Economist: Do not risk a cash reserve of currency

[yota691]

CBI declares the decline of hard currency reserves to $ 49 billion

Governor of the Bank: Depends on fiscal revenue from oil sales

 

 Rawezh Muhamad

 February 19, 2017

Economy / Iraq

 

 

 

The Central Bank of Iraq, on Sunday, the decline of hard currency reserves to $ 49 billion as a result of the continuing decline in oil prices in world markets.

 

The governor of the bank, on the Keywords, during a press conference held by the bank building, said that "the central bank reserves of hard currency now stands at $ 49 billion," pointing out that "the reserve depends on the fiscal revenue from oil sales."

 

The CBI has revealed last June 2016 for the hard currency reserves amounted to $ 53 billion, down $ 15 billion from the financial reserve for Iraq for 2015, which stood at the time $ 68 billion.

 

Keywords adding that "the central bank has about two thousand foreign exchange company and 30 transfer companies and 65 banks are all selling foreign currency ports under the auction of the currency, which is sufficient to cover the daily sales of the Central Bank of the dollar."

 

However, he noted, saying, "The central bank will launch Contractors bonds in March next, after a curling Bank to contractors during the last period of the bonds, but the irresponsible remarks of a number of officials (without designated) to pay the International Monetary Fund to ask us for a review of those bonds ".

 

 

Iraq is facing an economic crisis forced him to reduce the size of the financial budget as a result of falling oil prices to below $ 40 per barrel, and start a policy of austerity within the annual federal budget.

[ChuckFinley]

Thanks Yota, would not have a decline if the dinar was worth something.  People would be throwing their dollars at you for the dinar.  

[tigergorzow]

Iraq’s foreign reserves down to US$49 bn

by Mohamed Mostafa Feb 19, 2017, 3:22 pm

Whatsapp

 

 

 

Iraqi central bank governor Ali al-Allaq.

 

Baghdad (IraqiNews.com) Iraq’s foreign currency reserves recorded a drop to US$49 billion, a decline triggered by falling world oil prices, according to the central bank governor.

Central bank governor Ali al-Allaq said in a press conference at the bank’s main office that the reserves rely on financial revenues from petroleum sales.

“The central bank runs nearly 2000 money exchange offices, 30 money transfer firms and 65 banks, all outlets for foreign currency sales as part of the currency auction, and are sufficient to cover the central bank’s daily dollar sales,” Allaq stated.

According to the governor, the central bank will be issuing “contractor’s bonds” next March after the bank had paid to contractors in bonds. He said, however, that what he described as “irresponsible statements by a number of officials” had caused the International Monetary Fund to ask for reviewing those bonds.

The current reserve is a decline from last June’s US$53 billion

Iraq has been facing an economic crisis that dictated a smaller budget in light of a fall in petroleum prices to less than US$40 per barrel, as well as the adoption of an austerity plan.

Iraq’s 2017 budget, passed in December, is based on an oil barrel price of US$42, but its oil minister said in January the country looked forward a US$65 rate.

http://www.iraqinews.com/business-iraqi-dinar/iraqs-foreign-reserves-us49-bn/

[yota691]

Keywords: cash reserve is reassuring for the next five years

 

 

