The Central Bank Hosts A Meeting To Regulate Electronic Commerce In Iraq

 The Central Bank Hosts A Meeting To Regulate Electronic Commerce In Iraq

 July 07, 2024  His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the meeting of the Diwani Order Committee (24079) to regulate electronic commerce in Iraq with the participation of the concerned authorities.

  During the meeting, a draft system for e-commerce and consumer protection was discussed through the controls discussed by the attendees, through registration procedures and obtaining a license to practice this trade.

 The committee contributed to defining the service provider and granting it a license through an electronic platform established by the Ministry of Commerce, and the members of the committee stressed establishing the controls for granting a license to those wishing to practice electronic commerce in a way that preserves the rights of all parties.

 While the attendees agreed to submit the “regulation paper” to the Council of Ministers for review and approval to proceed with work on it.  Central Bank of Iraq    information Office   7 - July 2024   https://cbi.iq/news/view/2612

LATEST FROM WALKINGSTICK

 Walkingstick  

If they float the dinar it will be in a very tight band.  If it's a low rate, if it's a dollar then they'll float and it'll drive the rate up.  But if they come out at an RI, reinstatement of $3.22 and then the float, then they're going to have some serious very tight banks on the float.  It will be monitored very closely.  It will only allow it to be a plus or minus of 5%.  It cannot go any further than that in the float.  

For example, don't let it get past maybe $3.50...They will cap it quickly...

 [Iraqi bank friend Aki update] 

The CBI board of directors decided...to hold meeting with only all of their executives of all their banks...These two or three meeting are going on...  

This is on the subject of the monetary reform, lower notes, exchange rate, budget ... These next few days are going to be very silent.  The press will not cover it.  No one will know anything about it.  They will suppress this information...This silence is normal and to be expected right now.  [Aki] has seen this quietness before when the CBI was getting ready to make a major move.

'Watching History in the Making'!🚩You Should Be Prepared & Ready🤔Dinar R...

How Do We Control The Rise In The Price Of The Dollar?

 July 6, 2024  Baghdad/Iraq Observer    Financial expert Mahmoud Dagher talks to “Iraq Observer” about the ways in which it is possible to control the rise in dollar prices in local markets.

 Watch the video clip via the link below:

 https://youtu.be/szUd5lr2Ovk?si=ay52hTAvF5DOAamf     

 https://observeriraq.net/كيف-نسيطر-على-ارتفاع-سعر-الدولار؟-الخب/    

 ~~~~~

 [approximate translation of https://youtu.be/szUd5lr2Ovk?si=ay52hTAvF5DOAamf  ]  

 0:00  Peace be upon you, he adopts

0:03  Iraq has a fixed exchange rate system, meaning its currency is the dinar

0:09  It is fixedly linked to the dollar, which means that

0:14  There is one buying price and one selling price

0:20  Deviation is allowed only within limits from one to

0:24  Two and not continuously but what is going on

0:30  reality

0:31  There is a gap of up to 10%

0:37  Show the official rate adopted by the bank

0:40 The central bank and the transactions taking place in it

0:44  The market returns most

0:49  this  0:50  The difference is as follows

0:54  First, there is a commission imposed by banks

0:59 Merchants

1:01  About the price

1:02  The official one is there

1:05  Commission imposed by him

1:08  Importing merchants at the official price

1:14  on

1:16 the sales

1:19  For individuals, there are commissions charged on sales

1:23  Dollar

1:24  With cards, commissions are charged

1:27  On dollar sales in Western transfers

1:31  And German

1:34  Gram return to fixed exchange rate should be terminated

1:38  These commissions

1:40  With a well-thought-out program and steps

1:44  And it's clear

1:46  Let us know that there is a commitment to the exchange rate system

1:50  Firm and do not deviate from it. Thank you very much

https://observeriraq.net/كيف-نسيطر-على-ارتفاع-سعر-الدولار؟-الخب/      

LATEST FROM MARKZ

 MarkZ  

 [via PDK] 

 ... More and more sources are telling me that serious money movement and us moving towards the banks somewhere around the 12th-15th. Noone knows the exact timing but they are certainly preparing lots of bank contacts for that time period , so I think it may speak well to where we may be on that.

 I keep getting loaded up on the Rumor side …There is a lot going on and they are saying that we hit the banks sometime around July 12th.  We will see what is accurate as we get closer…but my goodness, the enthusiasm from the banking side and the group side is nuts. It’s exciting but I don’t want it to be another let down.

...in Iraq they are working with the Saudi’s directly to complete undersea cable agreement for internet connectivity. Iraq is becoming a central hub for communications in the middle east.  Big news for Iraq. If you are going to be a regional leader- Iraq is going to need some higher valued dinar…imo

Is Iraq Ready for a Currency Revaluation? Analysis and Updates #iraqidin...

The Central Bank Reveals The Volume Of Its Hard Currency Sales

 The Central Bank Reveals The Volume Of Its Hard Currency Sales

Time: 2024/07/07 Read: 780 times  {Economic: Al Furat News} The Central Bank of Iraq’s sales, on Sunday, from the hard currency auction for the US dollar during the month of June amounted to more than 4 billion dollars.

During the month of June, during the days in which it opened its auction for buying and selling the US dollar, the Central Bank sold 4 billion, 438 million, 744 thousand, and 273 dollars, at a daily rate of 295 million, 916 thousand, and 284 dollars.

Foreign remittance sales during the past month amounted to 4 billion, 50 million, 289 thousand, and 273 dollars, an increase of 90% compared to cash sales, which amounted to 388 million, 455 thousand dollars.

These sales were distributed between transfers abroad to finance foreign trade, and cash sales to banks, while the selling price of documentary credits and international settlements for electronic cards reached 1,310 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,305 dinars per dollar.   LINK