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CBI, Federal Reserve sign deals to ease forex transfers from Iraq after intensive meetings in UAE: official source

6ly410

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6ly410 Grand Master

6ly410

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CBI, Federal Reserve sign deals to ease forex transfers from Iraq after intensive meetings in UAE: official source

CBI, Federal Reserve sign deals to ease forex transfers from Iraq after intensive meetings in UAE: official source
2023-11-11 02:23

 

Shafaq News/ The Central Bank of Iraq (CBI) and U.S. representatives have inked breakthrough deals to ease restrictions on foreign transfers from Iraqi banks, a government source revealed on Saturday.

 

Iraq's official news agency quoted an official source saying that a series of intensive meetings have been held over the past few days in Abu Dhabi to streamline procedures for foreign transfers via the foreign currency sales window at the Federal Reserve.

 

Key outcomes include agreements to streamline the USD balances of five Iraqi banks at Jordanian financial institutions, simplify transfers via JP Morgan, and provide robust justifications for rejected transfers, the source said.

 

The negotiations involving a prominent UAE bank, the Central Bank of Iraq, and U.S. delegates were convened to establish a UAE Dirham pilot at Iraqi banks.

 

"The process is poised to kick off in the coming days," the source added, "final-stage negotiations are also in progress to reinforce balances of select Iraqi banks in euros at the UBAF bank, facilitating trade with the European Union."

 

The official source revealed that many banks will be able to benefit from balances in Chinese yuan through the Singapore Development Bank.

 

"Six Iraqi banks have been included, with plans to incorporate seven more," the source continued. "This initiative is geared towards financing Iraqi imports from China, estimated at a substantial $12 billion annually."

 

Those deals, the source explained, will help fund Iraq's imports from India, specifically pharmaceuticals and food items, which are valued at nearly $3 billion annually.

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6ly410 Grand Master

6ly410

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(CONSCIOUS) reveals the outcomes of the meeting of the Central Bank and the US side

upload_1699683526_2017665616.jpg
 econmy 
  •  Today, 09:16

Baghdad - A government source
revealed on Saturday the agreement of the Central Bank of Iraq with the US side to enhance the advance balance of five Iraqi banks in dollars.

The source told the Iraqi News Agency (INA) that "intensive meetings took place in Abu Dhabi in the past few days between a delegation from the Central Bank of Iraq and the US side responsible for foreign remittances to cover imports, and the negotiations culminated in a number of decisions and mechanisms that contribute to facilitating procedures for foreign transfers related to imports through the window of selling foreign currency."
He added that "it was agreed to strengthen the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks and remittances through (JP Morgan)," noting that "problems related to rejected remittances were resolved, and it was agreed that the rejection of remittances would be based on strong reasons."
He continued: "Other meetings also took place that brought together one of the UAE banks, the Central Bank of Iraq and the US side, to implement the mechanism for enhancing balances in UAE dirhams for Iraqi banks (UAE Dirham pilot)," noting that "things are going well in this aspect, as all technical details related to the subject have been resolved, and it is expected that the mechanism for enhancing balances in UAE dirhams will begin in the next few days."
He stressed that "there are serious negotiations that have reached their final stages to strengthen the balances of some Iraqi banks in euros with the Ubaf Bank (UBAF) to finance trade with the European Union," pointing to "an increase in the number of banks whose balances are strengthened in Chinese yuan through the Singapore Development Bank."
He added: "Where accounts have been opened for 6 Iraqi banks in this bank, and during the coming period will be added 7 other banks to finance Iraqi trade and imports from China, where these imports are estimated at about $ 12 billion annually."
The source concluded, saying: "It has also been started to open bank accounts in Indian rupees for a number of Iraqi banks in the same correspondent Singapore Development Bank (New Delhi branch), and has already been the balance of two Iraqi banks as a first stage, and it is expected that this mechanism will contribute to financing Iraq's imports from India, especially medicines and foodstuffs, which are estimated at about $ 3 billion."
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6ly410 Grand Master

6ly410

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11-Nov-2023
Bank Governor Assistant Secretary of the Treasury

PREVIOUS MEETING BETWEEN THE GOVERNOR OF THE CENTRAL BANK OF IRAQ AND THE ASSISTANT SECRETARY OF THE US TREASURY (FILE)

 

On Saturday, November 11, 2023, the state news agency published the results of a meeting between the Central Bank of Iraq and US officials concerned with the dollar file.

