preventing Iraqis from traveling to it, which is what the United States seeks as its strategic goal in order to suffocate Iran economically, which is a risky step due to the great economic importance of Iraq in the Iranian economic strategy, as the economist describes.

[horsesoldier]

No telling how long this will take. Commitments to solutions are always open ended with the ( feeble ) statement that the expectation is we hope to seal the deal very...

Same Shyte Different Day (week, weeks, month, months, year, Years, decade, decades...uh then there's Century 

I'm accustomed to betting on long shots (& doing very well winning) at the track,however, this is no doubt the longest loooooooong shot I've ever indulged in. 

You'd think after 20 years the horses would be tired . Apparently these Arabian horses have quite the stamina.

[6ly410]

“Within 72 hours.” Al-Shammari reveals procedures and proposals regarding the dollar

• Time: 09/26/2023 22:22:00
•  
• Read: 6,006 times

  

{Economic: Al-Furat News} The political advisor to the Prime Minister, Fadi Al-Shammari, revealed proposals that the government will present regarding the dollar within the next 72 hours.

Al-Shammari said in a television interview this evening, followed by {Al-Furat News}: “The dollar file is a complex file and needs time to regulate the exchange rate, but government measures are moving in the right direction.”
He added, "The Central Bank of Iraq is embarking on a set of measures to control small traders and their commercial exchange, as they constitute 40% of market traders."
Al-Shammari noted that, "Within 72 hours, papers and proposals will be presented regarding the dollar after an extensive meeting of the Prime Minister with Iraqi financial institutions."
He continued, "There is a serious discussion between the government and the Central Bank with the Iranian side to search for alternatives to trade in the dollar," denying "the presence of American pressure or punitive attempts against Iraq because of the dollar."
He noted, "There are commitments to standards in the exit and sale of the dollar, and this requires time and the market to adapt to them."
He revealed that "Turkish President Recep Tayyip Erdogan's scheduled visit to Iraq is linked to completing the development road project procedures."

https://alforatnews.iq/news/خلال-72-ساعة-الشمري-يكشف-عن-إجراءات-ومقترحات-بشأن-الدولار

[yota691]

Economist: There is no stability in the dollar exchange rate with the absence of solutions for financing foreign trade

 1 day ago

507

 

The exchange companies' share of the Central Bank's dollar sales decreased by half due to continuous alerts from the US Treasury Department regarding illegal transfers of dollars to countries on which the United States imposes economic sanctions.

Amid this, the exchange rate of the dollar against the dinar continues to fluctuate in the parallel market due to supply and demand factors, but the dollar is still above the barrier of 1,500 dinars per dollar.

In this regard, the economic expert, Abdul Rahman Al-Mashhadani, summarizes the reasons for the continuing gap between the official and parallel prices of the US dollar against the Iraqi dinar.

Al-Mashhadani said in a press interview seen by “Taqaddam” that “the currency sale window’s sales of dollars are divided into two parts. More than 90% of them finance documentary credits and foreign transfers and are used for the purpose of financing trade. As for the second part, which is cash sales, it goes to finance trade with countries that impose... The United States of America sanctions it.”

He added, "The problem now in Iraq lies in the reduction of cash sales from the currency selling window. Exchange companies are subject to sanctions by the Central Bank, as some of them violate the instructions for the sales process. As long as this circle is not broken and we do not find solutions to finance trade with the sanctioned countries, the situation remains." The same applies to the gap between the official and parallel exchange rates.”

He pointed out that “the exchange offices’ share of the dollar was reduced by half as a result of the US Treasury Department’s alerts to the Iraqi government regarding the existence of money transfers to sanctioned countries.”

 

[yota691]

Economist: Private banks are responsible for smuggling the dollar, and restricting them leads to its stability

• Time: 09/28/2023 13:12:36
•  
• Read: 1,105 times

  

{Economic: Al-Furat News} An economic expert stressed the necessity of restricting the work of some private banks due to their role in the rise in the dollar exchange rate in the parallel market.

 

Salah Nouri told {Al-Furat News} agency, “Restricting dealing with some private banks could lead to the stability of the exchange rate in the parallel market, (with a small difference between the official rate of the central bank and the parallel market price), and if the banks that were restricted dealing with are “Responsible for speculation and dollar smuggling.”

