The Central Bank announces the imminent issuance of decisions to support the Iraqi dinar

[6ly410]

The Central Bank announces the imminent issuance of decisions to support the Iraqi dinar

•  Today, 12:19

Baghdad - conscious - Mohammed Talbi
The Central Bank of Iraq revealed on Friday upcoming measures and decisions to support the dinar and maintain its strength against other currencies, and other measures that will positively affect the exchange rate, while noting that it has taken measures in the field of gradual termination of the electronic platform.

The Assistant Director General of the Department of Investments at the Central Bank of Iraq, Muhammad Yunus, told the Iraqi News Agency (INA) that "the Central Bank will monitor and follow up on all banks, and customer complaints received in the event that banks are forced to convert customer accounts into US dollars," stressing that "this issue is easy to follow up and monitor, and banks that do not abide by this decision will be held accountable."
He added that "this decision and the decisions that will follow in the coming days are all in the interest of supporting the Iraqi dinar and increasing confidence in it," noting that "what confirms the strength of the dinar and the public's confidence in it is the continuation of the Central Bank of Iraq and not lagging behind in the performance of any of the needs of various sectors, as it now finances the sectors of trade, electronic payment, travel and other sectors."
He pointed out that "the coming days will be more measures in the field of meeting all the needs of the market and support the Iraqi dinar and maintain its strength against other currencies," noting that "the Central Bank prevented within its new procedures, banks from automatic conversion of customer accounts in dollar currency to Iraqi dinars, without the consent of the customer, and allowed customers to open accounts in different currencies."
He noted that "what is new in updating the procedures is that companies that have contracts with the state were allowed to receive their incoming remittances, including the salaries of workers, as well as ongoing contracts on grants and loans in accordance with the Council of Ministers," adding: "The other point also in this new decision is to allow banks to agree with their customers to bring their incoming remittances in cash to Iraq."
"These measures will positively affect the exchange rate in the market, increase the supply of the dollar, and contribute to serving and supporting important sectors of the economy, including exporters and companies operating in the government field and in the field of infrastructure development and strategic projects, in addition to supporting civil society organizations that contribute to the humanitarian and charitable field in Iraq," he said.
He explained that "the main objective behind this update or these instructions is to expand the largest possible segment of obtaining cash dollars by meeting their current needs of this dollar, as these instructions expanded the beneficiaries of the cash dollar, including civil society organizations, and supported these measures an important segment of the economy, namely the exporters sector, as it allowed them to obtain 40% of the incoming remittances as a result of their exports and receive them in cash."
He pointed out that "the decision clearly defined the mechanisms for its implementation by banks, and focused on the issue of incoming remittances, as it allows some categories to receive their incoming remittances in cash," explaining that "this decision is related to incoming remittances and not the cash sale of dollars to travelers, as the cash sale to travelers will continue as it is now, in addition to meeting the needs of customers and companies through this decision, and thus will reflect positively on the exchange rate in the coming days."
He stressed that "there are no restrictions applied to banks in the field of money transfer, because there are procedures in the field of gradual termination of the platform of the Central Bank of Iraq by supporting interests to open accounts in foreign banks abroad, and the role of the Central Bank is limited to strengthening these balances and on following up on transfers."
"There are no restrictions on money transfers in different currencies within the banking system in foreign currencies, but this decision is related to the cash dollar (cash withdrawal)," he concluded.

 

[6ly410]

[horsesoldier]

Hmmm... Iraqi definition of imminent: see SOON...oh great!!!

[BETTYBOOP]

imminent  ...  6 -12 months from now

[6ly410]

CBE reveals upcoming measures and decisions to support the dinar

CBE Reveals Upcoming Measures and Decisions to support Dinar | Economy | Dijlah Satellite Channel

 

 

 - 05-01-2024 12:35 PM - Views: 7117

 

The Central Bank of Iraq revealed, on Friday, expected procedures and decisions to support the dinar and meet all the needs of the market of foreign currency.

Assistant Director General of the Department of Investments at the Central Bank of Iraq, Muhammad Yunus, said in a press statement that "the Central Bank will monitor and follow up all banks, and customer complaints received in the event that banks are forced to convert customer accounts into US dollars," stressing that "this issue is easy to follow up and monitor, and banks that do not abide by this decision will be held accountable."

He added that "this decision and the decisions that will follow in the coming days are all in the interest of supporting the Iraqi dinar and increasing confidence in it," noting that "what confirms the strength of the dinar and the public's confidence in it is the continuation of the Central Bank of Iraq and not lagging behind in the performance of any of the needs of various sectors, as it now finances the sectors of trade, electronic payment, travel and other sectors."

He pointed out that "the coming days will be more measures in the field of meeting all the needs of the market and support the Iraqi dinar and maintain its strength against other currencies," noting that "the Central Bank prevented within its new procedures, banks from automatic conversion of customer accounts in dollar currency to Iraqi dinars, without the consent of the customer, and allowed customers to open accounts in different currencies."

