Welcome to the Dinar Daily NEWS Blog. For regular Dinar News Updates, Dinar to USD listings, Iraqi Dinar info and Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – if you are a Dinar vet or just looking for the current Dinar Value – Welcome.
Word for the day…
Mrs. BGG
Iraqi Dinar/Dollar auction (most recent listing) 03-24-16
Currency Auctions Announcement No. 3164
This daily currency auction was held in the Central Bank of Iraq on the 03-24-2016
The results were as follows:
| DETAILS |
NOTES |
| Number of banks |
27 |
| Number of remittance companies |
21 |
| Auction price selling dinar / US$ |
1182 |
| Auction price buying dinar / US$ |
—– |
| Amount sold at auction price (US$) |
75,135,085 |
| Amount purchased at Auction price (US$) |
—– |
| Total offers for buying (US$) |
75,135,085 |
| Total offers for selling (US$) |
—– |
More: http://dinarupdates.com/observer/
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We have it in our power to begin the world over again. – Thomas Paine
*** Current News ***
Parliament hosts Ki-moon and World Bank President
BAGHDAD / National Iraqi News Agency / nina / assured the House of Representatives decision of Imad Youkhana ” The parliament will resume its sessions next Saturday to host international officials nor the health to be postponed.”
He said the National Iraqi News Agency / NINA / that ” the meeting will be limited only to host all of the UN Secretary – General United Ban Ki – moon and World Bank President Jim Yong Kim to talk about the situation in general, especially the economic and the impact of the decline in world oil prices on Iraq. ”
He added Youkhana that” to do I schedule the work in the Saturday session is hosting and will resume Council meetings next Tuesday. ”
The head of the House of Representatives Saleem Jubouri revealed in the fourth of this month for a recent visit of the Secretary General of the United Nations Ban Ki – moon and World Bank President to Iraq.
Read More: http://www.dinarupdates.com/showthread.php?32329-Parliament-hosts-Ki-moon-and-World-Bank-President-3-24
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rcookie – IN ADDITION TO THE IMF METAC WORKSHOP IRAQ IS ALREADY PARTICIPATING IN TITLED…”INVESTMENT POLICY & PROMOTION” FROM MARCH 20-24…THEY WILL BE STARTING ANOTHER WORKSHOP ON MARCH 27-31 TITLED “ENHANCING PUBLIC SECTOR PERFORMANCE INCLUDING DELIVERY UNITS”…AND…YET ANOTHER IMF METAC WORKSHOP…TITLED TAX ADMINISTRATION DIAGNOSTIC ASSESSMENT TOOL (TADAT) IN LEBABOB FROM MARCH 21-23…DEVELOPED BY IMF AND SOME OF ITS DEVELOPMENT PARTNER ORGANIZATIONS…THE CONTENT OF THESE KINDS OF WORKSHOPS IS MASSIVE IN CONSIDERATION AND RELATIVE TO WTO ACCESSION AND (GATT) PROCESS APPLICATION…HUGE…HUGE…HUGE…
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rcookie – YESTERDAY IRAQ & IRAN SIGN MOU TOWARD BANKING COOPERATION…AND ROUHANI [PRES. OF IRAN]…PART OF WEEKEND POW WOW THAT ALREADY INCLUDES LEGARDE…MOON… AND KIM…HMMMMMMM.
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SteveI – The new parliament seems to be in place now and all has agreed, but still waiting for the final vote to make it official. As you can see, there is some major steps in change for the better and the new Iraq will be announced in short time. With many important people attending this major meeting this weekend, something really big is happening. Will it be what we are looking for? Probably not, but at a minimum it surely must be leading up to it or something significant in the near future. Based on what I have read and reading, Iraq is pushing very hard to officially enter into the global market with a new value attached to their currency. This is pretty much a given, but watching them accomplish this is sure confusing and complicated. After one mile stone reached there seems to be another one ahead. One would think that the end is sure near. [post 2 of 2]
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“Round Table” Dinar Call!!
“for Dinar News – that MATTERS!!”
