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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Summer session for the dollar in Iraqi market

    Hkp1
    Hkp1
    Hkp1
    Interacting Investor
    Interacting Investor


    Posts : 3118
    Join date : 2012-12-19
    • Post n°1

    Summer session for the dollar in Iraqi market Empty Summer session for the dollar in Iraqi market

    Post by Hkp1 Sat Dec 29, 2012 7:08 pm

    12/28/2012 (23:00 pm)



    Summer session for the dollar in Iraqi market


    Mahdi al-Rahim

    Hard
    currency, meaning the dollar term trading today in political and
    parliamentary circles and even economic, a Word to the dollar during the
    second world war and thereafter to an Iraq in Sterling, making the
    dollar coupled with the block allocation of dollars to Iraq.

    Now,
    after the opening of the global currency markets and the free
    circulation of various currencies no longer for this named meaning, you
    can convert the sterling to dollars any amount was, as with the euro and
    other currencies, so within minutes.

    These three currencies are
    the world's major currencies trading coupled with the Japanese yen and
    Chinese Yuan, and these all currencies you can get any of them on the
    world market in any quantity, and from this it is clear that the
    description of the dollar currency either shows lack of knowledge with a
    global currency markets where Exchange of regular daily operations
    facilitator, and either indicates the purpose of the same that is trying
    to achieve by bringing such to the dollar as currency.

    As for
    Iraq, in particular, the process is much simpler, since oil sales
    represent the bulk of Iraq's income is entirely in dollars.

    The
    oil sales deposited in Iraqi Government account (DFI) in contrast to the
    extent that received Central Bank provides everything you need the
    Ministry of Finance of the Iraqi dinar from that account to pay the
    salaries of staff members and retirees and pay benefits to local
    contractors and all other government charges that the Government
    deserves the dinar, and the Central Bank either by printing Iraqi dinars
    to the dollar, selling dollars in the domestic market for Iraqi dinar,
    this process is essential to the economic cycle, as the use of only the
    first solution A new printing of dinars to the dollar, will lead to
    inflation, which the Central Bank to reduce it or reduce it,
    particularly that selling dollars in the market absorbs excess cash
    available dinar which thereby reduce inflation thus economic cycle to
    the dollar.

    As to ensure and control the entry of imported goods
    to Iraq for amounts sold by the Central Bank of the dollar to finance
    import it is outside the competence of the Central Bank and not from his
    duties, he is also not for the banks that mediate to buy dollars from
    the Central Bank for its customers and is under the jurisdiction of the
    customs services, which oversees the clearance of goods imported through
    the border and ensure conformity with the import lists and its quality,
    as well as the jurisdiction of tax departments.

    As I mentioned
    in my previous article, published in the journal of range on 20/5/2012
    can control it by limiting import or direction mostly through open
    documentary credits banking account processors located outside Iraq, and
    this leads to receiving bank who opened the count allmstord of shipping
    documents showing that the goods will arrive in Iraq on this ship or by
    land by this carrier and importer outstanding payments to the Bank for
    delivery of shipping documents for output Goods from customs border
    points as Basra if the shipment is by sea and land border points with
    neighboring countries if the shipment has been on the road or air, and
    here comes the role of customs in checking and matching imported
    consignment of health original menus.

    The Bank opens a letter of
    credit buys foreign currency corresponding to the value of the goods
    imported in US dollars from the Central Bank and converts it to send
    abroad to cover the value of the goods, the importer shall pay the
    equivalent amount in Iraqi dinars as the price determined by the Central
    Bank for the dollar, and this simple process can control the economic
    cycle for the dollar and other foreign currencies as well as avoid
    misuse that may have been the process.

    And the CBI has walked in
    the right direction when conservative Minister of that import will be by
    opening documentary credits banking in the future as stated in its
    directives while meeting compliance monitors in banks of 5/11/2012.

    The
    hope is to help the Central Bank succeeds in his plan to rationalize
    imports and the value of those fundamentalist foreign currency
    operations, and other government agencies related to their duties and
    powers according to laws in force.

    Chairman of the Board of Directors of Al-Mansur Investment Bank

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