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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: Stability of the exchange rate requires changes in the Iraqi commercial system

    Rocky
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    Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system Empty Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system

    Post by Rocky Sat 21 Oct 2023, 5:06 am

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    Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system
    • Time: 10/21/2023 11:44:56
       
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    {Economic: Al-Furat News} Central Bank Governor Ali Al-Alaq considered, on Saturday, the process of stabilizing the exchange rate of the dinar against the dollar as a “major process” that requires changes to the Iraqi commercial system and financial transfers outside the country.
    This came in his speech during the first annual banking conference hosted by the city of Erbil under the slogan “The banking sector, opportunities for advancement and the future of international companies,” in its first edition.
    Al-Alaq said in his speech, “The rules stipulated in the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2018 must be consolidated, and international practices and standards must be applied in a way that preserves the safety of the financial system from local and international risks and procedures, and in a way that ensures the transparency and integrity of financial operations.”
    He added, "We emphasize once again that these rules are what preserve the integrity of the financial system and even protect Iraq from serious risks, and what is related to this matter is the relationship between the application of these rules and standards and the process of external transfer and the sale of the dollar in various forms."
    Al-Alaq added, “There is a close relationship between establishing these standards and the smooth flow of transfer operations, and maintaining the stability of the exchange rate. To the extent of this commitment, we can determine monetary stability and exchange rate stability, which is a major process that requires making many changes and reorganizing the commercial system in Iraq.” , and the external transfer system and what is related to that,” noting that the Central Bank “is going through this process in daily details until it leads us to the right and correct path, and every day it opens a new channel to facilitate and accelerate this process.”
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    Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system Empty The Governor of the Central Bank sets criteria to achieve exchange rate stability

    Post by Rocky Sat 21 Oct 2023, 9:03 am

    [size=36]The Governor of the Central Bank sets criteria to achieve exchange rate stability[/size]

    Political | 02:51 - 10/21/2023

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    Baghdad - Mawazine News
    The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, the progress of several measures to move to the digital economy in direct coordination with Prime Minister Muhammad Shiaa Al-Sudani, while pointing to standards that maintain the stability of the exchange rate.
    Al-Alaq said, in his speech during the first banking conference of the Central Bank of Iraq, that “the conference is being held within the framework of continuing efforts to strengthen the banking sector to achieve a stable, safe and effective financial system in light of the rapid changes, developments and challenges that the world is witnessing in the transformations of the structure, financial systems and work rules and the accompanying changes.” Significant progress in the use of financial technologies.”
    He added, "Following developments to arrange priorities in the infrastructure of financial systems and business rules is the strategic goal to employ this experience in the right and safe directions and to study the risks associated with it."
    He continued, "This is done through: consolidating the compliance rules stipulated in the Anti-Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2015, and applying international practices and standards in a way that preserves the integrity of the financial system from local and international risks and procedures, and in a way that ensures the transparency and integrity of financial operations, as well as the transition... From cash economy to digital economy.
    He pointed out that "these rules are what preserve the integrity of the financial system, and even protect Iraq from serious risks," noting that there is "a close relationship between the application of these standards and the smooth flow of transfer operations and maintaining the stability of the exchange rate."
    He noted that "the phenomenon of the monetary economy constitutes a major obstacle to the optimal employment of cash and the development and stimulation of the economy, and a major challenge to achieving the objectives of monetary policy in achieving monetary stability. It also weakens control and oversight of the movement of funds and increases the risks of financial crimes and illicit practices."
    He stressed that "many measures are being worked on regarding the transition to the digital economy, in direct and continuous coordination between the government represented by Prime Minister Muhammad Shiaa Al-Sudani personally, the Central Bank, and the relevant authorities."
    This Saturday morning, the first banking conference of the Central Bank of Iraq began in Erbil Governorate. Ended 29/h
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    wciappetta
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    Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system Empty Re: Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system

    Post by wciappetta Sat 21 Oct 2023, 11:14 am

    [ltr]He is talking about moving commerce trading to the Forex. The foreign exchange is the only market worldwide that functions 24 hours a day for 5.5 days every week. I've included a link below so you can familiarize with the process if you're curious. 
    The CBI gov imo is beginning to educate the public without putting too fine a point on the coming process of change to the Iraqi financial system. We know the next step is the revealing of the lower denomination as part of this transition to the global market. The dollar auctions will shortly cease and that transition of the CBI as an intermediary is already happening. The CBI told us that 60% of the remittances are already bank to bank with an international third party overseeing the activity. The CBI intends to back out of it fully by 2024 and we assume the beginning. The process started in January 2023 with SWIFT and will soon conclude with revaluing the currency. Rest assured changes are coming and he's saying exactly that.
    [/ltr]


    [ltr]Al-Alaq: The stability of the exchange rate is a major process that requires changes in the trade system and external transfer in Iraq[/ltr]
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    [ltr]Central Bank Of Iraq[/ltr]
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    [ltr]2023-10-21 04:02[/ltr]


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    [ltr]Shafaq News / Central Bank Governor Ali Al-Alaq said on Saturday that the process of stabilizing the exchange rate of the dinar against the dollar is a "big process" that requires changes in the Iraqi trade system and financial transfer outside the country.[/ltr]





    [ltr]This came in a speech during the first annual banking conference hosted by the city of Erbil under the slogan "The banking sector: opportunities for advancement and the future of international companies" in its first edition.[/ltr]





    [ltr]In his speech, Al-Alaq said that "the rules stipulated in the Anti-Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2018 must be consolidated, and international practices and standards must be applied in a way that preserves the integrity of the financial system from local and international risks and procedures, and in a way that ensures transparency and safety of financial operations."[/ltr]





    [ltr]"We reaffirm that these rules are what preserve the integrity of the financial system and even Iraq from serious risks, and the relationship between the application of these rules and standards and the process of external transfer and the sale of dollars in various forms," he said.[/ltr]





    [ltr]Al-Alaq added that "there is a close relationship between the consolidation of these standards and the flow of transfer operations, and maintaining the stability of the exchange rate, as much as this commitment we can determine monetary stability, and the stability of the exchange rate, which is a large process that requires a lot of changes and reorganization of the trade system in Iraq, the external transfer system and what is related to that," noting that the Central Bank "goes through this process in daily details until it gets us to the right and correct path and opens every day a new channel to facilitate and speed up this process."[/ltr]



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    Screwball
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    Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system Empty Re: Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system

    Post by Screwball Sat 21 Oct 2023, 7:04 pm

    100%

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