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

[Bama Girl]

On 9/30/2023 at 3:47 PM, BETTYBOOP said:

Just gives the crooks all the longer to keep their jand in the coffers. Does anybody see anything major in what Al Alak said ? 

NOPE!  Since 2010, I’ve read so many “positive” news item which proved to be babble for the news outlets. I am a believer in Shabibi and very little, if anything, he said must happen before an RV, has occurred. I’m sorry he has passed but I believe Saleh, his deputy, is the next best thing.  There are “gurus” on YouTube, who have convinced people that the RV is close, I don’t agree but would love to be proved wrong.🤞

[yota691]

The Central Bank of Iran building

Iran Intends To Replace Dollar With Local Currencies For Travelers

Sunday, 09/10/2023

 

 

The Central Bank of Iran intends to offer regional currencies to citizens traveling to neighboring countries, instead of selling them US dollars.

Iran this year provided Iraqi dinars, instead of US dollars, to hundreds of thousands of pilgrims who visited Iraq at the end of August and early September for Shiite religious ceremonies. Now it intends to use the same tactic for providing foreign currency to travelers visiting regional countries.

The Iraqi dinars became available to the cash-strapped Iranian government when the United States in June allowed Baghdad to repay the equivalent of $2.7 billion from accrued energy import debts. It was reported at the time that part of funds will be for Iran to spend on Muslim pilgrimages to Saudi Arabia and Iraq. Apparently, a portion of the released funds were in Iraqi dinars.

Iran is critically short of hard currencies despite much higher oil exports in recent months in the face of US sanctions.

The chairman of the central bank Mohammad-Reza Farzin told local media on Saturday that Iran intends to use the Turkish lira or the UAE dirham for regular tourism based on the model it employed with the recent pilgrimage to Iraq.

The US dollar and other top currencies are near all-time highs in Tehran’s free market, while the government could sell regional currencies to tourists, possibly at more advantageous rates, converting regional currencies it earns from trade into Iranian rials for government expenses.

Farzin added that the central bank is in the process of expert analysis and planning for the move.

[yota691]

Iran-Iraq Business on Upward Trajectory despite US Sanctions: Baghdad

• September, 30, 2023 - 14:40 

TEHRAN (Tasnim) – Trade with Iran has been organized according to a clear-cut structure, the governor of the Central Bank of Iraq said, adding that drawing up trade and business ties between the two countries have significantly increased despite the US sanctions.

Ali Muhsen al-Allaq made the comments on Saturday and stated that expert-level talks are ongoing to draw up the trend of importing products from the Islamic Republic.

The Central Bank of Iraq will achieve a clear-cut formula and structure in organizing business process with Iran, especially in the field of bartering deal, he emphasized.

A new payment method was defined and agreed for the settlement of Iraq’s dues on importing gas from Iran, al-Allaq added.

Elsewhere in his remarks, the governor of the Central Bank of Iraq pointed to the Baghdad’s decision for doing transactions with the foreign currencies except the US dollar and added, “Effective measures have been taken for admitting dirham of the United Arab Emirates, Lira of Turkey, Rupee of India and Euro as a part of facilitating the transfer of money in financial transactions.”

Earlier, Iraqi top banker had announced that his country will ditch US dollar in its transactions as of the next year in 2024, reiterating that Iraq will carry out all its domestic trade transactions and other relevant transactions with its currency unit i.e. dinar instead of US dollar.

[md11fr8dawg]

12 hours ago, Bama Girl said:

“gurus” who have convinced people that the RV is close

Didn't the guru say the 4th of Oct was the "BIG "day?? I'm getting all giddy and feeling a sensation in my buttocks. So it's either the excitement of an RV tomorrow or "roids"! I'll know by tomorrow!!

Edited October 3, 2023 by md11fr8dawg

[rvmydinar]

1 hour ago, md11fr8dawg said:

Didn't the guru say the 4th of Oct was the "BIG "day?? I'm getting all giddy and feeling a sensation in my buttocks. So it's either the excitement of an RV tomorrow or "roids"! I'll know by tomorrow!!

Did you believe what the guru said?

[md11fr8dawg]

5 hours ago, rvmydinar said:

Did you believe what the guru said?

YGTBSM!!!

