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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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    The Central Bank achieves a new step in the right direction to regulate foreign trade

    Rocky
    Rocky
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    The Central Bank achieves a new step in the right direction to regulate foreign trade Empty The Central Bank achieves a new step in the right direction to regulate foreign trade

    Post by Rocky Wed 15 Nov 2023, 4:47 am

    The Central Bank achieves a new step in the right direction to regulate foreign trade

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    Central Bank of Iraq building



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    Our national economy has been suffering for two decades from a lack of clarity in methodology, fragmentation of policies, and ambiguity in economic decision-making, in addition to its impact on economic, political, and security variables in countries of the world and countries of the region. 
    Inside Iraq, which clearly led to the failure to achieve stability in the monetary system and the financial system, and thus to the failure to achieve the required economic stability. What further complicated the matter was the weak coordination between monetary policy and financial policy, and thus the lack of clear policies for the real sector, especially for agriculture, industry, and trade, both internally. And certainly the impact of this on the lack of control over external transfers of imports in US dollars, which confused the monetary market and the commercial market during the years 2021 and 2022, and Iraq was obliged by the US Federal Reserve to pass all external transfers through the electronic platform in accordance with new controls and strict oversight to control the arrival of the dollar to the final beneficiary.
    In addition to this, the relevant governmental authorities do not control illicit trade and do not control unofficial border crossings, which forced the Central Bank to assume its role specified in Law No. 56 of 2004 and to take, as of the first quarter of 2023, a large number of procedures, mechanisms and negotiating efforts with the US Federal Reserve. And banks of other countries with which Iraq has important trade exchange, such as China and India, and some solid correspondent banks for the purpose of organizing foreign trade operations and controlling the movement of foreign transfers in accordance with sound international banking standards.
    The efforts of the Central Bank bore fruit last week, after a number of negotiating rounds that lasted for several months, in reaching a new agreement with the US Federal Reserve, in cooperation with Citibank, JP Morgan, and the Singaporean Development Bank, and through some Jordanian banks that have... Accounts opened for some Iraqi banks to open new banks, enhance their balances in US dollars, and use new currencies, namely the euro, the Chinese yuan, the Indian rupee, and the UAE dirham, with the aim of increasing the reception channels for merchants and importers, facilitating the procedures for their external transfers, shortening the time limits for external transfers on the electronic platform, and addressing cases of rejection that previously occurred for some transfers. Some merchants.
    As well as issuing instructions to allow banks to import the foreign currencies they need for the purposes of covering their daily transactions in accordance with special conditions and controls under the supervision of the Central Bank. The success of these steps requires that the banks included in the agreement with the US Federal Reserve and wishing to import foreign currencies must provide the necessary supplies and conditions and provide all conditions and capabilities to attract traders. Importers and customers in accordance with the standards and controls that have been agreed upon. This may require some time to enter the new method of foreign transfers, with direct coverage from the correspondent banks that have been agreed with for direct implementation to enhance bank balances and diversify foreign currencies.
    I believe beyond doubt that the Central Bank has begun to implement its new strategy with sober steps based on an accurate diagnosis of the problems of foreign transfers and exchange rate stability. We hope that the number of banks covered and the number of sober global correspondent banks whose dealings gain the confidence of central banks, including the US Federal Bank, will increase and that the price stability crisis will increase. Drainage is starting to ease. 
     
     



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    Added 11/15/2023 - 11:03 AM
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