Clare » February 23rd, 2023
Historic collapse.. The Iranian currency records 5 million per 100 dollars
Bonbast data revealed, on Wednesday, that the Iranian currency fell to a record level against the US dollar, recording 501,300 riyals.
The price of the US dollar in the Iranian free (black) market is witnessing a record high, with the continuation of unrest and the increasing isolation of the country amid Western criticism of the strict security measures taken by Iran and its relations with Russia.
The unrest poses one of the biggest challenges to the ruling regime in Iran since the 1979 Islamic Revolution.
The decline of the Iranian currency comes despite the recent steps taken by the regime, including the appointment of Muhammad Reza Farzin as the new governor of the Central Bank on December 30, 2022, after the value of the local currency reached its lowest level ever against the dollar, in the midst of mass protests and continuous Western sanctions.
After years of Western sanctions over Iran’s nuclear program, the riyal was trading at 315,000 riyals to the dollar when anti-government protests erupted in mid-September.
The protests erupted with the death of a young Kurdish woman in the custody of the country’s “morality police”. The demonstrations escalated quickly and turned into calls for an end to more than 4 decades of mullahs’ rule. LINK
POC cash withdrawal machines
February 23, 2023
For supervisory and regulatory purposes, the Central Bank of Iraq has decided not to transfer the ownership of the agents / cash withdrawal outlets (POC). The above mentioned are the legal consequences according to what is stated in (Chapter Three/First/1) of the work controls of agents of electronic payment services providers.
Calandlq » February 23rd, 2023
Frank, Tink, Admins and teams thank you all so much for your tireless efforts to bring us to the transition point. I say transition because as Frank has stated countless times this isn’t over. Rather, it’s just about to get started.
This article is both astounding and brilliant all at once. Allow me to share (strictly in my own opinion) my understanding of the financial use of POC (in this instance). POC Point Of Cash is a feature that was made standard on a POS/Card Swipe Machine some years ago.
If I understand correctly the process is exactly like using an ATM except the citizens/customers swipes their card at any register terminal, i.e POS/Card Swipe Machine.
The citizens/customer then tells the shopkeeper/store mgr or attendant what denomination (possibly NSCNs) they would like to receive back.
If I’m right what makes this brilliant is that as F26 and teams have repeatedly told us “this must not fail with the citizens “, so this means the citizens /customers can make an ATM like transaction with an actual human attendant so that they can ask and have any/all questions answered so that they will know exactly what to do when the ATMs go live.
Again, ONLY if I’m correct…MIND BLOWN!!!
Clare » February 23rd, 2023
Al-Nusairi: The Central Bank’s electronic platform for external transfer is the beginning of the solution to banking reform and the stability of the exchange rate
Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed that the central bank’s electronic platform for external transfer is the beginning of the solution for banking reform, and that bridging the gap between the official and parallel exchange rate actually begins with applying the instructions and controls of the external transfer platform, which were issued the day before yesterday by the Central Bank of Iraq, which are new instructions for external transfer for the year 2023 to licensed banks and based on Central Bank Law No. 56 of 2004 as amended.
Al-Nusairi said in an interview with “Al-Iqtisad News”, that the instructions aim to strengthen the role of the banking system and non-bank financial institutions in securing foreign currency to the final beneficiaries and controlling its movement internally and externally, which leads to controlling and maintaining the stability of the exchange rate and adhering to the requirements of the law on combating money laundering and financing.
Terrorism No. 39 of 2015, which included entry controls for the platform, transactions, entities allowed to be financed by law, procedures and obligations of banks that enter this platform, mechanisms, flexibility, facilities, and expansion of inclusiveness with the aim of allowing financing all economic, commercial and investment activities, and achieving legal interests related to funding citizens in dollars in buying and selling, treatment, study, and travel. .
He explained that the application of entry controls to the platform for the year 2023 confirms that Iraq is strictly committed to international standards by ensuring that the dollar reaches the final beneficiary, preserving Iraqi funds from foreign currency from illegal behavior, adhering to international compliance rules and international standards adopted within the global financial system, as well as adhering to the decisions of the international community.
Related to international banking transactions, and this confirms that there is no going back because economic reforms cannot be fully carried out without reform starting first with the banking sector as modern banking systems, policies and contexts, and in accordance with internationally disciplined and monitored standards.
Pointing out that the Central Bank of Iraq aims mainly to achieve economic stability by achieving stability in the monetary system and the financial system through its programs and plans that aim to maintain stability in the exchange of the dinar against other foreign currencies, provided that it cooperates with the financial policy that must take into account financial discipline in addition to combating Economic crime and activities that violate local and international laws in force, such as financial crimes of all kinds, in addition to building sufficient foreign cash reserves to cover our local currency in circulation and control stable rates of inflation and interest rates.
Al-Nusairi urged the Iraqi media to be accurate and non-extremist economic and media analyzes of the reality of monetary stability in Iraq, and so as not to take expectations of media intimidation and create a state of fear among the public and the banking sector.
And he indicated that, through an insight into the state of the money circulation market from a neutral and transparent point of view, I am certain that the steps, procedures and balanced financing initiatives of the Central Bank and the availability of foreign cash reserves amount to more than 100 billion dollars on average, and with regard to what determines its adequacy to cover the monetary mass in circulation and to cover imports, the Central Bank He will make exceptional efforts in accordance with monetary policy applications, and he will preserve the real purchasing value of the dinar, its recovery, and the stability of the target rates of exchange rates in the short term. LINK
During a parliamentary hosting.. Al-Alaq: The rise in the price of the dollar was caused by some traders who were afraid of the electronic platform
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on Wednesday that the electronic platform for selling the dollar will contribute to limiting the rise in its price in the parallel market, indicating that the current rise is caused by some merchants evading the electronic system and resorting to the market to buy the dollar.
