Seminar on the central bank auction and determine the foreign exchange rate Read M
Seminar on the central bank auction and determine the foreign exchange rate
Friday 06 November 2015 08:20
Governor of the Central Bank of Iraq Ali Mohsen Keywords announced that the nature of the Iraqi economy Reclining on oil resources, make the relationship between fiscal and monetary policy, including an interactive relationship necessitated by the nature of the revenue and expenditure of the pricing of the dollar. He pointed out that «Central» exercised important roles in this process, including the financing of the current expenditure of the public budget, with the dollar buying from the Ministry of Finance to cover the needs of the Iraqi dinar, in accordance with the allocations required in the general budget. And contributes to «Central» also in finance imports of the commercial sector, while the dollar selling process means the withdrawal of the dinar from the local market, which will help the bank to curb money supply and reduce the resort to printing more currency.
He said at a seminar in «Institute of the progress of development policies», attended by experts and interested in the money sector of the economy, that «such activity is not essential for central banks in the world, it is very rare to have the central sales window, but because of the nature of the Iraqi economy, Central took over this task, while the task required to intervene when there is a disruption in the exchange rate, as in the European Union ».
He pointed to the issue of monetary reserves, which are still under discussion, and stressed that the reserve is the difference between what the central buys and sells. And over, it goes to the international reserves, and that the function of the reserve financing imports and other transfers and coverage, and the foreign currency reserve is the difference between the dollar sales of the Ministry of Finance to the Central Bank and the central bank sales to the private sector. And confirmed the existence of the adequacy of the reserve criteria, such as coverage of imports for a period of 6 months and cover the local currency and foreign debt. He noted Keywords to the presence of important rules govern the process of selling the dollar to cover imports of personal and transfers of the private sector, including the Central Bank Law Article 28 and guidance of the International Monetary Fund economic system according to the Constitution, and anti-money laundering law. He pointed out the real solutions such as the purchase or sale simple unconditional, cash and futures, and to require banks to apply the principle «know your customer» and the application of anti-money laundering and terrorism financing law.
He pointed to the devaluation of the Iraqi dinar by raising the dollar exchange rate of 10 percent to 1300 dinars to the dollar Options , what provides the general budget of 5 trillion dinars ($ 4.2 billion), or raise the dollar exchange rate of 20 percent to 1400 dinars, providing budget 9 trillion dinars. He said that the reduction option easy, but it does not help in the reform of the structural problems, and the devaluation Local useful for exporting countries to activate the export. He added that «Iraq importing country, and to reduce the currency hurt the purchasing power of citizens with limited income. The «can taxes play an important role in the finance, justice and balance without compromising the slide limited income, as can achieve economic goals and social and financial».
The head of the «Institute of the progress of development policies» and former Minister of Planning Mahdi Al-Hafiz, pointed out that the national need not require the continuation of the so-called dollar auction, organized by the «Central», but must be handled freely and without restrictions. And it calls for counter-opinion to uphold the auctions and to provide the necessary facilities for the conduct of this operation, and we must stop at the experiences of neighboring countries and operations. He asked Hafiz for the exchange rate, which raises problematic several, he said, «How can that half of the process required to determine the exchange rate, and is related to the economic and financial situation of the state»? Turning economist Ahmed Alobreha to points concerning the path expected of the Iraqi economy, pointing to the difficulty of reducing the demand sector Special for foreign currency in the current scope of the exchange rate and income levels. He added that the national economy is a lack of diversified production base that can supplement the national market alternatives to imports of goods and services, adds restrictions and weakens the effectiveness of efforts to address the problem of policies.He pointed out that «the private sector was unable to contribute to the display of foreign currency, as well as government non-oil sector, and foreign investment policy did not succeed in adding a tributary albeit in a limited form. Iraq has faced interest on the loans in the international market can not afford the prices, and as a result of crude oil remains the only source of foreign currency, and must be serious and responsible move towards real economic development to pay a danger for Iraq».
Re: Seminar on the central bank auction and determine the foreign exchange rate Re
Ya gotta ask yourself WHAT HAPPENED and WHY Bi Polar Alak stopped the process earlier in the year:
this is HOW CLOSE we were early this year IT SEEMS my own opinion...feels like we're at this same stage again all of a sudden BGG....
.. Tomorrow is a new mechanism for buying and selling the dollar
Baghdad Tariq al-Araji
revealed Governor of the Central Bank of Iraq on the Keywords that on Sunday 22 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 studyto demonstrate the feasibility of removing zeros in this Almrahlh.oavad relationship, statement singled out the "morning", that "the central bank since I assumed responsibility for the work to bridge the gap in his 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 the functions and the functions and activities of a large and important for the national economy. "
Governor of the Central Bank, explained that "It is not true that the central 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."