[Gypsygirl11]

12 hours ago, md11fr8dawg said:

Didn't the guru say the 4th of Oct was the "BIG "day?? I'm getting all giddy and feeling a sensation in my buttocks. So it's either the excitement of an RV tomorrow or "roids"! I'll know by tomorrow!!

Lol, hopefully its your first choice.  Tomorrow's gonna be a weird day... having emergency broadcast systems all over the world done, Russia and United States that I know of.  This world is getting crazier by the day.

[yota691]

The dollar is heading to rise and two proposals have been identified to control the “price madness”.. What is the relationship with Iran?

Economy |Today, 12:28 |

    

 

Baghdad today - Baghdad 

Today, Wednesday (October 4, 2023), economic expert Nabil Al-Marsoumi identified two options to address the dollar problem in Iraq, while confirming that the exchange rate is on its way to rising during the coming period.

 

The dollar exchange rates in Iraqi local markets are witnessing unstable jumps until they approached 160 thousand dinars for every 100 dollars, in conjunction with information about American intentions to impose sanctions on new banks that are not committed to the terms of transferring and financing trade using the dollar.

 

The key to the solution

 

Al-Marsoumi said in an interview with “Baghdad Today” that “the key to resolving the crisis and the dollar problem in Iraq exists and is not far away,” pointing out that the Central Bank’s current sales are to cover external transfers and documentary credits, and therefore their numbers are reasonable and proportional to the volume of foreign trade.

 

He added, “The main problem is that the Central Bank financed trade with Iran, which amounts to $10 billion, through external transfers to Emirati banks, before it adopted the electronic platform, and after it was cut off, merchants and companies began to finance imports through the parallel market to obtain the US dollar.” This means that it is not for smuggling or money laundering, but rather for real trade.”

 

Al-Marsoumi pointed out, “The more the electronic platform tightened its procedures in terms of reducing the shares of banking offices and companies, the more the scarcity of cash dollars increased, in addition to the fact that the volume of tourism between Iraq and Iran is large and amounts to huge sums of money that are covered through the parallel market because travelers are deprived of obtaining dollars.” Via the official price.

 

New high

 

He continued, "The dollar is on its way to rise, especially with the Central Bank's action to reduce banks' shares of the cash dollar by half, accompanied by the imminent release of budget funds, which will lead to an increase in the import of consumer and investment materials because the volume of internal production does not cover the need."

 

The economic expert stated, “There are two options to end the dollar problem in Iraq, which are either to cancel the sanctions imposed on Iran or to cut off trade with it because adopting other currencies may fall under the heading of American sanctions,” pointing out that the adoption of bartering Iraqi oil for Iranian gas has not been implemented. "Actually because of the sanctions."

 

Severe measures

 

On Monday (September 25, 2023), the American newspaper The Cradle described the recent measures of the Central Bank of Iraq as “severe,” by restricting dealing in the dinar and preventing the circulation of the dollar within the country, while noting that these measures came after American warnings against the Central Bank of Iraq due to continuing violations. .

 

The newspaper said, according to a report translated by “Baghdad Today,” that the new measures come against the backdrop of “warnings” issued by the US Federal Reserve against the Central Bank of Iraq, announcing the continuation of what it described as previous “violations” on the basis of which sanctions were imposed on 14 Iraqi banks, threatening to implement more. Sanctions on other banks. 

 

The newspaper also confirmed that the dollar smuggling operations from inside the country led directly to “reducing the value of the Iraqi dinar and exposing it to significant inflation,” explaining that the measures of the Central Bank of Iraq come as another step to ensure the stability of the Iraqi dinar, especially in the current stage, which the newspaper described as “sensitive” as a result of American pressure on the central bank. 

 

 Penalties and bans

 

It is noteworthy that a third of Iraqi banks are now exposed to US sanctions and a ban on dealing in dollars, which the Iraqi authorities are trying to avoid expanding due to its significant negative impact on the Iraqi economy, according to the newspaper’s description.

 

On Sunday (September 24, 2023), the Central Bank of Iraq announced the issuance of new instructions for selling the dollar, indicating that it seeks to open direct channels of communication for Iraqi banks with their foreign counterparts in correspondence and commercial exchange.

 

He pointed out, "The coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar."