03/22 – @ 5:30PM CST
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SteveI – I received some information from a couple contacts regarding the current news...The main focus was this past week some very strange things happening on the ISX. I guess the ISX was down for some time and when it came backup most of the numbers did not make sense. There seem to be some major trading by only a few companies. Also it was brought to my attention that most of the Iraqi bond purchases were to banks. This is very positive because banks have to have a minimum asset reserve to be able to participate in a global exchange of their currency (this was what several told me…). Another mention on the CBI site was the lack of some of the denominations that used to be listed. This is all looking very positive. Security seems to be getting under control. This came directly from someone in Iraq and is close to the action. ISIS is still a factor but not anywhere near what it was. I was also told that some major house cleaning regarding hundred of arrest warrants and many officials have already fled the country.
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For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…
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(Please note – we are posting daily News Articles slightly differently now)
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Governor of the Central Bank directed by Twilight News message to Mohammed Allawi
Twilight News / face of the Governor of the Central Bank and the Agency on the Keywords for clarification of the total points singled out Twilight News, former Minister of Communications Mohammed Allawi, who recently published an article on the agency’s website about the mechanism of the central bank.
Twilight News published the text of the message is the same:
An open letter:
Mr. d. Mohammed Allawi Esquire.
Greetings ..
I’d like to go into the midst of the debate and direct dialogue, and requested through one of your friends a long time ago, but did not get it, it would be a cost that does not tell you this, was my desire to do so off of my nature not to engage in give and take over private subjects specialized media , require stand on many of the backgrounds and details.
I am by virtue of my knowledge you put your views in the framework of interest and concern, and that is said to you, and excuse me in advance for stretching despite two attempts in the shortcut, but necessity requires illustrate various aspects relating to monetary policy and Mahristit out of conditions and challenges.
1. Commissioning management bank: –
It was assigned administers the central bank based on the Cabinet’s decision and voted unanimously in another cabinet sessions before, after Prime Minister Ask Mr. Dr. Abdul Basit Turki assignment was to retire on reaching the legal age (which was then in charge of the management of the bank), and it was ( Dr. Abdel Basset) is the one who suggested assigned it, and tried it for more than a year with the prime minister did not have the desire to do so, as the prime minister (al-Maliki) was having trouble because there is no alternative for the management of the General Secretariat of the Council of Ministers, I tried lack of disengagement from the Secretariat, at least until the formation of the new government at the time to decide that you see fit, however, ordered the release of another commissioned Mr. d.Hamid behind the secretary general of the Council of Ministers, compelled me to disintegration and direct at the central bank, to be a temporary mandate, as stated in the origin of the Cabinet decision task entrusted me until the formation of the government.
So I’m not imposed on Mr. Abadi (as stated in the recent essay), because out of the decision allows him to take it deems after the formation of the government, and I am an independent person who does not belong to the party, it might be belonging obstacle to Mr. Abadi to change, which does not apply to my case, plus a lack of desire to continue from the beginning until now, and I assure the Prime Minister that I am ready to leave the site at any moment in which so decide, and I am not trying during the past period to promote fixative at this location or even in my former where it remained for eight years as general secretary year-old cabinet agency, without the need to take one of the government or parliament ordered fixative at the site, noting that similar instances of the cases have been voted on in parliament to adopt the political blocs to her, and you know that while you’re in the cabinet.
On the other hand, the requirements of honesty oblige me to respond to suggest that there is an interest I have Mr. al-Maliki in the subject assigned, where I certify that the guy did not ask me or cost me any order in which certain special interest or the public for the duration of my mandate in the bank’s board, and met him only in public events, and Hasbi you know me very well …
Window sale of foreign currency (dollar): –
Before Abyan rules governing the sale of foreign currency operations control, I wish to refer to:
The central bank’s policies, including the exchange rate policy and sell the currency and instructions set by the Board of the Central Bank, consisting of experts and specialists administration from inside and outside the bank, and does not have the governor the power to put those policies or instructions so the criticism directed to personally conservative misses the truth.
The sales force and sales processes, taking place for years (after 2003), so why is exposure to them now and after our mandate to the task of Directors of the Bank, despite the fact that several measures have been taken since we took the task to adjust those operations as will be!
Rules that govern the sale of foreign currency (dollar):
The process of selling foreign currency (dollar) through the Central Bank of Iraq is governed by the following laws and principles window:
The Central Bank Law No. 56 of 2004, which defined in Article (28) of open market operations and existing facilities, from which the provisions of paragraph (b): Buy or simple sales unconditional (cash or term) of foreign currency.