The agency quoted a source who did not write down the position or the entity he works for, talking about "intensive meetings between a delegation from the Central Bank of Iraq and theUS side responsible for foreign transfers to cover imports" in the UAE city of Abu Dhabi, during the "past few days."

The source said, according to the news seen by "Ultra Iraq", that the meetings resulted in decisions and results, namely:

  • Agreement to enhance the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks and remittances through (JPMorgan).
  • Solve problems related to rejected remittances.
  • Agreement that the rejection of remittances shall be based on strong reasons.

The source also revealed other meetings "brought together one of the UAE banks, the Central Bank of Iraq and the US side, to implement the mechanism for enhancing the balances in UAE dirhams for Iraqi banks (UAE Dirham pilot)."

The official agency source expected the mechanism to enhance balances in UAE dirhams to start in the next few days, pointing out the following:

  • Final stages of negotiations to strengthen the euro balances of some Iraqi banks with UBAF to finance trade with the European Union.
  • Increasing the number of banks whose CNY balances are enhanced through the Singapore Development Bank.
  • Opening accounts for 6 Iraqi banks in this bank, and 7 other banks will be added during the coming period to finance Iraqi trade and imports from China.
  • Opening bank accounts in Indian rupees for a number of Iraqi banks in the same correspondent Singapore Development Bank (New Delhi branch).

In the context of talking about financing Chinese trade, the value of Iraq's imports from China is estimated at about $ 12 billion annually, while Iraq aims to open accounts in Indian rupees to finance imports from India, especially medicines and foodstuffs, which are valued at about $ 3 billion, according to the same source.

This comes in light of the rise in the exchange rate of the dollar against the dinar in the local markets, reaching 167,100 dinars per 132 dollars, compared to the official rate of 100,<> dinars per <> dollars.

MP Bassem Nghaimish told "Ultra Iraq" that the obstacles behind the rise in the exchange rate are "pressures and obligations, including related to the American side, and the procedures of the electronic platform for selling dollars, in addition to the issue of lack of control over currency smuggling."

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RJG Veteran

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An increase in the number of Iraqi banks that America will support directly with dollars... and an expert explains

  • Time: 2023/11/12 09:48:40
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An increase in the number of Iraqi banks that America will support directly with dollars... and an expert explains
  
{Economic: Al-Furat News} A government source reported an increase in the number of Iraqi banks to which the US Federal Reserve will directly strengthen the dollar.

The source said in a press statement, "In light of the recent meetings of the Central Bank with the American side, the number of banks that can directly boost their dollar balance has now become ten banks."

He stated, "Five are through Citibank, and five banks other than the first are through J.P. Morgan Bank."

The source noted, "The number of banks whose balances in Chinese yuan will be enhanced through the Singapore Development Bank will become 13," adding that "two banks will have their accounts in Indian rupees with the Singapore Development Bank enhanced, and other banks will be added during the next two weeks."

