CBI News 11/08/2017

[ChuckFinley]

I also would add the UN meeting on/or about 21 Nov to move them out of Chapter 7.  

[NoviceInvestor]

31 minutes ago, pokerplayer said:

 

Well said LDG. Boy we, as in you and I have come along way since those initial confrontational days have we not ?

 

  Have a great day big fella, pretty soon I hope the only trucks you will deal with are the ones bringing new baby furniture to your house. 

 

pp

Thank you PP for your salutations they are well recieved but perhaps they should have been directed to my dear friend.. however the only baby furniture I will be bringing into my home will be for my grandchildren. But I can assure you that one thing this lady here will not miss post RV will be the smell of diesel on my hands because my working days will be a part of my history .. 😊

[pokerplayer]

1 minute ago, NoviceInvestor said:

Thank you PP for your salutations they are well recieved but perhaps they should have been directed to my dear friend.. however the only baby furniture I will be bringing into my home will be for my grandchildren. But I can assure you that one thing this lady here will not miss post RV will be the smell of diesel on my hands because my working days will be a part of my history .. 😊

 

Oopps. lol, yes they were meant for LDG.

 

  Sorry about that.

 

pp

[NoviceInvestor]

Just now, pokerplayer said:

 

Oopps. lol, yes they were meant for LDG.

 

  Sorry about that.

 

pp

No worries 

[Half Crazy Runner]

55 minutes ago, ChuckFinley said:

I am looking forward to the day this is wrapped up. I think if it does come out low (.10) just per demand will drive it's value up.  There is a ton of people out there that are smarter than I am on this stuff.  I would not think they would be investing in this heavily if they did not see this moving closer to 1 to 1 unless GOI pegs it and I do not see that happening.  

 

That’s been my husband’s philosophy from day one of this investment. I think it’s a pretty reasonable assumption. 👍🏻

Have a great evening Chuck!

[MyLadiesDaddy]

1 hour ago, pokerplayer said:

 

Well said LDG. Boy we, as in you and I have come along way since those initial confrontational days have we not ?

 

  Have a great day big fella, pretty soon I hope the only trucks you will deal with are the ones bringing new baby furniture to your house. 

 

pp

 Okay that brought me out of hiding on this side of the DV world. Kate is my dearly adopted mother down under in Aussie land. I did get a laugh out of the misunderstanding though my dear sister from a land far too cold for my taste. But one thing is for sure Canadians and Aussie's both have American's beat by far in their hospitality. 

[DinarThug]

1 hour ago, NoviceInvestor said:

But I can assure you that one thing this lady here will not miss post RV will be the smell of diesel on my hands

 

Then Be Careful About Hugging LGD - He Wears Diesel Aftershave !  

 

 

 

 

But At Least It’s Somewhat Of An Improvement Over His Old Spice ...

 

     

[caz1104]

10 minutes ago, DinarThug said:

 

Then Be Careful About Hugging LGD - He Wears Diesel Aftershave !  

 

 

 

 

But At Least It’s Somewhat Of An Improvement Over His Old Spice ...

 

     

& British Sterling or High Karate

Edited November 8, 2017 by caz1104

[MyLadiesDaddy]

35 minutes ago, DinarThug said:

 

Then Be Careful About Hugging LGD - He Wears Diesel Aftershave !  

 

[ChuckFinley]

1 hour ago, Half Crazy Runner said:

 

That’s been my husband’s philosophy from day one of this investment. I think it’s a pretty reasonable assumption. 👍🏻

Have a great evening Chuck!

You too.  

[zul]

11 hours ago, Synopsis said:

in addition to determining the Dollar sell rate for that operation at 119 Iraqi dinar per dollar

 

Too often we have seen them quoting their exchange rate in so many diff ways.

 

Example #1: 

The dollar stabilized exchange rates in the local market on Sunday (March 52 017).

Bourse struggle - Baghdad 125.500, while the price of the stock on Friday, 125.450.

Buying and selling in shops Banking Rates:

Dollar selling price = 126,000 dinars.

The purchase price of the dollar = 125,000 dinars.

Another example:

The decision of the Finance Committee of the Iraqi parliament, Ahmed Haji Rashid, told the network Roudao media, if the central bank raises $ 160 million a day in the market at a price of 119 thousand dinars at a rate of 5 days a week to raise the value of the dinar, and expected to exchange $ 100 price drop to 122 thousand Iraqi dinars.

So...I think, "119 Iraqi dinar per dollar" ~ could actually mean 119 thousand Iraqi dinar per $ 100 dollar.

I do not want '119 Iraqi dinar per dollar' 

 

[happygilmores]

10 hours ago, pokerplayer said:

 

$1,000,000 IQD /119 = $8403.36  USD so you can let out a {{{ sigh }}} of relief as this appears to be the worst we would get.

 

  Hope that helps

 

pp

At this point I would take it!

