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Obelisk published new instructions of the Central Bank on the sale and purchase of foreign currency

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player46


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Obelisk published new instructions of the Central Bank on the sale and purchase of foreign currency


BAGHDAD / obelisk: issued Central Bank of Iraq, Sunday, new regulations on the sale and purchase of foreign currency, to what he considered to stabilize the exchange rate of the Iraqi dinar against foreign currency to meet the needs of the private sector, including for the import of goods and services and to encourage banks to expand their scope, stressing that contrary to the instructions New will be forwarded to the Commission determine the imposition of fines and penalties, confirming the validity of these instructions from the 15th of April 2013.

According to the instructions issued by the Bank to "share weekly for banks to sell cash dollar be four million dollars can be increased and the reduction, while the share of corporate financial transfer 150 thousand dollars for the companies that a capital of 45 billion dinars, and 100 thousand dollars for companies with less capital for that."

FAQ added that "in the case of billing documents to enter fundamentalism plotter goods to Iraq in advance, the bank provides full اقيام those goods of foreign currency after scrutiny."

And on corporate broker for buying and selling currencies showed FAQ that "the share of the weekly 50 thousand dollars for companies with a capital of $ 500 million, and 25 thousand dollars for companies less than that," adding that "the sale and purchase of the foreign currency for remittance companies and financial firms to broker for buying and selling foreign currency through authorized banks in Iraq. "

The instructions indicated that "cash sales will be in accordance to the detail contained letter of the Directorate General of banking and credit control No. 03.09.93, dated 02/17/2013 and the decision of the Board of Directors of this bank number 09/03/29 dated 05/02/2013 and attached to this Altalmyat, which is considered an integral part of them.

She drew the FAQ that "the sale of the dollar will be for the purposes of the documentary credit, which aims to encourage banks licensed in Iraq to work based documentary, according to payment terms after ensuring the availability of the necessary documents and acceptance of letter of credit, in addition to the hawala system where accept purchase orders dollar بالحوالة companies and financial transfer, by banks, for the purposes of the importation of goods and merchandise that does not exceed the highest ceiling for the amount of hawala (500) thousand dollars and certain mechanisms. "

With regard to the mechanism of submissions emphasized FAQ that "purchase orders offered daily and implemented on the same day of the week that followed, in the case of the exclusion of any request from the applications be announced bank official letter and the announcement of the reasons for exclusion," indicating that "the right of the bank to object to it under a book directed to the Department of the sale and purchase of foreign currency. "

She added that "the bank buys foreign currencies offered by the banks and the purchase price stated in the day offered for sale," adding that "the procurement process is subject to supervision and field audit and inspection by the Directorate General to monitor banking, credit and money laundering office."

Reported that "taken into consideration Anmd credit rating and franchising preferential banks and the bank commitment to deliver the exchange rate to the beneficiary latter including no more than 10 dinars above the sale price, and the Bank's commitment to the diversity of customers and not to restrict it Bmstviden certain or limited class."

She stressed that "the window must buy and sell foreign currencies to exclude any request did not meet the necessary conditions."

For instructions Click on the links below:
Instructions _ Bank _1.jpg
Instructions _ Bank _2.jpg
Instructions _ Bank _3.jpg
Instructions _ Bank _4.jpg
Instructions _ Bank _5.jpg


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2Obelisk published new instructions of the Central Bank on the sale and purchase of foreign currency Empty CBI new bank instructions Wed Apr 17, 2013 1:10 pm

brown sugar


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What do this mean ?

TatianaW


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I believe this post originated on March 24 2013, on almsalah, this is a duplicate of that original post. It's here on Bondlady's site somewhere.

Here's the link I have on record for the original post


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player46


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The link you provided doesn't seem to be the same art. I have seen similar arts. to the one I posted, however this has pdf files attached. If you can provide a different link that duplicated, please do. TY for you attention on this. player

TatianaW


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Please see this link...you'll see the same thing...only alsabah re-jigged their website.

If I could upload an attachment, I'd show you the exact same thing you've posted (a print screen). And I also saw it here on this site. Abby performed translations for attachments one and two, right here at this site. Thank you player for your efforts.

In fact, here's Shredd's reply:

Here is shredd's take on this article from bondlady's site.........thanks guys!!!!!

5 Re: Posted at BL's request} Obelisk instructions of the Central Bank publishes new on buying and selling foreign currency Today at 7:44 am
Shredd

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Posts: 2252
Join date: 2011-06-01
Location: PA

Now that I'm in front of my computer, I've read and re-read this multiple times and here is my summary:

Ok, so the CBI publishes new regulations, effective April 15th, for the trading of foreign currency, in order to stabilize dinar exchange rate against all foreign currencies to meet the needs of the private sector.

When the trades are negotiated, the bank's credit rating will be taken into account and we also see "ascertaining the availability of the necessary documentation and acceptance of letter of credit". A letter of credit or LOC is a bank guarantee on a transaction. These are all but dead in our market due to the scarcity of banks willing to guarantee the credit worthiness of borrowers but seeing this requirement in Iraq from the CBI is huge folks because it shows us that the healthy climate for this to these guarantees to take place will be in place.

"The bank commitment to deliver the exchange rate to the beneficiary latter including no more than 10 dinars over the sale price,...". Another good limitation to see....protection from too large of swings on discounts or premiums on the currency trades.

The stage is being set for consistent, fair, transparent, regulated and documented trading of foreign currency. This is a big win as it relates to imports and foreign exchange.

player46


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Hey Tat, yes I remember Shredd's chat on the LOCs. Good stuff. I don't like this website due to that fact that so often there is not a date posted with the arts. But all I have to say is "worth a repeat".. lol!

Helios1


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You're so right..thanks Player!

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