Tlm724 Administrator Bondlady’s Corner
The Central Bank Of Iraq Issued A Statement Regarding Depriving Some Iraqi Banks From Dealing In Dollars
July 20, 2023 Preventing Iraqi banks from dealing in dollars came against the backdrop of checking bank transfers for the past year (2022), before the application of the electronic platform, and before the formation of the current government as well. Banks that are deprived of dealing in US dollars enjoy full freedom in dealing in Iraqi dinars with various services within the Iraqi banking system, in addition to their right to deal internationally in currencies other than the US dollar.
The application of the electronic platform for external transfer ensures the safety and accuracy of transfer transactions from all aspects, in accordance with international standards and practices, and the law against money laundering and terrorist financing. with an accredited international auditor.
What the Central Bank of Iraq has achieved in expanding transfer channels and approved correspondent banks makes transfers available and secure, and that
the number of local banks that do this is able to cover all transfer requests, with the ability of the Central Bank of Iraq to cover them without restrictions or ceilings, as long as they involve Legitimate operations, noting that the banks banned from the dollar, their requests constitute only 8% of the total external transfers.
The announced exchange rate in the market is based on cash dollars granted by the Central Bank of Iraq to cover citizens’ requests for travel and other things, and
because of the citizen’s need for the national currency, some merchants and others withdraw dollars for trade or other purposes, away from the platform and away from the fundamental transfer contexts,
which It leads to raising the exchange rate on the black market, which is not a parallel market, as long as the source of the dollar is the central bank and not from within the market.
In order to address this phenomenon, we call on the esteemed government to establish a mechanism to link imports, and to prove the existence of a fundamental financial transfer corresponding to its value in order to prevent the use of illegal means to pay its values that constitute unjustified pressure on the cash dollar, and on the other hand, it helps in controlling manipulation and smuggling of imports..
Central Bank of Iraq information Office 20 - July – 2023 https://cbi.iq/news/view/2386
With Names.. America Imposes Sanctions On 14 Iraqi Banks For Dealings With Iran In Dollars
Policy US Treasury US sanctions Iraqi banks 2023-07-19 Shafaq News/ On Wednesday, the US Treasury Department imposed sanctions on 14 Iraqi banks, in a crackdown on Iran's dealings in dollars.
The Wall Street Journal quoted US officials as saying that "the move came after the disclosure of information indicating that the
targeted banks were involved in money laundering and fraudulent transactions." The newspaper added,
"Some of these operations may relate to individuals subject to sanctions, which increases fears that Iran will benefit from them. "
A senior US official told the newspaper:
"We have strong reason to suspect that some of these money laundering operations may benefit, either to individuals covered by US sanctions, or to persons who may be covered by sanctions."
"The main danger of sanctions in Iraq is definitely related to Iran," the US official added.
Shafaq News agency learned that the sanctions affected "banks (the
Islamic Advisor for Investment and Finance, the
Islamic Qartas for Investment and Finance, as well as the
Islamic Spectrum,
Elaf Bank,
Erbil Bank for Investment and Finance, the
International Islamic Bank,
Trans-Iraq Bank,
Mosul Bank for Development and Investment,
Al-Rajeh Bank,
Sumer Commercial Bank,
Trust International Islamic Bank, and
Ur Islamic Bank The
Islamic World Bank for Investment and Finance and
Zain Iraq Islamic Bank for Investment and Finance.
And the US Treasury Department prevented four other Iraqi banks from accessing the dollar last November, and also imposed, in cooperation with the Central Bank of Iraq, stricter controls on financial transfers in the country in general.
In the past weeks, the Central Bank of Iraq had excluded 4 private Iraqi banks from the currency sale auction (namely: Al-Ansari, Al-Sharq Al-Awsat, Al-Qabid, and Asia)
following directives and warnings from the US Treasury about these banks accused of smuggling currency https://shafaq.com/ar/سیاسة/بال-سما-ميركا-تفرض-عقوبات-على-14-مصرفا-عراقيا-بسبب-تعاملات-مع-يران-بالدولار
Enhancing Confidence In The Iraqi Dinar
July 20, 2023 To enhance the ability of the Iraqi dinar against foreign currencies to circulate within the country, the following was decided:
1. Collection of all cash guarantees shall be in dinar currency exclusively for internal credits, bank guarantees and letters of guarantee issued to the benefit of the beneficiaries (governmental and private), even if they are in dollar currency and at the official exchange rate.
2. The payment of the sums of the letters of guarantee upon confiscation shall be exclusively in Iraqi dinars and at the official exchange rate.
We ask all authorized banks to take the necessary measures in accordance with the above
The Central Bank Of Iraq Organizes A Dialogue Workshop For Its Employees
July 20, 2023 The Development and Training Department of the Directorate of Human Resources Affairs at the Central Bank of Iraq organized a dialogue workshop for employees of other departments and departments.
It was delivered by the former advisor to the Minister of Education, Prof. Dr. Salah Al-Nuaimi, and lasted for two days.
On its first day, the workshop dealt with the definition of the true concept of loyalty and job commitment, and the importance of its reflection on the institution and the performance of employees, as well as achieving job satisfaction.
The second day witnessed a lecture on how to develop administrative thought and the development of strategic thought, based on the strategies of modern thought.
Central Bank of Iraq information Office 20 - July – 2023 https://cbi.iq/news/view/2385
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