DINAR REVALUATION

Monday, January 13, 2025

MILITIAMAN: They're looking for an exchange rate change because that's what's going to happen.

National Data Center, Customs And Border Ports Authority Announce Launch Of Customs Automation System, 14 JAN

National Data Center, Customs And Border Ports Authority Announce Launch Of Customs Automation System

Sunday 12 January 2025 | Economic Number of readings: 198 Baghdad / NINA / The National Data Center at the General Secretariat of the Council of Ministers announced the launch of the "ASYCUDA" system in cooperation with the General Authority of Customs and the Border Ports Authority, in ten land, sea and air border ports, after conducting a comprehensive assessment of the infrastructure in 14 border ports, within the framework of supporting the government's program for digital transformation and automation of customs operations in Iraq.

Director of the National Data Center Department, Ammar Mazhar Al-Tamimi, stressed that the success of operating the system reflects the exceptional efforts made to develop the infrastructure supporting customs automation, pointing to the government's commitment to the success of this vital project that contributes to enhancing the efficiency of customs operations and achieving transparency.

Al-Tamimi pointed out, according to a statement by the Secretariat of the Council of Ministers, that the efforts included providing the General Authority of Customs with modern technical equipment, in addition to establishing a secure network system based on advanced servers and firewalls, with the allocation of a separate environment to ensure data security and link the system to the secure government network. "

In a related context, the General Authority of Customs in the Ministry of Finance and the Border Ports Authority, with the support of the National Data Center, continue to work on expanding the scope of the system to include additional ports, including Basra International Airport, Khor Al-Zubair Port, and Abu Flus Port, which are scheduled to be operational in the coming months."

The customs automation project aims to raise the efficiency of customs performance and facilitate the movement of goods in line with international standards, in a qualitative step to support the national economy and improve the business environment in Iraq. " https://ninanews.com/Website/News/Details?key=1179572

WALKINGSTICK: IRAQI BANK FRIEND AKI : THEY'RE DE-DOLLARIZING THE WHOLE MIDDLE EAST!!, 14 JAN

Walkingstick

[Iraqi Bank Friend Aki update]

They are de-dollarizing the whole Middle East.

They are obligated to use IQD only and obligated to have a new exchange rate and currency.

AKI: We are just sitting here waiting for the introduction of the new exchange rate that will come from the '25 budget.

We wait for the budget laws that will expose the budget and its components and the new rate..

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%.