[Uckiller]

2 hours ago, zul said:

 

Too often we have seen them quoting their exchange rate in so many diff ways.

 

Example #1: 

The dollar stabilized exchange rates in the local market on Sunday (March 52 017).

Bourse struggle - Baghdad 125.500, while the price of the stock on Friday, 125.450.

Buying and selling in shops Banking Rates:

Dollar selling price = 126,000 dinars.

The purchase price of the dollar = 125,000 dinars.

Another example:

The decision of the Finance Committee of the Iraqi parliament, Ahmed Haji Rashid, told the network Roudao media, if the central bank raises $ 160 million a day in the market at a price of 119 thousand dinars at a rate of 5 days a week to raise the value of the dinar, and expected to exchange $ 100 price drop to 122 thousand Iraqi dinars.

So...I think, "119 Iraqi dinar per dollar" ~ could actually mean 119 thousand Iraqi dinar per $ 100 dollar.

I do not want '119 Iraqi dinar per dollar' 

 

Or mayb 119 dinar per 100usd?hehe

[Laid Back]

 

.          1/119 = 0,00084

.          Delete the 000 and introduce lower denomination notes

.          $840,000 per million dinar.

[newbieDA]

With victory and liberation signs…

 

The Central Bank of Iraq still insists on
continuing the march of liberation and
construction through the management of its
monetary policy and unlimited support to
stimulate economic growth in addition to its
endeavor aiming to enhance stability on the
level of macro economy in general and
financial sector in particular.
Since the dawn of 2017, this year was
overflowed, especially in the first half, with a
package of important measures and a wide
spectrum of serious and ambitious steps, over
which the efforts of the Central bank of Iraq
employees collaborated for their
implementation.

 

The most important results of that phase
of achievements can be summarized
according to the following:

 

1- Continue the joint coordination and fruitful
cooperation on the highest levels between
fiscal and monetary policy hrough
establishing a joint committee which includes
in its membership representatives of Ministry
of Finance and the Central bank of Iraq
undertaking the task of holding consultations
with the cabinet regarding policies and the
developments of the general economic
conditions of the country.
2- Updating Iraq credit rating by International
rating groups and agencies S&P and Fitch for
the second time to become( –B/B) with a
stable outlook. "The stable outlook reflects
that fiscal consolidation will continue over
next few years".
3- Develop the mechanism of state employees
salary payment by converting the traditional
system to an electronic one through the
localization of their salaries in accounts and
cash them via electronic cards; the Central
Bank of Iraq started with the cooperation of a
number of public and private banks, settling
the salaries of the Central bank employees, it
is expected that during the current year this
leading step will be applied in most of the
state Ministries and agencies.
4- The effective steps taken by the Central
bank in implementing the rules and principals
of anti-money laundry and terrorism
financing resulted in Iraq exit from the gray
zone within the International classification
and evaluation of the financial action task
force FATF which kept the country away
from the specter of International prohibition
zone evading the threats of closing doors and
outlets of the international financial system in
front of the country.
5- The central Bank of Iraq gave an utmost
importance to the compliance issue through
applying international standards by banks to
be able to gain a proper and satisfactory
degree at the compliance standard that allows
a bank to participate in the window for
buying and selling foreign currency, the central Bank has determined a month
period for banks that didn’t achieve the level
of success of compliance standard, (more than
50% of compliance standard degree), otherwise
banks will be deprived of accessing the
window till they adjust their conditions.

6- The Central Bank adopted new instructions and
models for buying and selling foreign currency
effective early August 2017 in order to
facilitate currency sale procedures and activate
verification and control mechanisms for the
daily selling operations ensuring their non –
violation of Anti money laundry and terrorist
financing Law; the most important provisions
of those instructions were: the Central bank of
Iraq should enhance banks' balances with their
correspondent banks abroad in foreign currency
to finance the legally authorized banking
operations , in addition to determining the
Dollar sell rate for that operation at 119 Iraqi
dinar per dollar ,provided that it should not
exceed the sell margin 10 dinar per Dollar for
all mediators or brokers.
7- Activate the International bank account Number
–IBAN on the payment systems RTGS-ACH,
this number is based on special International
specifications and is adopted all over the world
internally and externally, it also represent a
specific format for bank customers account
numbers allowing their users to verify the
number of the account transferred to it . Banks
were required to adopt the unified accounting
number in internal transfers staring from the
beginning of this year.
8- CBI granted three licenses (permits) to
practice Islamic banking business to three
financial companies to amend their activities
from Financial transfer companies to become
Islamic banks early 2017 ; those banks were (
Islamic AL Quabuth for Finance and
Investment, Islamic AlRajeh for Investment &
Finance, Islamic Al Kurtass for Investment &
Finance), with consideration to CBI Law No.56
of 2004, Islamic Banks Law No.43 of 2015, and
AML/FT Law No 39 of 2015, stipulating that
banks should be subject to CBI surveillance
according to the above mentioned laws, which stipulate the capital increase to the
prescribed limit amounting to 250 billion ID
within a period not exceeding 3 years of the
date of granting the license, according to what
was set forth in the valid Islamic banks law.

