View Full Version : Central Bank: start applying the new system of remittances and sell currency

02-25-2015, 08:03 PM
Central Bank: start applying the new system of remittances and sell currency
Wednesday, February 25, 2015 13:03

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Central Bank announced to start applying the new system of remittances and sell the currency.

According to a brief statement of the bank received by all of Iraq [where] a copy of which was "no truth to the news stop selling the dollar operations."

He was placed source at the Central Bank of Iraq, said to [where] on Tuesday, "The cover need banking offices, community and government banks of currencies will be by remittances only,"adding that "this decision is not contrary to what was stated by the budget bill for 2015 Select the auction amounts to 75 million dollars. "

The source indicated that "the move is part of the Bank's policy to maintain the stability of the Iraqi dinar exchange rate against the dollar has been preceded by a step to reduce the volume of sales in the auction."

The Central Bank of Iraq sells in previous years, sums up to billions of dollars a month, but decreased significantly in the past few weeks where he sold more than $ 2.8 billion in the month of January last.

It is said that the bank was selling the dollar on the price of 1166 Iraqi dinars to the dollar, which is sold in markets and banking offices at about 1220 dinars a difference of 54 dinars.

It was expected by the bank's decision to drop the sales of the dollar in the auction for this year,according to the law of the state budget, which began in Parliament on 29 January last, and ratified by the Presidency of the Republic in 10 of this February.

The Act provided that "the central bank is committed to identifying sales of hard currency [dollar] in the daily auction ceiling does not exceed $ 75 million a day with the exercise of justice in the sales process, and calls for the participant bank in the auction provide goods enter documents and statements of tax settling accounts and input Alkmarki within 30 days of the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the Atar.

02-25-2015, 08:18 PM
Relevant ?? Perhaps ...

More ... http://uatoday.tv/news/reuters-ukrai...28-411669.html (http://uatoday.tv/news/reuters-ukraine-stops-banks-buying-foreign-currency-for-clients-until-feb-28-411669.html)

Ukraine steps up hard currency controls to support hryvnia
Ukraine's central bank stepped up controls on banks' access to foreign currency on Wednesday to try to stem the collapse of the hryvnia, preventing them from buying any for clients this week and limiting what they could buy for themselves.
The bank said in a statement that banks would not be able to buy foreign currency for clients "until 27 February 2015 inclusive" and that banks would only be allowed to buy foreign currency up to 0.5 percent of their regulatory capital.
Ukraine has scrambled to introduce restrictions on foreign currency purchases to try to stop a fall in the hryvnia, which has plunged about 13 percent over the last two days as an already fragile ceasefire in its east has all but unravelled.
Ukraine's budget is stretched by fighting against pro-Russian rebels in two of its eastern regions and, with only .42 billion in its foreign exchange reserves, the central bank has few tools left to try to stop the currency's collapse.
Full story (http://www.reuters.com/article/2015/02/25/ukraine-crisis-banks-idUSL5N0VZ16R20150225)