(Dinar Recaps Note: for more "Iraqi News" stories, visit our new blog page just for News, IRAQI NEWS RECAPS.)
Apparently CBI has new regulations to be fully implemented by the end of this week, found this one line to be interesting in an article today regarding tightening the grip on the sale of USD , "Demand for the dollar rose again on Monday to about $ 380 million, in what may be a response to thwart the new regulations are fully implemented before the end of this week." Will be interesting to see what the new regulations are, after Shabibi was called before Parliament yesterday, and the main topic was regarding the implementation of new currency and removing the three zero notes... the article reported that they didnt need a new law, just to implement regulation, and yet another article comes out saying that CBI has promised to reduce the value of the USD against the dinar in the next few days. Also, an article today, Ministry of Commerce has begun distribution of the ration cards to more than 5 million families, I would think this would go along way in decreasing the need for cash in hand for the citizens.
Central moves to calm fears of money laundering
04-04-2012 | (Voice of Iraq) - Add a comment -
Central bank tightened its grip on the sales of the dollar amid fears of money laundering used by buyers, and also to reduce the international sanctions imposed on Iran and Syria, the two neighbors._
Read More Link on Right
Fear of the increasing demand for the dollar over the past few weeks, the bank has revealed the first Monday of the new regulations imposed on customers to prove their identity through the provision of import licenses and tax records. The second fracture during the two months in foreign currency exchange market highlights the erosion that affected the economic controls by years of conflict and the invasion of an alien who has taken the importance of large-scale central conflicts in the region. Says Deputy Governor of the Central Bank of the appearance of Mohammed Saleh: "Iraq is free while the two neighboring countries are regulated by the sanctions, and we can expect that the consequences will be severe and will expand." He said Mr. appearance that the government was concerned that the increasing demand for the dollar to 400 to 450 million dollars per day due to its use in criminal acts and to the Iraqi mediators who settle the debt on behalf of clients in Iran and Syria.
The new regulations will force all traders from the buyer of the dollar auction the central bank to provide the support the safety of their position on taxes as well - from June 30 - papers entitling them to import goods that say they use the money to buy them. Tax papers - which were previously provided only for the applications of 50 thousand dollars and above - are part of the numerous efforts undertaken by the government, "to see real people who are seeking to the dollar." He also said that the appearance of buyers to pay a claim by the instrument and not the cash has failed because the buyers who are ashamed of purchase publicly they hire a third party, such as "porters from the streets" to open bank accounts on their behalf.
Demand for the dollar rose again on Monday to about $ 380 million, in what may be a response to thwart the new regulations are fully implemented before the end of this week. One Western diplomat said the presence of international concern fluidity of control on the trade of the dollar in Iraq in order to "support specific regional economies," he added, "There is great interest on criminal acts, but we care more about Iran and Syria."
Some analysts say that the link with Iran and Syria is mere speculation, and point to other possible reasons for the request, including the dollar and raise money to escape from the capital in the days that preceded and followed the American withdrawal from Iraq.
The central bank also has an economic interest in keeping the daily dollar sales at 200 million dollars a day or less for the purpose of non-exhaustion of foreign exchange reserves of the country.
Is still uncertain whether the recent efforts of the Bank more effective than previous efforts, in a country torn apart when the state institutions because of the dictatorship of the former regime, and the U.S. invasion and sectarian war.
In the Karrada district of Baghdad is different currency traders, who spread their offices between the stalls, juice, clothing stores, on whether the dollars go to Iran and Syria, but they agree that the buyer of the U.S. currency always find a way to avoid scrutiny and inspection. Abu Hussein - one currency dealers - showed a document outlining six requests from customers in quantities just below the ceiling, which entails tax, three of them say they need money for medical treatment and three for tourism. When asked about the validity of these requests, said Abu Hussein, "of course it was not for tourism or treatment, but is a business." Another trader says "do not ask the person who comes to me to ask him what he would do the dollar. The terrorists being smuggled to Iraq, do not you think that the smuggling of currency out much easier?".
here are the other links...
The new model for the distribution of ration card
"explaining that the new model of the card covers the shares of the family's (24) months, starting from January 2012, and contains the signs and special features prevent the fraud and manipulation.
He said the distribution covers more than 5 million families in Baghdad and the provinces registered under the ration card system
The Deputy Governor of the Central Bank: draft delete zeros does not need a new law, but to the regulation
She is a member of the Finance Committee, the National Alliance Deputy//Magda Tamimi told earlier (newsletter): draft deleted three zeros from the local currency needs to be sufficient time for implementation, and a new law legislation by Central Bank and submission to the Finance Committee for discussion and then presented to the House of representatives to vote on it, and cannot be implemented without the approval of law.
The Central Bank has promised to reduce the value of the dollar and the potential to modify the pension law
A member of the parliamentary Finance Committee Faleh applicable, the registered companies in the Iraqi market for securities is the reason Riisa the high value of the U.S. dollar against the Iraqi dinar, indicating that the central bank has promised to reduce its value in the next few days.
CBI CURRENCY AUCTIONS 4/4/12 - 7 banks got $90,555,000 (very low, lower than the 200 million they proposed in todays article)