(B) the guidelines issued by the International Monetary Fund, and approved by the Member States (including Iraq), and was among those principles do not put restrictions on the sale of operations or the purchase of foreign currency.
(C) the Constitution of the Republic of Iraq, which put the Iraqi economy in the framework of a market economy, competition and freedom and to support private sector activities, and the consequent activation of the laws of the market, including supply and demand.
(D) Anti-Money Laundering Act No. 93 of 2004, which requires all financial institutions (bank and non-bank) to investigate the customer when opening an account identity or conduct financial transactions, and inform the central bank transactions suspected by the central bank monitors the extent to which these institutions so .
Based on the predecessor central bank deals with the sale and purchase of foreign currency operations on it:
A- open operations and should not be constrained by the central bank restrictions.
(B) banks and other financial institutions monitored to ensure their compliance with anti-money laundering law and the investigation of clients and sources of money to prevent the use of banking channels or financial to pass suspicious transactions may involve money laundering or terrorist financing offenses.
In addition to the laws and rules that passed mentioned _ that the sale and purchase of foreign currency operations control, the nature of revenues and financing government spending, and financing foreign trade and bridging the deficit in the balance of payments, impose a particular and specific reality of the operations of sale and purchase of foreign currency, where most of the imports of the Ministry of Finance is the currency foreign (dollar), and most of its expenses in Iraqi dinars _ as noted in the state budget _ ministry whereupon sell the dollar at the central bank, which in turn, re-sell it to the private sector, to get on the dinar, where the private sector covers its imports in dollars the buyer, as well as to cover the requests other various kinds, and thus what the central bank imposed monopolistic dollar source mainly, and which is funded by the state budget and to cover the deficit in the balance of payments, and when demand for the dollar will be lower than the central bank receives goes surplus (the difference) to foreign currency reserves , and when the demand for the dollar higher against the dollar supplier central bank uses currency reserves to cover the deficit (the difference), so Valahtaati rises and falls depending on the relationship and within this process is achieved to maintain the exchange rate, and realized the basic function of the foreign reserves. The central bank does not have the tools to reduce the demand for foreign currency but to raise the official exchange rate of the dollar against the dinar, which represents a difficult choice because the increase is reflected in prices and increased suffering and a low-income groups, as well as its impact on other aspects.
Also, reduce the foreign private sector currency sales, regardless of their legal and regulatory framework to adapt it, it means a widening gap between foreign currency supply and demand in the market, and its result to increase the difference between the official price and the price the last buyer, and rising imports prices, and thus brokers category gains, rising to levels unreasonably at the expense of the national economy and the general budget and the citizen.
Just as the central bank can not influence the demand for foreign currency, are also provided, it also can not foreign currency received from the Ministry of Finance or other entities volume control (on the meager contribution), which is why we say that the central bank has no control over the size of foreign reserves, any rise and fall to factors outside his control, and therefore be clarified which over the sale of foreign currency process is governed by the nature of the financial resources cycle and factors of demand and supply, the central bank and the leading role of the balance between the two in order to preserve the exchange rate and thus preserve the public prices and purchasing power, and this is the foundation of the Central Bank that the task stipulated by the law (to maintain the general level of prices).
The speech revolves mostly about why the central bank sales of the dollar (offer), but not taken to talking about the reason for purchases of the dollar (demand), while the research and analysis on the demand side leads to correct gaps and imbalances developments in the macroeconomic and fiscal policy, and other phenomena influential, that the demand for the purchase of the dollar’s strength is due to several reasons beyond the control of the central bank, including:
Weakness or limited production base and single resources, and a lack of vision or macroeconomic model, and the consequences of any reliance on the import of goods and services are almost entirely.
Capital flight abroad, investment or Edjara due to the absence of political stability and security, the big challenges facing the work environment.
The weakness and corruption of tax and customs organs, which creates high incomes tend to excessive consumption, or escape to the outside and both are a direct pressure on the demand to buy the dollar.
Limited remittances from abroad and the failure to attract investment into Iraq.
The weakness of the banking system and its inability to mobilize resources for the purposes of activating economic sectors, high liquidity ratio has for his reluctance to make loans because of the conditions and limiting its activities and services on marginal operations and limited investment.
