The Recovery Of The Iraqi Dinar !

[ChuckFinley]

5 hours ago, Half Crazy Runner said:

 

I believe the Iraqi definition of “record time” is anything less than 100 years 😆

Well a least the sentence did not include Soon and In The Coming Day.  

[ChuckFinley]

2 hours ago, navira45 said:

Things are looking up...from bad notes n lower denoms to resumption of payment for compensation to Kuwait. Market rate is now almost same as the CBI rate...expect the change of rate when the market goes below the cbi rate. I stand by what i said in my previous posts...to expect rv before the financial inclusion.

I am liking every bit of what has transpired. We are looking good.  

[3n1]

8 hours ago, Floridian said:

Thanks, Thug.

 

It seems like they are trying to decide which method is best, float or fixed.  I thought this was decided a long time ago and they were working towards "getting to their goal".

Perhaps I am misunderstanding the article.  Would like to hear the opinion of others.

 

the drainage system needs to get the plumbing tied in and finished thats all i know ....... 

[DinarThug]

Central refuses to distinguish between categories of banknotes

21st April, 2018

The Central Bank of Iraq refused on Saturday, 21 April 2018, to distinguish between categories of banknotes, considering discrimination a legal offense.

The central bank said in a statement to the "obelisk" that "Iraqi banknotes are homogeneous in all categories and have absolute power of absolutism and are accepted by the Central Bank and its branches, banks, institutions and the public."

"The distinction between categories by imposing a certain category on the public or refusing to accept a certain category is unacceptable and is contrary to law," the central bank said.

The current Iraqi currency consists of seven categories: 250 dinars, 500 dinars, 1000 dinars, 5,000 dinars, 10,000 dinars, 25,000 dinars and 50,000 dinars, and the coins were withdrawn by the bank for non circulation by the public.   

#####################

LINK

 

Central Bank: The distinction between categories of banknotes is a legal offense

 

2018-04-21 at 13:49 (Baghdad time)
The Central Bank of Iraq refused on Saturday to distinguish between categories of banknotes, considering discrimination a legal offense.
"We reject the distinction between the categories of banknotes because they are homogeneous in all categories and have absolute power of divorce and are accepted by the central bank and its branches, banks, institutions and the public," the central bank said in a statement received by Mawazine News.

"The distinction between categories by imposing a certain category on the public or refusing to accept a certain category is unacceptable and is contrary to the law."[/b]

[navira45]

Bump this

[DinarThug]

18 minutes ago, DinarThug said:

Central Bank: The distinction between categories of banknotes is a legal offense

 

2018-04-21 at 13:49 (Baghdad time)
The Central Bank of Iraq refused on Saturday to distinguish between categories of banknotes, considering discrimination a legal offense.
"We reject the distinction between the categories of banknotes because they are homogeneous in all categories and have absolute power of divorce and are accepted by the central bank and its branches, banks, institutions and the public," the central bank said in a statement received by Mawazine News.

"The distinction between categories by imposing a certain category on the public or refusing to accept a certain category is unacceptable and is contrary to the law."[/b]

 

Comment By Don961 ...

 

 

 

imo .... this is saying that it is against the law for citizens to refuse to accept any currency officially issued by the CBI ....  this would include any "New Issues" and categories they may/(will) come out with in the near future .... no matter how much in love they are with the old notes ... or how much they may object or protest ... pretty curious for this to come out and be emphasized at this time in the news now isn't it ?? .... 

[Half Crazy Runner]

17 minutes ago, DinarThug said:

 

Comment By Don961 ...

 

 

 

imo .... this is saying that it is against the law for citizens to refuse to accept any currency officially issued by the CBI ....  this would include any "New Issues" and categories they may/(will) come out with in the near future .... no matter how much in love they are with the old notes ... or how much they may object or protest ... pretty curious for this to come out and be emphasized at this time in the news now isn't it ?? .... 

 

I likey your interpretation DT!!!  

[ChuckFinley]

1 hour ago, DinarThug said:

 

Comment By Don961 ...

 

 

 

imo .... this is saying that it is against the law for citizens to refuse to accept any currency officially issued by the CBI ....  this would include any "New Issues" and categories they may/(will) come out with in the near future .... no matter how much in love they are with the old notes ... or how much they may object or protest ... pretty curious for this to come out and be emphasized at this time in the news now isn't it ?? .... 

This might not be good, for that is how I interpret. Either we have no idea what we are talking about or we are on the money. 

[fnbplanet]

2 hours ago, DinarThug said:

 

Comment By Don961 ...