 

He pointed out, "Another condition is that merchants deal in accordance with the latest instructions of the Central Bank of Iraq, and it will also lead to the stability of the exchange rate with a small difference between the official price and the parallel market price."

 

Prime Minister Muhammad Shiaa Al-Sudani said on the 26th of this month that: “Private banks take the dollar from the central bank and sell it in the parallel market, and these will be subject to sanctions,” noting that “the price of the dollar is related to special reforms of the banking and financial sector, and the government began implementing the reforms, despite Its social cost.

 

He pointed out that "exchange rate fluctuations are a battle between the state that wants to stabilize correct transactions and a group that used to live on the dollar."

 

From.. Raghad Dahham

[yota691]

What is the relationship of Arab banks in Iraq? A parliamentarian reveals an American plan to maintain the dollar crisis

 19 hours ago

961

 

Member of the House of Representatives, Ali Al-Jamali, revealed an American plan to continue the dollar crisis in Iraq, while stressing that the recent measures issued by Washington to ban Iraqi banks from auctioning currency sales worked to impose the control of the branches of banks in Arab countries over the dollar.

Al-Jamali said in a press interview seen by “Taqaddam” that “the five banks affiliated with the Arab countries are working to blackmail the Iraqi merchant in the process of buying the dollar in order to manage trade and import affairs,” noting that “stopping the Iraqi banks was intentional in order to weaken the Iraqi dinar against the dollar.” “The American.”

He continued, “These banks are working to buy the dollar from the electronic platform of the Central Bank at the official rate and sell it in the parallel market,” pointing out that “the continuation of the crisis of the difference in the official exchange rate from the parallel occurs as a result; Measures that weaken the dinar against the dollar.”

Al-Jamali concluded his speech, saying: “The banks earn double the wages because they take at the official price and sell in the parallel market,” adding that “the recent measures issued by Washington to ban Iraqi banks from auctioning the sale of currency worked to impose the control of the branches of Arab countries’ banks inside Iraq.”

During the current period, American measures have destroyed the Iraqi currency by imposing sanctions on Iraqi banks, and banning the dollar under many pretexts, which led, in one way or another, to a severe financial crisis in Iraqi markets. The US Treasury also decided, earlier, to stop 14 Iraqi banks from trading. Trading and selling hard currency, which caused the dollar exchange rates to rise in local markets.

[yota691]

A detailed talk from Al-Alaq regarding the exchange rate, the electronic platform, and regulating trade with Iran

Today, 11:29

 

 

Al-Ghad Press / Baghdad
Governor of the Central Bank, Ali Al-Alaq, revealed, on Saturday, that the implementation rate in the electronic platform had risen to 95%, stressing that there was no intention to stop the sale of cash dollars to travelers, and while he denied that Iraq lost 27 trillion from the difference in changing the exchange rate, he stressed that America does not Restricting demand for the dollar.

Al-Alaq said in an interview with the official news agency, followed by Al-Ghad Press, that “the Central Bank views the exchange rate as something directly related to the general level of prices in the country, and that the bank has succeeded in covering the needs of importers with the official rate,” stressing that “the monetary policy has succeeded.” “In maintaining the general level of prices through the most important indicators of inflation, which has witnessed a decline, this is the main matter that the Central Bank focuses on in the success of its monetary policy.”

He added, "Maintaining the general level of prices and low inflation indicate the success of the monetary policy, especially after real traders engaged in the conversion process at the official price, which gave reassurance in the conduct of foreign trade."

He pointed out that "the electronic platform witnessed many difficulties at the beginning of its work, which led to the reluctance of some people to enter it," noting that "the implementation rate in the electronic platform has now increased from 20 percent to 95 percent, and this gave reassurance that entering the platform provides speed and safety."

Al-Alaq stated that “90% of the Central Bank’s sales are for the purposes of remittances and external transfers, and they are proceeding smoothly and at the official price (1320), but the problem lies in the cash side, which represents 10% of internal daily sales,” explaining that “ten percent is sufficient.” To meet the needs of travelers, but some are trying to dominate by withdrawing the amount allocated to travelers, which creates pressure and an increase in the cash price, and these parties have been identified as carrying out illegal and criminal operations.”

