The central bank has given three weeks to currency companies in the Kurdistan Region

wciappetta wrote:This seems like a reset to revalue. I have always felt the currency exchangers would have to be reined in before Iraq moved forward. Back in March of this year we appeared to be on our way with the huge Iraqi entourage to DC and all the fanfare, also was the deadline for exchange companies. Today we learn of the granted extension for the end of this month. If that is a hard date, then early August is ripe for us IMO. 


The central bank has given three weeks to currency companies in the Kurdistan Region
33 minutes ago

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Rudaw Digital

 

The Iraqi central bank has given foreign exchange companies in the Kurdistan Region less than three weeks to register or merge, “after which no applications will be accepted,” putting the fate of hundreds of companies in jeopardy.

 

In a letter dated July 9, the Central Bank of Iraq (CBI) informed the Kurdistan Regional Government (KRG) that foreign exchange companies can apply for registration or merger by the end of this month (July 31, 2024).

 

"It was approved to extend the deadline for submitting licensing and merger requirements to the Erbil branch of the Central Bank of Iraq until July 31," the letter said.

 

"After that, all requests of foreign exchange companies in the Kurdistan Region will be marginalized and not implemented," it said.

 

"The letter is correct, but the procedures for the merger and registration are complicated, as we feel there are attempts to prevent and complicate things," Ahmad Jaff, a representative of the Kurdistan Regional Government's foreign exchange companies, told Rudaw.

 

"Hundreds of companies are in fear and this issue must be better addressed," he said.

 

To control the sale of dollars and regulate the field, the central bank of Iraq from 2022 after the changes in the value of the dinar to the US dollar, took a number of measures, including the merger of currency exchange companies ).

 

The companies will be divided according to their types according to several points, including their capital, the first type is five billion dinars, the second type is two billion and 500 million dinars, the third type is 500 million dinars.

 

According to the guidelines; For the merger, the Central Bank of Iraq has a number of conditions, including: prior approval for the merger, no legal obstacles, for the merger in type A must be at least 10 companies together, for type B must be at least five companies all bank accounts of the companies must be closed and only the accounts of the parent company will remain after renewal, among other conditions.

 

On December 2, 2023, the Erbil Branch of the Central Bank of Iraq issued a letter No. 29/S/4 to the currency exchange companies to comply with the amended Guidelines No. 1 of 2022 on the regulation of the work of currency companies. The letter set a deadline of March 1, 2023 for the companies to comply with the amendments to the guidelines for the regulation of the work of foreign exchange companies, so that five companies will be merged into one.

 

According to the statistics of the association, there were about 2,000 currency exchange companies in Iraq, after the central bank's decision to merge them, some of them have been merged, about 80 companies have re-registered alone, 140 companies have been merged. “Some companies in the Kurdistan Region say the routine of merger and administrative work takes a long time,” Jaff said.

 

There are 600 foreign exchange companies in the Kurdistan Region, according to their representative in the association, when they are registered and merged, there will be about 120 companies that can benefit from receiving $ 90 million monthly from the central bank in official value.

 

According to Jaff, about 300 currency exchange companies in Iraq have been merged and their work is underway.

[You must be registered and logged in to see this link.]بانکی ناوەندی سێ هەفتە مۆڵەت دەداتە کۆمپانیاکانی دراو لە هەرێمی کوردستان


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بانکی ناوەندی سێ هەفتە مۆڵەت دەداتە کۆمپانیاکانی دراو لە هەرێمی کوردستان بانکی ناوەندیی عێراق کەمتر لە سێ هەفتە مۆڵەت دەداتە کۆمپانیاکانی ئاڵوگۆڕی دراو لە هەرێمی کوردستان بۆ ئەوەی خۆیان...

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thanks Ward

heres the link    [You must be registered and logged in to see this link.]