Keywords added that "All banks reported this mechanism", and as pointed out that "the Central no longer a party to the process of buying and selling the currency," revealed that "on Sunday will be the application of this mechanism."
And on the project to delete the zeros from the currencystated Keywords that "the project is still there "adding that he" has direct development of a study to demonstrate the feasibility of its application and to ensure the safety of its application procedures ".ofatt that" Central will take enough time in the implementation of this program, "pointing to" develop a plan for steps the project to delete the zeros ". On a related matter, A report issued by the Central Bank of Iraq, "morning" received 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 the optimal use of foreign exchange resources to meet the needs of all and not the central occupancy tasks which is 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 Centraldecided to 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 operations 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 dollar deposit the equivalent in Iraqi dinars in their accounts of the type 216 before 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 ".albean continued that" the bank submit a written application to the Directorate General of investments which are required to strengthen the tally with its representatives abroad, attach a copy of the entry to strengthen the balance of his account in Iraqi dinars from type 216 equivalent amount to be converted, that served 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" applies the principle of "know your customer" for the purpose of legal and banking safety of special procedures Bmstryate and sales of foreign Various applications currency ensure and the observer 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 suspicious transaction it. "
It pointed out that the bank "retains disclose accounts with correspondents showing the account movement 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 "the sale of the dollar to strengthen the balance abroad for the purposes of all by 1187 dinars per dollar, and the price cash sales shall be 1190 Iraqi dinars per dollar, "pointing out that the work" continues to Ptalimatna own cash sale through the Department of windowbuying and selling foreign currency, are not required to provide lists of the names of the buyer dollar in cash, and reserves the vendors 'banks and companies' disclosures detailed the names of buyers and documents enhanced so and regulated by the Central Bank of the field. "
handles the Directorate General of 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 sanctions set forth in applicable laws and regulations. "
Central detect and put a plan with the banks for "capacity building and to create possibilities for expansion in the documentary credits in the banking practice of foreign trade, "null and void" all previous instructions that are inconsistent with these instructions. "
Re: Seminar on the central bank auction and determine the foreign exchange rate Re
Single-window system Categories: Business terms International trade
From Wikipedia, the free encyclopedia
(Redirected from Single Window System)
A common definition of the term "single window" is:
"A facility that allows parties involved in trade and transport to lodge standardized information and documents with a single entry point to fulfill all import, export, and transit-related regulatory requirements. If information is electronic then individual data elements should only be submitted once."
The concept is recognised and promoted by several world organisations that are concerned with trade facilitation. Among these are the United Nations Economic Commission for Europe (UNECE) and its Centre for Trade Facilitation and Electronic Business (UN/CEFACT), World Customs Organisation (WCO), SITPRO Limited of the United Kingdom and the Association of Southeast Asian Nations (ASEAN).
The diagram below illustrates an example of an implementation of a Single Window system within a country or economy.
Single Window Example.jpg
2 Known IT Systems
A single window service aims to deliver specific benefits to the main communities and stakeholders in cross-border trade.
Ministries: Ministries (and other trade monitoring bodies) may be able to obtain cross-border trade-related data and statistics in a comprehensive and timely manner from the single window service provider
Shipping and forwarding community
Ship arrival notice
IMO FAL forms:
Ship's stores declaration
Crew's effects declaration
Electronic ship clearance
Shippers and traders
Banking and insurance community
Known IT Systems
CrimsonLogic Trade Facilitation / Single Window Systems 
Orbus Single window system / GAINDE 2000 paperless trade platform 
Intrasoft e-Customs Framework 
SOGET Single Window System 
SGS Single Window System 
ADVANCE Single Window System 
Crown Agents Single Window System 
UNI-PASS Single Window System 
VUCEM - Mexican Foreign Trade Single Window 
UNECE brochure on the Single Window concept
UN/CEFACT Recommendation No. 33 – Recommendation and Guidelines on establishing a Single Window
Ten Years of Single Window Implementation
The World Customs Organisation (WCO) perspective on the Single Window Concept
Categories: Business termsInternational trade
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The single-window system is a trade facilitation idea. As such, the implementation of a single window system enables international (cross-border) traders to submit regulatory documents at a single location and/or single entity. Such documents are typically customs declarations, applications for import/export permits, and other supporting documents such as certificates of origin and trading invoices.
The main value proposition for having a single window for a country or economy is to increase the efficiency through time and cost savings for traders in their dealings with government authorities for obtaining the relevant clearance and permit(s) for moving cargoes across national or economic borders. In a traditional pre-single-window environment, traders may have had to contend with visits and dealings with multiple government agencies in multiple locations to obtain the necessary papers, permits, and clearances to complete their import or export processes.