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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 clarifies the mechanism for compensating citizens when buying dollars higher than t

    Rocky
    Rocky
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    The Central Bank clarifies the mechanism for compensating citizens when buying dollars higher than t Empty The Central Bank clarifies the mechanism for compensating citizens when buying dollars higher than t

    Post by Rocky Wed 26 Jul 2023, 7:17 am

    [size=30]The Central Bank clarifies the mechanism for compensating citizens when buying dollars higher than the official rate
    [ltr]2023.07.26 - 13:13[/ltr]
    [/size]
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    Baghdad - Nas  
    The Central Bank of Iraq clarified, on Wednesday, the contents of the meeting of Prime Minister Muhammad Shiaa al-Sudani, with his governor, Ali Al-Alaq, and bank officials, and between the mechanism for compensating citizens when purchasing dollars higher than the official price, commenting on the entry of companies to the platform for selling dollars in the names of citizens.  
      
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    In a statement to the official agency, followed by "NAS", (July 26, 2023), the Deputy Director of the Investment Department at the Central Bank, Muhammad Yunus, said, "The prime minister's recent meeting with the governor and officials at the Central Bank came with the aim of simplifying and facilitating the procedures for the trade financing process and creating an atmosphere of confidence and safety for all merchants and importers that financing their trade takes place without any problems and without the need to go to the black market."  
      
    Yunus added, "The meeting focused on a set of steps, including facilitating trade for small merchants by going directly to the banking sector without the need to establish a company."  
      
    He continued, "It also focused on the issue of investment complexes and the need to receive in Iraqi dinars, in addition to simplifying tax procedures and accounting for exchange companies that sell more than the official price and deducting the difference from exchange companies by the Central Bank of Iraq."  
      
    He pointed out that "the procedures for establishing a company under the current government have made it much easier for medium and large companies. As for a small or simple company, it is the easiest type of company through an incorporation contract for three people who can establish this company."  
      
    He pointed out that "there is a slow process of registering these companies, as their number is still very few, and therefore the last decision was issued to allow merchants and individuals to enter the banking system without the need to establish companies, as the merchant was not required to take many procedures, whether an official invoice or the account of the final beneficiary to whom the amounts go and can go to the bank account of any bank whose trade is financed without going to the black market."  
      
    He pointed out that "the section on buying assets and real estate abroad was limited to banks that have accounts in Citibank. Currently, the purchase of real estate by citizens wishing to buy real estate from abroad takes place through these banks, which are 5 banks (Iraqi Trade Bank, Al-Ahly Bank, Al-Mansour, Baghdad, and Abu Dhabi Islamic."  
      
    Regarding the mechanism of compensating the citizen when buying dollars higher than the official rate, he explained that "when the citizen buys at a price more than the official exchange rate from the exchange companies, he presents evidence of this and it is possible through the awareness department or submitting a complaint to the central bank, and thus the company is addressed and inquired from, and the difference is deducted from the company's balance in the central bank and delivered to the citizen."  
      
    Regarding companies entering the platform for selling dollars in the names of citizens, he stressed that "there are strict procedures and we prevented many companies from entering the platform, in addition to the large financial penalties," pointing out that "the Central Bank is continuing to develop this platform to limit these operations and end the current problem of entering the names of citizens by switching to biometric and other procedures to ensure that citizens' passports are not used in the process of buying dollars."  
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