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Neno's Place Established in 2006 as a Community of Reality


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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


    The Central Bank confirms the ban on cash withdrawals and transactions in dollars starting in 2024

    Rocky
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    • Post n°1

    The Central Bank confirms the ban on cash withdrawals and transactions in dollars starting in 2024 Empty The Central Bank confirms the ban on cash withdrawals and transactions in dollars starting in 2024

    Post by Rocky Thu Oct 05, 2023 8:11 am

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    [size=52]The Central Bank confirms the ban on cash withdrawals and transactions in dollars starting in 2024[/size]
    • Today 14:54




    Information/follow up..
    A senior official at the Central Bank of Iraq said on Thursday that the country will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest effort to limit the misuse of the country’s hard currency reserves.
    Mazen Ahmed, Director General of the Investment and Transfer Department at the Central Bank of Iraq, told Reuters, and the information was reviewed by him, “The aim of the step is to stop the illegal use of about 50 percent of the $10 billion cash amount that Iraq imports annually from the Federal Reserve Bank in New York.” ".
    He added, "People who deposit dollars in banks before the end of 2023 will be able to withdraw money in dollars in 2024. But dollars deposited in 2024 can only be withdrawn in the local currency at the official rate of 1,320 dinars to the dollar." 
    This step comes within the framework of a broader campaign to stop the economy's dependence on the dollar after residents began to prefer the American currency over the dinar. Ended/25S
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    • Post n°2

    The Central Bank confirms the ban on cash withdrawals and transactions in dollars starting in 2024 Empty The Central Bank issues a clarification regarding the ban on cash withdrawals and transactions in do

    Post by Rocky Fri Oct 06, 2023 5:40 am

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    [size=52]The Central Bank issues a clarification regarding the ban on cash withdrawals and transactions in dollars early next year[/size]

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    The Central Bank of Iraq confirmed on Thursday that citizens’ deposits in Iraqi banks in US dollars are a guaranteed right for the citizen.[/size]
    [size=45]The Central Bank stated in a statement that “the statements attributed to the Director General of the Department of Investments and Foreign Transfers, Mazen Sabah Ahmed, at Reuters, included press formulations that the agency reported in an inaccurate form.”[/size]
    [size=45]The statement quoted Ahmed as saying, “The Central Bank guarantees dollar deposits, and the citizen who deposited his money in dollars with any Iraqi bank previously or by 2024 has an inherent right to receive these amounts in cash and in US dollars.”[/size]
    [size=45]He added, “There was no mention in the press interview of expectations that the exchange rate would reach 1,700, and that the Central Bank has its tools that it uses to reduce the difference between the two prices, and there are no indications that the exchange rate in the parallel market will reach this level. On the contrary, there are measures being taken that will contribute to Reducing the difference.”[/size]
    [size=45]He pointed out that “the reforms undertaken by the Central Bank of Iraq aim to achieve compliance of the bank and the banking system in general with international compliance standards, in a way that prevents the dollar from reaching parties prohibited from obtaining it or speculating with it.”[/size]
    [size=45]He pointed out that “the declaration that the date of 1/1/2024 will be the beginning of stopping cash withdrawals includes transfers received only from outside Iraq according to certain arrangements that guarantee business sustainability, and does not in any way include citizens’ balances in US dollars.”[/size]
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      Current date/time is Sat Apr 27, 2024 12:43 pm