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The Recovery Of The Iraqi Dinar !


DinarThug
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Governor of the Central Bank: Reserves are re-increasing

The Central Bank of Iraq has succeeded in strengthening the country's reserves of hard currency and precious metals to more than fifty billion dollars, expected to continue this process with the improvement in the performance of the bank and recovery from the difficult situation experienced by the country with the collapse of oil prices and the invasion of a terrorist organization calling for a third of the country. 

In an interview with a number of media officials at the headquarters of the General Administration yesterday, the Governor of the Central Bank Ali Mohsen Al-Alak said that the reserve managed by the bank has been achieving a greater return than before, which is due to the diversification in the operations associated with its management and to the program to develop cadres, These operations by himself without intermediaries as it was in the past, and confirmed that the reserve amounted to 51 billion dollars today.

The reserves fell in 2016 to $ 43 billion in the circumstances that followed Iraq after the collapse of oil prices, the country's main source of income and the only source of hard currency, as well as a sweeping invasion, which covered one-third of the country and resulted in very poor social, economic and political conditions. The reserves were in the range of $ 77 billion in 2013. 

Al-Alak said that the bank has also been interested in recent years in the development of public and private banking. He said that he has completed the infrastructure of the smart card system, which is now ready to deal with it even through mobile phones, Government has agreed to pay the salaries of employees through banks through special accounts of staff, noting that some ministries have begun using this system, and stressed that the Bank 's plan to modernize the currency in circulation and the deletion of zeros.

Al-Alak pointed out that the bank did not allow him in previous circumstances to play his role in stimulating the national economy, he is now working in this direction, referring to the initiative launched by the bank and the monitoring of 6 trillion and 500 billion dinars to lend to industrial and agricultural projects, including trillion and 500 billion JD for small projects. 

The central bank governor said that the bank has also managed to address the situation of most of the troubled private banks and the troubled, noting that the large international banks seeking to work in Iraq and referring to what he called signs of the return of foreign investment to Iraq. 

On the external debt, al-Aalak stressed that it is still acceptable, pointing out that the external debt is mostly inherited from the previous regime (41 billion dollars) while foreign debt in this era is 29 billion dollars and internal 42 billion dollars.

http://almadapaper.net/Details.....8%AF%D8%A9

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16 minutes ago, DinarThug said:

and stressed that the Bank 's plan to modernize the currency in circulation and the deletion of zeros.

 

whoop whoop...hmmm modernize the currency eh and dusting off the delete the zero's articles again ...lets go

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1 minute ago, 3n1 said:

 

whoop whoop...hmmm modernize the currency eh and dusting off the delete the zero's articles again ...lets go

The dust is really thick but maybe this time? ....... I’ve heard all the Iraqi BS over the years and tend not to believe a word they say.....but we’ll see.... 

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6 minutes ago, TOMINVEGAS said:

The dust is really thick but maybe this time? ....... I’ve heard all the Iraqi BS over the years and tend not to believe a word they say.....but we’ll see.... 

 

same Tom , i've heard the jibber jabber for years as well .. our horse is still on the track doing laps though .. peace 

Edited by 3n1
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Thanks DT....

3 minutes ago, 3n1 said:

 

same Tom , i've heard jibber jabber for years as well .. our horse is still on the track doing laps though .. peace 

....We had to wait for the next race....on the first race Maliki stole the saddle and riggin'....<_<

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Needs a suitable environment for its implementation? The security forces are there to make this transition suitable. Won't be long now...more salaries are being paid...watch as the rv happens when they are done paying the salaries. Also, watch as the rate changes in the exchanges site....i say we are days away.

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1 minute ago, navira45 said:

Needs a suitable environment for its implementation? The security forces are there to make this transition suitable. Won't be long now...more salaries are being paid...watch as the rv happens when they are done paying the salaries. Also, watch as the rate changes in the exchanges site....i say we are days away.

 

navira45, lets hope your hunch is correct so we can FINALLY put this puppy to rest.