Al-Alaq revealed “the process of developing a cash sales system designated for the traveler within a system prepared by the exchange companies, and it is being developed to fill the gaps, and it does not accept repetition and the unreal traveler.”

Al-Alaq denied “that there is a tendency to stop selling cash dollars to travelers,” indicating that “the Central Bank has no problem in covering valid and legitimate requests within the classifications (travelers - study - treatment - private transfers) as the bank provided this through financial transfer companies, represented by (Western). Union and sperm are honorable).

He explained that "the electronic platform is now being gradually transitioned to direct transfer between the Iraqi bank and the correspondent bank, mediated by an international auditing company," stressing that "the central bank has cut the 60 percent that does not pass through the platform, but rather is a direct transfer."


On the other hand, Al-Alaq said that “the idea of linking the exchange rate to filling the general budget deficit is an inaccurate view, and that the central bank is responsible for determining monetary policy, determining the exchange rate within the indicators it has, and achieving the goal of monetary policy,” indicating that “the calculation process is up to those who say Iraq's loss of 27 trillion from the difference in changing the exchange rate is a wrong process, and 30 percent of oil revenues do not enter the central bank, because the Ministry of Finance uses them for external payments, while the second part is that the exchange rate should not be linked to achieving balance in the budget.

In a separate context, Al-Alaq confirmed that “the US Assistant Secretary of the Treasury praised during her visit to Iraq the measures taken by the Central Bank to organize the external transfer process, implement compliance rules, combat money laundering and terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank, and there is American satisfaction.” Very big in this context.”

Regarding the sanctions on banks, Al-Alaq noted that “the Central Bank is conducting a review and audit process in diagnosing violations on the 14 banks who were subjected to restrictions and denial of obtaining the dollar,” noting that “the Central Bank indicated the existence of a response and compliance from the 14 banks to the specified standards.”

He stated that “the American side does not restrict the demand for the dollar, and there is coordination regarding cash shipments through an annual agreement on the number of shipments and their dates,” stressing that “the Central Bank prefers to use non-cash payment tools through the use of cards (Visa and MasterCard), which has recorded an increase.” This has increased significantly over the past months, and this is a good indicator that reduces the focus on the use of cash, and reduces the hassle of reviewing companies to obtain cash dollars.”

Regarding regulating trade with Iran, Al-Alaq stated that “there are ongoing discussions to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements,” indicating that “the Central Bank will reach a clear formula in regulating the trade process, especially since part of it It is done by barter.

He pointed out that "an agreement was reached to settle the debts incurred by Iraq from Iranian gas imports through a new method through which these amounts are paid."

As for the campaign to support the dinar, Al-Alaq stated that “the campaign is multi-faceted and multi-party aimed at the sovereignty of the local currency in internal transactions instead of foreign currencies that are being limited, and there is a gradual transition process within the Prime Minister’s directive to limit dealing in the Iraqi dinar internally, and oblige companies to do so, which A large percentage of them responded.”

[yota691]

Al-Alaq: The Central Bank is working to ban dealing in the dollar internally, and the electronic platform will end next year

• Time: 09/30/2023 10:46:24
•  
• Read: 2,080 times

  

{Economic: Al-Furat News} The Governor of the Central Bank of Iraq, Ali Al-Alaq, explained today, Saturday, that the Central Bank is working to ban dealing in the dollar internally, pointing out that the electronic platform expires at the end of next year.

 

 Al-Alaq said in a press statement that “the Central Bank views the exchange rate as something directly related to the general level of prices in the country, and that the bank has succeeded in covering the needs of importers at the official price,” stressing that monetary policy has succeeded in maintaining the general level of prices through the most important indicators. As for inflation, which has witnessed a decline, this is the main matter that the Central Bank focuses on in the success of its monetary policy.”

 

He added, "Maintaining the general level of prices and low inflation indicate the success of the monetary policy, especially after real traders engaged in the conversion process at the official price, which gave reassurance in the conduct of foreign trade."

 

Electronic platform 

 

He pointed out that "the electronic platform witnessed many difficulties at the beginning of its work, which led to the reluctance of some people to enter it," noting that "the implementation rate in the electronic platform has now increased from 20 percent to 95 percent, and this gave reassurance that entering the platform provides speed and safety."

