Zobaie discusses with the financial control mechanisms of the Central Bank and the defense and endowments

[presence]

I bump your bump

[salt-life]

Target Market rate 1211 - 2% target the IMF advised for Iraq under the monetary regime they set up and the CBI spread.

1166 (plus the 21 dinar per dollar CBI spread) 1187 x 2% = 23.74 + 1187 = 1210.74 or rounded up 1211 

 

Compared to January 17, 2012 and the last time the dinar Revalued, here's those figures:

1170  (plus the 11 dinars per dollar CBI spread) 1181 x 2% = 23.62 + 1181 = 1204.62 round up to 1205

Date        Market Price    Auction Price

16-Jan,2012         1,205              1,170
17-Jan,2012         1,205              1,166

 

C. Foreign Exchange Policy

18. The government will maintain the peg with the U.S. dollar. The peg provides a key
nominal anchor in a highly uncertain environment with policy capacity weakened by the conflict
with ISIS.

19. The government will gradually remove remaining exchange restrictions and multiple currency practice (MCP) with a view to eliminating exchange rate distortions. Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investment community that Iraq is committed to maintain an exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate. As a first step, the government will, by end-February 2016, amend the Investment Law, or issue clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction, as recommended by a recent technical assistance mission of the IMF.

 

I agree with the assessment above but KAP is wrong on the 2% held for a month. No where above does the IMF state that requirement. All we really need to see is the market rate anywhere between 1166 and 1211...........IMO!

Edited August 14, 2017 by salt-life
1

[Gypsygirl11]

2 hours ago, navira45 said:

This meeting should be a done deal this week. Employees will be receiving their money by next week, believe our sunday (their monday because of time difference). The rv will be right after. Pray that iam right. Later

And....CBI vacation from Thurs to Sun.?????

Hopefully this is it people! Navira I do pray that your vision is correct. 

And thanks for the article Butifldrm!!!

 

[10 YEARS LATER]

4 minutes ago, Gypsygirl11 said:

And....CBI vacation from Thurs to Sun.?????

Hopefully this is it people! Navira I do pray that your vision is correct. 

And thanks for the article Butifldrm!!!

 

 

Well GG, why not, huh. Hoping N45 is spot on & we can all hop right off this roller coaster ride. !!!    

[Gypsygirl11]

1 minute ago, 10 YEARS LATER said:

 

Well GG, why not, huh. Hoping N45 is spot on & we can all hop right off this roller coaster ride. !!!    

You said it !!!  Mama is starting to drag....time for a makeover, I'm thinking Tahiti.  We have waited long enough, lol.

I know, I know....its not about us; come on Iraq, pull it together and make your currency worth something. Sure has been a lot of positive news out there as of late.

[10 YEARS LATER]

Just now, Gypsygirl11 said:

You said it !!!  Mama is starting to drag....time for a makeover, I'm thinking Tahiti.  We have waited long enough, lol.

I know, I know....its not about us; come on Iraq, pull it together and make your currency worth something. Sure has been a lot of positive news out there as of late.

I am picking up GG what U are laying down. 

[mylilpony]

23 hours ago, Floridian said:

 

 

WOW!  Thanks Mylilpony.  I never heard anything like that.  It makes sense.

Where did you hear this?  Can you post anything that I can read further on the subject?

 

 

Sorry Floridian i dont have a link to this, it was alot of brain hours spent with a very good engineer that is alot smarter than me and alot of research of past imf meetings, researching what multiple currency practices are and alot of iraqi articles that spoke of it. What info i do have on it is on another lap top of mine that took a poop before i could recover anything on it. We did most of this research over 2 years ago. Sorry kiddo.

[yota691]

6 hours ago, salt-life said:

I agree with the assessment above but KAP is wrong on the 2% held for a month. No where above does the IMF state that requirement. All we really need to see is the market rate anywhere between 1166 and 1211...........IMO!

I agree as well but stated 1212

[Floridian]

1 hour ago, mylilpony said:

 

Sorry Floridian i dont have a link to this, it was alot of brain hours spent with a very good engineer that is alot smarter than me and alot of research of past imf meetings, researching what multiple currency practices are and alot of iraqi articles that spoke of it. What info i do have on it is on another lap top of mine that took a poop before i could recover anything on it. We did most of this research over 2 years ago. Sorry kiddo.

 

Okay, thanks Mylilpony.

 

[drj]

9 hours ago, navira45 said:

This meeting should be a done deal this week. Employees will be receiving their money by next week, believe our sunday (their monday because of time difference). The rv will be right after. Pray that iam right. Later

 

Interesting because this Monday is the eclipse and Islam puts a high value on solar and lunar eclipses.

