You got it so wrong!!!
Posted Yesterday, 07:00 AM
Iraqi civil banks: central bank does not provide only a third of the needs of the dollar and the market yield to political and media pressure
Editor: NK 4/7/2013 12:13[/size]
Term Press / Baghdad
Accused the Public Authority for the North Bank for Finance and Investment, on Sunday, the CBI not to meet the needs of the Iraqi market of hard currency over the past five months and refer that the responsibility of private banks, while confirming that Iraq needs to pump nearly $ 300 million in the market every day to fill needs of the currency in the currency when he criticized the central bank remarks promised they attack him and "stems from ignorance and lack of knowledge of monetary policy."
The head of the Board of Directors of the North Bank and Investment and Finance Nawzad David Dry in an interview to the (long-Presse), "The CBI did not meet the needs of the Iraqi market of hard currency for more than five months," noting that "more than optimal needs met by local banks as makes a big upheaval between merchants and banks. "
And dry and that "a large part of politicians and central bank officials contend that Iraq needs the hard currency of between 85 to 90 million dollars per day, but in fact the need to market more than 250 and up to 300 million dollars a day."
Dry stressed that "these words did not come without documents or evidence," explaining that "the majority of its citizens are replacing the Iraqi dinar currency dollar and this one connotations need to market the dollar."
The President of the Board of Directors of Bank of the North, which is one of the largest banks Iraqi Special "shorten the central bank to provide hard currency and not the government's commitment policy free market happen confusion in the market," but he added, "But we source deserved in terms of providing money for our resources high of deposits and significant financial strength in this area. "
The North Bank management announced at a Snoop conference on Saturday that its profits in 2012 amounted to 68.813 billion Iraqi dinars, the highest in recent years among the general Iraqi private banks, which have increased in number to 35 banks, and stressed that its deposits amounted to 1.604 trillion Iraqi dinars.
Promised dry that "measures the central bank was probably coming after a wave of political pressure and media," asserting that "private banks do not need financial support from the government, but it needs to moral support and maintain its integrity banking and open the doors to them to deal with foreign banks are better."
The deputies, politicians and economists have accused the Iraqi Central Bank over the past months to burn "an average of four billion dollars a month in an auction of hard currency for the benefit of ten banks, mostly with capital Gulf, buy a day most of the claims of the Central Bank of hard currency and profitable obscene up to 6% what makes them the control of the Iraqi economy. "
For his part, said a member of the inspection department at the Directorate General to monitor the banking and credit at the central bank Ali Mahmoud said in an interview to the (long-Presse) that "the opinion of the North Bank policy of the Central Bank as a launching an attack on the bank," noting that "the reasons for this campaign is a lack of understanding monetary policy and what is known about monetary policy. "Mahmoud added that "in recent years after 2003 were given to private banks full freedom after the lifting of interest and commission and the emancipation of these things are positive things for these banks."
He Mahmoud "However, some shareholders bankers ignorant just looking for profit without the knowledge of the rest of the things," and accused them of being "thinking profit pure without thinking risks to banks," noting that "the role of the central bank is to reduce these risks and pursue monetary policy and its flight forward or retreat. "
And Iraq's cabinet decided on (16 October 2012), the prime BSA Abdul Basit Turki tasks central bank governor and agency rather than former Fed governor Sinan Shabibi on charges of issues financial and administrative corruption in the bank, especially in operations Auction dollars, but the something did not occur to the Bank's work and currency auction whereas the exchange rate of the Iraqi dinar significant decline against the dollar jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar in April 2013.
The Fund said in a report issued in (21/03/2013) Following the end of consultations in Amman between a delegation of the Fund and the Iraqi delegation headed by VMware Planning Ali Shukri, and seen (long-Presse) it "an improvement in the financial sector", but stressed that what still "need to greater efforts by the central bank to revise the monetary policy tools and strengthen banking supervision, and accelerating the restructuring of the banking system."
And called on the International Monetary Fund Central Bank of Iraq to "progressive measures towards liberalizing foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year."
UNFPA emphasized that "the establishment of a banking system nationalist requires abandoning the current model, which is controlled where weak banks state-owned, which has preferential treatment apart from private banks," calling on Iraq to do to strengthen its financial institutions public to ensure efficiency and transparency in the use of oil revenues. "
Read more: http://dinarvets.com.../#ixzz2PvEdpTdB
and another Posted 01 April 2013 - 01:36 AM
Lack of liquidity raises the dollar in Kurdistan
Sulaymaniyah - WAP
Detection specialist in economic affairs that the cause of the high value of the dollar in the markets Kurdistan region due to lack of liquidity in the banks. As markets have experienced the Kurdistan region in recent significant increase in the value of the dollar, and specialists attribute the reasons for this rise to a lack of the Iraqi dinar in the banks, and increased demand on the dollar. Chief Economic Committee in the province of Sulaymaniyah Ahmed Rashid in a press statement on Sunday, said that «stability dollar in any country depends on the economy of that State, and Economy Kurdistan linked the Iraqi economy is well known that Iraq's economy is unstable due to the crises and conflicts in the country , and all of this affects the value of the dollar and the volatility in the Kurdistan region. as Rasheed attributed the reasons for the high dollar also to the lack of liquidity in the banks and the need for citizens to deal with the dollar and increased demand.
