The Central Bank cancels letters of guarantee to exchange companies

by **Rocky** Wed 03 Jan 2018, 8:10 am

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Post n°1

The Central Bank cancels letters of guarantee to exchange companies

by Rocky Wed 03 Jan 2018, 8:10 am

The Central Bank cancels letters of guarantee to exchange companies

The Central Bank of Iraq, the companies to mediate the sale and purchase of foreign currency need to deposit 100 million dinars instead of the letter of guarantee in its dealings with the Central Bank.

According to a document issued by the Central Bank and obtained by "Economy News", "The Central Bank decided on the basis of the decision of the Board of Directors of exchange companies to deposit a hundred million dinars in the insurance account with the Central Bank instead of providing letters of guarantee."

"The payment will be by notice of the payment system ( RTGS) of thesame amount from the bank account with which these companies are working for the central bank," the document said.

The document stated that the decision obligates the companies to complete this decision, ie the deposit of 100 million dinars at the end of January.

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by weslin3 Wed 03 Jan 2018, 8:15 am

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Post n°2

Re: The Central Bank cancels letters of guarantee to exchange companies

by weslin3 Wed 03 Jan 2018, 8:15 am

The payment will be by notice of the payment system ( RTGS)

RTGS in action...

by Lobo Wed 03 Jan 2018, 11:08 am

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Post n°3

Re: The Central Bank cancels letters of guarantee to exchange companies

by Lobo Wed 03 Jan 2018, 11:08 am

Real-time gross settlement
From Wikipedia, the free encyclopedia

Real-time gross settlement are specialist funds transfer systems where the transfer of money or securities[1] takes place from one bank to another on a "real time" and on a "gross" basis. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on one-to-one basis without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable.

RTGS systems are typically used for high-value transactions that require and receive immediate clearing. In some countries the RTGS systems may be the only way to get same day cleared funds and so may be used when payments need to be settled urgently. However, most regular payments would not use a RTGS system, but instead would use a national payment system or network that allows participants to batch and net payments. RTGS payments typically incur higher transaction costs and usually operated by a country's central bank.
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by ron-man Wed 03 Jan 2018, 11:15 am

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Post n°4

Re: The Central Bank cancels letters of guarantee to exchange companies

by ron-man Wed 03 Jan 2018, 11:15 am

Thanks for the explanation.

by **Rocky** Thu 04 Jan 2018, 2:38 am

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Post n°5

Central Bank obliges exchange companies to deposit 100 million dinars

by Rocky Thu 04 Jan 2018, 2:38 am

[size=30]Central Bank obliges exchange companies to deposit 100 million dinars[/size]

04/01/2018 11:17 | Number of readings: 1

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Trend Press / Baghdad

The Board of Directors of the Central Bank of Iraq, "obligating exchange companies to deposit 100 million dinars in their accounts with the bank instead of providing letters of guarantee."

The Central Bank said in a press statement received by "Trend Press" on Thursday, that "payment will be by notice of the payment system ( RTGS ) of the same amount from the bank account with those companies for the Central Bank."

The Central Bank stressed that "the decision obligates companies to complete the deposit of 100 million dinars at the end of January."

The Central Bank of Iraq sales of foreign currency, during an auction on Wednesday, to 135.46 million dollars, compared to the sale of 142.43 million dollars on Tuesday auction, down 6.97 million dollars.

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by **Rocky** Thu 04 Jan 2018, 4:36 am

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Post n°6

Iraqi Central Bank obliges banking companies to deposit 100 million Iraqi dinars

by Rocky Thu 04 Jan 2018, 4:36 am

Iraqi Central Bank obliges banking companies to deposit 100 million Iraqi dinars
Economie
Since 2018-01-04 at 12:03 (Baghdad time)
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Baghdad Mawazine News
The Board of Directors of the Central Bank of Iraq, "obligating exchange companies to deposit 100 million dinars in their accounts with the bank instead of providing letters of guarantee."
The central bank said in a press release that the payment would be through the payment system notice (RTGS) of the same amount from the bank account with which these companies are working for the Central Bank.
The Central Bank stressed that "the decision obligates companies to complete the deposit of 100 million dinars at the end of January."
The Central Bank of Iraq sales of foreign currency, during an auction on Wednesday, to 135.46 million dollars, compared to the sale of 142.43 million dollars on Tuesday auction, down 6.97 million dollars.
is over

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