DINAR REVALUATION

Monday, January 13, 2025

MAJEED: THE BUDGET WILL BE ADJUSTED TO THE NEW RATE OF THE IRAQI DINAR @DINARREVALUATION #iraqidinar

Tasks of the Directorate of Supervision of Non-Banking Financial Institutions, 13 JAN

Tasks of the Directorate of Supervision of Non-Banking Financial Institutions

    1- An introductory overview of the directorate:
    The Directorate of Supervision of Non-Banking Financial Institutions at the Central Bank of Iraq is responsible for licensing, supervision and control of non-banking financial institutions, with the aim of protecting the financial system from potential risks and enhancing confidence in the non-banking financial sector.

It also seeks to ensure the provision of safe and effective financial services to citizens, in addition to ensuring that these institutions comply with laws and instructions in accordance with global standards in the field of compliance, which contributes to enhancing financial stability.

    2- The directorate’s powers and tasks:
    - Licensing non-banking financial institutions.

        All license applications are carefully examined in accordance with the principle of equality between all applications, in order to ensure the availability of conditions that allow it to compete in the Iraqi market and keep pace with rapid developments in the global and local financial sectors, while achieving the highest levels of efficiency and transparency.

    - Supervision and control of non-banking financial institutions.

        This directorate acts as a supervisory authority, adopting a flexible and contemporary supervisory approach that enables it to carry out supervision and monitoring to ensure success in the Iraqi financial sector.

    3- Laws, regulations and instructions.

        Central Bank of Iraq Law (Link to PDF).
        Anti-Money Laundering and Terrorist Financing Law No. 3 of 2015 (Link to PDF).
        Electronic Payment Services System No. 2 of 2024 (Link to PDF).
        Work regulations for agents of foreign remittance service providers for the year 2021 (Link to PDF).
        Operating controls for exchange companies (Link to PDF).
        Regulations for the work of financing companies (Link to PDF).

    4- Types of non-banking financial institutions.
    A- Types of non-banking financial institutions

        Electronic payment companies (redirect link to the electronic payment companies page).
        Exchange companies (redirect link to the exchange companies page).
        Finance companies (redirect link to the finance companies page).

B- Licensing requirements and controls for each type.

        Electronic payment companies (Link to Page).
        Exchange companies (Link to page).
        Finance companies (Link to page).

    5- Control and inspection procedures.

        Oversight methodologies and inspection mechanisms (Link to PDF).
        Periodic reports required from institutions.
        Requirements for appointments to leadership positions (Link to PDF).

    6- Reports and publications.
    7- Advertisements
    8- Updates related to laws and instructions.
    9- Workshops and training courses.
    10- Communication channels.

    11- The official mail of the directorate.

        The Directorate’s email ( nbfi.supervision@cbi.iq ).
        The official email of the Exchange Companies Control Department (Company.sup@cbi.iq) .
        The official mail of the Finance Companies Control Department.
        The official email of the Electronic Payment Service Providers Monitoring Department (electronicpay.bs@cbi.iq)

https://cbi.iq/news/view/2759

TIDBIT FROM FNU LNU , 13 JAN

Fnu Lnu

[Reply to Guru Bruce's higher contract rate on dinar post on 1-12-2025 below]

...There is no "contract Rate" except for the people who have pre-2011 Private Purchase Contracts. If you do not have such a contract, you WILL NOT get a contract rate. Contract Rates are not paid by banks but rather by the contractor.

This is Dinar Mythology and there exists NO PROOF of any such contract rate. If you want to go into the bank and sound like an idiot, then be my guest. Everyone will get exactly the same rate due to "The Law of One Price".

This can be verified. You must ask yourself how you might get a "contract Rate" without a contract? However, the banks may well have varying rates on the exchange fee but that is generally around 2%.

Militia Man : The 2023, 2024, 2025 budget amendment looks to be on the table!! @DINARREVALUATION

Central Bank Renews Directive To Spread And Expand Financial Services And Atms, 13 JAN

Central Bank Renews Directive To Spread And Expand Financial Services And Atms

Banks Economy News – Baghdad The Central Bank of Iraq renewed, on Sunday, a directive to banks and non-banking financial institutions to spread and expand their financial services in areas that lack the presence of various services for bank card holders.

The Central Bank said in a statement received by "Al-Eqtisad News" that "the bank is working within its strategy to provide various services to bank cardholders, by expanding the spread of cash delivery outlets and through all available channels, including ATMs and POC cash payment devices, as well as authorized exchange companies, electronic payment company outlets, and POS electronic payment devices spread throughout Iraq."

The statement added, "The Central Bank confirms in its circulars that included directing banks and non-banking financial institutions to spread and expand their financial services in areas that lack the aforementioned services."

He continued, "The bank seeks to develop these services by establishing the latest infrastructure for financial products and services in Iraq, and improving them continuously," calling for "submitting inquiries and complaints, if any, through the following link: https://complaint.app.cbi.iq/." 79 views Added 2025/01/12 - https://economy-news.net/content.php?id=51858

TEXAS SNAKE: The new rate in country would be posted on FOREX today!!!, 13 JAN

Texas Snake

Chat owner Was told by London sources that the new rate in country would be posted on FOREX today but as yet have not seen them, we are dlose folks say your prayers.

110:58 p. m.