 

 

 

Source: Baghdad Al-Youm + The American Cradle

[ronscarpa]

"Parliamentary Finance" warns of a "dangerous project" between the Iraqi Central Bank and the US Federal Reserve

 

 

2023-10-05 // 04:58

 

Shafaq News / On Thursday, a member of the Parliamentary Finance Committee criticized the policy of the Central Bank of Iraq, while pointing out that the Central Bank had lost control of the parallel market. He referred to a project for the Central Bank with the Federal Reserve, which the Emir described as “dangerous.”

 

Committee member Thamer Dhiban told Shafaq News Agency: “There is no clear economic vision and policy for the central bank through which it can control the parallel market,” pointing out that “the parallel market is unofficial and illegal, and this causes obstacles and a lack of facilities by the central bank for some merchants, contractors, merchants, and investors, which prompted them to go.” To the parallel market and buy the dollar.”

 

He added, "Despite the measures taken by the government and security services and the pursuit of currency disputers and dollar monopolists, they were of no use in controlling the market. There is also a great demand for the dollar, and this demand contributes to the rise in the exchange rate."

 

He pointed out that "there is a project at the Central Bank with the US Federal Bank, and this project is very dangerous. If the Central Bank proceeds with it at the beginning of next year, it will be dangerous, and there must be real financial and economic calculations, with what the bank's management is doing to prevent market instability and will cause the dollar to rise." And an economic crisis in the dollar.

 

He stated that the nature of the project between the Central Bank and the US Federal Bank is not to deal in dollars during the year 2024, and dealing in dollars will be limited to official transactions with some banks determined by the Central Bank.

 

https://shafaq.com/ar/اقتصـاد/المالية-النيابية-تحذر-من-مشروع-خطير-بين-المركزي-العراقي-والفيدرالي-ال-مريكي

[yota691]

Iraq prohibits cash withdrawals in dollars as of the beginning of 2024

• Time: 10/05/2023 14:18:23
•  
• Read: 1,573 times

  

{Economic: Al-Furat News} A senior official in the Central Bank of Iraq said that the country will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest effort to limit the misuse of the country’s hard currency reserves in financial crimes.

 

The Director General of the Investment and Transfer Department at the Central Bank of Iraq, Mazen Ahmed, told Reuters that the aim of the step is to stop the illegal use of about 50 percent of the $10 billion cash amount that Iraq imports annually from the Federal Reserve Bank in New York.

 

This step comes as part of a broader campaign to stop the economy's dependence on the dollar after residents began to prefer the US currency over the dinar.

 

Ahmed said that people who deposit dollars in banks before the end of 2023 will be able to withdraw money in dollars in 2024. 

 

But dollars deposited in 2024 can only be withdrawn in local currency at the official rate of 1,320 dinars to the dollar.

[yota691]

The Central Bank issues a clarification regarding the ban on cash withdrawals and transactions in dollars early next year

2023-10-05 09:16

 

Shafaq News/ The Central Bank of Iraq confirmed on Thursday that citizens’ deposits in Iraqi banks in US dollars are a guaranteed right for the citizen.

 

The Central Bank stated in a statement received by Shafaq News Agency: “The statements attributed to the Director General of the Department of Investments and Foreign Transfers, Mazen Sabah Ahmed, in Reuters, included press formulations that were reported by the agency in an inaccurate form.”

 

The statement quoted Ahmed as saying, “The Central Bank guarantees dollar deposits, and the citizen who deposited his money in dollars with any Iraqi bank previously or by 2024 has an inherent right to receive these amounts in cash and in US dollars.”

 

He added, "There was no mention in the press interview of expectations that the exchange rate would reach 1,700 and that the Central Bank has its tools that it uses to reduce the difference between the two prices. There are no indications that the exchange rate in the parallel market will reach this level. On the contrary, there are measures being taken that will contribute to... Reducing the difference.

 

He pointed out that "the reforms undertaken by the Central Bank of Iraq aim to achieve compliance of the bank and the banking system in general with international compliance standards, in a way that prevents the dollar from reaching parties prohibited from obtaining it or speculating with it."

 

He pointed out that "the announcement that the date of 1/1/2024 will be the beginning of stopping cash withdrawals includes transfers received only from outside Iraq according to certain arrangements that guarantee the sustainability of business, and does not in any way include citizens’ balances in US dollars."

