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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 turning point in financial policies.. What comes after the cancellation of the dollar movement mon

    Rocky
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    A turning point in financial policies.. What comes after the cancellation of the dollar movement mon Empty A turning point in financial policies.. What comes after the cancellation of the dollar movement mon

    Post by Rocky Mon 11 Nov 2024, 4:18 am

    [size=35][size=35]A turning point in financial policies.. What comes after the cancellation of the dollar movement monitoring platform?[/size]
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    economy

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    2024-11-11 | 03:39
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    [You must be registered and logged in to see this link.]News -

    Economy[You must be registered and logged in to see this link.]Central Bank[You must be registered and logged in to see this link.]On September 4, 2024, the electronic platform for monitoring will be terminated.[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]The transfer of US currency abroad, early next year, is a turning point in Iraqi financial policies.


    This decision is expected to lead to fundamental changes in the mechanisms of financial transfers, and a direct impact on exchange rates and financial stability. Moreover, this decision poses new challenges to the banking sector, and requires a careful assessment of its effects and the fate of banks that will not be able to integrate into the new system, and the challenges that the government may face in implementing this transformation, according to observers.



    Economic and financial expert Safwan Qusay confirms that the new transfer mechanism that will be implemented early next year will not negatively affect the financing of legitimate trade.

    He says that the entry of the Central Bank[You must be registered and logged in to see this link.]The US Federal Reserve as a supervisory body, and assigning transfer operations to Iraqi banks that have relationships with major international banks such as Citibank and JP Morgan, will contribute to accelerating transfer operations and limiting data manipulation.

    Eliminating the parallel market
    Qusay adds that this step will eliminate illegal trade that relies on buying[You must be registered and logged in to see this link.]From unofficial sources or what is known as the parallel market.

    He points out that banks facing restrictions on dealing in foreign currencies are currently being evaluated by Oliver Wyman, with the aim of developing their capabilities in the field of money transfers, expecting that many of these banks will be able to resume their international business after meeting the required requirements.

    The economic expert stressed that the new mechanism will ensure the provision of[You must be registered and logged in to see this link.]At a fixed official rate, which eliminates any concerns about financing illegal trade, noting that the parallel market will continue to face challenges due to strict regulatory measures.

    Qusay called on informal traders to move to deal through official channels, stressing that there is a possibility of merging some Iraqi banks to form a new banking entity capable of freely practicing international trade, in coordination with the Central Bank[You must be registered and logged in to see this link.]And the US Federal Reserve.

    In early 2023, it was announced[You must be registered and logged in to see this link.]Adopting an electronic platform for[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]sale[You must be registered and logged in to see this link.]And money laundering operations, after warnings issued by the US Federal Reserve, and following the US Treasury Department’s punishment of several local banks for their “involvement” in suspicious activities.

    Expectations of a rise in the exchange rate
    For his part, economic expert Nabil Jabbar Al-Tamimi warned that the shift to a new mechanism for bank transfers in[You must be registered and logged in to see this link.]May lead to a temporary increase in the exchange rate.[You must be registered and logged in to see this link.]During the coming period.

    The Council of Ministers approved[You must be registered and logged in to see this link.]On February 7, 2023, on the decision of the Board of Directors of the Central Bank[You must be registered and logged in to see this link.]By adjusting the exchange rate[You must be registered and logged in to see this link.]Against the dinar, as follows:

    1300 dinars per dollar, the purchase price from the Ministry of Finance.
    1310 dinars per dollar, the selling price for banks.
    1320 dinars per dollar, the selling price by banks and non-banking financial institutions to the final beneficiary.

    Al-Tamimi explained that the Central Bank[You must be registered and logged in to see this link.]It works to end reliance on the current platform for transfers, and move to a system that relies on direct relations between Iraqi banks and international banks.

    He pointed out that some Iraqi banks are ready to work with this new system, but other banks need to develop their capabilities, and he expected that this shift would lead to some market turmoil during the transitional period, but he confirmed that the government is working to support banks to successfully overcome this stage.
     
    Al-Tamimi explained that the Iraqi government, represented by the Central Bank, is planning to evaluate all Iraqi banks and qualify them to work with the new system, in cooperation with international financial auditing companies, stressing that these steps aim to enhance the stability of the banking system.[You must be registered and logged in to see this link.]And increase its efficiency, which will have a positive impact on the economy.[You must be registered and logged in to see this link.]in general.
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