Association of Banks: The battle with dollar speculators has reached its last round

[6ly410]

Association of Banks: The battle with dollar speculators has reached its last round

 economy

 

•  Today, 20:18

Baghdad - Waa

The Association of Iraqi Private Banks said on Friday that the battle with dollar speculators has reached its last round, and while praising the Central Bank's procedures to regulate the movement of funds to achieve financial reform and the bank, it stressed that it will contribute to reclassifying banks, increasing their capital and raising the level of services provided to citizens.

Samir al-Nasiri, the economic and banking advisor to the Association, told the Iraqi News Agency (INA): "The Central Bank's measures and efforts made since the beginning of 2023 and with the support of the government have borne fruit and began to give their results as planned, and the so-called parallel dollar (black) began to die and the speculators who deal with it to harm the national economy have been besieged and currently the battle with them is in the last round."

He added, "This is what was explained in detailed procedures and administrative, technical and negotiating steps with the US Federal Bank and the US Treasury Department, and the understandings on regulating foreign trade financing by approving the opening of accounts for Iraqi banks in US, Chinese, Emirati and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which include the dollar, the euro, the Chinese yuan, the Indian rupee, the UAE dirham and the Turkish lira, leaving the electronic platform in 2024 and supplying dollars and currencies foreign banks into Iraq from Iraqi bank accounts with correspondent banks or abroad."

Al-Nasiri stressed "reaching agreements to open 40 accounts for Iraqi banks in correspondent banks for foreign trade," noting that "the new strategy of the Central Bank to reform the banking sector will adopt the reclassification of banks and increase their capital to the ceiling set by the Central Bank according to the specified timelines until the end of 2024, which will raise the capabilities of our banks to provide the best banking products and services to customers, which will reflect positively on the movement of the economy, investment, development and the transition to digital transformation. comprehensive".

He added that "since the beginning of 2023, financial policies have been reviewed in accordance with a new vision for banking reform that complies with the requirements of the global financial system, and a new strategy has begun to be implemented with mechanisms based on studying and diagnosing the causes of imbalances and determining the roadmap, steps and executive procedures that have been and will be applied at the level of the Central Bank departments, banks, banking support bodies and government agencies related to comprehensive economic reform, as the Central Bank has previously issued new instructions for external transfers for the year 2023. And three procedural packages to facilitate and control the movement of circulation of foreign currency in the monetary and commercial market."

Al-Nasiri continued that "the Central Bank issued in August of this year its important statement, in which it outlined its new strategy to organize foreign trade financing according to new foundations that move Iraq to the stage of regularity in the global financial system, in which it clarified the executive measures to control the stability of the exchange rate, and the most prominent of what is stated in it: Adopting the electronic platform exclusively for foreign remittance transactions, controlling illegal trade through official and informal border crossings, stopping trading and dollar transactions on the black market, and preventing All websites and media television channels from publishing exchange rates on the black market for violating the law, importers proving that all their imports were made through the platform and at the official price, and the Customs Authority and the General Tax Authority implementing proposals and treatments for the entry of small traders to the platform duly, and this is in line with the government's initiative to launch the national project to control prohibited imports.

He continued, "As we are in the last days of 2023, the Central Bank's strategy for banking reform in all its axes has become clear features for the coming year 2024 and subsequent years, which is an embodiment of what it set out in the roadmap that it clarified in cooperation with the government in accordance with what is stated in the government curriculum in axis 12 (reform and reform).Financial and Banking) and paragraph 7 thereof, concerning the development and empowerment of banks to contribute to development and investment."

He explained that "we can here summarize the plan of the Central Bank, which is currently working to implement it accurately and as follows: - First-

Providing a stable financial system that lies in accompanying financial electronic systems.

Second: Commitment to establishing the rules of compliance, risk management, transparency and integrity of financial operations.

Third: The transition from the monetary economy to the digital economy and the so-called fourth revolution and the accompanying measures that have achieved a qualitative leap in the interaction between the government and the Central Bank.

Fourth: Implementing the financial and banking reform plan that is characterized by international standards that keep pace with global developments in the field of financial digital economy.

Fifth: Work to strengthen international relations, including the establishment of a network of relations with foreign correspondent banks.

Establishing Riyada Bank in line with the Prime Minister's initiative and redirecting work on initiatives to finance small and medium enterprises in accordance with specific criteria.

Preparing and launching a strategy for financial inclusion and putting it into implementation in coordination with the relevant authorities.

Eighth: Launching the national lending strategy based on the financial capabilities of banks in attracting deposits and investing them in providing the best banking products to customers and contributing to development.