 

i don't have a link but you can simply Google "Solar/lunar Eclipses in Islam."

Edited August 15, 2017 by drj

[yota691]

The Governor of the Central Bank calls on banks to verify the legitimacy of customers' money in the currency sale window

 

Economy News Baghdad: The governor of the Central Bank, Ali Al-Alaq, called on banks to verify the legitimacy of sources of funds and data provided to customers covered by the entry into the window of sale and purchase of foreign currency. "Based on the requirements of day-to-day monitoring, all persons in your banks and institutions who are responsible for the implementation of all daily requests received into the currency sale window are responsible for health and safety," Alaq said in a letter to authorized banks and financial transfer companies. And sources of funds of customers covered by the entry into the window of sale and purchase of foreign currency in respect of the legitimacy of sources of their funds and all data provided by them and in accordance with the law against money laundering and financing of terrorism. He called on banks to "work under the instructions numbered No. 22516 for the year 2017 and verify the names of customers before participating in the window selling the currency." The central bank governor stressed the need to keep the confidentiality of information for each customer and all the priorities related to the treatment. He called on banks and financial companies to "abide by the law of the central bank and the law of banks and the law against money laundering."     Views 140   Date Added 27/09/2017

[yota691]

 

The document: Governor of the Central Bank calls for the investigation of the legitimacy of customers' money auction currency 13:07 Last updated The time now is 09:59 PM 301 Watch     BAGHDAD /  The central bank governor Ali Alaq on Wednesday called on banks to verify the legitimacy of sources of money and data provided to customers covered by the entry into the window of sale and purchase of foreign currency.  Al-Alak said in a letter addressed to licensed banks and financial transfer companies, and "Al-Ghad Press", that "on the basis of the requirements of the day-to-day monitoring work, all persons in your banks and institutions who are responsible for the implementation of all daily requests to the currency sale window are responsible for health and safety And sources of funds of customers covered by the entry into the window of the sale and purchase of foreign currency in respect of the legitimacy of sources of their funds and all data provided by them and in accordance with the law against money laundering and financing of terrorism. He called on banks to "work under the instructions numbered No. 22516 for the year 2017 and verify the names of customers before participating in the window selling the currency."  The central bank governor stressed the need to keep the confidentiality of information for each customer and all the priorities related to the treatment. He called on banks and financial companies to "abide by the law of the central bank and the law of banks and the law against money laundering."

[blueskyline]

On 8/14/2017 at 4:48 PM, Gypsygirl11 said:

You said it !!!  Mama is starting to drag....time for a makeover, I'm thinking Tahiti.  We have waited long enough, lol.

I know, I know....its not about us; come on Iraq, pull it together and make your currency worth something. Sure has been a lot of positive news out there as of late.

Someone say Tahiti ?  

 

[WaitIsOver]

I thought I heard that too? 

[navira45]

Any day now.

[pokerplayer]

12 minutes ago, navira45 said:

Any day now.

 

Can I quote you on that one ? Oh never mind, I just did !! 

 

   pp

[WaitIsOver]

Luigi will actually be right if he calls it from now into Sunday "window" haha

[nannab]

2 hours ago, pokerplayer said:

 

Can I quote you on that one ? Oh never mind, I just did !! 

 

   pp

 

  

[Gypsygirl11]

5 hours ago, blueskyline said:

Someone say Tahiti ?  

 

You got my attention!!! 

[Gypsygirl11]

 

On ‎9‎/‎24‎/‎2017 at 11:10 AM, ChuckFinley said:

I am in VA and they just slammed me for some BS tax in 2014 $2,400.00. I wrote on the check, moving to Fla.. I will get a place and use that as my home base. It is not like I had $2k plus laying around. There is a few things I would like to do and I really need to be smart about my money going forward. Being tied here because of a job. Looking forward to that financial independence.  

Sorry to hear that....hopefully soon a couple grand will be pennies to you. Hang in there.

[yota691]

Zobaie discusses with the financial control mechanisms of the Central Bank and the defense and endowments   Wednesday, October 25,                 Alsumaria News / Baghdad Search Chairman of the Parliamentary Integrity Talal Zobaie , Wednesday, with the Office of Financial Supervision work of the Central Bank and the Ministry of Defense and Awqaf mechanisms.  Zobaie said in an interview with Alsumaria News, "We met today with the President of the Office of Financial Supervision and briefed us on the important reports."  "Most of the reports belonged to the Ministry of Defense and Endowments Sunni, Shiite, Christian and the mechanisms of the Central Bank and the irregularities in the sale of currency," Zobaie said.