 

 

 

imo .... this is saying that it is against the law for citizens to refuse to accept any currency officially issued by the CBI ....  this would include any "New Issues" and categories they may/(will) come out with in the near future .... no matter how much in love they are with the old notes ... or how much they may object or protest ... pretty curious for this to come out and be emphasized at this time in the news now isn't it ?? .... 

 

 

I believe that they are referring to a merchant practice of refusing to accept wheelbarrows full of the CURRENT lower denominations, because they are practically worthless, and take too much time to count in the busier businesses.

 

STILL, the fact that it is newsworthy works in our favor.  ANY awareness of the problems with their sorry excuse for a national currency value just puts more pressure for those running for office (and the CBI, of course....) to DO SOMETHING ABOUT IT.

[DinarThug]

Iraq looks forward to benefiting from the world's financial experiences

 

active mobility witnessed by the financial sector locally, regionally and internationally for the development of work joints and the development of banking products required by the economy awaits a major work stage represents the banking sector cornerstone of this activity. 

The banking sector continues to experience regional experiences that have been highly successful in the field of finance. The visit of the delegation of Islamic banks in Iraq was positive within Bahrain and its financial and Arab institutions based in Manama during an intensive program organized by the Association of Iraqi Banks. 

Development plans
The Executive Director of the Association of Iraqi Private Banks Ali Tariq said: "The plans for the development of the Iraqi financial sector require cooperation with regional and international counterpart institutions and stand at their successful experiences and benefit from them and the transfer of the banking sector to a new stage where openness to the world will increase knowledge and work to adopt systems that make Iraq is a competitor to the countries of the region and the world in banking services, especially that the training plans adopted by the Association and the competent institutions have created competencies capable of mastering advanced technology  ». World banks offer more than 120 products to beneficiaries at different levels, companies and individuals, and perform the work in a field and through personal electronic devices. 

  Prospects for cooperation
 "The delegation of Islamic banks in Iraq, which ended his visit to Bahrain recently, came out with positive results, several of which are the opening of new cooperation prospects, and this in itself will benefit from the contact with banks with sophisticated systems, especially that the other side recognizes the importance of Iraq on the arena of the international economy» . Iraqi banks provide about 15 banking products to their public, and thus need to develop their systems in line with developments in the international financial sector. "The visit has witnessed the introduction of eight Iraqi Islamic banks requesting membership of the General Council of Banks and Islamic Financial Institutions in a move to open up to the financial institutions, banking and global, and to establish their presence in the Council, with the aim of starting with advanced levels of cooperation and support the Iraqi banking sector.

A memorandum of understanding was signed between the Association of Private Banks of Iraq and the Association of Banks of Bahrain with the aim of activating cooperation and providing facilities for Iraqi banks and the second with the General Council of Banks and Islamic Financial Institutions. The Association also prepared a long-term memorandum of understanding with the Bahrain Institute for Banking and Financial Training next period. Developmental mutations in turn between the Director of Training and Management Association in Ahmed al - Hashemi said «regional and international mobility is a necessity, especially that Iraq was cut off from the world for a long period of banking services through which large developmental mutations». Hashemi added that «the visit revealed to the delegation the extent of aspiration of Bahraini banks, which have advanced mechanisms to work to the coming period, and the possibility of benefiting from the Bahraini experience in the field of training.

And administration}. Hashemi pointed out that «the visit strengthened confidence between the two sides, where can be achieved prospects for cooperation between the two sides in the desire to do so between the two sides, and look forward to the parties to strengthen cooperation to the benefit of both.

http://www.alsabaah.iq/Article.....?ID=155889

[Synopsis]

1 hour ago, fnbplanet said:

 

 

I believe that they are referring to a merchant practice of refusing to accept wheelbarrows full of the CURRENT lower denominations, because they are practically worthless, and take too much time to count in the busier businesses.

 

STILL, the fact that it is newsworthy works in our favor.  ANY awareness of the problems with their sorry excuse for a national currency value just puts more pressure for those running for office (and the CBI, of course....) to DO SOMETHING ABOUT IT.

 

The point You are making here, FNBPlanet, may just be a very good one!!! 

 

If the citizen believes the currency is too “bulky” they may go to a bank to have the Iraqi Dinar changed for the less bulky and currently worth more USD.

 

So, I am thinking, what is different NOW with all these articles coming out? Is the CBI expecting that suddenly all the CHUNKAE’ MONAE’ is going to hit the streets all at once? The way the IQD has been gaining value steadily, I can not imagine people will panic dump their CHUNKAE’ MONAE’ for goods in the market place.