Inadequate health, education and tourism services inside Iraq, prompting many to travel outside Iraq to receive those services.
The migration of large numbers of citizens to other countries after the sale of their property and transfer it to the outside, especially after what has happened to many areas of the crimes of terrorism and military operations.
Severe lag in the application of laws that limit the dumping of imported goods the Iraqi market and to stimulate national production policy and those laws:
– Tariff law.
– Local Product Protection Act.
– Consumer Protection Act.
In addition to the chronic imbalance in the border ports resulting in extreme weakness in the application of laws and regulations and standards for quality control management.
The central bank sales of the dollar analyze and convert them to the outside on the ground that it concerns exclusively Balastairadat and higher sales amount for the estimated imports placed under suspicion table, the analysis neglects the other purposes of the conversion, there is a significant share of remittances represent a migration of funds abroad in addition to a variety of other personal and even possession of foreign currency inside Iraq.
The common errors compared to the government’s revenues from dollar sales of the dollar, as some people assume that sales should match or be less than the income of the dollar, on the basis that imports of the government are determined mainly on the sale of oil, and therefore have to think that the government does not spend more than its oil resources and thus where it comes from demand for the dollar.
Here are clear: that the demand for the dollar comes from the local currency (the dinar), and the quantity that exposure of the local currency is not only the source of the replacement of the Ministry of Finance its supplier dollar dinar, but that there is government spending covered from remittances, Treasury bills, local loans (from government banks) Foreign loans and, for example, the total amount borrowed government (from the sources mentioned) is about 26 trillion dinars to cover the shortfall by the year 2015 and this year, and this amount in the majority turns into a demand for goods and services, which are mostly imported, thus linking central bank sales vendor oil linking inaccurate because it did not take into consideration the money supply (JD) derived from the sources mentioned, in addition to loans granted by banks to the private and the public sector, we note here that the draft budget for the year 2016 Act, which included funding for the budget with loans, bonds and other more than $ 20 trillion dinars almost fill the projected deficit.
The drop in oil prices by more than the 70% about not accompanied by a decline in the share of foreign companies extracted oil, because those companies charge their share of the amount of production regardless of sales per barrel price, which means a direct and sharp decline in the dollar supplier to the government and thus lower set of dollar the central bank, and if we take into consideration that there is a rate of about 25% of the dollar supplier goes directly from the Ministry of Finance to pay imports government obligations foreign debt, the size of the decline in the dollar received from the Central Bank would be great, and with the continued issuance of the state budget a large deficit financed is the basis of the loans, remittances and internal bond, it means a decrease in imports from the dollar is offset by a reduction in spending to the same degree and coverage of those versions in local currency means that demand for the dollar will remain high (height spending) is not matched Ward dollarised the same level, and this phenomenon of chronic oil-producing countries, (Iraq’s most prominent model in this phenomenon) covered when he spoke of using foreign currency reserves, as has happened in the year 2009, reaching central bank sales ratio of dollar to import Bank of the dollar, the percentage of 148% and be compensated in the past, which goes up oil resources.
Oversight and control over the sale of foreign currency operations: –
The role was imperative for the central bank to do is preventive censorship, mainly through control over the legality of the money involved in buying the dollar, through the application of rules and procedures for combating money laundering, and the application of the principle of (Know Your Customer), activating stated in the Central Bank Law in anti-money laundering for the year 2004 Act, which provided for the formation of the reporting of money laundering office, however, unfortunately not Directors of the Bank enabled this responsibility and this despite the passage of so many years on the enactment of the law office, but the administration is not convinced of the performance of this task, I have been since the previous years I’m trying with brother d. Shabibi persuade him of the importance of and the need for it, but these attempts have not succeeded despite the intervention of the Economic Committee, and the Board of Supreme Audit and the Integrity Commission, When the World Bank published a report in 2012 which contained more than 700 note about the situation in Iraq in terms of money laundering was submitted to the ILO financial (FATF), an international organization concerned with the issue, this report would have led to the situation in Iraq in the black list, which puts him in the likeness of the ban on foreign financial and banking dealings, which is a very serious issue, personally took the initiative to form a national team from all the relevant ministries and authorities
(Judicial and regulatory), the team headed to address the observations contained in the report, which was 70% of which needs to be new legislation to combat, we worked him hard exceptionally direct and coordinate with relevant international organizations, it has been made to complete the project and voted on in the House of Representatives, and to strengthen the supervisory role in this regard, you and since the task assigned the following procedures:
Activating the role of the Money Laundering Reporting in the Central Bank office, it was awarded the office for the first time and financial and administrative spatial independence and we have demonstrated our willingness to respond to all the material and human and technical requirements needed by the office to strengthen and enhance its role, and DAI so appreciated by the Financial Action Organization (competent anti-money laundering measures ).
