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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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    Al-Alaq announces that internal commercial transactions will be limited to the Iraqi dinar in 2024

    Rocky
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    • Post n°1

    Al-Alaq announces that internal commercial transactions will be limited to the Iraqi dinar in 2024 Empty Al-Alaq announces that internal commercial transactions will be limited to the Iraqi dinar in 2024

    Post by Rocky Mon 25 Sep 2023, 11:59 am

    Al-Alaq announces that internal commercial transactions will be limited to the Iraqi dinar in 2024
    • Time: 09/24/2023 17:49:17
       
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    {Economic: Al-Furat News} The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, announced today, Sunday, that the bank will proceed to dispense with external transfers “next year” and that banks licensed in Iraq will rely on correspondent banks in external transfer operations.
    A useful summary of important news can be found on the Al-Furat News channel on Telegram. [You must be registered and logged in to see this link.]
    Al-Alaq said, according to a statement from his office, a copy of which {Al-Furat News} received: “Remittances via correspondent banks reached 60% of the total transfers (outside the electronic platform of the Central Bank), while the implementation rate of verified transfers reached more than 95%.” "," he explained, "This came after an agreement between the Central Bank of Iraq and the US Federal Bank, similar to countries around the world, where central banks do not perform executive duties, and their role is focused on supervision and control."
    Al-Alaq confirmed, during the meeting with the heads of the boards and authorized directors of the banks licensed in Iraq, that “the Central Bank’s endeavor to open direct channels of communication for Iraqi banks with their foreign counterparts in correspondence, commercial exchange, etc. came in intensive stages, while what is currently underway is opening transfer channels in various currencies, including (UAE Dirham, Turkish Lira, Indian Rupee, Euro).”
    He stressed that "the coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar, except for those delivered to travelers," noting that "the entry of most merchants into official transfer channels and the provision of the dollar at a price of (1,320) dinars was a direct reason for the control." At the general level of prices and the low rate of inflation, which is a basic indicator of the effectiveness of monetary policy, and that the black market price is not suitable as an “indicator” as it relates to the cash dollar for non-fundamental operations, and is not intended for the purposes of legitimate trade.”
    Al-Alaq pointed out that “the new system of external transfer and sale of the dollar provides protection from risks for all parties to the operations, enjoys international acceptance and praise, is consistent with the law on combating money laundering and the financing of terrorism, and achieves an important initiative for direct relations between Iraqi banks and accredited international banks.”
    The statement continued, “The meeting reviewed the mechanism for establishing “Riyadah Bank” and the societal importance that the bank will be based on, especially since it is consistent with the directives and vision of the Prime Minister. Discussions were raised on this topic, including the banks’ contributions to establishing “Riyadah” and the work mechanisms of this bank, which will be A window for those wishing to open small production and commercial projects that contribute to developing the local economy and reducing the unemployment rate with direct support from the Central Bank.”
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