 

  Besides we would hate to see what happens when Thugs runs out of "material"  LOL   :)

 

   pp

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I know I have posted this before, but Iraq has recently signed  many economic agreements and been promised tons of investment by many well developed nations not only in the Middle East, but from most of the developed countries in the world.  Iraq, is presently being seen as a victim just as Kuwait was seen in the 90's.  Kuwait's infrastructure was demolished at that time too.  Yet, within less than a year, Kuwait was able to reinstate the value of it's currency, with the price of oil at that time was between $21 and $28 dollars a barrel. The price of oil has since more than doubled.   Kuwait"s debt per GDP since the invasion has fluctuated tremendously dependent on oil prices, In the ninties during their duress , the debt was over 200% GDP, yet their currency was reinstated and still remains above $3.00 https://tradingeconomics.com/kuwait/government-debt-to-gdp .  Iraq's debt to GDP has fluctuated all over the place since that time too https://tradingeconomics.com/iraq/government-debt-to-gdp.  but if you look at both of these charts on debt to GDP, Iraq has a much better position at this time than Kuwait had at the end of the Gulf War.  I know, supposedly that Iraq has more currency in circulation, yet the Kuwaiti exchange rates were weighted against contracts that they had made in trade agreements.  I just pray that the investment and contracts Iraq has made can be treated the same way and can raise the value of their currency , not only for us , but mostly for the people of Iraq.  

 

 

Exchange Rate Policy

 
 

CBK's policy for the Kuwaiti Dinar (KD) exchange rate aims at maintaining and enhancing the relative stability of the KD against other currencies, and shielding the domestic economy against the impacts of imported inflation. These responsibilities reflect the importance of the exchange rate policy in the Kuwaiti economy where no restrictions are imposed on the movement of capital.

During the period from 18 March 1975 to the end of the year 2002, CBK adopted an exchange rate policy pegging the KD to a weighted basket of major currencies. That policy based the determination of the KD exchange rate on a special weighted basket of currencies of the countries that have significant trade and financial relations with the State of Kuwait. This policy proved to be effective in achieving a high degree of relative stability of the KD exchange rate against major world currencies.

Between 5 January 2003 and 19 May 2007, the KD was pegged to the US Dollar according to the Decree No. 266/2002 stipulating the peg of the KD exchange rate to the US Dollar within margins around a parity rate effective the beginning of the year 2003. The Governor at that time, H.E. Sheikh Salem Abdulaziz Al-Sabah, announced the parity rate of the KD exchange rate against the US Dollar for the first day of business in January 2003 corresponding to Sunday 5 January 2003. The exchange rate was set at 299.63 fils per dollar with margins of ±3.5%. This parity rate was set based on the same principles and considerations approved historically by CBK in determining the KD exchange rate under the previous system of the currency basket in order to ensure a smooth change from the currency basket peg to the dollar peg within margins.

Effective 20 May 2007 by virtue of the Decree No. 147/2007, the KD exchange rate was repegged to an undisclosed weighted basket of international currencies of Kuwait's major trade and financial partner countries. Reverting to the exchange rate policy followed prior to 2003 aims at protecting the purchasing power of the national currency and containing inflationary pressures affecting the local economy, after having exhausted all attempts to absorb the adverse effects of US Dollar depreciation against major currencies for an extended period of time.

 

http://www.cbk.gov.kw/en/monetary-policy/exchange-rate-policy.jsp

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38 minutes ago, juliebug said:

I am probably not going to sleep much tonight... hopefully hubby will be making margaritas tomorrow for all the right reasons. People just show the hell up tomorrow. I want to have a real happy Easter with beautifully painted dinar eggs! 

Shouldn't they be showing up for work about right now?

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50 minutes ago, pokerplayer said:

 

navira45, lets hope your hunch is correct so we can FINALLY put this puppy to rest.

 

  Besides we would hate to see what happens when Thugs runs out of "material"  LOL   :)

 

   pp

 

Went to bed last night feeling much the same way navira45 states ; . . . days away before this things breaks wide open. After 15 years, I'm MORE THAN READY ! :crossedfingers:

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2 hours ago, DinarThug said:

 

Alright - Who Unplugged President Davis's Teleprompter Again ...