[yota691]

Iraq decides to ban cash withdrawals in dollars starting next year

 two hours ago

428

 

The Central Bank of Iraq revealed today, Thursday, that Iraq will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest campaign to limit the misuse of its hard currency reserves in financial crimes and evade US sanctions on Iran.

 

The Director General of Investment and Transfers at the Central Bank of Iraq, Mazen Ahmed, said, according to Reuters: “This step aims to eliminate the illegal use of about 50% of the $10 billion that Iraq imports in cash from the Federal Reserve Bank in New York every year.”

 

He added: “It is also part of a broader campaign to get rid of the dollar in the economy, which has seen the US currency preferred over local banknotes by a population tired of wars and recurring crises in the wake of the 2003 US invasion.”

 

Ahmed said, “People who deposit dollars in banks before the end of 2023 will still be able to withdraw money in dollars in 2024, but dollars deposited in 2024 can only be withdrawn in the local currency at the official rate of 1,320 dinars.”

 

The parallel market price of the Iraqi dinar reached 1,560 dinars on Thursday, about 15% lower than the official price.

 

Iraq has already created a platform to organize the wire transfers that make up the bulk of its demand for dollars and which has served as a hotbed for counterfeit receipts and fraudulent transactions that have leaked dollars to Iran and Syria, both of which are subject to U.S. sanctions.

 

“This system, set up in coordination with authorities in the United States, where Iraq’s reserves of $120 billion from oil sales are held, is now almost airtight, providing dollars at the official rate to those involved in legitimate trade such as food imports,” Ahmed said. And others. Consumer goods.”

 

But he said “cash withdrawals continued to be abused, including by would-be travelers who were given a $3,000 government quota and who found ways to game the system.”

 

Iraq relies heavily on Washington's goodwill to ensure that its oil revenues and funds are not exposed to American criticism.

[yota691]

The Central Bank Denies Expectations Attributed To It Indicating That The Exchange Rate Will Reach 170 Thousand Dinars

05/10/2023

1949

 

Earth News/ Today, Thursday, the Central Bank of Iraq denied expectations attributed to it indicating that the exchange rate had reached 170 thousand dinars for 100 dollars.

 

A statement from the bank received by Earth News stated, “The Director General of the Department of Investments and Foreign Transfers, Mazen Sabah Ahmed, issued a clarification regarding the statements attributed to him in Reuters, saying that they included press formulations that the agency reported in an inaccurate form.”

 

Ahmed stressed that “the Central Bank guarantees dollar deposits, and the citizen who deposited his money in dollars with any Iraqi bank previously or by 2024 has an inherent right to receive these amounts in cash and in US dollars.”

 

The statement pointed out that “no reference was made in the press meeting to expectations that the exchange rate would reach 1,700, and that the Central Bank has its tools that it uses to reduce the difference between the two prices, and there are no indications that the exchange rate in the parallel market will reach this level. On the contrary, there are measures Taken will contribute to reducing the difference.”

 

He added, "The reforms undertaken by the Central Bank of Iraq aim to achieve compliance of the bank and the banking system in general with international compliance standards, and to prevent the dollar from reaching parties prohibited from obtaining it or speculating with it."

 

He pointed out that “the announcement that the date of 1/1/2024 will be the beginning of stopping cash withdrawals includes transfers received only from outside Iraq according to certain arrangements that guarantee business sustainability, and does not include in any way citizens’ balances in US dollars.”

[yota691]

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

By Timour Azhari

October 5, 20236:36 AM EDTUpdated 3 hours ago

 

[1/5]A man counts U.S. dollars at a currency exchange shop in Baghdad, Iraq, January 23, 2023. REUTERS/Ahmed Saad Acquire Licensing Rights

BAGHDAD, Oct 5 (Reuters) - Iraq will ban cash withdrawals and transactions in U.S dollars as of Jan. 1 2024 in the latest push to curb the misuse of its hard currency reserves in financial crimes and the evasion of U.S. sanctions on Iran, a top Iraqi central bank official said.

 

The move aims to stamp out the illicit use of some 50% of the $10 billion that Iraq imports in cash from the New York Federal Reserve each year, Mazen Ahmed, director-general of investment and remittances at the Iraqi central bank (CBI), told Reuters.

