Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Currency window cancellation

BETTYBOOP
 Share

Recommended Posts

  • Popular Post
BETTYBOOP Grand Master

BETTYBOOP

Posted
  • Popular Post
Posted

Iraq's Finance Committee reveals CBI's steps for currency sale window cancellation

Iraq's Finance Committee reveals CBI's steps for currency sale window cancellation
2024-04-20 18:58
 
Font

Shafaq News/ On Saturday, Iraq's Parliamentary Finance Committee revealed that the Central Bank of Iraq (CBI) has outlined a pre-cancellation plan for the currency sale window, citing the necessity of preparatory measures before implementing this decision.

According to Hussein Mouanes, a committee member, the CBI's decision to cancel the currency sale window for 2024 has been made, but the exact commencement date for this change has not been specified.

Mouanes clarified to Shafaq News Agency that the cancellation is conditional upon private banks' reliance on international bank correspondence and currency transfer methods.

This move follows the CBI's transfer of its "correspondent" role to several foreign banks, which has raised concerns among some observers due to its ambiguous implications.

Central Bank Governor Ali Mohsen Al-Alaq had previously announced in November 2023 the initiation of dollar supply within Iraq through accounts held by Iraqi banks overseas. However, Mouanes pointed out that this step necessitates an enhancement in the rating of Iraqi banks to enable their interaction with international counterparts, highlighting the current lack of foreign accreditation and correspondence for Iraqi banks.

The currency exchange system, which includes foreign currency auctions, meets the demand for foreign currency and supports various monetary policy objectives. However, criticisms of this system have surfaced due to its substantial daily costs and impact on the central bank's reserves.

Analysts have pointed out that overreliance on fixed exchange rates tied to oil revenues has led to the currency window being perceived as a function of oil rents, hindering economic transformation in Iraq. Despite its drawbacks, the currency sale window has played a role in stabilizing the Iraqi dinar exchange rate and bridging the gap between official and parallel markets

  • Thanks 2
  • Upvote 4
  • Pow! 12
Link to comment
Share on other sites
Dretown39 Experienced

Dretown39

Posted
Posted
20 minutes ago, BETTYBOOP said:

Iraq's Finance Committee reveals CBI's steps for currency sale window cancellation

Iraq's Finance Committee reveals CBI's steps for currency sale window cancellation
2024-04-20 18:58
 
Font

Shafaq News/ On Saturday, Iraq's Parliamentary Finance Committee revealed that the Central Bank of Iraq (CBI) has outlined a pre-cancellation plan for the currency sale window, citing the necessity of preparatory measures before implementing this decision.

According to Hussein Mouanes, a committee member, the CBI's decision to cancel the currency sale window for 2024 has been made, but the exact commencement date for this change has not been specified.

Mouanes clarified to Shafaq News Agency that the cancellation is conditional upon private banks' reliance on international bank correspondence and currency transfer methods.

This move follows the CBI's transfer of its "correspondent" role to several foreign banks, which has raised concerns among some observers due to its ambiguous implications.

Central Bank Governor Ali Mohsen Al-Alaq had previously announced in November 2023 the initiation of dollar supply within Iraq through accounts held by Iraqi banks overseas. However, Mouanes pointed out that this step necessitates an enhancement in the rating of Iraqi banks to enable their interaction with international counterparts, highlighting the current lack of foreign accreditation and correspondence for Iraqi banks.

The currency exchange system, which includes foreign currency auctions, meets the demand for foreign currency and supports various monetary policy objectives. However, criticisms of this system have surfaced due to its substantial daily costs and impact on the central bank's reserves.

Analysts have pointed out that overreliance on fixed exchange rates tied to oil revenues has led to the currency window being perceived as a function of oil rents, hindering economic transformation in Iraq. Despite its drawbacks, the currency sale window has played a role in stabilizing the Iraqi dinar exchange rate and bridging the gap between official and parallel markets

"According to Hussein Mouanes, a committee member, the CBI's decision to cancel the currency sale window for 2024 has been made, but the exact commencement date for this change has not been specified."

