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Banking calendar attracts large foreign capital


yota691
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Governor of the Central Bank Ali Alalak "Economy News"

 

 

 

Economy News Baghdad: 

The Central Bank of Iraq announced on Monday plans to attract citizens' money and pump it into the banking system.

"Stagnation is a problem and a source of concern for many countries, especially after the latest technological developments and the subsequent achievements and huge savings in the incomes of the elements of production," the bank's governor Ali Alaq said in a press statement.

Al-Alak added that "the Central Bank observes this phenomenon directly and that the available cash is not available and as planned," noting that "the Central Bank has a scheme to resolve this issue through the development of plans and studies to attract funds and their attractions within the banking system."

 

Views 128   Date Added 11/09/2017

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11-09-2017 12:37 PM
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The Central Bank of Iraq announced Monday that the available cash is not available, pointing out plans to attract money and pump it into the banking system. 

"Stagnation is a problem and a source of concern for many countries, especially after the recent technological developments and the subsequent achievements and huge savings in the incomes of the elements of production," the bank's governor Ali Al-Alaq said. 

Al-Alaq added that "the Central Bank observes this phenomenon directly and that the available cash is not available as planned," noting that "the Central Bank has a scheme to resolve this issue by setting plans and studies to attract funds and their attractions within the banking system." 

It is noteworthy that the term 'compactness' means holding money and locking it away from trading. It may be hard to bury the money or to keep it in the boxes inside the house and not to take it out to trade in the money and capital markets.

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Central Bank: Available cash is not available and we have a plan to attract money

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Central Bank: Available cash is not available and we have a plan to attract money

 

11-09-2017 02:40 PM

The Euphrates -

 

The central bank governor Ali al-Alaq said that the available cash is not available, pointing out plans to attract money within the banking system.

 

Alaq said in a press statement that the compactness is a problem and a source of concern for many countries, especially after the latest technological developments and the subsequent achievements and achieve huge savings in the incomes of elements of production.

 

He pointed out that the Central Bank observes this phenomenon directly and that the available cash is not available as planned, stressing that the Central Bank has a plan to resolve this issue through the development of plans and studies to attract funds and their attractions within the banking system.

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Monday 11 September

 

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Alsumaria News / Baghdad 
announced that the Central Bank of Iraq on Monday, the available cash is not available, pointing to plans to attract funds and pumped into the banking system. 

"Stagnation is a problem and a source of concern for many countries, especially after the recent technological developments and the subsequent achievements and huge savings in the incomes of the elements of production," the bank's governor Ali Al-Alaq said in a statement.

 


Al-Alak added that "the Central Bank observes this phenomenon directly and that the available cash is not available and as planned," noting that "the Central Bank has a scheme to resolve this issue through the development of plans and studies to attract funds and their attractions within the banking system." 

It is noteworthy that the term "compactness" means holding the money and imprisoning it from circulation. It may be the hoarding of burying money or keeping it in the boxes inside the house and not taking it out to trade in the money and capital markets.

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6 minutes ago, NEPatriotsFan1 said:

I'm getting a good feeling about this! Almost party time maybe?

Hopefully it the last push for the hoarders, I'm curious on what this would entail that would make these folks head to the banks. My first thought is great deal on gold coins..Who knows..and GM DV

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10 minutes ago, yota691 said:

Hopefully it the last push for the hoarders, I'm curious on what this would entail that would make these folks head to the banks. My first thought is great deal on gold coins..Who knows..and GM DV

I'll bet .10 cents to .25 cents will get every last dinar in the banks within one hour.

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Just thinking out loud here. If there are, say, 38 trillion dinar (bone fide not conterfiet) on the Iraq streets that are all turned in and there is an initial revalue in Iraq of 1 IQD = 0.01 USD with a thirty day window to convert for 38 million Iraq citizens, then that would be 380 billion USD pumped into Iraq via the Iraqi citizen or nominally $10,000 for every Iraqi man, woman, and child. That'll buy some seriously nice homes, cars, and (you guessed it :o) all those cell phones to spend all that cash electronically!!!