 

He pointed out that “access to the electronic platform in the external transfer process spares all parties from the risks of exposure to local and international sanctions,” warning of some merchants who cannot work in an organized atmosphere and are looking for chaos, and that the Central Bank is working to contain this challenge in coordination with the government to besiege it. These are the categories that are being diagnosed and followed up.”

 

Al-Alaq stated that “90% of the Central Bank’s sales are for the purposes of remittances and external transfers, and they are proceeding smoothly and at the official price (1320), but the problem lies in the cash side, which represents 10% of internal daily sales,” indicating that “ten percent is sufficient.” To meet the needs of travelers, but some are trying to dominate by withdrawing the amount allocated to travelers, which creates pressure and an increase in the cash price, and these parties have been identified as carrying out illegal and criminal operations.”

 

Al-Alaq revealed the development process for the cash sales system allocated to the traveler within a system prepared by exchange companies, and it is being developed to fill the gaps, and does not accept repetition and the unreal traveler,” denying that there is a tendency to stop selling cash dollars to travelers, and that the Central Bank has no problem in covering requests. The correct and legitimate ones are within the categories (travelers - study - treatment - private transfers), as the bank provided this through financial transfer companies represented by (Western Union and Mini Card).”

 

Direct transfer

 

He explained that "the electronic platform is now being gradually transitioned to direct transfer between the Iraqi Bank and the correspondent bank, with an international auditing company in the middle, stressing that the Central Bank has cut the 60 percent that does not pass through the platform, but rather is a direct transfer." Al-Alaq noted that "next year The Central Bank will permanently cease being an intermediary in the process, and the electronic platform will end next year and become direct transfer operations as internationally approved. This is a major shift that will put things on the right path, accelerate transfer operations, and intertwine relations with international banks.”

 

The truth about Iraq's loss of 27 trillion

 

He pointed out that “the idea of linking the exchange rate to filling the general budget deficit is an inaccurate view, and that the central bank is responsible for determining monetary policy, determining the exchange rate within the indicators it has, and achieving the goal of monetary policy,” indicating that “the calculation process is for those who say that Iraq will lose 27 trillion.” The difference between changing the exchange rate is a wrong process, and 30 percent of oil revenues do not enter the central bank, because the Ministry of Finance uses them for external payments, while the second part is that the exchange rate should not be linked to achieving balance in the budget.

 

US Treasury

 

Al-Alaq confirmed that “the US Assistant Secretary of the Treasury praised during her visit to Iraq the measures taken by the Central Bank to organize the external transfer process, implement compliance rules, combat money laundering and terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank, and there is very great American satisfaction in this.” the frame".

 

Sanctions on banks

 

He noted that "the Central Bank is conducting a review and audit process to diagnose violations against the 14 banks that were subject to restrictions and denial of obtaining the dollar," indicating that "the Central Bank indicated the presence of a response and compliance from the 14 banks to the specified standards."

 

He stated that "the American side does not restrict the demand for the dollar, and there is coordination regarding cash shipments through an annual agreement on the number of shipments and their dates," stressing that the Central Bank prefers to use non-cash payment tools through the use of cards (Visa and MasterCard), which has recorded a significant increase. During the past months, this is a good indicator that reduces the focus on the use of cash, and reduces the hassle of reviewing companies to obtain cash dollars.”

 

Regulating trade with Iran

 

Al-Alaq added, "There are ongoing discussions to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements," indicating that "the Central Bank will reach a clear formula in organizing the trade process, especially since part of it is through barter."

He stated that "an agreement was reached to settle the debts incurred by Iraq from Iranian gas imports through a new method through which these amounts are paid."

 

Adopting new currencies

 

He noted that "there is work to adopt the UAE dirham, the Turkish lira, the Indian rupee, and the euro as part of the process of facilitating external transfer by opening direct outlets in the currencies of the countries we deal with," noting that "the trade balance with India amounts to 3 billion dollars, as well as There are high numbers for imports from the UAE and Turkey.”

 

He stressed that "the Central Bank has reached advanced stages of understanding in adopting the currencies of these countries, which will facilitate the external transfer process."