 

It's also part of a broader push to de-dollarize an economy that has seen the greenback preferred over local notes by a population weary of recurring wars and crises following the 2003 U.S. invasion.

 

People who deposit dollars into banks before the end of 2023 will continue to be able to withdraw funds in dollars in 2024, Ahmed said. But dollars deposited in 2024 could only be withdrawn in local currency at the official rate of 1,320.

 

The parallel market rate of the Iraqi dinar sat at 1,560 on Thursday, roughly 15% percent below the official rate.

 

"You want to transfer? Transfer. You want a card in dollars? Here you go, you can use the card inside Iraq at the official rate, or if you want to withdraw cash, you can at the official rate in dinars," Ahmed said.

 

"But don't talk to me about cash dollars anymore."

 

Iraq has already set up a platform to regulate wire transfers that make up the bulk of its dollar demand and that used to be a hotbed of fake receipts and fraudulent transactions that siphoned dollars to Iran and Syria, both countries under U.S. sanctions

 

Set up in concert with authorities in the U.S., where Iraq's$120 billion in reserves from oil sales are held, that system was now nearly airtight, Ahmed said, providing dollars at the official rate to those engaged in legitimate trade such as imports of food and consumer goods.

 

But the cash withdrawals have continued to be misused, he said, including by would-be travellers provided with a state quota of $3000 who have found ways to game the system.

 

Iraq is heavily reliant on Washington's goodwill to ensure oil revenues and finances do not face U.S. censure.

 

At the same time, the current government, which is backed by powerful parties and armed factions close to Iran, has been careful not to alienate Tehran, nor anger the parties and armed groups with deep interests in Iraq's highly informal economy.

DOLLAR SHORTAGE

Many local banks have already been limiting dollar cash withdrawals in the past months, compounding a shortage that has seen the parallel market exchange rate continue to rise.

 

Ahmed said some banks were low on dollars because many people were trying to withdraw dollars at once amid a feeling of unease over the financial system, while some banks also had shortages because they provided dollar-denominated loans that were then paid back in dinars.

 

The CBI had also limited the amount of dollars it was providing as part of an agreement with the Fed to limit cash and shift towards e-payment, he said.

 

Ahmed said the CBI expected the dinar to lose more value as the new measures went into force but said it was an acceptable side-effect of formalising the financial system and the CBI was providing dollars at the official rate for all legitimate purposes.

 

"The cost we are carrying today is nothing compared to this goal," he said.

 

"We don't have a problem with the exchange rate hitting 1,700. If they tell me the rate is 1,700, I tell them: 'you want to import from Iran. You want to smuggle. You have corrupt money that you want to get out.'"

 

He added: "As long as all transparent and legal financing operations happen via us (at the official rate), the rest does not matter."

 

But signs have emerged that the CBI's plans will not be met with open arms.

 

On Thursday, video circulated on social media showing a depositor at a Baghdad bank threatening to burn it down if he did not receive his deposit in cash dollars, a scene reminiscent of steps depositors have taken amid Lebanon's banking crisis.

 

"I swear I will burn it down. I swear I will enter the safe and take my money" the man says.

 

Reporting by Timour Azhari; Editing by William Maclean

[yota691]

To stop relying on foreign currency.. Iraq bans cash withdrawals in dollars in 2024

Economy

2023-10-05 | 07:22

 

 

Source:

Sky News

 

6,426 views

 

 

Al-Sumaria News - Economy

A senior official in the Central Bank of Iraq announced on Thursday that the country will ban cash withdrawals and transactions in dollars, starting from January 1, 2024, in the latest effort to limit the misuse of the country’s hard currency reserves in financial crimes and evade US sanctions on... Iran.

Director General of the Investment and Transfer Department at the Central Bank, Mazen Ahmed, told Reuters that the aim of the step is to stop the illegal use of about 50 percent of the $10 billion cash amount that Iraq imports annually from the Federal Reserve Bank in New York.

 

This step comes as part of a broader campaign to stop the economy's dependence on the dollar after residents began to prefer the US currency over the dinar.

Ahmed said that people who deposit dollars in banks before the end of 2023 will be able to withdraw money in dollars in 2024. But dollars deposited in 2024 can only be withdrawn in the local currency at the official rate of 1,320 dinars to the dollar.