 

This tells me they won't wait until the end of the year to cancel the auctions. I could be wrong.🙏

  • Like 2
  • Thanks 1
  • Upvote 5
  • Pow! 9
Link to comment
Share on other sites
NWGUY Grand Master

NWGUY

Posted
Posted
22 minutes ago, Dretown39 said:

"According to Hussein Mouanes, a committee member, the CBI's decision to cancel the currency sale window for 2024 has been made, but the exact commencement date for this change has not been specified."

 

This tells me they won't wait until the end of the year to cancel the auctions. I could be wrong.🙏

 

I was reading this article looking for "soon" "in coming days", and didn't see it!  Maybe this is really going to happen.  :jester:

  • Like 1
  • Haha 7
  • Upvote 3
  • Pow! 1
Link to comment
Share on other sites
  • Popular Post
Laid Back Grand Master

Laid Back

Posted
  • Popular Post
Posted

“According to Hussein Mouanes, a committee member, the CBI's decision to cancel the currency sale window for 2024 has been made, but the exact commencement date for this change has not been specified.“

 

Has not been specified to the General Public.

 

In my opinion we are really close.

 

Go end of daily auctions 

Go delete of 000

Go Stronger Dinar

  • Upvote 13
  • Pow! 9
Link to comment
Share on other sites
screwball Grand Master

screwball

Posted
Posted (edited)
27 minutes ago, Laid Back said:

“According to Hussein Mouanes, a committee member, the CBI's decision to cancel the currency sale window for 2024 has been made, but the exact commencement date for this change has not been specified.“

 

Has not been specified to the General Public.

 

In my opinion we are really close.

 

Go end of daily auctions 

Go delete of 000

Go Stronger Dinar

Well I was just sent a photo of currency exchange outlet in Houston that’s showing Iraqi dinar? Waiting in confirmation from my cuz and her friend that lives in Houston? If there is anyone else in Texas that can confirm and post would be great! If it’s listed on a currency board then we are pretty close! 

Edited by screwball
  • Like 1
  • Upvote 10
  • Pow! 2
Link to comment
Share on other sites
lmb4321 Proficient

lmb4321

Posted
Posted
44 minutes ago, screwball said:

Well I was just sent a photo of currency exchange outlet in Houston that’s showing Iraqi dinar? Waiting in confirmation from my cuz and her friend that lives in Houston? If there is anyone else in Texas that can confirm and post would be great! If it’s listed on a currency board then we are pretty close! 

 

Would like to see the Photo if you can post it SB....👍

  • Upvote 3
  • Pow! 1
Link to comment
Share on other sites
screwball Grand Master

screwball

Posted
Posted
53 minutes ago, lmb4321 said:

 

Would like to see the Photo if you can post it SB....👍

If I could actually see the dinar listed and the photo wasn’t blury would post it but I am getting someone to check it out and get a better picture…their post on telegram says it’s listed but I can’t confirm yet! 

  • Upvote 2
Link to comment
Share on other sites
3n1 Experienced

3n1

Posted
Posted
1 hour ago, screwball said:

If I could actually see the dinar listed and the photo wasn’t blury would post it but I am getting someone to check it out and get a better picture…their post on telegram says it’s listed but I can’t confirm yet! 

 so in the pic you were sent you cant see its listed and blurred , if it has the currency exchange name and its real should be simple to verify ... correct ?

Link to comment
Share on other sites
screwball Grand Master

screwball

Posted
Posted
1 hour ago, 3n1 said:

 so in the pic you were sent you cant see its listed and blurred , if it has the currency exchange name and its real should be simple to verify ... correct ?

i think its company called cxi or currency exchange international maybe....use its very blury....,that's why i asked for another photo but i trust the source 100% they are friend of my cousin in Texas. my cousin is 14 hour drive....