He noted that "what is new in updating the procedures is that companies that have contracts with the state were allowed to receive their incoming remittances, including the salaries of workers, as well as ongoing contracts on grants and loans in accordance with the Council of Ministers," adding: "The other point also in this new decision is to allow banks to agree with their customers to bring their incoming remittances in cash to Iraq."

"These measures will positively affect the exchange rate in the market, increase the supply of the dollar, and contribute to serving and supporting important sectors of the economy, including exporters and companies operating in the government field and in the field of infrastructure development and strategic projects, in addition to supporting civil society organizations that contribute to the humanitarian and charitable field in Iraq," he said.

He explained that "the main objective behind this update or these instructions is to expand the largest possible segment of obtaining cash dollars by meeting their current needs of this dollar, as these instructions expanded the beneficiaries of the cash dollar, including civil society organizations, and supported these measures an important segment of the economy, namely the exporters sector, as it allowed them to obtain 40% of the incoming remittances as a result of their exports and receive them in cash."

He pointed out that "the decision clearly defined the mechanisms for its implementation by banks, and focused on the issue of incoming remittances, as it allows some categories to receive their incoming remittances in cash," explaining that "this decision is related to incoming remittances and not the cash sale of dollars to travelers, as the cash sale to travelers will continue as it is now, in addition to meeting the needs of customers and companies through this decision, and thus will reflect positively on the exchange rate in the coming days."

He stressed that "there are no restrictions applied to banks in the field of money transfer, because there are procedures in the field of gradual termination of the platform of the Central Bank of Iraq by supporting interests to open accounts in foreign banks abroad, and the role of the Central Bank is limited to strengthening these balances and on following up on transfers."

"There are no restrictions on money transfers in different currencies within the banking system in foreign currencies, but this decision is related to the cash dollar (cash withdrawal)," he concluded.

[chris2028]

I have to continuously tell myself that this country was brought to it's knees and had to essentially rebuild itself. Of course the ones on top made millions and had their fun but as the citizens began to re establish themselves and slowly regain their awareness they put a ton of pressure on the government to make changes. This whole process could never have happened overnight but I think Iraq has done everything possible to flip the proverbial switch. It may be a few more days, but for some reason this feels a lot different than years before. Of course we all have some shock and stuff as we have been up and down and up and down so I definitely understand why that words "Imminent, Soon, Coming days"  make us feel eery about the timelines. We are almost there! GO RV!!

[6ly410]

2 minutes ago, chris2028 said:

We are almost there! GO RV!!

 GO RV/RI

[tn vol]

What news agency did this article come from? I've looked at several news agencies in Iraq and can't find it.

[haymon]

 "the Central Bank will monitor and follow up on all banks, and customer complaints received in the event that banks are forced to convert customer accounts into US dollars," stressing that "this issue is easy to follow up and monitor, and banks that do not abide by this decision will be held accountable."

 

Well maybe we can contact them about    WARKA  !!!!!

[Dretown39]

1 hour ago, chris2028 said:

I have to continuously tell myself that this country was brought to it's knees and had to essentially rebuild itself. Of course the ones on top made millions and had their fun but as the citizens began to re establish themselves and slowly regain their awareness they put a ton of pressure on the government to make changes. This whole process could never have happened overnight but I think Iraq has done everything possible to flip the proverbial switch. It may be a few more days, but for some reason this feels a lot different than years before. Of course we all have some shock and stuff as we have been up and down and up and down so I definitely understand why that words "Imminent, Soon, Coming days"  make us feel eery about the timelines. We are almost there! GO RV!!

Man let me tell you!..if I can retire in my 40s..oh boy them hemoglobins & haberdasheries gon be insane!😆😆😆

[BETTYBOOP]

6 minutes ago, haymon said:

 "the Central Bank will monitor and follow up on all banks, and customer complaints received in the event that banks are forced to convert customer accounts into US dollars," stressing that "this issue is easy to follow up and monitor, and banks that do not abide by this decision will be held accountable."

 

Well maybe we can contact them about    WARKA  !!!!!

 Well... no cheek  no chance.  If I had a warka account I would certainly be sending the cbi an email

Edited January 5 by BETTYBOOP

[boosterbglee]

How about a strongly worded letter?😇

[screwball]

6 hours ago, 6ly410 said:

The Central Bank announces the imminent issuance of decisions to support system" rel="">support the Iraqi dinar

•  Today, 12:19

Baghdad - conscious - Mohammed Talbi
The Central Bank of Iraq revealed on Friday upcoming measures and decisions to support system" rel="">support the dinar and maintain its strength against other currencies, and other measures that will positively affect the exchange rate, while noting that it has taken measures in the field of gradual termination of the electronic platform.