2/20/2017 0:00  BAGHDAD / Tgb Hussein  said the Iraqi Central Bank Governor Dr. On the Keywords that Iraq surpassed the biggest financial challenges faced in 2016 is pushing for the adoption of a real working mechanisms and Stratejat applied on the ground , contributing to the real multiplicity of financial resources in  Iraq.  Keywords said during a meeting with a number of journalists: that the central and despite a decline in imports of dollar from the sale of crude oil to 70 percent were able to maintain an acceptable level of cash reserves which is estimated with a group of foreign exchange and gold to $ 49 billion, and that covers the outer commitment and is apositive sign there is no problem in this matter, pointing out that it has received praise from specialized international organizations, and the reserve is calculated by the Central and the international Monetary Fund does not accurately raises concern for the next five years.  Exchange rates ,  and pointed out that the exchange rates in the domestic market is still within acceptable limits compared with other countries , did not pass him who lived Iraq during the coming period, pointing out that the central Gannan sell the dollar in 2016 to $ 33 billion versus $ 44 billion compared with the year previous year .  He pointed out that the year 2016 is the most complicated on the financial level , where the fiscal deficit 24 trillion outlets covering the shortfall amounted to was having great difficulty, but was rectify the financial situation , despite the country 's position in the access to external financing could be described as difficult were not we have only specialized international organizations, including the Fund IMF gives green light to get the debt through reports on the country concerned.  Money laundering  Keywords said that the central work of the interest in the subject of money laundering and financing of terrorism , which is one of the most important to deal with the International Monetary Fund standards and then the fund described toward the Iraqi Central positive, indicating that drew the IMF inflation index , which was brought under control , despite all the challenges faced by Iraq.  And get regular meetings between the specialized financial affairs of Iraq and international organizations in order to stand at the most important developments in Iraq.  The multiplicity of resources  and pointed to the need to work towards the multiplicity of financial resources of the country and no longer be Iraq locked in oil imports , which exposed Iraq to threats in the exposure of any emergency, stressing that the move - out for the development of productive resources and by 5 percent a year is extremely important and reduce the dependence on oil resources a year after else.  Keywords between, that previous budgets have not developed real industrial, agricultural and tourist sectors of the economy and the creation of this economic model have negatively impacted in fact, that the normal current economic cycle is not developing the national economy , where dependence on foreign imports.  Central initiative  and he pointed out that the central initiative to allocate $ 6 billion in light of the financial situation is difficult to productive and service sectors targeted for the activation of the production process and address the core of the economic problem in Iraq, pointing out that this initiative collided institutional reality that could not actually be invested on the ground, indicating we from which we have given messages that the Iraqi economy is able to get up.  The danger zone  and stressed that the central dish for 90 percent of international standards , which is 45 standard and we were able to force through the gray area to the Foreign - up area and we moved away from the area of  danger.  And sell the dollar , he said: The Central is related to the compliance with international rules and we have developed programs sell the dollar has been appointed international offices for that matter and foreign transfers, noting that the sale of the dollar unearned legitimize and is based on the Central Bank Law.  Islamic banks  in question "morning" on opening up to the granting of approvals for Islamic banks among the Keywords that a lot of people want to deal with this type of banks that experience under the spotlight and will be evaluated after a period of  time.    He disclosed that the Central is able to cover Iraq 's international obligations and financing of foreign trade, stressing that Iraq 's reserve currency within the standards, and that the bank also covers the local currency by a large margin. "

[tigergorzow]

1 hour ago, yota691 said:

He disclosed that the Central is able to cover Iraq 's international obligations and financing of foreign trade, stressing that Iraq 's reserve currency within the standards, and that the bank also covers the local currency by a large margin. "

Yota Thanks,   Loving this article and the wording....

[yota691]

The central bank adviser: Bank reserves of hard currency enough for 18 months

In the economy  February 23, 2017 0  8 visit

 

(Baghdad: SNG)

The Central Bank of Iraq adviser Walid Idi, said the bank 's reserves of hard currency enough to eighteen months and there is no serious than falling. 
He Idi said in a statement that the currency reserves according to international standards should be enough for six months of an international measure of any state, pointing out that the hard currency reserves in Iraq , enough to pay off the debt and taking into account the geographical diversification and serving the local market need of goods and services and economic and social requirements and the payment of pensions abroad and purposes For the purposes of the study , travel and religious tourism treatment He pointed out that this indicates that Iraq reserves of hard currency stability. "

[bkeiller]

The squeeze towards bringing corruption to acceptable levels will be slow, but they might, finally, be paying their bills on time?

[DinarThug]

CNN. Broadcasting From The CBI While Giving The Dinar A Promotion ... And A Raise ...