For his part, the economic expert, Manar Al-Obaidi, explained regarding the new agreement with the US Federal Reserve on enhancing the balances of new banks.
Al-Obaidi said in a statement, a copy of which {Al-Furat News} received, “The process of enhancing the balances that was previously taking place was through five banks that specifically own American correspondent banks, and these five banks are {TBI Bank, National Bank, Baghdad Bank, Al-Mansour Bank, and Abu Dhabi Bank.” Islamic Bank}, and the prior strengthening process aims to avoid mechanisms for implementing external transfers through the platform that require a long time to implement.”
He added, "The distribution of benefits from the mechanism was not equal among the five banks due to many considerations, including the policies of the banks themselves, or as a result of the failure of their administrations to attract customers and merchants," noting that, "With this mechanism being largely concentrated on almost one bank, work was done to increase the banks covered by the balance enhancement mechanism." We will also work to enhance balances in currencies other than the US dollar.”
Al-Obaidi pointed out, “Opening new banks and opening new currencies will lead to increasing the channels necessary to receive merchants and importers, and also diversifying the beneficiary entities and countries to have the currencies of countries with which Iraq’s trade is considered large, namely China, the Emirates, and India.”
He pointed out that "the selection of the five new banks was based on a number of factors, the first of which was their possession of a group of correspondent banks accredited by the American side, as well as their previous commercial activity and criteria determined by the US Federal Reserve."
He noted that "these five banks are the International Development Bank, the Iraqi Islamic Bank, the Islamic South Bank, the Assyria Bank, and the RT Bank."
Al-Obaidi continued, "The currencies that will be strengthened are the US dollar, the UAE dirham, the Chinese yuan, and the Indian rupee. This mechanism is supposed to increase the space needed for merchants to enter into official commercial operations, which reduces the pressure on the five previous banks."
He continued by saying that "there are other steps that are expected to be taken that will contribute to finding mechanisms to provide more facilities necessary to reduce commercial transaction procedures and contribute to the introduction of more banks and the opening of more channels."
He said, “The most important question is: Will these measures contribute to reducing the exchange rate in the parallel market? The answer cannot be answered conclusively due to the lack of knowledge of the real reasons that put pressure on the price of the dinar against the dollar in the parallel market. There are many factors represented in the difficulty of transfer mechanisms procedures, which prevents Many merchants are unable to benefit from official commercial operations, and the banks, whether the first five and even the serious banks, are cautious about all commercial operations for fear of measures that may be taken against the banks in the future.”
He explained that “trade exchange with a group of countries is prohibited from dealing in the dollar, and some imported goods that cannot be imported officially due to the high customs tariffs for them (such as mobile phones, cigarettes, etc.), and some types of illegal trade in illegal goods that put pressure on the parallel market.” "And operations of counterfeiting the Iraqi currency and buying foreign currencies using it."
He noted that "all of these reasons affect the exchange rate of the dinar against the dollar in the parallel market, and therefore the new mechanism can reduce the impact of the two points related to procedures and reservations, but it will not find a solution for the rest of the factors."
Al-Obaidi stated, “What is more important than monitoring the exchange rate in the parallel market is monitoring the inflation rate, which is the most important for the Iraqi citizen. It is necessary to work on improving the mechanisms for calculating the monthly inflation rates issued by the Ministry of Planning and clarifying the mechanisms for calculating this rate to ensure its accuracy and validity. Then the impact of the parallel market on prices can be measured.” various commodities.
He concluded his speech by saying, “According to the latest data issued by the Ministry of Planning, the inflation rate in Iraq reached 3.7%, which is an excellent rate when compared with the inflation rates in neighboring countries, with the exception of Saudi Arabia, where annual inflation rates were less than 3%, but this rate {if correct} It is considered good, and we must work to preserve it, and it is necessary to prove its accuracy by presenting the reports with the utmost transparency to public opinion, and pushing towards changing the focus on the parallel exchange rate to focusing on economic factors, the most important of which is the monthly and annual inflation rate.”
https://alforatnews.iq/news/ارتفاع-عدد-المصارف-العراقية-التي-سيعزز-الفيدرالي-الامريكي-أرصدتها-بالدولار-مباشرة

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6ly410 Grand Master

6ly410

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12-November-2023
Dollar

DOLLAR CRISIS IN IRAQ (FACEBOOK)

 

On Sunday, November 12, 2023, the state news agency announced an Iraqi-US agreement to strengthen the dollar balance of 10 Iraqi banks.

Increase in the number of banks strengthening their dollar balance in light of the recent meetings of the Central Bank with the US side

The agencyquoted a government source who did not mention his employer or capacity, announcing that "the number of banks that can enhance their balance in US dollars and directly has become 10 banks," noting that "five of them are through Citi bank, and the other 5 through JP Morgan," after meetings with the US side.

According to the source, after the meetings of the Central Bank of Iraq with the Americans, "the number of banks whose balances will be strengthened in Chinese yuan through the Singapore Development Bank will become 13 banks," while "the banks that have strengthened their accounts in Indian rupees with the Singapore Development Bank are two and other banks will be added during the next two weeks."

On Saturday, November 11, 2023, the news agencypublished the results of a meeting between the Central Bank of Iraq and US officials concerned with the dollar file in the UAE city of Abu Dhabi, in light of the rise in the exchange rate of the dollar against the dinar in the Iraqi local markets.

The main outcomes of the meeting were "the agreement to strengthen the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks and remittances through (JP Morgan)," and "solving problems related to rejected remittances."

 

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marilyn rose Apprentice

marilyn rose

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I thought the premise of joining this site was ,is to not worry about where to go for the RV , but it does seem right now that there will only be two companies doing the RV ,citi and JP.  And yes we r suppose to receive a better rate. But should we open an account ,would it matter ?

 Now is where it would be nice to hear from Adam, It does seem like there is alot of movement going on. 

 

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ScaryMary Collaborator

ScaryMary

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On 11/13/2023 at 3:38 AM, southbeach said:

How can I open a Citi account in Florida,? There’s no branches here - only atm’s.

Honestly I do not know as I’m in California. Maybe call the main number and ask how to open an account. The number is 1-888-CITIBANK.

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