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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 Central Bank of Iraq calls on the government to take a mechanism to control currency manipulatio

    Rocky
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    calls - The Central Bank of Iraq calls on the government to take a mechanism to control currency manipulatio Empty The Central Bank of Iraq calls on the government to take a mechanism to control currency manipulatio

    Post by Rocky Thu 20 Jul 2023, 6:45 am

    [size=41]The Central Bank of Iraq calls on the government to take a mechanism to control currency manipulation through smuggling and import[/size]

    [size=45] two hours ago
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    Today, Thursday, the Central Bank of Iraq issued a statement regarding the sanctions imposed on 14 Iraqi banks and depriving them of dealing in dollars, while calling on the government to take a mechanism to control currency manipulation through smuggling and import.
    And the bank stated, in a statement, “In light of the recent media news, depriving some Iraqi banks from dealing in dollars, we would like to clarify:
    1- Preventing Iraqi banks from dealing in dollars came against the background of checking bank transfers for the past year (2022), and before the application of the electronic platform, and before the formation of the current government as well.
    2- Banks that are deprived of dealing in US dollars enjoy complete freedom in dealing in Iraqi dinars with various services within the Iraqi banking system, in addition to their right to deal internationally in currencies other than the US dollar.

    3- The application of the electronic platform for external transfers ensures the safety and accuracy of transfer transactions from all aspects, in accordance with international standards and practices, and the law against money laundering and terrorist financing. those parties, and with an accredited international auditor.
    4- What the Central Bank of Iraq has achieved in expanding transfer channels and approved correspondent banks makes transfers available and secure, and that the number of local banks that do this is able to cover all transfer requests, with the ability of the Central Bank of Iraq to cover them without restrictions or ceilings, as long as they are It involves legitimate operations, bearing in mind that dollar-denominated banks’ requests constitute only 8% of total external transfers.
    5- The announced exchange rate in the market is based on cash dollars granted by the Central Bank of Iraq to cover citizens’ requests for travel and others, and because of the citizen’s need for the national currency, some merchants and others withdraw dollars for trade or other purposes, away from the platform and away from the fundamentalist transfer contexts. This leads to an increase in the exchange rate on the black market, which is not a parallel market, as long as the source of the dollar is the central bank and not from within the market.
    And the bank continued: “In order to address this phenomenon, we call on the government to establish a mechanism to link imports, and evidence of the existence of a fundamental financial transfer corresponding to its value in order to prevent the use of illegal means to pay its values ​​that constitute unjustified pressure on the cash dollar, and on the other hand helps in controlling operations Manipulation and smuggling of imports.
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