[yota691]

Parliament Finance criticizes the control of foreign banks on the currency market

Special Sumerian

2023-10-05 | 06:31

 

 

 

Source:

Sumerian

 

606 views

 

 

Members of the Parliamentary Finance Committee criticized the large control of foreign banks over the currency market, which opened the door to questions about the reasons for allowing those banks to take over the currency auction.

In a precedent that MPs described as dangerous: a group of non-Iraqi banks took control of the dollar currency market, with sales per day reaching more than two hundred million dollars, which sparked a wave of parliamentary criticism.

 

The sufficient space that foreign banks enjoy to obtain and sell hard currency, and the corresponding restrictions on their local counterparts, has made the value of the dollar rise, affecting the country's economy.

 

 

 

[yota691]

Source: There is a huge scarcity of dollars in government and private banks after an American decision

• Time: 10/06/2023 11:38:09
•  
• Read: 3,458 times

  

{Economic: Al-Furat News} An informed source revealed that there is a significant scarcity of the dollar’s share in government and private banks as a result of its unavailability by the Central Bank of Iraq.

 

The source told Al-Furat News Agency that "directives were issued by the government to government banks to recover the installments and debts owed by citizens who live in units in Bismaya who refuse to pay the monthly installments."

 

The Wall Street Journal reported that the US Federal Reserve rejected Iraq's request 
to obtain one billion dollars in cash from the bank, under the pretext that it conflicts with their efforts to curb Baghdad's use of the dollar and stop illicit cash flows abroad.

The American newspaper reported that since the American invasion of Iraq two decades ago, the United States has provided $10 billion or more annually to Baghdad via bi-monthly cargo flights, and the money is derived from the proceeds of Iraqi oil sales deposited with the Federal Reserve Bank.

 

American officials said, "Banknotes in the hands of Iraqis have become a lucrative source of illicit dollars."

A senior Iraqi official explained, according to the newspaper, that “the Central Bank of Iraq submitted an official request last week, which the Treasury Ministry is still studying, after Washington rejected the initial request submitted by Iraq last month.”

 

 According to the newspaper, since last November, Washington has prevented 18 Iraqi banks from dealing in dollars, adopting stricter rules for electronic transfers in dollars from its banks.

 

 Treasury officials told the Central Bank of Iraq that sending a large additional shipment conflicts with Washington's goal of limiting Iraq's use of U.S. banknotes, Iraqi officials said.

 

American officials spoke of conclusive evidence that some of the dollars that arrived in Iraq were smuggled in cash over the years to countries in the region, including Turkey, Lebanon, Syria, and Jordan.

 

 A Treasury Department spokeswoman said regarding the Iraqi request: “The United States continues to support Iraq with dollar banknotes and has not restricted its access to ordinary Iraqis and businesses,” indicating continued work with the Central Bank of Iraq.

[yota691]

Central Bank of Iraq: We guarantee citizens’ deposits in dollars, and they have an inherent right to receive them

 

Central Bank of Iraq

 October 06, 2023 11:01 AM

Live: Mazen Sabah Ahmed, Director General of the Investments and Foreign Transfers Department at the Central Bank of Iraq, said that the reforms undertaken by the bank aim to achieve compliance of the bank and the banking system in general with international compliance standards, and to prevent the dollar from reaching parties prohibited from obtaining it or speculating with it. .

Ahmed added in a statement to the Central Bank of Iraq: “A clarification regarding the statements attributed to Ahmed published by Reuters, that they included press formulations that the agency reported in an inaccurate form.”

Ahmed stated, according to the statement: “The Central Bank guarantees dollar deposits, and the citizen who deposited his money in dollars with any Iraqi bank previously or by 2023 has an inherent right to receive these amounts in cash and in dollars.”

He added: “There was no mention in the press interview of expectations that the exchange rate would reach 1,700 Iraqi dinars, and that the Central Bank has its tools that it uses to reduce the difference between the two prices, and there are no indications that the exchange rate in the parallel market will reach this level; on the contrary, there are measures Taken will contribute to reducing the difference.”

He continued, "The reforms undertaken by the bank aim to achieve compliance of the bank and the banking system in general with international compliance standards, and to prevent the dollar from reaching parties prohibited from obtaining it or speculating with it."

