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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


    Fear of "creating new speculators" after a Central Bank action related to the import of foreign exch

    Rocky
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    • Post n°1

    Fear of "creating new speculators" after a Central Bank action related to the import of foreign exch Empty Fear of "creating new speculators" after a Central Bank action related to the import of foreign exch

    Post by Rocky Thu 09 Nov 2023, 4:25 am

    Fear of "creating new speculators" after a Central Bank action related to the import of foreign exchange
    [You must be registered and logged in to see this link.] |Today
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    Baghdad today - Baghdad 
    The decision of the Central Bank of Iraq to allow the import of foreign exchange from abroad raised many concerns, the most important of which is “creating new speculators,” according to economic expert Nabil Al-Marsoumi.
    Al-Marsoumi wrote, today, Thursday (November 9, 2023), in a blog post followed by “Baghdad Today” that, “Under this procedure, any entity or institution that receives remittances from outside Iraq can abandon receiving remittances in Iraqi dinars and at the official rate, which is equivalent to 1,320 dinars per dollar.” He shipped its money in foreign currency by air, paid the cost of transportation and insurance, and then received it when it arrived in Iraq.”
    He pointed out that "this measure is linked to the scarcity of foreign currencies in the Central Bank of Iraq and its inability to disburse remittance amounts in dollars, especially in light of the stranglehold exercised by the US Federal Bank for clear political reasons."
    He pointed out that "there are fears that this will lead to the creation of new speculators who will enter the US dollar and then sell it at the parallel price to benefit from the large difference between the official and parallel prices of the dollar and then buy back the dollar at the official price through the platform!!." 
    Al-Marsoumi explained, “This measure raises big question marks about the source of the money transferred from abroad? Is it from private banks’ money and their wealth abroad? Or through financing through the platform??” 
    On Wednesday (November 8, 2023), the Central Bank of Iraq set the conditions for importing foreign exchange from outside the country. 
    In its notification to all licensed banks, the Central Bank obligated, according to a document that “Baghdad Today” obtained a copy of, the following:
    1 - The amounts will be used for the purposes of meeting customer requests from duly registered companies, organizations and bodies, and individuals working for foreign companies or institutions who receive mobile phones from outside Iraq.
    2- Submit a request to the Central Bank of Iraq (Banking Control Department) that includes the quantity required to be entered from the shipment details.
    3- Funds must be entered exclusively through air ports.
    4- Commitment to register the serial numbers of these shipments and provide the Banking Control Department with them and the data of their recipients later.
    5- Providing the Central Bank with the name of the foreign shipping company along with a copy of the license granted to it in its country.
    The Central Bank confirmed that it continues to provide foreign currency to meet customer requests, in accordance with instructions and controls in this regard.
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