 

 

(by walkingstick)

The central bank revealed the value of reserves and confirms: the government may not be withdrawn from him

23/02/2017

The Central Bank of Iraq, said Thursday that the Iraqi government and according to the Bank Act does not have the right to withdraw from the bank reserves .never whatever the difficult financial conditions of the country, pointing out that the bank reserves depends and by "99%" on oil sales He said Acer Jabbar, spokesman for the Central Bank of Iraq, in a statement, that "the central reserves consists of oil sales only and unrelated never whether oil prices are high or low," stressing that "the Ministry of Finance is to receive oil imports and then the regardless of annual expenditure and management and then " .

hand over the remaining ones to the Central Bank And between, that "the central will then tally the promotion of the Iraqi dinar," noting that "with the decline in oil prices, the central reserves decreased, in other ".words, that the central reserve is directly proportional to the price of oil 

He explained that "the central Receives imports and saves part of it in reserve and while it displays the other part in the currency market window," adding that "the ".central reserve increases and decreases on a daily basis, down from his high dollar prices ".He pointed out that "the reserve of US $ 49 billion, according to the latest statistics of the Central Bank on Wednesday 

http://alzamanpress.com/news/1.....9%86%D9%87

 

[jeepguy]

And they just found new oil  deposits ...  

[tigergorzow]

DT Thanks,  DV,  I do hope PM Abadi replace current CBI Governor with Shabibi soon.  "Security & Stability" is near and we need the Architect himself to take the helm and make "Iraq Great Again".

GO RV / RI

GO Liberation Of Mosul

[235snack]

Sooooo, over 57 Trillion Dinars in the reserves?

[MyLadiesDaddy]

On 2/17/2017 at 9:47 AM, Hikmah said:

 

Western Mosul is going to very difficult to liberate, it's the oldest part of the city and the streets are very narrow with homes closely packed together.

 

Yep And Iran is going to kick America's but

[tigergorzow]

3 hours ago, ladyGrace'sDaddy said:

Yep And Iran is going to kick America's but

LGD,  Concur........ "Mosul Liberation" is upon us and you can 100% take that to the Bank.   The Iraqi's & Coalition Forces are only giving us what they want us to know i.e. media networks.   Plans are already in motion to eradicate ISIS from Raqqa their stronghold in Syria and that is why Iran is allowing ISIS to escape to their country but watch out "Bombs" will hit the target in Iran as well.   ISIS, Al-Qaeda & other terrorist cannot hide from the "Might of The U.S.A.   We will hunt them down and "Kill Them All"

[MyLadiesDaddy]

55 minutes ago, tigergorzow said:

LGD,  Concur........ "Mosul Liberation" is upon us and you can 100% take that to the Bank.   The Iraqi's & Coalition Forces are only giving us what they want us to know i.e. media networks.   Plans are already in motion to eradicate ISIS from Raqqa their stronghold in Syria and that is why Iran is allowing ISIS to escape to their country but watch out "Bombs" will hit the target in Iran as well.   ISIS, Al-Qaeda & other terrorist cannot hide from the "Might of The U.S.A.   We will hunt them down and "Kill Them All"

I wanted to thank you for the personal messages that are so motivating in private, but I think it's important that others know how much you motivate and encourage others. So God bless you and thank you for you personal messages. 

The one thing that most people don't understand about President Trump is that for whatever reason he does what he says he'll do. He has a history of showing us all that and yet few truly understand it. Having said that President Trump has repeatedly stated that ISIS needs to be hunted down and wiped out wherever they are. I don't think for one second that this POTUS is going to forget his words. Not because he has something to prove, but because they have seemingly PI$$ED him off. Not only will he attack Iran but he will have the support of both liberals and conservatives  when he does. I say so because I am now convinced that he has a reason for doing what he's done. And more than that he has been telling us all for some time what that reason is. " When we liberate a country we should be compensated for our efforts". President Donald Trump. What will the media say when President Trump wipes out the entire debt that Obutthead created in one day? What liberal can argue with that? At what point will even the most staunchest," Never Trumpers", have to concede what he's done is  SUDDENLY AWESOME!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!???????????????????????????????????

Mosul will be liberated within two weeks at most. 

[tigergorzow]

12 minutes ago, ladyGrace'sDaddy said:

I wanted to thank you for the personal messages that are so motivating in private, but I think it's important that others know how much you motivate and encourage others. So God bless you and thank you for you personal messages. 