Activating the role of the National Committee for combating money laundering and financing of terrorism and knows all concerned that I was first interested in the phenomenon of money laundering and assumed the formation and management of that committee in 2012 when the Central Bank of Iraq administration did not agree to work on this subject, the Commission has been able and engaged in intensive and exceptional preparation bill counter money laundering and the smuggling of money, which has been prepared on the according to the latest requirements of international conventions and coordinate directly with the financial action Task Force and the World Bank, was to vote on the project in the House of Representatives, will provide law regulatory framework and legally on the high score for its response to the financial criminal activity.
Efforts with relevant international organizations to intensify in order to build an Iraqi capabilities and support expertise and information in order to deal with these serious crimes, and there is an international response and conducting training and rehabilitation operations are currently intensively to the staff of the Central Bank and the staff of the banks concerned and are being sought for the introduction of all stakeholders in the fight against (security , regulatory, and judicial authorities chock).
Work on the application of the decisions of the Basel Committee (I, II, III), where he committed the central bank of all banks and the introduction of units of risk management and anti-money laundering, and the implementation of the decision to raise banks’ capital to 250 billion dinars, in addition to a review of the functions and the rules of supervision and the requirements of discipline to improve performance in the credit market and banking.
Contract with Ernst & Young, the auditing sell the dollar to banks and companies transfer companies and banking procedures, and identify weaknesses and ways to adjust those operations, and resulted in so controlling and monitoring new through the electronic programs of measures setting, including adjusting the movement of all paper money (dollar) and the registration number and the recipient her with a cross-check with the US Federal Reserve.
Cooperation and coordination with neighboring countries on remittances, was recently signed a memorandum of understanding with the Central Bank of Jordan on cooperation, coordination and exchange of information, knowing that all transfers made through Jordan and the United Arab Emirates are subject to strict control in both countries.
Requiring banks and conversion to provide detailed breakdown of the transferred amounts include all the required information, and the central bank will provide the Office of the Inspector General at the Ministry of Finance, the General Commission for Taxes and Customs Authority with copies of those statements for the purposes of tax settling accounts and follow-up, and was recently a special form filled out by the bank for each request to transfer the design all information and data and to provide the customs and tax them.
We were able to eliminate the phenomenon of the so-called (volatile instruments) through the development of technical and other payments systems and procedures, including forcing banks to stop work after passing instruments (3) days in the case of non-confirmation system on the availability of credit, but now pass any Aaijeri
Instrument unless it gets support the availability of credit, regardless of how long it takes, and it should be noted that the central bank was able to a few months ago to stop fraud in this regard was the sum of their instruments more than 400 billion dinars, were informed BSA for some previous cases involving suspicions, the central bank is working in coordination with the Bureau to check for any previous operations may involve fraud using public money for private benefit in the banking operations of operations, with the offer that the central bank deducted the amount of remittances in Iraqi dinars from the assets of open drains has directly and before the implementation of the transfer and therefore the
If those instruments was intended (instruments without balance) coefficients for private banks and banks and government.
In order to expand and diversify the local production base, thus alleviating the volume of imports and thus reduce the demand for the dollar, after it failed and with regret spending policies that promote and stimulate domestic production, were mostly exaggerated in consumer spending and hence more imports, in order that the Central Bank بخطوة تأريخية بإقراض المصارف المتخصصة والمصارف الخاصة بمبلغ قدره ( 6 ) ترليون دينار لتمويل المشاريع الصناعية والزراعية والعقارية والمشاريع الصغيرة ، وإذا تم إدارة تلك القروض بشكل مناسب فأنها ستكون قاعدة مهمة لتحفيز النشاطات الاقتصادية داخل البلد وخلق قاعدة إنتاجية كبيرة .
