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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


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    Sudanese advisor: Central Bank reserves are subject to guidelines regarding diversification between

    Rocky
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    • Post n°1

    Sudanese advisor: Central Bank reserves are subject to guidelines regarding diversification between Empty Sudanese advisor: Central Bank reserves are subject to guidelines regarding diversification between

    Post by Rocky Wed Feb 22, 2023 10:16 am

    Sudanese advisor: Central Bank reserves are subject to guidelines regarding diversification between currencies

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    Economy News - Baghdad
    The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Wednesday, that the reserves of the Central Bank are subject to the guidelines regarding the issue of diversifying them between currencies.
    Saleh said in an interview with "Al-Iqtisad News", "The dinar was not fixedly linked except to the United States dollar, but the central bank's reserves are subject to guiding evidence in the matter of diversifying them between currencies."
    He added, "One of the components of diversification is the Chinese yuan, which helps finance direct trade between Iraq and China in the yuan currency or in the currency of the dollar itself, as there is no difference in terms of the value of import payments, and this is what was stipulated in the second package of external transfer instructions launched by the Central Bank of Iraq." Today morning".
    It is noteworthy that the Central Bank of Iraq announced, earlier today, Wednesday, the second package of facilities to obtain foreign currency.
    In addition to what was announced in the first package of facilities provided by the Central Bank to achieve stability in exchange rates, the second package will include the following:
    1- The financing of foreign trade will be organized directly from China and in the Chinese yuan currency, through two options:
    A) The first option: strengthening the balances of Iraqi banks that have accounts with Chinese banks in the Chinese Yuan currency. 
    b) The second option: strengthening the balances of Iraqi banks through the accounts of the central bank to the final beneficiary in the Chinese yuan currency through our accounts with the Bank (JP Morgan) and the Development Bank in Singapore.
    2- Facilities for financial transfers to the United States and Europe will be provided by the same mechanism later.
    3- The documents required for submission for the aforementioned external financial transfers will be: a commercial list (invoice) only, or initial documentary credit, provided that the customer later provides the bank with proof of entry of the goods.
    4- Detailed instructions will be issued that include the aforementioned.
    5- Organizing financial settlements for agents of money transfer companies (Western Union and MoneyGram) through Class A exchange companies through an Iraqi bank with one settlement account for all those companies. 
    6- Citizens can transfer the amounts allowed to be transferred up to a maximum of (7,500) dollars per month through the agents of money transfer companies (Western Union and Money Gram) at the official rate (1320) dinars / dollars, and the Central Bank strengthens the accounts of these agents through a window Buying and selling foreign currency.
    7- A table will be published containing the names of authorized agents and their locations, and citizens who wish to transfer personal amounts for various uses (such as family subsidies or simple commercial uses) will be able to go directly to these agents (banks, exchange companies, or any other entities licensed by the Central Bank or It will be licensed later), for transfer at an exchange rate of (1320) dinars / dollars.
    8- New uses will be added for the sale of cash dollars, which contributes to expanding the sale base for citizens to facilitate the payment of their obligations in US dollars, and in a manner that does not contradict our generalizations, and the directives issued by the government previously in this regard.
    9- Allowing government and private banks and exchange companies of categories A and B to expand outlets for selling dollar cash in any of their branches, provided that this is exclusively through the FITR platform, while notifying us of the need to increase and diversify the geographical distribution of these outlets.
     

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    Added 02/22/2023 - 4:12 PM
    Updated 2023/02/22 - 5:15 PM
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    Bama Diva
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    • Post n°2

    Sudanese advisor: Central Bank reserves are subject to guidelines regarding diversification between Empty Re: Sudanese advisor: Central Bank reserves are subject to guidelines regarding diversification between

    Post by Bama Diva Wed Feb 22, 2023 11:18 am

    “ The documents required for submission for the aforementioned external financial transfers will be: a commercial list (invoice) only, or initial documentary credit, provided that the customer later provides the bank with proof of entry of the goods.”

    CBI has definitely put in place (due to USA & IMF pressure imo) mechanisms to stop money laundering. According to this article, every transaction with other countries must go through a legitimate company that can verify and track legitimate transaction.
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