LGD,  Most graciously appreciate your kind words and yes I truly enjoy motivating and sharing positive articles & opinions, etc because we all know our blessings are coming to fruition and yes we must share & pay if forward in a "Big Way".    God Bless you my friend and my other DV friends.

12 minutes ago, ladyGrace'sDaddy said:

SUDDENLY AWESOME!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!???????????????????????????????????

Mosul will be liberated within two weeks at most. 

Yup, "Suddenly" is inevitable in the minds of us DV Super Members........The Post RV Party is going to be a "BLAST"

Edited February 24, 2017 by tigergorzow

[Boozer]

5 minutes ago, tigergorzow said:

LGD,  Most graciously appreciate your kind words and yes I truly enjoy motivating and sharing positive articles & opinions, etc because we all know our blessings are coming to fruition and yes we must share & pay if forward in a "Big Way".   

Yup, "Suddenly" is inevitable in the minds of us DV Super Members........The Post RV Party is going to be a "BLAST"

I hope 2 weeks, we will see what  Mad Dog reports back to Trump on the 27th. I as well as all want this thing over it has taken its toll on us all.. time for a new chapter

[yota691]

Economist: Do not risk a cash reserve of currency

 

 

Economy News / Baghdad ...         He said economic expert on behalf of Jamil Antoine, Saturday, not to risk a cash reserve of foreign currency. Said Antoine in a press statement, said that "the balance on the central bank, over one and a half from the Iraqi currency is printed, as the printed currency up to 24 trillion dinars," it "still there is no risk to cover these amounts by Iraq balance of currency." He added that "the decline in the amount of the reserve, is due to discount treasury bonds," explaining that "the central bank under its law is not entitled to lend to the government and funding but can lend to development banks." He was general manager of banking and credit control in the bank Ihsan Shomran Yasiri, said on the fourth of September, a press statement, "the monetary reserves of the Central Bank of Iraq from foreign currency of up to $ 50 billion, which is quite normal number with a country in the past three years a large deficit in the state, "noting that" this is the foreign reserves, according to the international Monetary Fund on the safe side. " He said that "more than 90% of central bank sales are through dependencies documentary universally used, and either direct sales through the sale of foreign currency window of a few to sustain the economy and inject the dollar to trade."         mm
Views 15   Date Added 03/05/2017 - 12:44   Last updated 05/03/2017 - 15:03   No. Content 6839

[jeepguy]

14 minutes ago, yota691 said:

not to risk a cash reserve of foreign currency.

I am with you folks  do not  risk  the reserves  too foreign currency  " but  risk it  at buying  back the dinar "   make the dinar come home  fast !   at a 1 .25  too 1  take over  that is ! 

Edited March 5, 2017 by jeepguy

[nannab]

If only 1.25 . Good morning Yota ,Jeepguy, DV.

[jcfrag]

On 2/16/2017 at 5:48 PM, ChuckFinley said:

I had big hopes for this year. We still have some ways to go but it just seems that they are spinning their wheels. No important laws being past, no HCL talk, and this constant infighting. It can leave a bad taste in your mouth. We will have to see what Mosul brings.  

Even Sadr and his protestors have grown silent.... "quiet before the storm" certainly comes to mind! 

[yota691]

Central bank: Iraq through a tunnel of the financial crisis and austerity

economy

 Since 05/03/2017 16:55 pm (Baghdad time)

 Follow-up scales News

Antrza, Bank announced that Iraq has overcome the financial crisis and the coming days bode Baljer, noting that the decline Amajaov on hard currency reserves.

The central bank adviser said Walid Idi in a press statement I followed / balances News / Sunday, "The crisis of austerity and fiscal deficit as a result of lower oil prices in the recent period has ended and Iraq overcome the financial crisis and the coming days are promising."

He added that "Iraq will become a country of foreign investment as a result of competing foreign international companies to invest in the re-devastated cities after the retrieval of the" Daesh. "He explained that" the entry of foreign companies to Iraq will reflect a positive outlook and will contribute to attracting major countries to rebuild the devastated areas and the holding of joint investment agreements, In addition to trade and activate tourism and oil industry, "stressing that" holding oil agreements with Arab and foreign countries will contribute to bring in hard currency for the country and the central bank raised the reserve currency. "

Aidy, He continued that "the Amajaov hard currency reserves fell in the Central Bank and the decline of my time will be improved in the near future. It is noteworthy that the bank announced earlier that Iraq's reserves of hard currency will arrive in 2018 to 62 billion Dolar, pointing out that there are no the seriousness of the decline in reserves to $ 49 billion, where it is sufficient for 18 months.