 

Alternately, the IQD could GAIN value while the people are being told they CAN NOT refuse the LARGER denominations and will be left with having to make change. I did not see in the last two articles “lower denomination” being mentioned. However, they did mention the coins were withdrawn by the CBI for non circulation.

 

A thought that just crossed my mind. What if the bozos in Parliament are holding up the whole deal with CBI plans in play irreversibly and the bozos could really mess things up if they are NOT doing what THEY are SUPPOSED to do??? Maybe the need to issue the article as a reminder/warning???

 

Whatever is going on, it sure is Lookin’ Good!!!

 

Go Moola Nova (YEAH, BABY!!!)!!!

[DinarThug]

Of Rafidain Bank brings news to the education staff

 23 minutes ago

Al-Rafidain Bank announced on Saturday the launch of a new payment of five million dinars to the staff of the Directorate of Education Rusafa first and second and the first.

"A new batch of five million dinars has been disbursed to 4,580 employees from the departments of education of Karkh Al-Awla and Al-Rasafa first and second," the bank's information office said in a statement.

He explained that the payment was made through the employee's electronic card after informing him by text message on his phone informing him of the possibility of receiving the advance through his electronic card, which was filled with the amount of the financial advance.

http://www.shafaaq.com/ar/Ar_N.....6cb9d66319

[DinarThug]

7 minutes ago, DinarThug said:

Of Rafidain Bank brings news to the education staff

 23 minutes ago

Al-Rafidain Bank announced on Saturday the launch of a new payment of five million dinars to the staff of the Directorate of Education Rusafa first and second and the first.

"A new batch of five million dinars has been disbursed to 4,580 employees from the departments of education of Karkh Al-Awla and Al-Rasafa first and second," the bank's information office said in a statement.

He explained that the payment was made through the employee's electronic card after informing him by text message on his phone informing him of the possibility of receiving the advance through his electronic card, which was filled with the amount of the financial advance.

http://www.shafaaq.com/ar/Ar_N.....6cb9d66319

 

Comments By MilitiaMan ...

 

 

Of Rafidain Bank brings news to the education staff

 23 minutes ago

Al-Rafidain Bank announced on Saturday the launch of a new payment of five million dinars to the staff of the Directorate of Education Rusafa first and second and the first.

"A new batch of five million dinars has been disbursed to 4,580 employees from the departments of education of Karkh Al-Awla and Al-Rasafa first and second," the bank's information office said in a statement.

He explained that the payment was made through the employee's electronic card after informing him by text message on his phone informing him of the possibility of receiving the advance through his electronic card, which was filled with the amount of the financial advance.

http://www.shafaaq.com/ar/Ar_N.....6cb9d66319

  

 

"For regulatory purposes, banks shall notify the Central Bank before (1) hour by mail
48
Electronic Commitment
And the amount of their deposits and cash withdrawals so that coordination with the security control to allow the entry of the bank's authorized
And wheels.
C- Banks should open windows to replace damaged and damaged banknotes to the public and hand them over to this bank and its branches, "And promoting the circulation of small denomination banknotes."

 

Electronic payments now are imo representation of the activation or at least final distribution of Lower Denoms at this point in the process whereby ceasing MCPs, as noted in the instructions page 80 Final Articles. That is how I interpret the data in the articles and instructions from the CBI.  The notification of the 24 hour period to be given to banks and firms imo was given on or around the 19th with Abadi and Hussien Al Sadr where Abadi said imo or in my view something along the lines that he initiated the reconstruction, construction and investments. He also said that day was where that he paid salaries, people, etc.. News is out today on that matter of payments noted above electronically and we all know that if it is in print today, it already happened most often. The question is now was that 24 hour inclusive or concurrent with the 3 day notice to the BIS if required at this late stage? Or is the "3 day" in addition to the 24? Regardless, they are imo finishing the process and even going so far today to tell us that there is a law stating that " LINK  Central refuses to distinguish between categories of banknotes" 

~The notes will be used in parallel small and large, imo. ~ And by law they must be accepted. "The central bank said in a statement to the "obelisk" that "Iraqi banknotes are homogeneous in all categories and have absolute power of absolutism and are accepted by the Central Bank and its branches, banks, institutions and the public." ~   MM

 

 

"It will be issuing new Iraqi dinars a way to expose corruption as it requires the replacement of currency in circulation is the new currency."

------------------------------------------------

"Once the design and denominations of a new currency are selected, the central bank must decide how much to produce, based on research on the demand for money in general and on various cash currency denominations in particular. Data on past orders of banknotes and coins should give reasonable estimates, which must be assessed in light of recent changes in public demand for the currency compared with other currencies. Technical advice is available from international banknote printing firms such as De La Rue and Giesecke &Devrient, and for coin denominations from mints such as the Royal Mint.