Read more: http://dinarvets.com.../#ixzz2PvGXukV8
From the Past....Posted 03 July 2012 - 06:19 PM
Tuesday July 3, 2012
Parliamentary Finance: budget 2013 will be the new currency after deleting three zeros
Author: HM Editor: NQ | SS Tuesday, 03 تموز 2012 15:01 GMT
Sumerian News / Baghdad
announced that the Finance Committee of parliament Tuesday that the budget next year 2013 will be the new currency after deleting three zeros from the current currency, arguing that the reluctance of traders and companies from trading in Iraqi currency behind the adoption of the Central Bank of the project to delete the zeros. said committee member Najia Najib in interview for "Alsumaria News" that "the budget next year will handle the new currency after deleting three zeros from the current currency," stating that "the process of switching the currency and delete zeros will take approximately two years after the preparations for the process that began more than a year." The answer that " Council of Ministers approved during the meeting the Governor of the Central Bank on the project to delete the zeros and replacing Iraqi currency after it decided earlier in the patient as the project due to rising dollar on the domestic market for the past few months, "noting that" the project to delete the zeros and currency exchange aims to restructure the Iraqi currency and in the form which is consistent with doing business in Iraq, internally and externally. " and confirmed the answer that "the Finance Committee and the Central Bank had agreed at its last meeting to be next year's date for the start delete the zeros and the balance of 2013 the new currency unless there was a barrier transmitting without it," emphasizing "the need to support the government and parliament of the project to restructure the Iraqi currency. " and considered answer that "the reluctance of traders and companies from the use of Iraqi currency and trading it may push the central bank to adopt a project to delete the zeros," asserting that "this project would reform the system of currency management and to facilitate their use." The Finance Committee hosted (26 June), Deputy Governor of the Central Bank of the appearance of Mohammed Saleh to discuss the mechanism that will be followed by the bank in the process of deleting the zeros and how long this process and changes that will occur on the exchange of currency. A member of the Finance Committee Haitham Jubouri in (15 May 2012) in an interview for "Alsumaria News", the month of January of next year 2013 will see the deletion of the three zeros and the replacement of the currency, as will next September 2012, the direct printing of new currency in different categories. The central bank accused in the (12 September 2011), government agencies to block monetary reform and vowed persecuting, blaming the authorities responsible for endangering the interests of the country's financial risk. what was seen as an adviser to Prime Minister for Economic Affairs (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the rubric of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of Iraqi dinars to replace them in the light of the planned changes. It is noteworthy that some economists believe that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that the deletion needs to stabilize the security and political as well as economic stability.
Read more: http://dinarvets.com.../#ixzz2PvGxXefo
thanks yota ..
do ya think they would be recieving alot of these petro dollars in digital currency .. and since the majority of people now use cash .. that the paper part of the currency could be drying up .. not so much as the actual dinars and dollars .. i guess they put in orders for the paper dollars ,,, but i havent heard of any new dinar notes being printed .
i see the m2 just keeps growing it looks to be 77 trillion now , ,, i wonder what their plan is since they just keep growing the m2 . but its not because of inflation so much .. its because of trade surplusses .. and converting dollars into dinars .. or are they just written up as dinars n the m2 in dollar values ..
could the m2 be mostly written up and displayed in dinars ,, but in reality .. they are sitting on dollars instead of dinars .. only written up that way since its their countrys currency ..
i wouldnt think they would write up their m2 money supply .. 77 trillion dinars ..it doesnt say 55 billion dollars .. 21 billion euros ..
9 trillion dinars . ????????? it just says 77 trillion dinars m2 .
i think its all conmverted into dinar values for book keeping purposes . i do not think thers 77 trillion dinars .. just 77trillion dinars worth of wealth in the m2
i hear the new generation of smart cards come out wednesday .,.,, that should cure alot of demand for dinars ,, as long as the merchants are set up with the swipe machines .. at the grocery stores and such. they will still uses cash .. some wont convert .. but eventually those merchants who dont convert .. will see they arent getting as much business as those who do .. so its just a matter of time .. and once everyone sees the govt employees using their cards without a hitch .. they will want the convience too ..
they seem to all be talking about hard currency . not currency .. like digital amounts .
. we will see what happends with this new credit card system.. and i hear its gong to be good for global transactions . reducing demand for hard currency .. ..much easier to control that way ..
i know i dont have the majority of my money in cash at home .. its in a bank digitally waiting for me to do as i please.
more liquidity for the banks if its not all over the streets like it is
Edited by dontlop, 08 April 2013 - 10:12 PM.