In the meantime, Iraq Stock Exchange achieved, a rise in the number and value of shares traded during the month of February last and in what proportions high, there was a slight decrease in the number of contracts executed. The executive director of the market, Taha Ahmed Abdul Salam said in a statement that "the Iraqi market indicators Stock Exchange during the month of February 2017 has achieved a rise in the number of shares traded increased by 90%, and a rise in the value of shares traded increased by 67%, and a rise in the market price index of traded shares increased by 3.17 %, and also a rise in the market value of 1.8%. "

"But last month registered a decline in the number of transactions, which were up 29%." Abdul Salam said that "The market is organized in the month of February 20 trading session at the rate of five sessions per week and the number of listed companies in the market 97 company." "The number of companies traded reached its shares on the market in February 66 the company As for Alsahm traded number during the month of February was 0.223 billion shares worth 134 billion dinars," pointing out that "shares listed on the market amounted to 9.734 trillion shares classified sectorally" .anthy 29 / tc n

[Officiallytook]

2 hours ago, jcfrag said:

Even Sadr and his protestors have grown silent.... "quiet before the storm" certainly comes to mind! 

 

[Tonygrasso]

Wow, the article above states that 24 trillion printed dinar in circulation, that's around 19-20 billion dollars of printed currency. If they were all 25000 notes, that would mean less than 1 billion notes circulating in their economy. Shabibi and Saleh stated years ago that the goal was to get the internal float down to 1.18 billion notes representing 25-30 billion dollars. 

That article is very telling because it says without saying that the central bank is at or very close to the note count that they were targeting prior to any significant revaluation of their currency. More recent articles have come out stating that once Mosul is liberated there won't be any need to use the dollar in the country, hence ending the dual currency practice and make the dinar 1.2 to the dollar. I think, IMHO, that we are waiting for the official announcement of the liberation of Mosul, probably a sovereign credit ratings upgrade and an end to the multiple currency practice within the country.

Been in it since 09 and watching closely. This thing is picking up speed and a lot of things are falling into place. Mosul has been surrounded by local and coalition forces and Baghdadi has given the blow yourself up in martyrdom or run and hide speech so it only a matter of time before this thing blows wide open and then it's Sugar City! 

 

[ChuckFinley]

Now Tony, THAT is what i am talking about. Great Post 

[Laid Back]

21 minutes ago, Tonygrasso said:

Wow, the article above states that 24 trillion printed dinar in circulation, that's around 19-20 billion dollars of printed currency. If they were all 25000 notes, that would mean less than 1 billion notes circulating in their economy. Shabibi and Saleh stated years ago that the goal was to get the internal float down to 1.18 billion notes representing 25-30 billion dollars. 

That article is very telling because it says without saying that the central bank is at or very close to the note count that they were targeting prior to any significant revaluation of their currency. More recent articles have come out stating that once Mosul is liberated there won't be any need to use the dollar in the country, hence ending the dual currency practice and make the dinar 1.2 to the dollar. I think, IMHO, that we are waiting for the official announcement of the liberation of Mosul, probably a sovereign credit ratings upgrade and an end to the multiple currency practice within the country.

Been in it since 09 and watching closely. This thing is picking up speed and a lot of things are falling into place. Mosul has been surrounded by local and coalition forces and Baghdadi has given the blow yourself up in martyrdom or run and hide speech so it only a matter of time before this thing blows wide open and then it's Sugar City! 

 

Agree with you Tonygrasso.... Thanks for your input 

The original plan was to bring the note count from 4 billion notes to 1 billion notes.

1.2 dinars to $1 equals $.83 .... I'm fine with that, but I think $1:1 will be the easiest way to dedollarize the country and the easiest transition to the Iraqi people.

Lets see what the liberation of Mosul brings.!

Go RV

Go 2017