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Tomorrow a new mechanism for buying and selling the dollar

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Feb. 21, 2015

Governor of the Central Bank of Iraq Allaq revealed that on Sunday 22nd of this month, will stop work ERA Bank and the adoption of the banking system as being responsible for foreign remittances, pointing to the direct preparation of a study to demonstrate the feasibility of removing zeros in this relationship, a statement singled out the ” morning “, that “the central bank since assumed responsibility for the work to bridge the gap in dealings,” noting that “it was the finalization of the new version and leave the old ways, coupled with certain conditions can not remain governor at the central bank, which has functions, big tasks and important activities for the national economy.”

Governor of the Central Bank, explained that “It is not true that the central bank stays busy selling the currency like ATM daily”, stressing that “the transition to a new phase is to conduct foreign remittances through the banking system within the mechanism developed for it.”

Allaq added that “all banks reported this mechanism”, and as pointed out that “the Central bank no longer a party to the process of buying and selling the currency,” revealed that “on Sunday will be the application of this mechanism.”

On the project to delete the zeros from the currency Allaq stated that “the project is still there,” adding that “he has directed to develop a study to demonstrate the feasibility of its application and ensure the safety of its application procedures”

Added “Central bank will take enough time in the implementation of this program,” referring to “Planning Steps in project to delete the zeros”. On a related situation, a report issued by the Central Bank of Iraq, received “morning,” a copy of it, for it is based on the provisions of the Iraqi Central Bank Act for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against foreign currency through optimal use of foreign exchange resources to meet the needs of all and not the central bank occupancy of functions which are at the heart of the work of the banking system and the relevant departments, with a commitment to the requirements of the Anti-Money Laundering Act and the Financing of Terrorism, Central bank decided on new instructions issued in this regard.

According to the statement, “The Central Bank of Iraq to strengthen banks balances wishing to do so at their correspondents abroad to finance permitted banking law and set out in detail in the attached list, according to the appropriate indicators to ensure the stability of the exchange rate and trade finance and other operations.”

The statement added that “the banks are willing to strengthen their balances of dollar deposit the equivalent in Iraqi dinars in their accounts of the Law 216, within fifteen days from the date of submission guarantee coverage amounts equal to their requests, to be not less than the amount required for a certain extent decided by the central bank”.

He continued that “the bank submit a written application to the Directorate General Investments asking promote tally with its representatives abroad, attach a copy of the entry to strengthen the balance of his account in Iraqi dinars from Law 216, equivalent to the amount to be converted, to be submitted with the request and subsequent reinforcement disclosure shows the details of the amounts used, which was converted to its customers.

“He pointed out that the central bank” apply “know your customer” principle for the purpose of legal and banking safety of special procedures and foreign sales Various applications currency guarantee, Monitor compliance department of internal control and the unity of money laundering at the bank to play its role in this area and to report any treatment suspected”.

Pointing out that the bank “retains disclose accounts with correspondents showing the movement of the account and uses of funds transferred by the central bank.”

The statement noted that “the banks are sending statements, details of the amounts transferred in foreign currency by the Central Bank of Iraq and their use to the Directorate General of banking and credit control.”

And that “will be selling the dollar to strengthen the balance abroad for the purposes of all by 1187 dinars per dollar, the cash sales price shall be 1190 Iraqi dinars per dollar,” pointing out that the work “continues to own cash sale through the Department of window buying and selling foreign currency, is not required to provide lists of the names of the dollar in cash buyer, reserves the vendors ‘banks and companies’ disclosures detailed the names of buyers and enhanced documentation for that and regulated by the Central Bank of the field.”

The Directorate General of the banking and credit control, according to the statement, following up the implementation of banks to the instructions in the event of any irregularities exposed the bank to the penalties provided for in the applicable laws and regulations.”

