______________________________________________________
TNT
Tishwash:
Al-Alaq: Next year will see all internal commercial and other transactions limited to the Iraqi dinar instead of the dollar
Today, Sunday, the Central Bank announced the provision of the dollar at a price of 1,320 dinars, which was a reason for controlling the general level of prices.
A statement from the bank, a copy of which was received by NRT Arabic, stated that “its governor, Ali Mohsen Al-Alaq, announces that the bank will dispense with external transfers “next year” and that banks licensed in Iraq will rely on correspondent banks in external transfer operations, as transfers via correspondent banks amounted to 60 % of the total transfers (outside the electronic platform of the Central Bank), while the implementation rate of verified transfers reached more than 95%.
He added, “This came after an agreement between the Central Bank of Iraq and the US Federal Bank, similar to countries around the world, where central banks do not perform executive duties, and their role is focused on supervision and control.”
Al-Alaq confirmed, during the meeting with the heads of the boards and authorized directors of the banks licensed in Iraq, that “the Central Bank’s endeavor to open channels of direct communication for Iraqi banks with their foreign counterparts in correspondence, commercial exchange, etc. came in intensive stages, while what is currently being done is opening transfer channels in various currencies, including (UAE Dirham, Turkish Lira, Indian Rupee, Euro).”
He continued, “The coming year will see all internal commercial and other transactions limited to the Iraqi dinar instead of the dollar, except for those delivered to travelers.” link
The Iraqi Central Bank sets the date for listing internal commercial transactions in dinars… new instructions
Advertisement
______________________________________________________
The Central Bank of Iraq has set next year as a date to limit internal commercial and other transactions to the Iraqi dinar instead of the dollar.
The Governor of the Central Bank, Ali Mohsen Al-Alaq, said in a statement received by Al-Sumaria News, on Sunday, that “the bank is proceeding to dispense with external transfers next year and to rely on correspondent banks in correspondent banks in external transfer operations, as transfers through correspondent banks have reached 60%.” of the total transfers (outside the electronic platform of the Central Bank)
W#hile the implementation rate of verified transfers reached more than 95%,” indicating that “this came after an agreement between the Central Bank of Iraq and the US Federal Bank, similar to countries of the world, where central banks do not conduct business.” Executive, and its role is focused on supervision and control
He stressed, during the meeting with the heads of the boards and authorized directors of the banks licensed in Iraq, that “the Central Bank’s endeavor to open direct channels of communication for Iraqi banks with their foreign counterparts in correspondence, commercial exchange, etc. came in intensive stages, while what is currently underway is opening transfer channels in various currencies, including ( UAE Dirham, Turkish Lira, Indian Rupee, and Euro).
He stated, “The coming year will witness the restriction of internal commercial transactions and other transactions to the Iraqi dinar instead of the dollar, except for those delivered to travelers.”
He pointed out that “the entry of most merchants into official transfer channels and the provision of the dollar at a price of (1,320) dinars was a direct reason for controlling the general level of prices and lowering the inflation rate, which is a basic indicator of the effectiveness of monetary policy, and that the black market price is not suitable as an indicator as it relates to the dollar.” Cash is for non-fundamental transactions and is not intended for legitimate trade purposes.”
Al-Alaq pointed out that “the new system of external transfer and sale of the dollar provides protection from risks for all parties to the operations, enjoys international acceptance and praise, is consistent with the law on combating money laundering and the financing of terrorism, and achieves an important initiative for direct relations between Iraqi banks and accredited international banks.”
Advertisement
______________________________________________________
The meeting reviewed “the mechanism for establishing Riyada Bank and the societal importance on which the bank will be established, especially as it is consistent with the directives and vision of the Prime Minister. Discussions were raised on this topic, including the contributions of banks to establishing Riyada and the working mechanisms of this bank, which will be a window for those wishing to open small productive and commercial projects that contribute to… Developing the local economy and reducing the unemployment rate with direct support from the Central Bank.” link
Source: Dinar Recaps
______________________________________________________
If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © 2022 Dinar Chronicles
