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  1. #1
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    Smile Good news 02-21-2015

    Tomorrow is a new mechanism for buying and selling the dollar

    2/21/2015

    Baghdad Tariq al-Araji

    revealed Governor of the Central Bank of Iraq on the Keywords that on Sunday 22 of this month, will stop work ERA Bank and the adoption of the banking system as being responsible for foreign remittances, pointing to the direct preparation of a study to demonstrate the feasibility of removing zeros in this Almrahlh.oavad relationship, statement singled out the "morning", that "the central bank since I assumed responsibility for the work to bridge the gap in his dealings," noting that "it was the finalization of the new version and leave the old ways, coupled with certain conditions can not remain governor at the central bank, which has the functions and the functions and activities of a large and important for the national economy. "

    Governor of the Central Bank, explained that "It is not true that the central stays busy selling the currency like ATM daily", stressing that "the transition to a new phase is to conduct foreign remittances through the banking system within the mechanism developed for it."

    Keywords added that "All banks reported this mechanism", and as pointed out that "the Central no longer a party to the process of buying and selling the currency," revealed that "on Sunday will be the application of this mechanism."

    And on the project to delete the zeros from the currency stated Keywords that "the project is still there "adding that he" has direct development of a study to demonstrate the feasibility of its application and to ensure the safety of its application procedures ".ofatt that"Central will take enough time in the implementation of this program, "pointing to" develop a plan for steps the project to delete the zeros ". On a related matter, A report issued by the Central Bank of Iraq, "morning" received a copy of it, for it is based on the provisions of the Iraqi Central Bank Act for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against foreign currency through the optimal use of foreign exchange resources to meet the needs of all and not the central occupancy tasks which is at the heart of the work of the banking system and the relevant departments, with a commitment to the requirements of the Anti-Money Laundering Act and the Financing of Terrorism Central decided to new instructions issued in this regard.

    According to the statement, "The Central Bank of Iraq to strengthen banks balances wishing to do so at their correspondents abroad to finance permitted banking operations law and set out in detail in the attached list, according to the appropriate indicators to ensure the stability of the exchange rate and trade finance and other operations. "

    The statement added that "the banks are willing to strengthen their balances dollar deposit the equivalent in Iraqi dinars in their accounts of the type 216 before fifteen days from the date of submission guarantee coverage amounts equal to their requests, to be not less than the amount required for a certain extent decided by the central bank ".albean continued that" the bank submit a written application to the Directorate General of investments which are required to strengthen the tally with its representatives abroad, attach a copy of the entry to strengthen the balance of his account in Iraqi dinars from type 216 equivalent amount to be converted, that served with the request and subsequent reinforcement disclosure shows the details of the amounts used, which was converted to its customers. "He pointed out that the central" applies the principle of "know your customer" for the purpose of legal and banking safety of special procedures Bmstryate and sales of foreign Various applications currency ensure and the observer compliance department of internal control and the unity of money laundering at the bank to play its role in this area and to report any suspicious transaction it. "

    It pointed out that the bank "retains disclose accounts with correspondents showing the account movement and uses of funds transferred by the central bank."

    The statement noted that "the banks are sending statements, details of the amounts transferred in foreign currency by the Central Bank of Iraq and their use to the Directorate General of banking and credit control."
    and that "the sale of the dollar to strengthen the balance abroad for the purposes of all by 1187 dinars per dollar, and the price cash sales shall be 1190 Iraqi dinars per dollar, "pointing out that the work" continues to Ptalimatna own cash sale through the Department of window buying and selling foreign currency, are not required to provide lists of the names of the buyer dollar in cash, and reserves the vendors 'banks and companies' disclosures detailed the names of buyers and documents enhanced so and regulated by the Central Bank of the field. "

    handles the Directorate General of banking and credit control, according to the statement, following up the implementation of banks to the instructions in the event of any irregularities exposed the bank to the sanctions set forth in applicable laws and regulations. "

    Central detect and put a plan with the banks for "capacity building and to create possibilities for expansion in the documentary credits in the banking practice of foreign trade, "null and void" all previous instructions that are inconsistent with these instructions. "

  2. #2
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    I wonder how this will affect Warkas ability to return to the marketplace ?

  3. #3
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    Good question - I'm wondering if the foreign remittance mechanism they're referring to will be driven through all banks in Iraq, or just the two large state banks..
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

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