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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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    THE INVESTMENT AUTHORITY CLARIFIES THE MECHANISMS USED IN THE FINANCIAL SETTLEMENTS OF RESIDENTIAL P

    Rocky
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    THE INVESTMENT AUTHORITY CLARIFIES THE MECHANISMS USED IN THE FINANCIAL SETTLEMENTS OF RESIDENTIAL P Empty THE INVESTMENT AUTHORITY CLARIFIES THE MECHANISMS USED IN THE FINANCIAL SETTLEMENTS OF RESIDENTIAL P

    Post by Rocky Thu 09 Feb 2023, 10:50 am

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    Iraq

    [size=38]THE INVESTMENT AUTHORITY CLARIFIES THE MECHANISMS USED IN THE FINANCIAL SETTLEMENTS OF RESIDENTIAL PROJECTS[/size]


    Thursday, February 9, 2023 6:45 pm

    Baghdad / The National News Center
    Today, Thursday, the National Investment Commission clarified the mechanisms used in financial settlements for housing projects in Baghdad and the provinces.
    The Commission stated in a statement received by the National News Center that “it is no secret to everyone that the Iraqi economy and market is witnessing in all sectors of the instability of the dollar exchange rate and the confusion that this reflects in the implementation of decisions issued by the ministries and state institutions that support the measures of the government and the Central Bank of Iraq to protect the national currency.”
    The statement added, “With regard to investment companies contracting with the National Investment Commission and investment commissions in the governorates, and the commission’s procedures in this regard, we would like to state the following: In compliance with the directives of the General Secretariat of the Council of Ministers for all investment companies specialized in building residential complexes, a number of investment companies have begun to open a private banking window.” The financial transactions of its projects with a number of banks, in coordination with the Central Bank of Iraq, with a mechanism that includes the registrant on the project paying his financial dues to that bank in Iraqi dinars, provided that the bank transfers them to the project management in dollars, and so that the registrar does not burden the project with additional financial burdens.
    The statement stated that “the commission monitored, through its concerned departments, projects that violate the instructions, and sent official and binding letters to the investment commissions issued by them, authorizing those projects to urge them to adhere to the instructions, and that continuing the violation exposes those companies to legal penalties according to the content of our letter No. 1382 on 7/2/2023 (a copy of the letters The commission is referred to the investment commissions in the governorates) and in the event of the existence of violating companies, which requires informing the commission to take legal measures against it.
    The statement indicated that “the branches of government banks funded for housing projects that have obtained investment licenses from the National Investment Commission, including the Bismayah City project, are fully committed to collecting the installments from citizens on units sold, allocated, and whose transactions have ended by the Commission before the date of issuance of the book of the Ministerial Council of Economy according to the old exchange rate.” amounting to 1200 dinars for one dollar, and for units sold after the date of issuance of the book of the Ministerial Council for the Economy, it is done according to the official dollar price according to the bulletin issued by the Central Bank of Iraq for the circulars issued by the Commission on the dates (1/3/2022, 10/8/2022, 17/1 / 2023) The publication is copies of it.
    He stressed that “housing projects funded by branches of private banks and private sector companies are obligated to adopt the exchange rate of the Iraqi dinar approved by the Central Bank of Iraq, according to circulars issued by the General Secretariat of the Council of Ministers and the National Investment Commission.”
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