The Central Bank Warns Against Dealing With Entities “Unlicensed” By It, 27 OCT

 The Central Bank Warns Against Dealing With Entities “Unlicensed” By It

Thursday 26 October 2023  Economical Number of readings: 392  Baghdad / NINA / The Central Bank of Iraq warned against dealing with “unlicensed” entities that issue electronic payment cards, in order to avoid falling into fraud and financial fraud.

The bank stated in a statement that: “It has recently been observed that some unlicensed entities are issuing and promoting electronic payment cards.”

The bank warned against dealing with these entities to avoid fraud and financial fraud, stressing the importance of verifying their licenses before using their cards and applications in order to benefit from their services, and relying on the official websites and channels of licensed companies and banks.

The Central Bank of Iraq noted that it is possible to identify electronic payment service providers licensed by the Central Bank of Iraq through its official website (www.cbi.iq)./End

https://ninanews.com/Website/News/Details?key=1086140

"RV UPDATE" BY WALKINGSTICK, 27 OCT

 Walkingstick  

The CBI swapped the Iraqi dinar currency with 12 different countries.  Countries do this all the time but to see this done right now it's obviously a pre-cursor of the monetary reform.  It's obviously part of the monetary reform process...

[Aki Iraqi bank friend update] 

  Iraqi Bank friend #1 [Aki's boss] told Aki you gotta stay put.  Stay right where you are at [his bank in the south of a northern state]. 

 As much as Aki wants to go stay in the north because in the north he has a home there... Obviously something's happening IMO.

They never had a budget before.  Now to have three in a row? 

 A three-year budget does not work with a program rate...Based on what you're seeing this monetary reform is really developing well.

A Deputy Confirms The Imminent Start Of A Project That Will Achieve “Billion-Dollar” Profits And Provide 40,000 Job Opportunities, 27 OCT

 A Deputy Confirms The Imminent Start Of A Project That Will Achieve “Billion-Dollar” Profits And Provide 40,000 Job Opportunities

Energy  Economy News – Baghdad  Member of the Parliamentary Oil and Gas Committee, Adnan Al-Jabri, said on Wednesday that the “Nebras” petrochemical project in Basra Governorate is considered one of the largest projects.

Al-Jabri stressed, “Iraq needs a promising transformation in the field of petrochemicals to be a manufacturing country for these materials, especially with the presence of the raw material represented by oil, and therefore this raw material exists and there will be a shift in this field.”

Al-Jabri added in an interview with Al-Furat News Agency, followed by Al-Eqtisad News, that “the project will start soon because it is part of the government program, and there will be follow-ups by the House of Representatives with the government to speed up the completion of this project.”

The project manager, Hussein Muhammad Ali, said earlier, “The estimated cost of the project amounts to 8 billion and 540 million US dollars, and its annual profits are estimated at 1.4 billion US dollars.”

Ali added, "The project will exploit natural gas surpluses and attract external capital, in addition to providing great job opportunities during the construction period, estimated at 40,000 mobile jobs, in addition to exploiting job opportunities during production operations."

  https://economy-news.net/content.php?id=37099

Iraqi Dinar Zero Deletion and Forex Return in Iraq | Dr. Shabibi's Plan ...

Interior Ministry: Signing more than 17,000 pledges not to deal in dollars in buying and selling, 27 OCT

 Interior Ministry: Signing more than 17,000 pledges not to deal in dollars in buying and selling

The Ministry of Interior announced today, Sunday, that it had taken more than 17,900 written pledges from shop owners not to deal in the dollar in buying and selling operations, as part of campaigns to support the Iraqi dinar and combat dealing with the dollar.

The Director of Operations at the Ministry’s Organized Crime Directorate, Hussein Al-Tamimi, pointed out that “the campaigns that began in May and continued until October also resulted in the arrest of a number of foreign currency speculators and smugglers.”

He explained, “The Ministry has taken written pledges obligating the owners of car showrooms, electrical stores, and tourism, travel, and wholesale companies to refrain from dealing in dollars and deal in Iraqi dinars according to the price set by the Central Bank,” indicating, “Whoever violates this decision may expose himself to legal accountability.” According to Iraqi laws.”

He stressed that “merchants importing basic and necessary materials from outside the country are allowed to deal in dollars only through the electronic platform.”

nrttv.com

Low trust in banking keeps Iraqis from depositing money: PM advisor, 27 OCT

 Low trust in banking keeps Iraqis from depositing money: PM advisor

ERBIL, Kurdistan Region – Low trust in Iraq’s banking institutions has prevented residents from depositing their cash into their bank accounts with an overwhelming 80 percent of cash being kept in households, an advisor to the Iraqi prime minister said on Wednesday.

“Because people’s confidence in dealing with the banking institutions is very weak, only about 20 percent of their money is kept in banks and the rest is retained by the residents. This is called currency leakage, and it is a widespread phenomenon in the Iraqi economy,” Mazhar Mohammed Salih, the financial advisor to the Iraqi prime minister, told Rudaw’s Nahro Mohammed.

“People keep about 80 percent of their cash at home instead of depositing it in the banks,” he added.

As the Iraqi dinar continues to lose value against the US dollar despite ongoing efforts from the federal government to control the instability, many banks across Iraq have started preventing customers from withdrawing their money in dollars and only allowing them to withdraw in Iraqi dinars at the value set in the budget.

The move has drawn a lot of controversy and public outcry, as the value of the Iraqi dinar against the US dollar in the country’s currency markets continues be much lower than the one set out in the budget.

Salih, however, praised Iraq’s high foreign exchange reserves and said they contribute positively towards the Iraqi dinar.

“Iraq’s foreign exchange reserves are the highest in its history, exceeding $100 billion, which supports the Iraqi dinar,” he said.

The Central Bank of Iraq (CBI) has set the dinar-dollar exchange rate at 1,310 dinars per $1, while the market value with currency exchange vendors is approaching 1,600 dinars per dollar.

Earlier in October, the CBI warned banks across the country against rejecting customers’ requests to withdraw their cash in dollars, saying it will take necessary measures against banks refusing such demands.

Last month, the CBI announced that all the transactions inside Iraq would be made using Iraqi dinars starting in 2024.

The 2023, 2024, and 2025 Iraqi federal budget, passed in June, set the exchange rate of $1 to 1,300 Iraqi dinars. The ongoing smuggling has prevented the suggested value from being reached, with the value of the dollar currently sitting at around 1,600 IQD in the currency markets of Iraq and the Kurdistan Region.

The depreciation of the Iraqi dinar has been attributed to the smuggling of dollars out of the country, mainly to neighboring Iran.

The US in July banned transactions with 14 Iraqi banks for allegedly violating its rules. The move further dropped the value of the Iraqi currency.

 

Source: Rudaw, 18. October 2023

https://www.rudaw.net/english/middleeast/iraq/18102023

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