Thursday, August 18, 2011
Breitlings Afternoon Report 8/18/2011
Please any Questions: send to breitlingcurrency@gmail.com I will get to your questions as soon as possible by personal e-mail, blog post or audio
"If you Knew you could not fail, what would you try today?"
Phillippians 4:13
Breitlings Morning Review 8/18/2011
Please any Questions: send to breitlingcurrency@gmail.com I will get to your questions as soon as possible by personal e-mail, blog post or audio "If you Knew you could not fail, what would you try today?" Phillippians 4:13
Iraqs Currency Conversion and Transfer Policies
2010 Investment Climate Statement - Iraq
Bureau of Economic, Energy and Business Affairs
March 2010
http://www.state.gov/e/eeb/rls/othr/ics/2010/138084.htm
Currency Conversion and Transfer Policies
The currency of Iraq is the Dinar (IQD - sometimes referred to as the New Iraqi Dinar). The Iraqi authorities confirm that in practice there are no restrictions on current and capital transactions involving currency exchange as long as underlying transactions are supported by valid documentation. The International Monetary Fund’s annual publication on Exchange Arrangements and Restrictions states that: “Restrictions on capital transactions are not enforced; however, documentation and reporting requirements apply.” The National Investment Law contains provisions that, once implemented, would allow investors to bank and transfer capital inside or outside of Iraq.
The Government of Iraq’s monetary policy since 2003 has focused on maintaining price stability primarily by appreciating the IQD against the US dollar while seeking to maintain exchange rate predictability. Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes. There are no taxes or subsidies on purchases or sales of foreign exchange. Improved security has allowed for an increased supply of goods and services, which, along with the Central Bank’s monetary and exchange rate policies have continued to help temper inflation. The inflation rate has dropped from a high of 76.6 percent in August 2006 to -4.4 percent in December 2009 (negative due to decreased year-on-year oil, transportation, communication, clothing, and food prices).
Please any Questions: send to breitlingcurrency@gmail.com I will get to your questions as soon as possible by personal e-mail, blog post or audio "If you Knew you could not fail, what would you try today?" Phillippians 4:13
Bureau of Economic, Energy and Business Affairs
March 2010
http://www.state.gov/e/eeb/rls/othr/ics/2010/138084.htm
Currency Conversion and Transfer Policies
The currency of Iraq is the Dinar (IQD - sometimes referred to as the New Iraqi Dinar). The Iraqi authorities confirm that in practice there are no restrictions on current and capital transactions involving currency exchange as long as underlying transactions are supported by valid documentation. The International Monetary Fund’s annual publication on Exchange Arrangements and Restrictions states that: “Restrictions on capital transactions are not enforced; however, documentation and reporting requirements apply.” The National Investment Law contains provisions that, once implemented, would allow investors to bank and transfer capital inside or outside of Iraq.
The Government of Iraq’s monetary policy since 2003 has focused on maintaining price stability primarily by appreciating the IQD against the US dollar while seeking to maintain exchange rate predictability. Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes. There are no taxes or subsidies on purchases or sales of foreign exchange. Improved security has allowed for an increased supply of goods and services, which, along with the Central Bank’s monetary and exchange rate policies have continued to help temper inflation. The inflation rate has dropped from a high of 76.6 percent in August 2006 to -4.4 percent in December 2009 (negative due to decreased year-on-year oil, transportation, communication, clothing, and food prices).
Please any Questions: send to breitlingcurrency@gmail.com I will get to your questions as soon as possible by personal e-mail, blog post or audio "If you Knew you could not fail, what would you try today?" Phillippians 4:13
Iraq "is committed to the liberalization of current account of balance of payments, according to the rules of the International Monetary Fund Convention, which forbids any restrictions on transfer, except for anti-money laundering and money crime and terrorism
BAGHDAD / Aswat al-Iraq: adviser said the Central Bank of Iraq, on Monday, said Iraq was committed to the liberalization of current account of balance of payments, which prohibits any restrictions on foreign transfers, except anti-money laundering and funding crime and terrorism, stating that the holder of the Iraqi dinar had a right to act how he wants it.