The next phase of currency reform is the conversion from old cash currency to new. The authorities must decide—at first privately—when the currency exchange will begin, when it will end, and whether or not to cap, in absolute terms, the amount to be exchanged.

Then, decisions (date)  on the announcement of and publicity for the currency exchange must be made. Other essential decisions include the conversion rate and how financial assets, resident/nonresident accounts, and existing currency contracts will be treated in the currency exchange.

In addition to the guidance of the central bank and the ministry of finance, the views of the ministries of justice, commerce, and defense; the police force; the chamber of commerce; bank representatives and representatives of the informal payment system (if it plays an important role in the country); the general public; nongovernmental organizations; and key media outlets should be considered.

The key stakeholders, under the leadership of the central bank, should develop a detailed plan for distribution of the new currency. They must identify exchange points (places where the public can exchange the old money for new and where cash currency can be stored temporarily); establish facilities for more permanent storage of currency, such as vaults and strongboxes; and address various logistic issues, including exchange point staffing.

http://www.imf.org/external/pu.....nnberg.htm

-----------------

 

The above is not only in reference to small and large notes in Iraq, they are also bringing in foreign currency for exchange. ~ MM

 

Edited April 21, 2018 by DinarThug

[navira45]

Just doin my dance right now

[fnbplanet]

1 hour ago, Synopsis said:

 

The point You are making here, FNBPlanet, may just be a very good one!!! 

 

If the citizen believes the currency is too “bulky” they may go to a bank to have the Iraqi Dinar changed for the less bulky and currently worth more USD.

 

So, I am thinking, what is different NOW with all these articles coming out? Is the CBI expecting that suddenly all the CHUNKAE’ MONAE’ is going to hit the streets all at once? The way the IQD has been gaining value steadily, I can not imagine people will panic dump their CHUNKAE’ MONAE’ for goods in the market place.

 

Alternately, the IQD could GAIN value while the people are being told they CAN NOT refuse the LARGER denominations and will be left with having to make change. I did not see in the last two articles “lower denomination” being mentioned. However, they did mention the coins were withdrawn by the CBI for non circulation.

 

A thought that just crossed my mind. What if the bozos in Parliament are holding up the whole deal with CBI plans in play irreversibly and the bozos could really mess things up if they are NOT doing what THEY are SUPPOSED to do??? Maybe the need to issue the article as a reminder/warning???

 

Whatever is going on, it sure is Lookin’ Good!!!

 

Go Moola Nova (YEAH, BABY!!!)!!!

 

I don't think they would've mentioned the coins if the problem wasn't the bulky smaller, current bills.  They've been complaining about merchants doing this for some time now.

 

I believe that any increase in value adds to the confidence in the CBI's "product" - the national currency.  I think that the lack of credibility in Iraqi banking causes doubts regarding how the CBI feels the public also views them (CBI).  Guilt by association, so to speak.  If they can instill more confidence from the public, the more receptive they will be when the "education phase" of people and bankers starts (see articles above).  

 

Confidence in the CBI/GOI/currency value is the goal.   Change is often painful.

 

Remember, they're going to essentially be asking POOR people to trade in bills with numbers in the thousands for shiny new ones with MUCH smaller numbers on them.

 

 

 

 

[DinarThug]

38 minutes ago, navira45 said:

Just doin my dance right now

 

A ‘Rain’ Dance ?  

 

 

     

[ChuckFinley]

1 hour ago, DinarThug said:

 

Comments By MilitiaMan ...

 

 

Of Rafidain Bank brings news to the education staff

 23 minutes ago

Al-Rafidain Bank announced on Saturday the launch of a new payment of five million dinars to the staff of the Directorate of Education Rusafa first and second and the first.

"A new batch of five million dinars has been disbursed to 4,580 employees from the departments of education of Karkh Al-Awla and Al-Rasafa first and second," the bank's information office said in a statement.

He explained that the payment was made through the employee's electronic card after informing him by text message on his phone informing him of the possibility of receiving the advance through his electronic card, which was filled with the amount of the financial advance.

http://www.shafaaq.com/ar/Ar_N.....6cb9d66319

  

 

"For regulatory purposes, banks shall notify the Central Bank before (1) hour by mail
48
Electronic Commitment
And the amount of their deposits and cash withdrawals so that coordination with the security control to allow the entry of the bank's authorized
And wheels.
C- Banks should open windows to replace damaged and damaged banknotes to the public and hand them over to this bank and its branches, "And promoting the circulation of small denomination banknotes."