He concluded: “The declaration that the date of 1/1/2024 will be the beginning of stopping cash withdrawals includes transfers received only from outside Iraq, according to certain arrangements that guarantee business sustainability, and does not include in any way citizens’ balances in

[Laid Back]

1/1/24 Stop cash withdrawals in US dollars.

In my opinion, at the same time they should give the dinar a value equal to the US dollars. That will be an easy transition to the Iraqi citizens and real purchasing power.

Go end of MCP

Go Stronger Dinar

Go $1:1

[bkeiller]

1 hour ago, Laid Back said:

1/1/24 Stop cash withdrawals in US dollars.

In my opinion, at the same time they should give the dinar a value equal to the US dollars. That will be an easy transition to the Iraqi citizens and real purchasing power.

Go end of MCP

Go Stronger Dinar

Go $1:1

 

Hoping your opinion bends into reality!!

🍾🥂

[screwball]

7 hours ago, Laid Back said:

1/1/24 Stop cash withdrawals in US dollars.

In my opinion, at the same time they should give the dinar a value equal to the US dollars. That will be an easy transition to the Iraqi citizens and real purchasing power.

Go end of MCP

Go Stronger Dinar

Go $1:1

You would think this would be the case….⏰

[screwball]

Will they have enough cash in country or will they to draw in all that cash under the beds….70% of there abouts!

[yota691]

“Foreign” banks and “fake” transfers... Parliament Finance reveals new details about the dollar crisis

2023-10-07 07:35

 

 

Shafaq News / On Saturday, the Finance Committee in the Iraqi Parliament entered the crisis of the cash dollar scarcity expected in the country at the beginning of the year 2024, after the Central Bank’s decision, while it talked about “foreign” banks controlling the currency auction.  

 

Committee member Muhammad Nouri told Shafaq News Agency, “There are a number of banks that control the window for buying and selling foreign currency, and they are non-Iraqi banks, and the conditions set by the Central Bank are applied to a pre-specified group before it sets conditions on the banks or companies so that they are The sole controller of the foreign currency buying and selling window.”

 

Nouri added, “Most financial transfers are (fake) under the pretext of purchasing goods, and here is an indication of the delay in real transfers, given that the fake transfers are supported and backed by a political group and armed factions affiliated with the economic parties.”

 

Nouri added, "But personal transfers for the purpose of study and treatment outside the country and simple trade, we find that they are real, but large transfers are not real because they are affiliated with the economics of the parties, and their purpose is to smuggle currency outside the country."

 

Despite these developments, the Central Bank of Iraq confirms that dollar deposits are guaranteed, and the citizen who deposited his money in dollars with any Iraqi bank previously or by 2024 has an inherent right to receive these amounts in cash and in US dollars.

 

The Central Bank had indicated that the reforms it is undertaking aim to achieve compliance of the bank and the Iraqi banking system in general with international compliance standards, thus preventing the dollar from reaching parties prohibited from obtaining it or speculating with it.

[yota691]

Financial expert: The Central Bank is floundering with decisions and does not have real solutions to the dollar crisis

 18 hours ago

486

 

Financial affairs expert, Ali Al-Rasheed, considered that the Central Bank’s decisions are confused and do not have real solutions to the dollar crisis.

Al-Rasheed said in a press interview seen by “Taqaddam” that “all the decisions of the Central Bank regarding its attempt to control the dollar crisis are patchwork measures, and they all indicate the bank’s confusion in confronting this crisis, and also indicate that it does not have any real solutions to this crisis, which has begun to affect... on the local market significantly.”

He stated that “private banks, especially those affiliated with some influential parties and figures, control the dollar without any oversight by the Central Bank or the Iraqi Banks Association, and this is what prompted the banks to give the dollar to whomever they want without right and outside all legal controls.”

[3n1]

Could have already been posted somewhere, i know articles get posted inside threads but its similar to others , iraqis dont like not getting USD but im liking it , IMO its way past due ... cheers DV'ers 

 

 

 

 

https://www.thenationalnews.com/mena/iraq/2023/10/05/iraqi-banks-limit-dollar-cash-withdrawals-amid-us-scrutiny-and-de-dollarisation-plan/

Edited October 7, 2023 by 3n1