You're only going to use the receipt if you're ever audited. That receipt will determine whether they will be in the 40% or the 20% tax bracket. You will be taxed.Anybody that tell you that this is not a taxable event run away as quickly as possible...If you think you're going to get away without paying taxes I've got some land on the moon to sell you.[Note: Consult your tax professionals at the appropriate time to determine the correct tax for your unique circumstances.]
Article: "Dollar exchange rates in local markets recorded a decline today...this list" The dollar exchange rate is dropping like an anvil in the middle of the pacific ocean.
We are in the waiting phase. Simply in a waiting phase. That's all. There isn't, this needs to be done, that needs to be done, That T crossed, That I dotted. No. We are in a waiting phase.
Question: "When the rate is changed IYO will the Iraqi citizens be exchanging their 3-zero notes in country before the rate is on Forex?" Iraqi citizens don't care about Forex. You care about Forex. Because that's one of the vehicles/platforms that's going to float the currency and go up in value internationally. But inside a dinar is a dinar. Whatever the rate is that they establish, it could be $0.10, it could be a $1.00...that is what they will use inside of their country not outside.
They've totally said they're going to cease using multi currencies. You go to the grocery store, you pay your bills inside the country you're going to be doing it in dinar. You're not going to be using the dollar. You're not going to use the yuan, yen or any of those things. You're going to be using one currency...
The dollar exchange rate will stabilize with the broader launch of the budget...
The United States Treasury, the US Federal Reserve Bank, the Bank of International Settlements, World Trade Organization, the EU, many different entities have been working with Iraq to get her to go to an international standard. The stage is set for Iraq to be international...Everybody should know that and it's not just a simple Dinar Guru situation, it's actually the largest financial entities in the world are the ones that are giving us this information. I hope you take that to heart and pay attention to it.
All of this is coming together. There's no reason for any pessimism or snide remarks for anybody around in dinarland... There's shouldn't be any doubt anymore that this is a real process and it's underway...
Iraq is going to be interconnecting with international countries and they're going to be doing it by International standards and guess what they're not going to be doing that with a 1310 program, or I call it, a punishment rate..
Frank26:"THE DECISION WAS TO ADD VALUE TO THE CURRENCY OF IRAQ.......... WITH MANY MONETARY REFORM MECHANISMS!!!".............F26
FROM EDDIE: CBI on news saying they have taken measures and decisions on supporting the dinar and maintaining its value against other currencies in the world talking about how CBI fully supports and back dinar and how it will be holding its own against other currencies. Saying this will positively affect the exchange rate.
Frank26: Eddie I am excited that they are giving you deeper information about the monetary reform and how it’s going to add value to your currency and I love how they keep saying in the coming days let’s see what happens around 15 January. God bless you, my buddy. END....F26
The Central Bank announces upcoming decisions to support the Iraqi dinar
1/5/2023
Today, Friday, the Central Bank of Iraq revealed anticipated measures and decisions to support the dinar and maintain its strength against other currencies, and other measures that willpositively affect the exchange rate, while indicating that it has taken measures in the field of gradually ending the electronic platform.
Assistant Director General of the Investment Department at the Central Bank of Iraq, Muhammad Younis, told the official agency, “The Central Bank will monitor and follow up on all banks and customer complaints that are received by it if the banks are forced to convert customer accounts to the US dollar,” stressing that, “ This issue is easy to follow and monitor, and banks that do not adhere to this decision will be held accountable.”
Younis added, “This decision and the decisions that will follow it in the coming days are all in the interest of supporting the Iraqi dinar and increasing confidence in it,” (BY ADDING VALUE TO THE NATIONAL CURRENCY -F26) noting that “what confirms the strength of the dinar and the public’s confidence in it is the continuation of the Central Bank of Iraq and its failure to fulfill any of its various needs.” Sectors, as it now finances the commerce, electronic payment, travel and other sectors.”
He pointed out, "In the coming days, there will be more measures in the field of meeting all market needs, supporting the Iraqi dinar and maintaining its strength against other currencies," noting that "the Central Bank, as part of its new procedures, prevented banks from automatically converting customer accounts in the dollar currency to the Iraqi dinar." Without the customer’s consent, customers were allowed to open accounts in different currencies.”
Younis noted, “What is new in updating the procedures is that it allowed companies that have contracts with the state to receive their incoming transfers, including workers’ salaries, as well as ongoing contracts for grants and loans in accordance with the Council of Ministers,” adding, “The other point is also in this decision.” What is new is allowing banks to agree with their customers to bring their incoming remittances in cash to Iraq.
He stressed, “These measures will positively affect the exchange rate in the market, will increase the supply of the dollar, and contribute to serving and supporting important sectors in the economy, including the exporting sectors and the sector of companies operating in the government field and in the field of infrastructure development and strategic projects, in addition to supporting Civil society organizations that contribute to the humanitarian and charitable field in Iraq.
Younis explained, “The main goal behind this update or these instructions is to expand the largest possible segment of people to obtain the cash dollar by meeting their current needs for this dollar, as these instructions expanded the number of entities that benefit from the cash dollar, including civil society organizations, and supported these measures.” An important segment of the economy is the exporters’ sector, as it allowed them to obtain 40 percent of the remittances received as a result of their exports and receive them in cash.”
He pointed out, “The decision clearly defined the mechanisms for its implementation by banks, and focused on the issue of incoming transfers, as it allows some groups to receive their incoming transfers in cash,” explaining that “this decision relates to incoming transfers and not the cash sale of dollars to travelers, as the cash sale to travelers will continue.” As is the case now, in addition to meeting the needs of customers and companies through this decision, and thus it will reflect positively on the exchange rate in the coming days.”
Younis stressed, “There are no restrictions applied to banks in the field of money transfer, (ARTICLE 8!!! -F26) because there are procedures in the field of gradually ending the Central Bank of Iraq platform by supporting interests to open accounts in foreign banks abroad, and the role of the Central Bank is limited to enhancing these balances.” And follow up on transfers.
He concluded by saying, "There are no restrictions on money transfers in different currencies within the banking system in foreign currencies. Rather, this decision relates to the cash dollar (cash withdrawal)." LINK
Just because you didn't see it...hear it...read it...doesn't mean it hasn't happened or in the process of happening.
All systems for the monetary reform are in place, they're just not linked yet. The uplink is not on yet...Many months ago the CBI told her banks to be prepared to be ready on January 1, 2024 because of all the banking system would be in place before '24...
What they're doing right now is they're telling the citizens what they need to hear for the next step of the monetary reform...Once the lower denoms are announced the exchange inside Iraq will move even more quickly. You know how - through a float. Citizens want this movement to occur now. Citizens want their purchasing power.