A member of the Parliamentary Economy Committee, Yasser Al-Husseini, told Shafaq News agency, that his committee hosted today the Governor of the Central Bank, Ali Al-Alaq, to discuss a number of important axes, most notably “what are the negatives and positives of the new electronic system approved by the bank’s management and the extent of its impact on the exchange rate of the parallel dollar, the market and life Economic”.
And he indicated that “according to the words of the governor of the central bank, there are minor effects, but there are positive benefits that will contribute to the stability of the exchange rate and the prices of foodstuffs and consumer goods in the market.”
“The hosting discussed controlling ports, taxes and customs to raise the state’s financial revenue, reduce smuggling of the dollar and not affect foreign trade,” he added.
Al-Husseini indicated that “the bank’s governor stressed that proceeding with the procedures will contribute to a decrease in the exchange rate of the parallel dollar, and the need to adopt the official rate only in commercial transactions.”
And the governor of the bank, according to Al-Husseini, stated that “some merchants are trying to escape from the electronic system and resort to the market to buy dollars, which causes an increase in the exchange rate of the dollar.”
Al-Husseini explained, “The governor of the Central Bank confirmed that approximately 25% of merchants relied on the system and the electronic platform to buy the dollar, but the rest are among those wary and afraid of entering the electronic system, and that the new electronic system limits the smuggling of the dollar abroad and contributes to the stability of the exchange rate.” dollar in the market. LINK
Saturday begins.. Shafaq News is unique in publishing the details of the 34th Conference of Arab Parliaments in Baghdad
Shafaq News Agency is unique in publishing the details of the thirty-fourth conference of the Arab Inter-Parliamentary Union and the accompanying committees, with the participation of the heads of the councils and parliaments of the Arab member states of the union.
The activities of the conference, which will be hosted by the Iraqi capital, Baghdad, will begin next Saturday.
Iraq chaired the Arab Parliamentary Union, on January 15, 2023, and Parliament Speaker Muhammad al-Halbousi was assigned to head the union, as of January 9.
An informed source told Shafaq News agency, “The heads of parliaments and councils, heads of delegations and observers will arrive in Iraq next Friday and hold a consultative meeting before the start of the conference’s activities.”
The opening session, according to the source, will be in (Baghdad Hall – Government Palace) and will include the speech of Muhammad al-Halbousi, President of the Conference, Speaker of the House of Representatives in the Republic of Iraq, and the speech of Ahmed bin Salman Al-Musallam, President of the Arab Inter-Parliamentary Union, Speaker of the House of Representatives in the Kingdom of Bahrain, in addition to a speech Ahmed Aboul Gheit, Secretary General of the League of Arab States.
The source added, “The conference’s vice president and conference secretary will be appointed by the president based on the provisions of Article (10) of the rules of procedure of the Arab Inter-Parliamentary Union, after which committees will be formed.”
The first working session, according to the same source, will be in (Baghdad Hall – Governmental Palace), during which the agenda, the report of the president, the report of the Secretary-General, and the reports of sessions 29-30-31 of the Executive Committee of the Arab Inter-Parliamentary Union will be approved for approval, in addition to the speeches of the heads of parliaments and councils and heads of delegations. .
And the source added, “Saturday afternoon will be dedicated to committee meetings, while the third working session will be held in Baghdad Hall – the government palace on Sunday, and it includes completing the speeches of the heads of parliaments, councils and heads of delegations, in addition to the meeting of the Drafting Committee to prepare the final statement after it is formed.”
The closing session will be held in Baghdad Hall – the government palace on Sunday evening, according to the source. LINK
Finance Minister: Iraq looks forward to the support of the World Bank to implement the national strategic goals
Finance Minister Taif Sami Muhammad confirmed today, Wednesday, Iraq’s aspiration to support the World Bank to implement the national strategic goals.
A statement by the ministry, received by the Iraqi News Agency (INA), said, “The Minister of Finance, Taif Sami Muhammad, received a delegation from the International Finance Corporation for the Middle East and Asia region (IFC), affiliated with the World Bank Group, headed by the investment official, Julie Kalos, and Bilal Rabah, the resident representative of the institution in Iraq, in the presence of the general manager of the fund.” Iraqi Foreign Development Brain Abdel Salam.
The statement added, “The importance of the role played by the International Finance Corporation alongside the Iraqi government in advancing sustainable development projects in Iraq, including supporting renewable energy projects and electrical interconnection with neighboring countries, and enhancing opportunities to involve the private sector alongside the public in implementing the reform national economy strategy, was discussed.” “.
According to the statement, the minister stressed the importance of the studies and consultations provided by the International Finance Corporation in the field of capacity building and technical cooperation to achieve the goals of sustainable development, especially with regard to environmental rehabilitation projects, the reconstruction of liberated cities and economic reform, stressing the keenness of the Ministry of Finance to enhance the work process and coordination with the International Finance Corporation. To stimulate private sector growth and job creation in Iraq.
She added, “Iraq is looking forward to more support from the World Bank Group to implement the national strategic goals in addition to the structural reform programs adopted by the new Iraqi government, calling for” strengthening cooperation and coordination between Iraq and the World Bank and expressing the necessary assistance to overcome the obstacles facing the institution’s work in Iraq. . LINK
Source: Dinar Recaps
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