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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

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    Report.. Exemption Of The Governor Of The Central Bank Of Iraq Was At His Request

    rocky
    rocky
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    Report.. Exemption Of The Governor Of The Central Bank Of Iraq Was At His Request Empty Report.. Exemption Of The Governor Of The Central Bank Of Iraq Was At His Request

    Post by rocky Tue 24 Jan 2023, 6:34 am

    Report.. Exemption Of The Governor Of The Central Bank Of Iraq Was At His Request
    Last updated January 24, 2023
    [rtl]The Independent/- Iraqi Prime Minister Muhammad Shia al-Sudani on Monday relieved Central Bank Governor Mustafa Ghaleb Makhaif of his post “at his request,” while Iraqi observers say that the governor was a victim of pressure exerted by pro-Iranian parties and militias that are looking for a mechanism to enable them to continue circumventing On smuggling currency to Iran in light of the sanctions imposed on it.[/rtl]
    [rtl]Observers consider that the dismissed central bank governor is a victim of political calculations that may have Al-Sudanese to put pressure on him and force him to resign, especially since he is affiliated with previous governments that were at odds pushed with the coordination framework that controls and directs the Sudanese government from behind the scenes, noting that Mustafa Ghaleb is frightening. He has been a hardliner on wire transfers between Iran and its allies, and is enthusiastic about implementing US restrictions aimed at bringing the Iraqi banking system into compliance with international money transfer practices.[/rtl]
    [rtl]They pointed out that the dispute over the application of these restrictions prompted these forces to pressure for the dismissal of the governor, and at the same time accuse Washington of being behind the Iraqi dinar crisis.[/rtl]
    [rtl]And the New York Federal Reserve Bank began last November to impose stricter restrictions on international transfers of dollars to Iraqi commercial banks, in a move that American and Iraqi officials said was “aimed at reducing [You must be registered and logged in to see this link.] and the illegal transfer of dollars to Iran and other countries that are subject to severe penalties.”[/rtl]
    [rtl]The fluctuation of the dinar is linked to the start of Iraq's compliance with some standards of the international transfer system (SWIFT), which Iraqi banks have to apply since mid-November to access Iraq's dollar reserves in the United States.[/rtl]
    [rtl]Iraqi banks must now record their “transfers (in dollars) on an electronic platform, check the requests … and the Federal Reserve checks them, and if it has doubts, it stops the transfer,” according to Mazhar Saleh, the advisor to the Iraqi prime minister for financial affairs.[/rtl]
    [rtl]Since the implementation of the restrictions, the Federal Reserve has rejected "80 percent of requests" for financial transfers to Iraqi banks, according to Salih, due to doubts about the final destination of those amounts being transferred.[/rtl]

    [rtl]In the meantime, the Iraqi authorities have taken measures, including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for selling foreign currency in government banks for travel purposes.[/rtl]
    [rtl]On Sunday, Al-Sudani took a number of additional measures in order to limit the decline in the exchange rate, including “opening a new window for selling foreign currency to small merchants through the Iraqi Trade Bank” and “financing the Central Bank of the Iraqi Trade Bank with an additional amount of $500 million for the purpose of opening letters of credit for small merchants.” Merchants, content with the initial invoice and the account number of the last beneficiary of the credit.[/rtl]
    [rtl]Specialists believe that al-Sudanese must choose between leaving matters to the former governor of the Central Bank or the one who was appointed by a proxy, in order to draw financial policies, or for the government to assume tasks and impose its instructions and decisions, but it is not possible to appoint a governor for the bank and then seek to impose instructions on him.[/rtl]
    [rtl]Specialists point out that Al-Sudanese wants to hold the governor of the bank responsible for [You must be registered and logged in to see this link.] crisis , although the matter is related to the policies adopted by the government, and Al-Sudanese had previously pledged to solve the dinar crisis without succeeding in that.[/rtl]
    [rtl]And the official news agency reported, quoting a government source, that Al-Sudani “decided to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post at his request,” and “assigned Ali Mohsen Al-Alaq to run the Central Bank by proxy. ”[/rtl]
    [rtl]Al-Sudani referred the director of the Iraqi Trade Bank, Salem Jawad Al-Jalabi, to retirement, and “assigned Bilal Al-Hamdani to manage the bank in addition to his duties,” according to the official news agency.[/rtl]
    [rtl]Al-Sudanese stressed that the rise in the exchange rate of the dollar at the present time was not a government decision, but rather a mechanism agreed upon between the financial institutions and the central bank to rationalize the process of selling the dollar through the currency sale window.[/rtl]
    [rtl][You must be registered and logged in to see this link.]
    [/rtl]

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