The appearance of Mohammed Saleh told (Voices of Iraq) that Iraq "is committed to the liberalization of current account of balance of payments, according to the rules of the International Monetary Fund Convention, which forbids any restrictions on transfer, except for anti-money laundering and money crime and terrorism," he said, adding that such measures "is the monetary policy to create a liberal atmosphere of the future investment, Fajraj currency will be a free draw to enter again, and if we have restrictions on the exit of the currency will be no freedom of entry. "
Saleh added that, " holder of the Iraqi dinar is the right, which is denominated in foreign currency, and may dispose of it how he chooses," and that under the "economic freedom, which adopts the rules of Iraq's economic practice without restrictions, with the exception of economic crimes."
The Minister of Planning and Development Cooperation Ali Baban, he told Voices of Iraq (VOI) on Monday, the five weekly meetings convened by the Central Bank for the sale and purchase of the dollar is the process of smuggling of Iraqi funds abroad, and that the money smuggled through the auction and the offices of the central banking is the private sector funds for the establishment of successful large-scale projects, most recently in Jordan and Syria.
The adviser said the central bank said the auction mechanism of action, "The auction of the coin is the central charge of the move this money, has three duties, the first is to finance the foreign trade of the private sector and the adaptation of the second level of liquidity and therefore the face of inflationary pressures," the third one is "the lifting of the Iraqi dinar value increased by 25% during the last three years ", which he considered "a major asset for the Iraqi people, lift the purchasing power of the dinar and well-being after the citizen has suffered decades of decline in the value of the dinar."
Saleh said, "We do not deny that the transfers and the rights may not be full of trade, but the rights of citizens can not put restrictions on those rights," because, "holder of the Iraqi dinar is the holder of wealth is the right to act however he wants this wealth." The benefit of that "the issue of distribution of wealth is not the purview of monetary policy," and out of money, "he is subject to security conditions that prevailed in Iraq and fear of people to the citizens their money", in addition to "the presence of immigrants in large numbers, Iraqis, especially the neighboring countries and to determine the conversion process would mean the creation of black markets outside the scope of the law and non-control "
Please any Questions: send to breitlingcurrency@gmail.com I will get to your questions as soon as possible by personal e-mail, blog post or audio "If you Knew you could not fail, what would you try today?" Phillippians 4:13
The appearance of Mohammed Saleh told (Voices of Iraq) that Iraq "is committed to the liberalization of current account of balance of payments, according to the rules of the International Monetary Fund Convention, which forbids any restrictions on transfer, except for anti-money laundering and money crime and terrorism," he said, adding that such measures "is the monetary policy to create a liberal atmosphere of the future investment, Fajraj currency will be a free draw to enter again, and if we have restrictions on the exit of the currency will be no freedom of entry. "
Saleh added that, " holder of the Iraqi dinar is the right, which is denominated in foreign currency, and may dispose of it how he chooses," and that under the "economic freedom, which adopts the rules of Iraq's economic practice without restrictions, with the exception of economic crimes."
The Minister of Planning and Development Cooperation Ali Baban, he told Voices of Iraq (VOI) on Monday, the five weekly meetings convened by the Central Bank for the sale and purchase of the dollar is the process of smuggling of Iraqi funds abroad, and that the money smuggled through the auction and the offices of the central banking is the private sector funds for the establishment of successful large-scale projects, most recently in Jordan and Syria.
The adviser said the central bank said the auction mechanism of action, "The auction of the coin is the central charge of the move this money, has three duties, the first is to finance the foreign trade of the private sector and the adaptation of the second level of liquidity and therefore the face of inflationary pressures," the third one is "the lifting of the Iraqi dinar value increased by 25% during the last three years ", which he considered "a major asset for the Iraqi people, lift the purchasing power of the dinar and well-being after the citizen has suffered decades of decline in the value of the dinar."
Saleh said, "We do not deny that the transfers and the rights may not be full of trade, but the rights of citizens can not put restrictions on those rights," because, "holder of the Iraqi dinar is the holder of wealth is the right to act however he wants this wealth." The benefit of that "the issue of distribution of wealth is not the purview of monetary policy," and out of money, "he is subject to security conditions that prevailed in Iraq and fear of people to the citizens their money", in addition to "the presence of immigrants in large numbers, Iraqis, especially the neighboring countries and to determine the conversion process would mean the creation of black markets outside the scope of the law and non-control "
Please any Questions: send to breitlingcurrency@gmail.com I will get to your questions as soon as possible by personal e-mail, blog post or audio "If you Knew you could not fail, what would you try today?" Phillippians 4:13
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