Can Iraq go digital on May 1st WITHOUT a new exchange rate???
Im of the mind no they cant….of course it could be adjusted but why put a program rate in digital form? No one outside of Iraq would be using it
I can’t imagine anyone being interested at 1450 to 1.
On May 1st they are international and have to be section 8, which allows global investors to enter Iraq. Do you think they will enter with a program rate???
You mean Article 8 or their currency is valued at the correct value to do business with the rest of the world. I would imagine they are article 8 compliant and with the affective date 4-26-21, they have only to open the doors to the rest of the world .
woooooo hooooooo we are close folks, we are breaking the final line ribbons, we are all going to be millionaires and billionaires pretty soon believe it or not
agreed moneymerge,,,just read an article that as of their Wednesday, they are taking bids to start the construction of the 7000+ schools in the country.
Source: Dinar Recaps
The Central Bank Governor determines the steps for developing the financial and banking sector
The Governor of the Central Bank, Mustafa Ghaleb Makhaif, set out today, Wednesday, steps to develop the country’s financial and banking sector.
In a speech on the occasion of the Arab Day for Financial Inclusion, Mukhaif said, “The Central Bank of Iraq seeks to develop the financial and banking sector by developing products and services provided to suit the needs of these two sectors’ customers, and puts among its priorities the support of digital financial services that contribute to enhancing financial inclusion.
Through the diversity of these services and their ease of access to all segments of society at the lowest costs. “
He added, “The Central Bank has adopted the development of the infrastructure necessary to accept digital services, such as payment by mobile phone, and the conduct of withdrawals and purchases through ATMs and points of sale, and has also taken steps to prepare the implementation of the project (Know your electronic customer).”
He continued: “He also urged banks to digitally transform the services provided by opening accounts remotely, and using applications such as mobile applications and internet banking services, in accordance with international best practices link
What is the area in which the central bank moves in the area of controlling the currency ?exchange
On Wednesday, April 28, 2021, the price of the US dollar recorded a value of 1,461.5000 Iraqi dinars, while the Deputy Governor of the Central Bank of Iraq, Ihsan Al-Yasiri, on April 14, revealed a proposal submitted by the World Bank to amend the dollar exchange rate to 160 thousand dinars One Iraqi per $ 100, to raise the question about the future of the exchange rate that worries the Iraqi citizen, especially those with limited income, the role of the Central Bank of Iraq, and the area in which it moves.
Legal expert Tariq Harb says, Thursday, March 25, 2021, that the constitution includes that the Central Bank is not subject to Parliament’s oversight
Harb said in a statement to “Al-Masalla”, that the Central Bank’s non-attachment to Parliament requires taking into account the exchange rate set by the .bank and the budget law
He added that the Integrity Commission is the only independent body that the constitution has granted privileges that exceed those of other independent .bodies, which are mentioned in the constitution in the chapter on independent bodies, namely Articles 102 and 103 of the Constitution
Harb pointed out that the constitution did not make the link between the Central Bank and the House of Representatives, but it made the link between the Office of Financial Supervision and the Media and Communications Commission in the House of Representatives and the link between the offices of .endowments and the Council of Ministers
Harb said that the constitution did not make the Central Bank subject to the oversight of the House of Representatives, as it did with the Human Rights .Commission and the Independent High Electoral Commission, which the constitution decided to be subject to oversight by the House of Representatives
And he added: The independence of the Central Bank was confirmed by Law No. 76 of 2004 issued by Bremer during his term and which is still in effect. These constitutional and legal provisions have their place when discussing the exchange rate of the dollar that he set and issuing laws, especially the .2021 budget bill that is currently being discussed in the House of Representatives
The debate continues to escalate over the implications of the exchange rate of the dollar against the dinar, as different political forces exchange various accusations between the search for special interests, or linking positions with regional powers, while the Iraqi citizen does not matter, that is, the extent .to which the mechanisms and conditions that facilitate his daily life are provided, and the availability He has a livelihood link
Source: Dinar Recaps
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