Link to comment
Share on other sites
screwball Grand Master

screwball

Posted
Posted

i think its this company

 

CXI is the largest and most trusted foreign currency exchange specialist in North America. Our clients can exchange foreign currency quickly and easily knowing our scale means more value for them. CXI’s expansive direct-to-consumer service network of company-owned retail branches, agent locations, and affiliate retail locations (most of which are open seven days a week including evenings) aims to provide the Houston, Texas area the best foreign currency exchange experience to all clients. In additional CXI serves customers in many states through its OnlineFX Home Delivery service

  • Thanks 2
Link to comment
Share on other sites
RJG Veteran

RJG

Posted
Posted

The Ministry of Finance specifies steps that must be taken before canceling the currency selling window in Iraq

The Ministry of Finance specifies steps that must be taken before canceling the currency selling window in Iraq
2024-04-20 07:54
Share
Font

 

Shafaq News/ The Parliamentary Finance Committee confirmed, on Saturday, that the Central Bank of Iraq had taken a decision to cancel the currency sale window, indicating the necessity of taking steps prior to implementing this decision.

Member of the Parliamentary Finance Committee, Hussein Moanis, told Shafaq News Agency, “There is a decision issued by the Central Bank to cancel the window for buying and selling foreign currency in the year 2024, but it did not specify the exact time to start the decision.”

He explained that "canceling the currency selling window is linked to the reliance of private banks on correspondence with international banks and the method of currency conversion."

This comes after the Central Bank of Iraq gave up its status as a “correspondent” and granted it to several foreign banks, a step with unclear definitions and results, and some observers have warned against it.

In November 2023, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of importing dollars into the country through Iraqi bank accounts abroad.

Munis asserts that "this step must be preceded by an increase in the classification of Iraqi banks, and this is what qualifies them to deal with international banks, but the real problem that we face is that Iraqi banks do not have a correspondent and are not accredited outside the country."

The member of Parliamentary Finance pointed out that “the government and the Central Bank are seeking to strengthen and increase the classification of private banks,” indicating “an intention by the banks to engage in correspondence and external transfers.”

https://shafaq.com/ar/اقتصـاد/المالية-تحدد-خطوات-يتعين-اتخاذها-قبل-الغا-نافذة-بيع-العملة-في-العراق

  • Thanks 2
Link to comment
Share on other sites
screwball Grand Master

screwball

Posted
Posted
1 hour ago, rvmydinar said:

Could you provide the link / sources where you actually see the dinar listed eventhough its blury?

You won’t find photo because someone sent it to me, and I have asked my cousin to get another a photo…you won’t find it online yet…it’s probs still on their phone 

  • Upvote 1
Link to comment
Share on other sites
rvmydinar Grand Master

rvmydinar

Posted
Posted
18 minutes ago, screwball said:

You won’t find photo because someone sent it to me, and I have asked my cousin to get another a photo…you won’t find it online yet…it’s probs still on their phone 

 

18 minutes ago, screwball said:

Nope Re read my posts

Thanks for your clarification. I got it. So I just wait for you to post it.

  • Upvote 1
Link to comment
Share on other sites
Longtimelurker Grand Master

Longtimelurker

Posted
Posted
8 minutes ago, Catluver67 said:

Saw this on X this morning. Not anyone I know, so can’t vet it…but seems to be a legit pic. Can zoom in and IQD for sure on it.
 

https://x.com/tommy65979723/status/1781754177351495951?s=46&t=2dLd-mIBxykOsWY3-xgGYw

IMG_9907.png

After zooming in on photo, it does appear to say Iraq (5th one down with white background) and the flag matches iraqs. The bottom one looks to say Vietnam with a matching flag.. 

😳

  • Like 1
  • Upvote 2
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Testing the Rocker Badge!

    Take This Quiz

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.

  I accept