The Assistant Director General of the Department of Investments at the Central Bank of Iraq, Muhammad Yunus, told the Iraqi News Agency (INA) that "the Central Bank will monitor and follow up on all banks, and customer complaints received in the event that banks are forced to convert customer accounts into US dollars," stressing that "this issue is easy to follow up and monitor, and banks that do not abide by this decision will be held accountable."
He added that "this decision and the decisions that will follow in the coming days are all in the interest of supporting the Iraqi dinar and increasing confidence in it," noting that "what confirms the strength of the dinar and the public's confidence in it is the continuation of the Central Bank of Iraq and not lagging behind in the performance of any of the needs of various sectors, as it now finances the sectors of trade, electronic payment, travel and other sectors."
He pointed out that "the coming days will be more measures in the field of meeting all the needs of the market and support system" rel="">support the Iraqi dinar and maintain its strength against other currencies," noting that "the Central Bank prevented within its new procedures, banks from automatic conversion of customer accounts in dollar currency to Iraqi dinars, without the consent of the customer, and allowed customers to open accounts in different currencies."
He noted that "what is new in updating the procedures is that companies that have contracts with the state were allowed to receive their incoming remittances, including the salaries of workers, as well as ongoing contracts on grants and loans in accordance with the Council of Ministers," adding: "The other point also in this new decision is to allow banks to agree with their customers to bring their incoming remittances in cash to Iraq."
"These measures will positively affect the exchange rate in the market, increase the supply of the dollar, and contribute to serving and supporting important sectors of the economy, including exporters and companies operating in the government field and in the field of infrastructure development and strategic projects, in addition to supporting civil society organizations that contribute to the humanitarian and charitable field in Iraq," he said.
He explained that "the main objective behind this update or these instructions is to expand the largest possible segment of obtaining cash dollars by meeting their current needs of this dollar, as these instructions expanded the beneficiaries of the cash dollar, including civil society organizations, and supported these measures an important segment of the economy, namely the exporters sector, as it allowed them to obtain 40% of the incoming remittances as a result of their exports and receive them in cash."
He pointed out that "the decision clearly defined the mechanisms for its implementation by banks, and focused on the issue of incoming remittances, as it allows some categories to receive their incoming remittances in cash," explaining that "this decision is related to incoming remittances and not the cash sale of dollars to travelers, as the cash sale to travelers will continue as it is now, in addition to meeting the needs of customers and companies through this decision, and thus will reflect positively on the exchange rate in the coming days."
He stressed that "there are no restrictions applied to banks in the field of money transfer, because there are procedures in the field of gradual termination of the platform of the Central Bank of Iraq by supporting interests to open accounts in foreign banks abroad, and the role of the Central Bank is limited to strengthening these balances and on following up on transfers."
"There are no restrictions on money transfers in different currencies within the banking system in foreign currencies, but this decision is related to the cash dollar (cash withdrawal)," he concluded.

 

Maybe this will coincide with the so called “big announcement “ they stated last they would make in early jan 2024…

[screwball]

3 hours ago, chris2028 said:

I have to continuously tell myself that this country was brought to it's knees and had to essentially rebuild itself. Of course the ones on top made millions and had their fun but as the citizens began to re establish themselves and slowly regain their awareness they put a ton of pressure on the government to make changes. This whole process could never have happened overnight but I think Iraq has done everything possible to flip the proverbial switch. It may be a few more days, but for some reason this feels a lot different than years before. Of course we all have some shock and stuff as we have been up and down and up and down so I definitely understand why that words "Imminent, Soon, Coming days"  make us feel eery about the timelines. We are almost there! GO RV!!

We are almost there!👏👍🎯

[horsesoldier]

1 hour ago, boosterbglee said:

How about a strongly worded letter?😇

Naw.... Bombs & rockets they understand though.

[screwball]

8 hours ago, BETTYBOOP said:

imminent  ...  6 -12 months from now

Not long to wait really….months and years go so quick…

[6ly410]

.. wow 

[6ly410]

The Central Bank announces the imminent issuance of decisions to support the Iraqi dinar

[6ly410]

pumped - lets go 

[cranman]

4 minutes ago, 6ly410 said:

pumped - lets go 

Keep the faith my man! 

[HowieC]

6 hours ago, 6ly410 said:

The Central Bank announces the imminent issuance of decisions to support system" rel="">support the Iraqi dinar

Well I'm glad I was around to hear that HUGE issuance of DECISION. Isn't that suppose to be their PURPOSE ?

[gregp]

17 hours ago, BETTYBOOP said:

imminent  ...  6 -12 months from now

That’s kinda quick. 

[olivesman]

If I "POW" any harder I'll break my phone...

[Longtimelurker]

45 minutes ago, olivesman said:

If I "POW" any harder I'll break my phone...

💥💥💥💥

[horsesoldier]

7 hours ago, gregp said:

That’s kinda quick. 

Too right... These fellas don't let the grass grow under their feet...uh, that is if you can find any grass.

Never you mind: these guys pride themselves on fast decisions & quick implementation of policies & programs. ...