 

:D  :D  :D 

Ok I must admit 

I am damn funny

but so are many

 

but that one is really funny

 

its on clown boy

but still really funny  hahaha 

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2 hours ago, pokerplayer said:

Besides we would hate to see what happens when Thugs runs out of "material"  LOL

 

Iraq Is A Continuously Renewable Resource For Endless Comedic Material ! ;) 

 

 

Unlike Their Currency Over The Past Decade - Iraq Has Been The Comedic Gift That Just Keeps On Giving And Giving ! :bananacamel:

:D  :D  :D 

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It's presently 11:22 pm Eastern Daylight Time.  I would love for everyone, wherever you are, to dream and envision that right now in Iraq, they're all saying yes yes yes to all the laws... and when we wake up from this dream, the reality will be set in motion..and keep thinking throughout the day... just  keep daydreaming and envisioning that by Friday we are all happy and jumping up and down, poppin champagne and making plans. So I'm going to drift off with these wonderful thoughts of abundace enough to share.... 

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12 hours ago, DinarThug said:

Governor of the Central Bank: Reserves are re-increasing

The Central Bank of Iraq has succeeded in strengthening the country's reserves of hard currency and precious metals to more than fifty billion dollars, expected to continue this process with the improvement in the performance of the bank and recovery from the difficult situation experienced by the country with the collapse of oil prices and the invasion of a terrorist organization calling for a third of the country. 

In an interview with a number of media officials at the headquarters of the General Administration yesterday, the Governor of the Central Bank Ali Mohsen Al-Alak said that the reserve managed by the bank has been achieving a greater return than before, which is due to the diversification in the operations associated with its management and to the program to develop cadres, These operations by himself without intermediaries as it was in the past, and confirmed that the reserve amounted to 51 billion dollars today.

The reserves fell in 2016 to $ 43 billion in the circumstances that followed Iraq after the collapse of oil prices, the country's main source of income and the only source of hard currency, as well as a sweeping invasion, which covered one-third of the country and resulted in very poor social, economic and political conditions. The reserves were in the range of $ 77 billion in 2013. 

Al-Alak said that the bank has also been interested in recent years in the development of public and private banking. He said that he has completed the infrastructure of the smart card system, which is now ready to deal with it even through mobile phones, Government has agreed to pay the salaries of employees through banks through special accounts of staff, noting that some ministries have begun using this system, and stressed that the Bank 's plan to modernize the currency in circulation and the deletion of zeros.

Al-Alak pointed out that the bank did not allow him in previous circumstances to play his role in stimulating the national economy, he is now working in this direction, referring to the initiative launched by the bank and the monitoring of 6 trillion and 500 billion dinars to lend to industrial and agricultural projects, including trillion and 500 billion JD for small projects. 

The central bank governor said that the bank has also managed to address the situation of most of the troubled private banks and the troubled, noting that the large international banks seeking to work in Iraq and referring to what he called signs of the return of foreign investment to Iraq. 

On the external debt, al-Aalak stressed that it is still acceptable, pointing out that the external debt is mostly inherited from the previous regime (41 billion dollars) while foreign debt in this era is 29 billion dollars and internal 42 billion dollars.

http://almadapaper.net/Details.....8%AF%D8%A9

 

LINK

Venezuela to delete three zeros from its currency and Iraq is still afraid of "circumvention"


فنزويلا تحذف ثلاثة أصفار من عملتها والعراق ما زال يخشى 

 

27th March, 2018

The Venezuelan government has decided to delete three zeros from its currency to enter into force this year, while Iraq is still cautious in its decision because of its fear of fraud, which is expected to help to tighten and improve the performance of banknotes.
 
Venezuelan President Nicolas Maduro has ordered a change in the currency unit of the faltering local currency by removing three zeros from its value amid excessive inflation and an economic crisis in the country, Venezuelan media reported. Maduro said the measure would come into effect on June 4 and would have no effect on the Bolivar value. The action shows the collapse of the Bolivar, which fell 99.99% against the dollar on the black market since Maduro came to power in April 2013.
 
But Maduro, according to media, presented the move as a positive development aimed at protecting Venezuela from speculators in the currency market and from a US-led trade war against the Organization of the Petroleum Exporting Countries (OPEC). While the measure appears to be a revaluation, Cash for the currency as the country will not change the official exchange rate.
 
In parallel, between the governor of the Central Bank of Iraq on the words in an interview with Iraqi media: "The deletion of zeros not because of the value of the dinar, but for the purpose of tightening and improve the performance of banknotes and reducing the use of the dollar locally in circulation and exchange and storage value and standardize the size of banknotes," indicating "The subject of deleting zeros from the currency is ready but needs an environment suitable for its application to prevent manipulation and fraud by the owners of vulnerable souls.
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