 

Dinar support campaign

 

Al-Alaq said, “The campaign to support the Iraqi dinar is multi-faceted and multi-party. Its goal is the sovereignty of the local currency in internal transactions instead of foreign currencies, which are being limited. There is a gradual transition process within the Prime Minister’s directive to limit dealing in the Iraqi dinar internally, and to oblige companies to do so, to which a large percentage responded.” Of which".

 

Industrial initiative and housing loans

 

Al-Alaq pointed out that “the industrial initiative has not stopped, but the amounts approved for it have been exhausted, and the volume of the lending initiatives has reached more than 13 trillion dinars,” noting that “the Central Bank raised the interest on the housing initiative to 2 percent, and this is a low price compared to international countries.”

 

He explained that "the stated interest does not include complexes that received previous payments, while it includes new complexes."

[yota691]

(INA) opens 9 files with the Governor of the Central Bank, most notably the exchange rate and inflation

 Investigations and reports

 

•  Today, 10:42

 

Baghdad -
INA Central Bank Governor Ali Al-Alaq revealed the success of monetary policy in reducing the inflation rate in the country, and while announcing the date of abandoning the electronic platform, he pointed to the reasons for stopping the industrial initiative and imposing interest on housing loans.

 

The Governor of the Central Bank, Ali Al-Alaq, said in an interview with the Iraqi News Agency (INA): “The Central Bank views the exchange rate as something directly related to the general level of prices in the country, and that the bank has succeeded in covering the needs of importers with the official price,” stressing that the monetary policy It succeeded in maintaining the general level of prices through the most important indicators of inflation, which witnessed a decline, and this is the main matter that the Central Bank focuses on in the success of its monetary policy.”

 

He added, “Maintaining the general level of prices and a low inflation rate indicates the success of monetary policy, especially After the real merchants engaged in the conversion process at the official price, which gave reassurance in the conduct of foreign trade.”
The electronic platform 

He pointed out that "the electronic platform witnessed many difficulties at the beginning of its work, which led to the reluctance of some people to enter it," noting that "the implementation rate in the electronic platform has now increased from 20 percent to 95 percent, and this gave reassurance that entering the platform provides speed and safety."

He pointed out that "accessing the electronic platform in the external transfer process spares all parties from the risks of being exposed to local and international sanctions," warning of some merchants who cannot work in an organized atmosphere and are looking for chaos, and that the Central Bank is working to contain this challenge in coordination with the government to besiege it. These are the categories that are being diagnosed and followed up.”

Al-Alaq stated that “90% of the Central Bank’s sales are for the purposes of remittances and external transfers, and they are proceeding smoothly and at the official price (1320), but the problem lies in the cash side, which represents 10% of internal daily sales,” indicating that “ten percent is sufficient.” To meet the needs of travelers, but some are trying to dominate by withdrawing the amount allocated to travelers, which creates pressure and an increase in the cash price, and these parties have been identified as carrying out illegal and criminal operations.”

Al-Alaq revealed the process of developing the cash sales system allocated to the traveler within a system prepared by exchange companies, and it is being developed to fill the gaps, and does not accept repetition and the unreal traveler,” denying that there is a tendency to stop selling cash dollars to travelers, and that the Central Bank has no problem in covering requests. The correct and legitimate ones are within the categories (travelers - study - treatment - private transfers), as the bank provided this through financial transfer companies represented by (Western Union and Mini Card).”

Direct transfer

He explained that "the electronic platform is now being gradually transitioned to direct transfer between the Iraqi Bank and the correspondent bank, with an international auditing company in the middle, stressing that the Central Bank has cut the 60 percent that does not pass through the platform, but rather is a direct transfer."

 

Al-Alaq noted that "next year The Central Bank will permanently cease being an intermediary in the process, and the electronic platform will end next year and become direct transfer operations as internationally approved. This is a major shift that will put things on the right path, accelerate transfer operations, and intertwine relations with international banks.”


The truth about Iraq's loss of 27 trillion

He pointed out that “the idea of linking the exchange rate to filling the general budget deficit is an inaccurate view, and that the central bank is responsible for determining monetary policy, determining the exchange rate within the indicators it has, and achieving the goal of monetary policy,” indicating that “the calculation process is for those who say that Iraq will lose 27 trillion.”

