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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 explains its new system with its three dimensions to avoid financial risks

    Rocky
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    The Central Bank explains its new system with its three dimensions to avoid financial risks Empty The Central Bank explains its new system with its three dimensions to avoid financial risks

    Post by Rocky Thu 03 Aug 2023, 7:03 am

    [size=30]The Central Bank explains its new system with its three dimensions to avoid financial risks
    [ltr]2023.08.03 - 14:09[/ltr]
    [/size]
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    Baghdad - Nas  
    On Thursday, the Central Bank of Iraq clarified its new system, with its three dimensions, to limit any practices that would expose Iraq, its banking sector, and its financial institutions to risks.  
      
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    And the bank stated in a statement that “NAS” received a copy of it, (August 3, 2023), that “the source of the US dollar circulating in the local markets is the Central Bank of Iraq, which offers it through banks, exchange and mediation companies, at the official rate set (1320) dinars for one dollar, and based on Therefore, what is called (the parallel market) has no reality.    
      
    And he continued, “As this description is given when the market has its own sources of foreign currency, through private sector exports, local tourism, remittances from residents abroad and others, as is the case in other countries, and then the role of the central bank is to work to achieve balance in the exchange rate, So he is a seller or buyer of foreign currency in the market, while in Iraq, the main source of foreign currency is the central bank,” pointing out that “the exchange market in which the dollar is traded is a speculative market in a currency with a fixed price and purposes, and it is illegal trading, and it cannot be legitimized.” , or announcing exchange rates fabricated by speculators, and the competent authorities should stop platforms and websites that announce exchange rates for a fixed-price currency, obligating the Central Bank of Iraq to trade it at its established price, as long as it is its only source.    
      
    And he stated, “In order to achieve the goal of controlling the movement of funds and foreign trade, and in implementation of the law against money laundering and financing of terrorism, and in order to enhance the application of international standards, the new system is based on the implementation of all foreign transfers and documentary credits through the electronic platform, in which all operations are pre-checked from all aspects.” All, and verifying the final beneficiary, which protects the banking sector, non-bank financial institutions and all parties to those operations from the risks they face locally and internationally,” explaining that “the electronic platform allows all legitimate transfers to be made without limits or restrictions, and the Central Bank does not set ceilings for licensed banks.” In fact, it depends on the bank's ability to attract customers, the correctness and accuracy of operations, and the number of its accredited correspondents abroad.    
      
    And he indicated that "the implementation of personal transfers abroad, such as wages for studies, treatment, purchase of personal needs, remittances of residents, pensions for residents abroad and others, through international money transfer companies, such as (Western Union and Money Gram), and citizens are also allowed to use electronic payment cards to be used in the purchase of goods." And services abroad, and all those operations and others are covered by the Central Bank at the official established exchange rate.    
      
     And he stated, “Providing cash dollars for travelers at the official rate set, will be through banks, exchange and mediation companies, and these operations are carried out through an electronic platform to verify the safety of operations, and the correct use of those amounts for traveling citizens, and that platform is currently being developed to tighten verification procedures and limit its use for the purpose.” specified and at the prescribed price.    
      
    He pointed out, "The electronic platform will limit any practices that would expose Iraq and its banking sector and financial institutions to risks, and by providing these channels and opening them for legitimate purposes, it makes dealing in dollars outside it an illegal practice subject to legal accountability towards the parties involved in its practice, as no one has the right to A party or person trading in dollars issued by the Central Bank, and its circulation and trading outside the licensed authorities is a prohibited activity according to the law.    
      
    The statement noted, “Banking Law No. (94) of 2004 in Article (3) stipulates that no person has the right to engage in the business of receiving deposits, or other funds payable from the public, without obtaining a license or permit issued by the Central Bank.” Al-Iraqi," pointing out that "the application of the system of foreign transfers, documentary credits, and cash sale of foreign currency involves achieving economic, control and legal goals, including strengthening anti-money laundering and terrorist financing measures, staving off the risks of local and international sanctions on all relevant parties, and introducing Iraq's imports within channels." It ensures the safety and transparency of operations, and provides important databases and information for planning, organizing and control purposes, as well as generating additional revenues for the state by subjecting all imports to comprehensive registration procedures for their details, and the resulting fees.”    
      
    And he added, "The system will work to gain the trust of accredited international banks, which will expand the network of relations between the local and foreign banking sector, and increase the number of Iraqi bank correspondents, in addition to closing illegal external transfer outlets, besieging the proceeds of crime and corruption, and preventing them from finding a way to escape abroad." In addition to not charging imported goods the exchange rate difference resulting from paying a higher price when buying it at the unofficial price on the black market, which leads to higher prices and a negative impact on the purchasing power of citizens.    
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