 

For a sound Iraqi banking sector

and AML/FT Law No 39 of 2015, stipulating
that banks should be subject to CBI
surveillance according to the above
mentioned laws, which stipulate the capital
increase to the prescribed limit amounting to
250 billion ID within a period not exceeding 3
years of the date of granting the license,
according to what was set forth in the valid
Islamic banks law.
In order to achieve a sound Iraqi banking
reality the most important negative
phenomena ,from which the banking sector is
suffering should be addressed, and which
treatment represent basics to promote and
improve its performance, we seek to stimulate
best practices and establish rules and
principals which achieve progress and
advancement through Central Bank of Iraq
proactive ,preventive and precautionary
supervision that reveal the efforts of
departments and inspection tours along with
direct access on the banks conditions and
what external auditors reports reveal of
articulated phenomena which requires hard
work in order to address and adjust.
We proceed from this in our commitment to
develop and improve our banking sector
performance; we are confident that progress
and success opportunities are open if there is
will and diligence; and that is the interest of
all.

 

 

 

[newbieDA]

1 minute ago, newbieDA said:

6- The Central Bank adopted new instructions and
models for buying and selling foreign currency
effective early August 2017 in order to
facilitate currency sale procedures and activate
verification and control mechanisms for the
daily selling operations ensuring their non –
violation of Anti money laundry and terrorist
financing Law; the most important provisions
of those instructions were: the Central bank of
Iraq should enhance banks' balances with their
correspondent banks abroad in foreign currency
to finance the legally authorized banking
operations , in addition to determining the
Dollar sell rate for that operation at 119 Iraqi
dinar per dollar ,provided that it should not
exceed the sell margin 10 dinar per Dollar for
all mediators or brokers.

 

Section 6 Page 6 in Full

[NoviceInvestor]

11 hours ago, ladyGrace'sDaddy said:

 Okay that brought me out of hiding on this side of the DV world. Kate is my dearly adopted mother down under in Aussie land. I did get a laugh out of the misunderstanding though my dear sister from a land far too cold for my taste. But one thing is for sure Canadians and Aussie's both have American's beat by far in their hospitality. 

It might be cold in Canada and down South In Oz LGD.. But winter in Queensland is virtually non existent  but our Summer is a very different story ... Hot, Hotter and very Humid 😊

[yota691]

Tender No. (2017/3)

   

 November 08, 2017

 

 

[Freedomwish]

12 hours ago, Laid Back said:

 

.          1/119 = 0,00084

.          Delete the 000 and introduce lower denomination notes

.          $840,000 per million dinar.

 

GO Laidback! 

[pokerplayer]

8 hours ago, yota691 said:

Tender No. (2017/3)

   

 November 08, 2017

 

 

 

Not sure why this was posted with out a translation as what good is it to anyone like this really ? Just my

 

  pp

[DinarThug]

8 hours ago, yota691 said:

Tender No. (2017/3)

   

 November 08, 2017

 

 

 

8 minutes ago, pokerplayer said:

Not sure why this was posted with out a translation as what good is it to anyone like this really ?

 

Don’t Shoot The Messenger (unless it’s a clown - but I carry a loaded squirt gun and have good aim) !  

 

 

 

Not Everything Posted On The Arabic Side Of The CBI’s Website Works On Google Translate !  

 

 

 

However, If It’s Something Really Big - DV Nation Will Rise And Cobble Together Some Type Of A Loose Translation !  

 

     

[Half Crazy Runner]

14 hours ago, Laid Back said:

 

.          1/119 = 0,00084

.          Delete the 000 and introduce lower denomination notes

.          $840,000 per million dinar.

 

I’d take that rate in a heartbeat!

[ChuckFinley]

14 hours ago, Laid Back said:

 

.          1/119 = 0,00084

.          Delete the 000 and introduce lower denomination notes

.          $840,000 per million dinar.

Excellent LB.  I could live with that.  The most important thing is the lower denominations.  Can not issue lower denominations if they are worth pennies, they have to value.  

[newbieDA]

Seriously, if you want to play with the numbers, Iraq and India made a trade agreement along time ago and if you play with the numbers, you will see a a lot within them.

 

Also, with Block Chain technology now, the extra zeros not longer matter.

 

This is why I never talk about a rate or date myself.

 

I am just waiting for the IQD to go international is all. Thats all, nothing more.

[newbieDA]

26 minutes ago, ChuckFinley said:

Excellent LB.  I could live with that.  The most important thing is the lower denominations.  Can not issue lower denominations if they are worth pennies, they have to value.  

 

Any word on the lower denominations at all lately? I have seen a lick about them.