 

Hey, that'll free up some serious cash in Iraq!!! No mo bank cash liquidity problems after that!!!

 

Go Moola Nova!

:pirateship:

Edited by Synopsis
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who knows maybe keywords is going to offer some form of high interest bearing accounts thru the banks, except the iraqi's don't trust the banks  ( security / corruption ) unless risk vs reward is really in the citizens favor , no matter the iqd's value it needs to become a internationally accepted currency again , inside iraq 1 dinar is 1 dinar it just becomes powerful ... here's hoping

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I seriously doubt that the CBI will implement a plan to get the, let's say 35 billion dollars of dinar that are being hoarded, and turn it into 350 billion dollars worth of currency. It doesn't work like that. The Iraqi people will be doing a note swap. Newly released notes ( lower denoms) with a higher value will be exchanged for the old notes of the same value. It's a neutral event within the country that allows the CBI to increase the dinar exchange rate while not blowing up the internal float. We will be getting the bank rate for our notes, the Iraqis will be getting new notes. At least that's how I see it. 

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42 minutes ago, mr.unlikely said:

I seriously doubt that the CBI will implement a plan to get the, let's say 35 billion dollars of dinar that are being hoarded, and turn it into 350 billion dollars worth of currency. It doesn't work like that. The Iraqi people will be doing a note swap. Newly released notes ( lower denoms) with a higher value will be exchanged for the old notes of the same value. It's a neutral event within the country that allows the CBI to increase the dinar exchange rate while not blowing up the internal float. We will be getting the bank rate for our notes, the Iraqis will be getting new notes. At least that's how I see it. 

That is exactly how it will go down.  To them, it's a wash, but they wouldn't need a wheelbarrow to carry the new denoms to go grocery shopping.  

 

My question is:  what happens if they go online and buy Euros or even USD?  In Iraq, their prices will adjust to the new currency, and the 3 zeroes will be ignored on the old (current) currency.  

Would Iraq be able to pay it's debts at the new rate?  Wouldn't rebuilding Mosul cost less with imported materials purchased with the new rate?

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4 hours ago, ladyGrace'sDaddy said:

I'll bet .10 cents to .25 cents will get every last dinar in the banks within one hour.

 

LGD I think ANY increased value would help, but when they make a dinar worth more than a USD....you will see that mattress money literally fly into Iraq banks. But they have to make moves to give citizens confidence to do that. A little more than 1:1 gets my vote. It will only grow from there. IMHO.

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16 minutes ago, King Bean said:

 

LGD I think ANY increased value would help, but when they make a dinar worth more than a USD....you will see that mattress money literally fly into Iraq banks. But they have to make moves to give citizens confidence to do that. A little more than 1:1 gets my vote. It will only grow from there. IMHO.

Agree, chump change won't change their minds.  The distrust in their banks trumps their nationalistic pride at the moment.  Gotta see $1 plus to move them, and the CBI knows it.

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The CBI have tried;

- Devaluing  the dinar even more to create fear and get chunky cash.

- Selling gold 

- Selling bonds 

- high yield saving accounts 

 

The CBI said there's still 30 trillion in chunky cash.

 

In my opinion people will keep the chunky cash stashed at home... If they haven't changed by now for dollars or gold, they are not gonna do it. Until the dinar increase in value .... The educated people know what's going on.... They don't need the chunky cash to buy food or to pay bills.

 

 

 

Go CBI

Go new monetary policy 

Go RV

Go $1:1

 

 

Lets wait and see what's the new plan.

 

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LB the one thing that would dislodge all that chunky cash is a expiration date on the three zero notes. If the people think those notebwill become obsolete after a specified time frame they will trade them in. The banks will then make everyone exchanging use their bank account or get a bank account for exchange purposes. They probably won't let the currency dealers in country have lower denoms until after the majority of matress money is accounted for. This is all JMHO of course.

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  • yota691 changed the title to Banking calendar attracts large foreign capital

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