Central Bank developed and developing payment systems and clearing instruments electronically and adopt a substitute for clearing handicraft room for all the government and private banks in Baghdad and the provinces, as well as the launch of the infrastructure for payment systems Retail and National divider, and the unification of the security specifications of the instruments drawn on all banks for the purpose of providing greater protection for the instruments and the reduction of fraud .
Were contracted with an international company (Ernst & Young) for the purpose of banks evaluated under the system (CAMELS), the company presented the results of evaluation of all the banks, this assessment provides the central bank and the clients of these banks stand on the conditions of those banks and thus take appropriate action to correct their status or self-determination, which is what is happening currently working on it.
Been communicated to banks and the conversion of the new description of the profession of anti-money laundering and his assistant manager, given that these two functions of the important functions of any financial or banking institution.
The new standards when banks meet the requests of the dollar, including the extent of the bank’s commitment to the rules and procedures for combating money laundering and the application of the principle of know your customer, and the bank’s commitment to provide status
The central bank disclosures movement of the external accounts of the bank to see the rightful beneficiaries of conversion processes, and other standards, but not taken to sell the bank if breached.
In the context of deterrence measures, the Bank continues to impose sanctions and financial penalties in accordance with the reports of field and office inspection bodies through the Commission to impose sanctions, which includes a number of representatives of the formations the central bank, and point out here that the irregularities that have been diagnosed for the past years with regard to customs clearances have been given their importance and priority when our mandate and based on the
Audits and diagnose irregularities imposition of the Central Bank’s management of substantial financial penalties of up to more than 15% of the capital of some banks.
The central bank does not hesitate to take deterrent measures but strict penalties and fines on an ongoing basis and did not know as much as her ever seen in the history of the bank. There are many issues before the courts for a long time also.
Iraq has been the failure of decades to keep pace with developments in the banking and financial systems and keep up with international standards to achieve financial stability, risk management and control mechanisms of the market and the use of advanced technology systems in the operations and transactions management and services, which when we need enough time to get to the control and the provisions of censorship, to the presence of challenges and obstacles for many no room for listed (We have referred to in the research publication).
We have we being in the treatment of pressure on our reserves and control of sales operations through continuous action, and it was their results lower cash sales of US dollar last year by 70%, and cash sales represent transactions the most dangerous in all respects, total sales fell 25%, while this year (2016 ) it is expected to be a decline of about 50%.
We have examined the Board of the Central Bank, as well as a range of experts and academics several options to deal with the subject of selling the currency, and they always agree that putting more restrictions and conditions creates a parallel market, far ahead of the exchange rate of the benefit of speculators, and lead to the lifting of the exchange rate and the increase in inflation and damage by force purchasing power of citizens and also palaces and the corruption of some episodes in the organs and institutions that can interrupt the central bank data with it, prevents the achievement of a full cycle of control and verification.
The central bank also provides Pena Customs and tax income of all conversion factors to provide an information base is mainly accountable for the tax as well as can be learned in the case of the Central Bank
Not to bring goods covered by the conversion process, but unfortunately, that these devices do not you turn required, on the other hand, and despite continuing our claims on the need for the Ministry of Commerce set curriculum Import Alert sets imported materials and quantities, (as was the case previously), to be a guide and mentor to the bank Central in the conversion process, but that did not happen until now.
Documentary Credits :
Have you suggested in the framework of control on foreign exchange operations – follow the style of letters of credit, and here we show the following:
The central bank has tried to stimulate this manner a number of ways, including the granting of preferential exchange rate, but the traders – and mostly small traders – are accustomed to the way transfers to ease and lack of costs, this style practice in many countries, but the problem we have is the loss of control and supervision at border crossing points to support Health quantities of incoming and match them with the amounts transferred.
The transition to this method (letters of credit) requires a gradient in its application, to avoid reactions in the uncontrolled market, and fear of imbalances in the exchange rate as a result of the phenomena of exploitation and speculation.
We are moving in this direction according to a plan in stages, and there is a committee of experts from inside and outside the central bank is currently developing applications this manner proceedings, a step in this direction, we started now distinguish between banks requests in terms of being letters of credit or remittances and priority be given to cover the credits.
