Iraq's CBI reports 80 billion Iraqi dinar fines on banks and non-banking institutions
Shafaq News/ The Central Bank of Iraq has disclosed that fines levied on banks and non-banking institutions, including exchange companies, totaled approximately 80 billion Iraqi dinars during the past seven months.
An official bank report indicated that fines imposed on banks and financial entities from January to the end of July 2023 amounted to 79,777,817,397 dinars. The report further revealed that these fines encompassed 318 administrative penalties directed at banks and institutions mentioned. Non-banking entities received a range of penalties, including warnings and temporary suspensions.
The report noted that April witnessed the highest fines imposed, reaching 17,440,383,447 dinars and 17 administrative penalties. Conversely, June recorded the lowest fines, totaling 8,353,387,476 dinars, with 50 administrative penalties.
The report does not mention the bank names with the fines and administrative penalties.
In June, the Iraq Stock Exchange Investors Association criticized the Central Bank of Iraq for increasing fines on banks, highlighting concerns about the potential impact on investors' profitability.
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NEW DIRECTIVES FROM THE CENTRAL BANK REGARDING THE SALE AND WITHDRAWAL OF DOLLARS
On Thursday, the Central Bank of Iraq launched a new package of directives for all licensed banks, with the aim of organizing the sale and withdrawal of cash dollars.
To all authorized banks:
All non-banking financial institutions have taken regulatory measures to sell (cash dollar) withdrawals
good greeting….
The Central Bank of Iraq decided the following
First: Further to our circular numbered 9/3/220 dated 9/4/2023 and based on the decision of the Board of Directors numbered (131) for the year 2023, taken in its session numbered (1639) held on 18/8/2023, it was decided that you are committed to selling foreign currency ( dollars) received by the Central Bank of Iraq and for the purposes assigned to the customer
at the official established exchange rate.
Second: For the purpose of regulating cash dollar (selling and withdrawing) operations, the following was decided:
We confirm the inclusion of (pilgrims) by receiving the share of the dollar in cash and an amount of (3000) dollars. 2- It is possible to accept the accumulation of sequences of coins (dollars) sold through the (FITR) platform, according to the instructions
and controls issued by this bank.
You can obtain a fingerprint and a written undertaking from the customer regarding the validity of documents and personal documents until the completion of the application of the electronic system.
The commitment of banks to meet the requests of customers who have accounts in dollars when they wish to withdraw cash in dollar currency, and this includes accounts generated from previous cash creations or incoming aunties, noting that this bank will
By meeting the banks’ requests for cash withdrawal.
To abide by what was said. above with appreciation.
My take is a float won’t work in a digital world. I just don’t see it. I think they are going to make an adjustment to their Reel Effective Exchange Rate (REER) and I hope and expect it will be better than it was in a previous era.
When I first got into this – the IMF had shut them down from $3.22 …so, when they reinstate – I think they will start there…maybe add some for inflation , and they probably will do a “managed float”…
Article: “Specialists: The path of development gives Iraq an important position in international trade”
The development road is the investment side of the tripartite budget.
Get ready folks, we can see the efforts being taken are to join the Global Financial System.. There is no denying it. imo.
MarkZ Thursday Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good Morning….This looks to be a very BIG day
Member: Let's go BRICS and it's newest 6 Members
Member: BREAKING: Saudi Arabia, Argentina, Egypt, Ethiopia, Iran, and UAE to join BRICS on January 1st, 2024.
MZ: Its quiet on the RV front as expected but, but this will be a big day with what is coming out of BRICS.
Member: The boards are quiet, the RV news has been very quiet - I think the damn is ABOUT TO BREAK!!!
Member: I heard all countries that have applied for BRICS have been accepted.
Member: I see Brics in our future ! Gold Brics!
Member: Petro dollar is running out of gas.
Member: Life is a masterpiece, and you're the artist. Paint it with vibrant moments, bold choices, and endless love. Seize every day with a heart full of gratitude and a spirit ready to explore.
Member: Mark, many thanks as always for all the latest news & updates.
Member: Thank you Mark and Andy for all the exciting info ….we appreciate you
Andy Schectman Joins the stream today. Please listen to the replay for his information and opinions.
“THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IS IN MARKZ’S OPINION ONLY.
An economist who explains the reasons for the absence of government support for national production
Aug 23 18:53 Information / special.
Economic expert Diaa Al-Mohsen explained, on Wednesday, the
reasons why the government did not focus in its program on supporting local production, pointing out that the government had focused primarily on the service file and postponed production support to another stage. Al-Mohsen told Al-Maalouma,
"The government program did not present the file of supporting national production and protecting the product, because thegovernment is aware of the weakness of production, as it moved towards supporting the service file and infrastructure." He added,
"The government left the national production support file to another stage when it is confirmed that it is possible to find strong local production in terms of agriculture and industry, as well as the citizen's role in acquiring local goods and preferring them over the importer." And that
"the private sector is still below the level of ambition, especially in terms of prices, as the closure of borders in front of some products when available locally is accompanied by a rise in prices." He pointed out that
"providing local production with the required quality and price needs more time, in addition to the need for confidence and conviction by the Iraqi consumer."