Central bank detect and put a plan with the banks for “capacity building and create the potential for expansion in the letters of credit in the banking practice of foreign trade,” null and void “all previous instructions that are inconsistent with these instructions.”

alsabaah

- See more at: http://www.oneiraqidinar.com/tomorrow-a-new-mechanism-for-buying-and-selling-the-dollar/#sthash.9F3GTBfs.dpuf

 

Governor of the Central Bank of Iraq Allaq revealed that on Sunday 22nd of this month, will stop work ERA Bank and the adoption of the banking system as being responsible for foreign remittances, pointing to the direct preparation of a study to demonstrate the feasibility of removing zeros in this relationship, a statement singled out the ” morning “, that “the central bank since assumed responsibility for the work to bridge the gap in dealings,” noting that “it was the finalization of the new version and leave the old ways, coupled with certain conditions can not remain governor at the central bank, which has functions, big tasks and important activities for the national economy.”

Governor of the Central Bank, explained that “It is not true that the central bank stays busy selling the currency like ATM daily”, stressing that “the transition to a new phase is to conduct foreign remittances through the banking system within the mechanism developed for it.”

Allaq added that “all banks reported this mechanism”, and as pointed out that “the Central bank no longer a party to the process of buying and selling the currency,” revealed that “on Sunday will be the application of this mechanism.”

On the project to delete the zeros from the currency Allaq stated that “the project is still there,” adding that “he has directed to develop a study to demonstrate the feasibility of its application and ensure the safety of its application procedures”

Added “Central bank will take enough time in the implementation of this program,” referring to “Planning Steps in project to delete the zeros”. On a related situation, a report issued by the Central Bank of Iraq, received “morning,” a copy of it, for it is based on the provisions of the Iraqi Central Bank Act for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against foreign currency through optimal use of foreign exchange resources to meet the needs of all and not the central bank occupancy of functions which are at the heart of the work of the banking system and the relevant departments, with a commitment to the requirements of the Anti-Money Laundering Act and the Financing of Terrorism, Central bank decided on new instructions issued in this regard.

According to the statement, “The Central Bank of Iraq to strengthen banks balances wishing to do so at their correspondents abroad to finance permitted banking law and set out in detail in the attached list, according to the appropriate indicators to ensure the stability of the exchange rate and trade finance and other operations.”

The statement added that “the banks are willing to strengthen their balances of dollar deposit the equivalent in Iraqi dinars in their accounts of the Law 216, within fifteen days from the date of submission guarantee coverage amounts equal to their requests, to be not less than the amount required for a certain extent decided by the central bank”.

He continued that “the bank submit a written application to the Directorate General Investments asking promote tally with its representatives abroad, attach a copy of the entry to strengthen the balance of his account in Iraqi dinars from Law 216, equivalent to the amount to be converted, to be submitted with the request and subsequent reinforcement disclosure shows the details of the amounts used, which was converted to its customers.

“He pointed out that the central bank” apply “know your customer” principle for the purpose of legal and banking safety of special procedures and foreign sales Various applications currency guarantee, Monitor compliance department of internal control and the unity of money laundering at the bank to play its role in this area and to report any treatment suspected”.

Pointing out that the bank “retains disclose accounts with correspondents showing the movement of the account and uses of funds transferred by the central bank.”

The statement noted that “the banks are sending statements, details of the amounts transferred in foreign currency by the Central Bank of Iraq and their use to the Directorate General of banking and credit control.”

And that “will be selling the dollar to strengthen the balance abroad for the purposes of all by 1187 dinars per dollar, the cash sales price shall be 1190 Iraqi dinars per dollar,” pointing out that the work “continues to own cash sale through the Department of window buying and selling foreign currency, is not required to provide lists of the names of the dollar in cash buyer, reserves the vendors ‘banks and companies’ disclosures detailed the names of buyers and enhanced documentation for that and regulated by the Central Bank of the field.”

The Directorate General of the banking and credit control, according to the statement, following up the implementation of banks to the instructions in the event of any irregularities exposed the bank to the penalties provided for in the applicable laws and regulations.”

Central bank detect and put a plan with the banks for “capacity building and create the potential for expansion in the letters of credit in the banking practice of foreign trade,” null and void “all previous instructions that are inconsistent with these instructions.”

alsabaah

- See more at: http://www.oneiraqidinar.com/tomorrow-a-new-mechanism-for-buying-and-selling-the-dollar/#sthash.9F3GTBfs.dpuf