It should be noted here that this technique under the palaces and corruption rings linked Balastiradat and entry, will remain capable of penetrating and misrepresentation and fraud, and therefore unless the rise
Episodes turn and responsibilities can not be trusted with those operations, and some might exploit more of extortion and corruption, as happened in other experiments passed us.
Invoices artificial:
Referring to the reported on the bills is correct, Abyan follows:
The phenomenon of the invoices (fabricated) have unrealistic (3) reasons:
The first reason: the central bank so far – did not put money remittances from citizens abroad
(Edjara or investment abroad), have not been placed on the list of what is covered by the applications on the dollar, and with the existence of the phenomenon of output of funds abroad because of the volatile conditions and wary of the country, and the weakness of the trend towards investment and internal savings, the asylum conversion work to convert those amounts by making up lists commercial, and this requires a law to resolve it in terms of allowing transfers of capital abroad, which is still under study and discussion within the Central Bank and the international Monetary Fund.
The second reason: The trade volume with Iran reaches up to $ 10 billion, and these business processes is implemented allowed through transfers or credits in foreign currency because of the international and US embargo, so are asylum seekers conversion to make the conversion operations through other methods of passing loops convert lists of other commercial, It is real. Therefore, despite the large volume of imports from Iran, we do not find bills in reality.
The third reason: tax evasion, which pays to change the imported goods in the menus to pay less fees or exemption from such fees, and one example of that we do not find bills to import cars or maybe a number very few, despite the import cars represents a record huge and essential in import operations.
The scale of corruption and misrepresentation and fraud in commercial lists custom clearances is the key reason for the complexity of this process and the difficulty of controlling and monitoring them, who gave way to more manipulation also miss the opportunity in front of the application instructions and procedures established by the Central Bank, but transformation of those episodes to private gain through operations blackmail and bargaining.
Efficiency in the management of the bank
In exposure to Kavaita in the bank’s management of natural that I would not be a governor on it, but if you want objectivity and this covenant your, Fbalamkan inquiry about it from the staff of the Central Bank and the board of directors and the relevant authorities, including the International Monetary Fund and the World Bank, the Financial Action Task Force, the Treasury US, Bank of the Federal reserve, the Office of financial supervision and the Office of global audit verified the bank, and I invite you to read the bank’s strategy 2016_2020 years which is the first strategy issued by the central bank, in terms of preparation, presentation, content and initiatives, which are prepared according best standards and methods of strategic planning and carrying targets aligned and the roles of modern central banks for the first time as the central bank control over the level of inflation and the level of historical (up 2%) for every local, regional and international conditions is a remarkable achievement by any standard, as the Bank practiced for the first time a distinct role in supporting and stimulating the economy, as well as activating his role in getting into the secondary market to buy money orders, which supports the face of the financial crisis, and if you wish to deliver to you the details of this role without which the country was in big trouble today and serious repercussions.
Finally .. I still wish you a direct dialogue field and see the work of the Bank and will open you all Matod he knew or see it … Sincerely.
Ali Mohsen Ismail Keywords
Governor of the Central Bank of Iraq and the Agency
Read More: http://www.dinarupdates.com/showthread.php?32331-Governor-of-the-Central-Bank-directed-by-Twilight-News-message-to-Mohammed-Allawi
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CURRENCY CODE SELL BUY
Dinar to USD – Dinar Value – Iraqi Dinar “IQD” listing
| CURRENCY |
CODE |
SELL |
BUY |
| US dollar |
USD |
1182.000 |
1180.000 |
| Euro |
EUR |
1320.412 |
1319.752 |
| British pound |
GBP |
1675.485 |
1674.647 |
| Canadian dollar |
CAD |
895.251 |
894.803 |
| Swiss franc |
CHF |
1213.802 |
1213.195 |
| Swedish krona |
SEK |
143.212 |
143.140 |
| Norwegian krone |
NOK |
140.107 |
140.037 |
| Danish krone |
DKK |
177.137 |
177.048 |
| Japanese yen |
JPY |
10.517 |
10.512 |
Special
Drawing Rights |
SDR |
1652.613 |
1651.787 |
Indicative rates – 03.25.2015
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[Where – Baghdad] criticized the economic expert, on Monday, the central bank ‘s policy wrong stressing that it will push Iraq toward bankruptcy.
