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Bond Ladys Corner » NEWS FROM IRAQ » Iraq Dinar & CBI News » The Central Bank issues guidance on enhancing the balances of correspondents abroad

The Central Bank issues guidance on enhancing the balances of correspondents abroad

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ikea


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MEMBER

The Central Bank issues guidance on enhancing the balances of correspondents abroad
 
Economy |Yesterday, 15:26 |
Baghdad today - Baghdad
 
The Central Bank of Iraq issued a directive regarding enhancing the balances of correspondents abroad.
 

According to documents issued by the bank on January 25 of this month and obtained by “Baghdad Today”,
 
     “with the aim of supporting the work of banks by finding the necessary financial channels to meet customer requests, and
 
     for the purpose of organizing financing operations for requests to enhance the external balances received by this bank,
 
it was decided to work with the requirements and mechanisms.” Shown in the documents below

 
https://baghdadtoday.news/241223-البنك-المركزي-يصدر-توجيهًا-بشأن-تعزيز-أرصدة-المراسلين-بالخارج.html
 
https://baghdadtoday.news/uploads/posts/2024-01/1706444964_1.jpg
 
https://baghdadtoday.news/uploads/posts/2024-01/1706444965_2.jpg
 
https://baghdadtoday.news/uploads/posts/2024-01/1706444965_3.jpg
 
https://baghdadtoday.news/uploads/posts/2024-01/1706444966_4.jpg
 
https://baghdadtoday.news/uploads/posts/2024-01/1706445005_1.jpg

ikea


MEMBER
MEMBER

https://baghdadtoday.news/241223-البنك-المركزي-يصدر-توجيهًا-بشأن-تعزيز-أرصدة-المراسلين-بالخارج.html
 
Part 1 [Incomplete and approximate Translation]
 
Governor's office
 
Issue:
Date 2024/1/25
 
All approved banks
 
M/ Strengthening the balances of correspondents abroad
 
With the aim of supporting Egypt's businesses by finding the necessary financial channels to meet requests “Your customers” and for the purpose of organizing financing requests to enhance external balances received for this purpose the bank.
 
It was decided to implement the requirements and mechanisms below starting from 2024/3/1:
 
First: Requirements for enhancing external balances:
 
1 - All banks wishing to increase their balance with the bank must write
In all currencies, appoint an external auditor (according to Paragraph II below) for review purposes
 
Transfers must be done in advance of the process of sending transfers and banks must 481
Within a maximum period of 5/74/1410 loaned beyond the draft contract, which must include
The bank’s commitment to authorizing the company to share quarterly audit reports with the Central Bank Iraqi / Banking Supervision Department directly by the auditing company in
No later than April 1 for the first semester report, and July 1 for the second semester report. 51
October for the third quarter report. January 11 for the fourth quarter report
 
The date of 1/6/10 is the deadline for contracting and starting the work of the audit company
 
5 in the case of reinforcement requests in the US dollar currency, bad; Applications from banks are accepted
Owns correspondent accounts exclusively with an American bank; The registration must be attached
For depositing the Iraqi dinar equivalent to the reinforcement amount at the official rate of 1011 dinars/dollar.
 
As for absorbing reinforcements in other currencies (except the US dollar). Requests are accepted
Enhancement at the banks of the currency country to enhance the balances, provided that these are classified Banks are either at the same classification as the country or only one rank lower than it and are not compatible with Import requirements for Iraq from those countries. Or the correspondent bank must be accredited As a clearing bank for the currency to be strengthened_Ja iti. “Clearing House”.
 
If the correspondent is outside the country of currency, his credit rating must be at least one
 
(A).
 
Applications are sent without attaching the corresponding deposit records; To include
Requests: Your banks undertake to pay the amounts adjusted for the enhancement requests, in addition to commissions
This bank (0,002) and the corresponding bank commissions as soon as you are provided with the required amounts
Via official email (ifr.inv@cbi.iq).
Because banks that have a correspondent account with an American bank are able to accomplish
Transfers are made in all currencies using this account, so there is no possibility to accept booster requests submitted by them In different currencies except the US dollar.
 
Second: Mechanisms for submitting and implementing requests to enhance external balances:
 
1 - Requests for reinforcements shall be submitted via an official letter addressed to the Department
Investments and Foreign Transfers / Foreign Transfers Department) in this bank with
Send a copy to the official email address (ifr.inv@cbi.iq).
 
2 - Orders are executed on specific working days of each week, as listed below:











Booster currency
 		today
Chinese yuan
 		Monday
Indian Rupee - Turkish Lira – Dirham Emirati
 		Tuesday
euro
 		Wednesday
US dollar
 		All days of the week
 
One o'clock in the afternoon of each working day is considered the last time for executing orders (Cut-off Time)
Requests received on days other than those specified above will be postponed to the following week or day
Subsequent work occurs automatically in cases of official holidays.
 
3 - Acceptance of applications submitted through the foreign currency buying and selling window (electronic platform) will be stopped.
For banks participating in reinforcements in various currencies sent to beneficiaries in the covered countries
In the reinforcement currencies, for example but not limited to (the bank has no right to advance even if its account is strengthened
A correspondent in the euro currency must submit a request through the window for buying and selling foreign currency to a beneficiary in any country Of the euro zone countries) and the same applies to other currencies.
 
One o'clock in the afternoon of each working day is considered the last time for executing orders (Cut-off Time)
Requests received on days other than those specified above will be postponed to the following week or day
Subsequent work occurs automatically in cases of official holidays.

ikea


MEMBER
MEMBER

https://baghdadtoday.news/241223-البنك-المركزي-يصدر-توجيهًا-بشأن-تعزيز-أرصدة-المراسلين-بالخارج.html
 
Part 2 [Incomplete and approximate Translation]
 
 
4 - We include below a table of the names of companies that can be dealt with in audits
Advance transfers” note that in the case of reinforcement in the US dollar currency, it must be
Contracting with the headquarters of one of the companies below in the United States of America and not its branch there Iraq or neighboring countries.


SEE TABLE OF AUDITOR COMPANIES at
https://baghdadtoday.news/uploads/posts/2024-01/1706444966_4.jpg

5 Banks participating in external consolidation operations must register details
Transfers and uploading their data in all currencies on the electronic platform
From the previous boost amount.
 
Please review and act accordingly. With appreciation.

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