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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


    A reading of the Central Bank’s decision to allow “importing the dollar”... What does it mean and ho

    Rocky
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    • Post n°1

    A reading of the Central Bank’s decision to allow “importing the dollar”... What does it mean and ho Empty A reading of the Central Bank’s decision to allow “importing the dollar”... What does it mean and ho

    Post by Rocky Thu Nov 09, 2023 4:58 pm

    A reading of the Central Bank’s decision to allow “importing the dollar”... What does it mean and how?
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    Baghdad today - Baghdad
    The instructions issued by the Central Bank of Iraq yesterday, Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.
    The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.
    To view  the decision  [You must be registered and logged in to see this link.]
    On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.
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    [size=30]A package of questions[/size]
    On the other hand, observers and specialists raised a number of questions about the Central Bank’s decision, about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and thus The central bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity.
    Among the other questions that were raised: In what currency will Iraqi banks buy or import the dollar from banks outside the country? Is it in the Iraqi dinar? Or in other currencies? Is it basically correct for the Iraqi dinar to be circulated outside the country, which will lead to a reduction in the monetary supply inside the country?
    If the dollar will be purchased in other currencies, where will these banks obtain the other currencies? How is the dollar priced by other banks? This means how much will the dollar be worth when purchased from abroad and when transferred to Iraq? Will its cost be lower or higher than the official price?
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