 

The difference between changing the exchange rate is a wrong process, and 30 percent of oil revenues do not enter the central bank, because the Ministry of Finance uses them for external payments, while the second part is that the exchange rate should not be linked to achieving balance in the budget.
US Treasury

Al-Alaq confirmed that “the US Assistant Secretary of the Treasury praised during her visit to Iraq the measures taken by the Central Bank to organize the external transfer process, implement compliance rules, combat money laundering and terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank, and there is very great American satisfaction.” In this context".

Penalties on banks.

He noted that “the Central Bank is conducting a review and audit process to diagnose violations on the 14 banks who were subject to restrictions and denial of access to the dollar,” indicating that “the Central Bank indicated the presence of a response and compliance from the 14 banks to the specified standards.”

He stated that "the American side does not restrict the demand for the dollar, and there is coordination regarding cash shipments through an annual agreement on the number of shipments and their dates," stressing that the Central Bank prefers to use non-cash payment tools through the use of cards (Visa and MasterCard), which has recorded a significant increase. During the past months, this is a good indicator that reduces the focus on the use of cash, and reduces the trouble of reviewing companies to obtain cash dollars.”

Regulating trade with Iran

Al-Alaq added, "There are ongoing discussions to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements," indicating that "the Central Bank will reach a clear formula in organizing the trade process, especially since part of it is through barter."

He stated that "an agreement was reached to settle the debts incurred by Iraq from Iranian gas imports through a new method through which these amounts are paid."

Adopting new currencies.

He noted that “there is work to adopt the UAE dirham, the Turkish lira, the Indian rupee, and the euro as part of the process of facilitating external transfer by opening direct outlets in the currencies of the countries we deal with,” noting that “the trade balance with India amounts to 3 billion.” Dollar, and there are also high numbers for imports from the Emirates and Turkey.”

He stressed that "the Central Bank has reached advanced stages of understanding in adopting the currencies of these countries, which will facilitate the external transfer process."

Campaign to support the dinar.

Al-Alaq said, “The campaign to support the Iraqi dinar is multi-faceted and multi-party. Its goal is the sovereignty of the local currency in internal transactions instead of foreign currencies, which are being limited. There is a gradual transition process within the Prime Minister’s directive to limit dealing in the Iraqi dinar internally, and to oblige companies to do so, which A large percentage of them responded.”

The industrial initiative and housing loans.

Al-Alaq pointed out that “the industrial initiative has not stopped, but the amounts approved for it have been exhausted, and the volume of the loaned initiatives has reached more than 13 trillion dinars,” indicating that “the Central Bank has raised the interest on the housing initiative to 2 percent, and this is a low price compared to other countries.” Globalism".

He explained that "the stated interest does not include complexes that received previous payments, while it includes new complexes."

[yota691]

“The sanctioned banks have begun to respond.”

The Central Bank is considering adopting the currencies of India, the UAE, and Turkey for foreign transfers

 

 12:19

 

Baghdad – 964

The Governor of the Central Bank, Ali Al-Alaq, said today, Saturday, that the bank is studying the adoption of the currencies of India, the Emirates, and Turkey in foreign transfers, while he confirmed that there is a response and compliance from the 14 banks sanctioned by the United States to the specified standards.

 

Al-Alaq in an interview with the official news agency, followed by Network 964:

The Central Bank views the exchange rate as something directly related to the general level of prices in the country, and that the bank has succeeded in covering the needs of importers at the official rate.

Monetary policy succeeded in maintaining the general level of prices through the most important indicators of inflation, which witnessed a decline, and this is the main matter that the Central Bank focuses on in the success of its monetary policy.

 

Maintaining the general level of prices and low inflation indicate the success of the monetary policy, especially after real traders engaged in the conversion process at the official price, which gave reassurance in the conduct of foreign trade.

Electronic platform:

At the beginning of its work, the electronic platform witnessed many difficulties that led to the reluctance of some people to enter it, indicating that the implementation rate in the electronic platform has now increased from 20 percent to 95 percent, and this gave reassurance that entering the platform provides speed and safety.

 

Entering the electronic platform in the external transfer process saves all parties from the risks of exposure to local and international sanctions. We warn against some merchants who cannot work in an organized atmosphere and are looking for chaos. The Central Bank is working to contain this challenge in coordination with the government to besiege these groups that are being... Diagnosis and follow-up.

