During 2024.. The Iraqi Central Bank plans to cancel the “electronic platform” for external transfers

[RJG]

During 2024.. The Iraqi Central Bank plans to cancel the “electronic platform” for external transfers


Economy News - Baghdad
The Central Bank of Iraq announced today, Thursday, its readiness to cancel the electronic platform for external transfers during the current year.

According to a document issued by the Central Bank, and obtained by Al-Iqtisad News, “Within the framework of the Central Bank of Iraq’s endeavor to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international standards and requirements, it plans The Central Bank of Iraq to gradually cancel the electronic platform for external transfers during the year 2024, leading to its complete cancellation by the end of the year and maintaining it for audit and statistical purposes.

The document added: “Iraqi banks must work to be prepared and able to access and deal with correspondent banks, and there are two types of requirements, some of which are basic and must be provided and worked to accomplish as quickly as possible, and some are important and support the banks’ efforts in this field, and will be required.” All banks are required to provide the three basic requirements below in order to assist them in opening accounts with correspondent banks.

Regarding the basic requirements, she stated that “these requirements represent the minimum documents that must be provided for negotiations with correspondent banks, and they reflect the bank’s financial and credit status and level of compliance, and they are:
Bank statement for at least 3 months.
A report on the bank’s financial and credit status issued by an approved authority.
Bank compliance policy.

The Central Bank of Iraq continued: “Banks can obtain more information about other requirements required of correspondent banks by communicating with the Central Bank of Iraq.”

Views 143
Added 01/18/2024 - 2:23 PM

https://economy-news.net/content.php?id=39574

[haymon]

I thought they just got it set up???

[screwball]

3 minutes ago, haymon said:

I thought they just got it set up???

Maybe they are talking about currency auctions…?

[RJG]

I think the electronic currency auctions will stop at the central bank level and will start at the individual bank level like global nations do.  This is a good thing for us I think. 

[chris2028]

10 minutes ago, screwball said:

Maybe they are talking about currency auctions…?

Exactly what I was thinking!

[RJG]

 

With the documents.. The central bank plans to cancel the dollar selling platform at the end of this year

• Time: 2024/01/19 08:41:09
• Read: 1,235 times

  

{Economic: Al-Furat News} The Central Bank of Iraq plans to cancel the electronic platform for external transfers {dollar} gradually during the current year 2024, until it cancel it completely by the end of the year, and to maintain it for audit and statistical purposes.

This comes within the framework of the Central Bank of Iraq’s endeavor to enable Iraqi banks to establish and establish solid banking relations with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international standards and requirements, according to documents issued by the bank.

According to the documents, Iraqi banks must work to be equipped and able to access and deal with correspondent banks.

According to the Central Bank, there are two types of requirements, including what is essential to be provided and working to complete as soon as possible, including what is important and supports the efforts of banks in this field, and all banks will be required to provide the three basic requirements in order to help them open accounts with correspondent banks, as indicated in the documents below.

 

https://alforatnews.iq/news/بالوثائق-البنك-المركزي-يخطط-لإلغاء-منصة-بيع-الدولار-نهاية-العام-الجاري

[RJG]

Just like Screwball said, the currency auctions are ending this year. 👀👀

[rvmydinar]

17 minutes ago, RJG said:

Just like Screwball said, the currency auctions are ending this year. 

🎃🎄

[RJG]

During 2024.. The Iraqi Central Bank plans to cancel the “electronic platform” for external transfers

 

 

Drains

   

 

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Economy News - Baghdad

The Central Bank of Iraq announced today, Thursday, its readiness to cancel the electronic platform for external transfers during the current year.

According to a document issued by the Central Bank, and obtained by Al-Iqtisad News, “Within the framework of the Central Bank of Iraq’s endeavor to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international standards and requirements, it plans The Central Bank of Iraq to gradually cancel the electronic platform for external transfers during the year 2024, leading to its complete cancellation by the end of the year and maintaining it for audit and statistical purposes.

 

The document added: “Iraqi banks must work to be prepared and able to access and deal with correspondent banks, and there are two types of requirements, some of which are basic and must be provided and worked to accomplish as quickly as possible, and some are important and support the banks’ efforts in this field, and will be required.” All banks are required to provide the three basic requirements below in order to assist them in opening accounts with correspondent banks.

 

Regarding the basic requirements, she stated that “these requirements represent the minimum documents that must be provided for negotiations with correspondent banks, and they reflect the bank’s financial and credit status and level of compliance, and they are:

Bank statement for at least 3 months.

A report on the bank’s financial and credit status issued by an approved authority.

Bank compliance policy.

 

The Central Bank of Iraq continued: “Banks can obtain more information about other requirements required of correspondent banks by communicating with the Central Bank of Iraq.”

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329 views

Added 01/18/2024 - 2:23 PM

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    https://economy-news.net/content.php?id=39574

[Carrello]

16 hours ago, RJG said:

I think the electronic currency auctions will stop at the central bank level and will start at the individual bank level like global nations do.  This is a good thing for us I think. 