 

[rvmydinar]

Don't forget the last one ,  the most important thing: 

Ninth : Exchange rate reform to return the rate to what it was before.

[gregp]

Boom! This is an excellent article!

Thanks!

[horsesoldier]

VOONDERBAR!!

I know I know, it ain't proper German, it don't matter none( ain't proper English either no how 😆).

A most important article huh.

[Laid Back]

This is what was explained in detailed procedures and administrative, technical and negotiating steps with the US Federal Bank and the US Treasury Department, and the understandings on regulating foreign trade financing by approving the opening of accounts for Iraqi banks in US, Chinese, Emirati and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which include the dollar, the euro, the Chinese yuan, the Indian rupee, the UAE dirham and the Turkish lira, leaving the electronic platform in 2024 and supplying dollars and currencies foreign banks into Iraq from Iraqi bank accounts with correspondent banks or abroad."

 

Maybe the plan is to do a currency peg (Dinar) with a basket of currencies;

(US Dollar, Chinese Yuan, The Euro, Turkish Lira, Indian Rupee and the UAE

Dirham)

 

Pegs are often put in place to provide stability to a nation's currency by linking it to an already stable currency.

 

Turkish Lira $0.034

UAE Dirham $0.27

Indian Rupee $0.012

Chinese Yuan $0.14

Euro $1.09

US Dollar $1

 

 

Go Stronger Dinar.

 

[southbeach]

4 hours ago, Laid Back said:

This is what was explained in detailed procedures and administrative, technical and negotiating steps with the US Federal Bank and the US Treasury Department, and the understandings on regulating foreign trade financing by approving the opening of accounts for Iraqi banks in US, Chinese, Emirati and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which include the dollar, the euro, the Chinese yuan, the Indian rupee, the UAE dirham and the Turkish lira, leaving the electronic platform in 2024 and supplying dollars and currencies foreign banks into Iraq from Iraqi bank accounts with correspondent banks or abroad."

 

Maybe the plan is to do a currency peg (Dinar) with a basket of currencies;

(US Dollar, Chinese Yuan, The Euro, Turkish Lira, Indian Rupee and the UAE

Dirham)

 

Pegs are often put in place to provide stability to a nation's currency by linking it to an already stable currency.

 

Turkish Lira $0.034

UAE Dirham $0.27

Indian Rupee $0.012

Chinese Yuan $0.14

Euro $1.09

US Dollar $1

 

 

Go Stronger Dinar.

 

You just might have it here.  Now, are there any more countries or is that it?

[southbeach]

Plus I see that the US can and will mix it up with BRIC bank treasuries.  Interesting.

[rvmydinar]

3 hours ago, southbeach said:

You just might have it here.  Now, are there any more countries or is that it?

Kuwaiti dinar KWD=$ 3.24 ( the number # 1 highest rate among the middle east countries and in the world ).

[horsesoldier]

19 hours ago, rvmydinar said:

Kuwaiti dinar KWD=$ 3.24 ( the number # 1 highest rate among the middle east countries and in the world ).

It's because they're also the largest gas station in the world. I worked there for 2 years.

[screwball]

On 12/17/2023 at 5:34 AM, Laid Back said:

This is what was explained in detailed procedures and administrative, technical and negotiating steps with the US Federal Bank and the US Treasury Department, and the understandings on regulating foreign trade financing by approving the opening of accounts for Iraqi banks in US, Chinese, Emirati and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which include the dollar, the euro, the Chinese yuan, the Indian rupee, the UAE dirham and the Turkish lira, leaving the electronic platform in 2024 and supplying dollars and currencies foreign banks into Iraq from Iraqi bank accounts with correspondent banks or abroad."

 

Maybe the plan is to do a currency peg (Dinar) with a basket of currencies;

(US Dollar, Chinese Yuan, The Euro, Turkish Lira, Indian Rupee and the UAE

Dirham)

 

Pegs are often put in place to provide stability to a nation's currency by linking it to an already stable currency.

 

Turkish Lira $0.034

UAE Dirham $0.27

Indian Rupee $0.012

Chinese Yuan $0.14

Euro $1.09

US Dollar $1

 

 

Go Stronger Dinar.

 

yes you might be onto something! it makes sense! major trading partners maybe SA......not long to find out!

[rvmydinar]

11 hours ago, horsesoldier said:

It's because they're also the largest gas station in the world. I worked there for 2 years.

They also have the longest beard in the world.

[PKN123]

I loved all your post. I have beed in DV for 15 years. I have kept hanging on and believing. I am praying for a stronger Dinar. Thank you!