The Central Bank's sales, 90% of which are for remittances and external transfers, are proceeding smoothly and at the official price (1320), but the problem lies in the cash side, which represents 10% of internal daily sales.

 

The ten percent rate is sufficient to meet the needs of travelers, but some are trying to dominate by withdrawing the amount allocated to travelers, which creates pressure and an increase in the cash price, and these parties have been identified as carrying out illegal and criminal operations.

 

Al-Alaq revealed the development process for the cash sales system allocated to the traveler within a system prepared by exchange companies, and it is being developed to fill the gaps, and does not accept repetition and the unreal traveler,” denying that there is a tendency to stop selling cash dollars to travelers, and that the Central Bank has no problem in covering requests. The correct and legitimate ones are within the categories (travelers - study - treatment - private transfers), as the bank provided this through financial transfer companies represented by (Western Union and Mini Karam).”

Direct transfer:

The electronic platform is now being gradually transitioned to direct transfer between the Iraqi Bank and the correspondent bank, mediated by an international auditing company, as the Central Bank has cut the 60 percent that does not pass through the platform, but rather is a direct transfer.

 

Next year, the Central Bank will permanently cease being an intermediary in the process, and the electronic platform will end next year and become direct transfer operations as internationally approved. This is a major shift that will put things on the right path, accelerate transfer operations, and intertwine relations with international banks.

The truth about Iraq losing 27 trillion:

The idea of linking the exchange rate to filling the general budget deficit is an inaccurate view, and that the central bank is responsible for determining monetary policy, determining the exchange rate within its existing indicators, and achieving the goal of monetary policy.

 

The calculation process for those who say that Iraq lost 27 trillion from the exchange rate change difference is wrong, and 30 percent of oil revenues do not enter the Central Bank, because the Ministry of Finance uses them for external payments, while the second part is that the exchange rate should not be linked to achieving balance. In the budget.

US Treasury:

During her visit to Iraq, the US Assistant Secretary of the Treasury praised the measures taken by the Central Bank to organize the external transfer process, implement compliance rules, combat money laundering and terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank, and there is very great American satisfaction in this context.

Sanctions on banks:

The Central Bank is conducting a review and audit process to diagnose violations against the 14 banks that were imposed restrictions and deprivation of obtaining the dollar, “as the Central Bank indicated the presence of a response and compliance from the 14 banks to the specified standards.”

 

The American side does not restrict demand for the dollar, and there is coordination regarding cash shipments through an annual agreement on the number of shipments and their dates.

 

The Central Bank prefers to use non-cash payment tools through the use of cards (Visa and MasterCard), which has recorded a significant increase over the past months, and this is a good indicator that reduces the focus on the use of cash, and reduces the hassle of checking with companies to obtain cash dollars.”

Regulating trade with Iran:

There are ongoing discussions to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements.

 

The Central Bank will reach a clear formula in regulating the trade process, especially since part of it is through barter.

There is an agreement to settle the debts incurred by Iraq from Iranian gas imports through a new method through which these amounts are paid.

Adopting new currencies:

There is work to adopt the UAE dirham, the Turkish lira, the Indian rupee, and the euro as part of the process of facilitating external transfer by opening direct outlets in the currencies of the countries we deal with.

 

The trade balance with India amounts to $3 billion, and there are also high numbers for imports from the Emirates and Turkey.

The Central Bank has reached advanced stages of understanding in adopting the currencies of these countries, which will facilitate the external transfer process.

Dinar support campaign:

The campaign to support the Iraqi dinar is multi-faceted and multi-party. Its goal is the sovereignty of the local currency in internal transactions instead of foreign currencies, which are being limited. There is a gradual transition process within the Prime Minister’s directive to limit dealing in the Iraqi dinar internally, and oblige companies to do so, a large percentage of which responded.

Industrial initiative and housing loans:

The industrial initiative has not stopped, but the amounts approved for it have been exhausted, with the volume of loaned initiatives amounting to more than 13 trillion dinars.

 

The Central Bank raised the interest on the housing initiative to 2 percent, which is a low rate compared to international countries.

The stated interest does not include complexes that have received previous payments, while it includes new complexes.