The aim of CBI was to get out of the invoice/payment system and was stated in the news a while back. Banks will be making payments through customer requests/accounts

to international vendors.  IMO the coordinated banks are now connected to CBI electronically and can be monitored for corruption. This will cancel the auctions.

[Laid Back]

17 hours ago, screwball said:

Maybe they are talking about currency auctions…?

You got that right screwball 👍🏼

 

17 hours ago, RJG said:

I think the electronic currency auctions will stop at the central bank level and will start at the individual bank level like global nations do.  This is a good thing for us I think. 

The CBI is preparing the banking system to handle the dollar demand. This is very good for us. Thanks RJG.

1 hour ago, Carrello said:

The aim of CBI was to get out of the invoice/payment system and was stated in the news a while back. Banks will be making payments through customer requests/accounts

to international vendors.  IMO the coordinated banks are now connected to CBI electronically and can be monitored for corruption. This will cancel the auctions.

Nailed it….Carrello.

 

Stoping the daily auctions will remove exchange control, letting the dinar be subject to the forces of supply and demand.

 

We are getting close to see the real market value of the IQD

 

Go end of daily auctions 

Go end of exchange control

Go open market economy 

Go stronger dinar

[Longtimelurker]

53 minutes ago, Laid Back said:

You got that right screwball 👍🏼

 

The CBI is preparing the banking system to handle the dollar demand. This is very good for us. Thanks RJG.

Nailed it….Carrello.

 

Stoping the daily auctions will remove exchange control, letting the dinar be subject to the forces of supply and demand.

 

We are getting close to see the real market value of the IQD

 

Go end of daily auctions 

Go end of exchange control

Go open market economy 

Go stronger dinar

Looking like the end of the year for us

[wealthhound]

3 hours ago, RJG said:

Just like Screwball said, the currency auctions are ending this year. 👀👀

We’ve waited this long….. we will all probably be in a catatonic stupor when it occurs!!

Praise God !! WH

[rvmydinar]

2 hours ago, Laid Back said:

We are getting close to see the real market value of the IQD

 

1 hour ago, Longtimelurker said:

Looking like the end of the year for us

🎃🎄

[Carrello]

1 hour ago, Longtimelurker said:

Looking like the end of the year for us

What's your reasoning for speculating "the end of year"?

[chris2028]

I absolutely agree we are getting close.  I know one great way to truly bring things to fruition is to not attatch a specific outcome to the end result you are desiring. It has taken me years of practice but I'd look at a house or something I wanted and say once that RV happens then I'll be able to get XYZ or do XYZ. Unfortunately faith doesn't work that way. Whatever our hearts may desire that we truly want, will come in the most Devine way with just a small amount of unwavering faith that is without any attachments on how it will come. This has helped me tremendously with this investment to continue on with life and know that this will happen in Devine order for the people of Iraq and all of us as investors. With that being said... GO RV!! 😁

[Longtimelurker]

2 hours ago, Carrello said:

What's your reasoning for speculating "the end of year"?

End of year/beginning of next..

 

Primarily because it reads as if the auctions won't end until end of year. 

[Dinarrock]

2 minutes ago, Longtimelurker said:

End of year/beginning of next..

 

Primarily because it reads as if the auctions won't end until end of year. 

The auctions will stop no matter what when they RV the currency, don’t hang your hat on one article! I fully believe we will see the value changed this month still!!!

[Dretown39]

8 minutes ago, Longtimelurker said:

End of year/beginning of next..

 

Primarily because it reads as if the auctions won't end until end of year. 

I know the powers that be can't be trusted..the only thing that can counter this is that Sudani said this year 2024 would be the year of achievement etc..and also no commercial transactions in USD January 1st so I don't see how they would wait that long. Just my 2 cents 

[Longtimelurker]

I'm hoping it's sooner but I'm seeing things indicating that it'll be beginning of next year..

[nannab]

Iraq would never tell the exact rate let alone the date, because there would be a run on the Dinar in a heart beat. 

Just my 1 pennies worth.  

[screwball]

6 hours ago, Dinarrock said:

The auctions will stop no matter what when they RV the currency, don’t hang your hat on one article! I fully believe we will see the value changed this month still!!!

Yep…and this can happy anytime…

[screwball]

1 hour ago, nannab said:

Iraq would never tell the exact rate let alone the date, because there would be a run on the Dinar in a heart beat. 

Just my 1 pennies worth.  

Exactly…

[screwball]

10 hours ago, Laid Back said:

You got that right screwball 👍🏼

 

The CBI is preparing the banking system to handle the dollar demand. This is very good for us. Thanks RJG.

Nailed it….Carrello.

 

Stoping the daily auctions will remove exchange control, letting the dinar be subject to the forces of supply and demand.

 

We are getting close to see the real market value of the IQD

 

Go end of daily auctions 

Go end of exchange control

Go open market economy 

Go stronger dinar

Boom time….anytime 

[Longtimelurker]

🙏🙏🙏