 

Electronic payments now are imo representation of the activation or at least final distribution of Lower Denoms at this point in the process whereby ceasing MCPs, as noted in the instructions page 80 Final Articles. That is how I interpret the data in the articles and instructions from the CBI.  The notification of the 24 hour period to be given to banks and firms imo was given on or around the 19th with Abadi and Hussien Al Sadr where Abadi said imo or in my view something along the lines that he initiated the reconstruction, construction and investments. He also said that day was where that he paid salaries, people, etc.. News is out today on that matter of payments noted above electronically and we all know that if it is in print today, it already happened most often. The question is now was that 24 hour inclusive or concurrent with the 3 day notice to the BIS if required at this late stage? Or is the "3 day" in addition to the 24? Regardless, they are imo finishing the process and even going so far today to tell us that there is a law stating that " LINK  Central refuses to distinguish between categories of banknotes" 

~The notes will be used in parallel small and large, imo. ~ And by law they must be accepted. "The central bank said in a statement to the "obelisk" that "Iraqi banknotes are homogeneous in all categories and have absolute power of absolutism and are accepted by the Central Bank and its branches, banks, institutions and the public." ~   MM

 

 

"It will be issuing new Iraqi dinars a way to expose corruption as it requires the replacement of currency in circulation is the new currency."

------------------------------------------------

"Once the design and denominations of a new currency are selected, the central bank must decide how much to produce, based on research on the demand for money in general and on various cash currency denominations in particular. Data on past orders of banknotes and coins should give reasonable estimates, which must be assessed in light of recent changes in public demand for the currency compared with other currencies. Technical advice is available from international banknote printing firms such as De La Rue and Giesecke &Devrient, and for coin denominations from mints such as the Royal Mint.

The next phase of currency reform is the conversion from old cash currency to new. The authorities must decide—at first privately—when the currency exchange will begin, when it will end, and whether or not to cap, in absolute terms, the amount to be exchanged.

Then, decisions (date)  on the announcement of and publicity for the currency exchange must be made. Other essential decisions include the conversion rate and how financial assets, resident/nonresident accounts, and existing currency contracts will be treated in the currency exchange.

In addition to the guidance of the central bank and the ministry of finance, the views of the ministries of justice, commerce, and defense; the police force; the chamber of commerce; bank representatives and representatives of the informal payment system (if it plays an important role in the country); the general public; nongovernmental organizations; and key media outlets should be considered.

The key stakeholders, under the leadership of the central bank, should develop a detailed plan for distribution of the new currency. They must identify exchange points (places where the public can exchange the old money for new and where cash currency can be stored temporarily); establish facilities for more permanent storage of currency, such as vaults and strongboxes; and address various logistic issues, including exchange point staffing.

http://www.imf.org/external/pu.....nnberg.htm

-----------------

 

The above is not only in reference to small and large notes in Iraq, they are also bringing in foreign currency for exchange. ~ MM

 

Thug you are bring some good news to a tired soul my friend. 

[DinarThug]

58 minutes ago, ChuckFinley said:

Thug you are bring some good news to a tired soul my friend. 

 

I Just Wish That Iraq Would Get It In Gear So That We Could All Become A Bunch Of Rich Retired A$$ Souls !  

 

     

[gregp]

8 hours ago, DinarThug said:

Of Rafidain Bank brings news to the education staff

 23 minutes ago

Al-Rafidain Bank announced on Saturday the launch of a new payment of five million dinars to the staff of the Directorate of Education Rusafa first and second and the first.

"A new batch of five million dinars has been disbursed to 4,580 employees from the departments of education of Karkh Al-Awla and Al-Rasafa first and second," the bank's information office said in a statement.

He explained that the payment was made through the employee's electronic card after informing him by text message on his phone informing him of the possibility of receiving the advance through his electronic card, which was filled with the amount of the financial advance.

http://www.shafaaq.com/ar/Ar_N.....6cb9d66319

 

 

$5-million dinar,  divided by 4,580 employees........

 

$1,091

 

Edited April 22, 2018 by gregp

[gregp]

Thanks Thugs!!

[3n1]

55 minutes ago, gregp said:

A new batch of five million dinars has been disbursed to 4,580 employees from the departments of education of Karkh Al-Awla and Al-Rasafa first and second," the bank's information office said in a statement.

 

A " NEW Batch " of iqd .... educating the banks ,, very interesting .... lets go 

Edited April 22, 2018 by 3n1

[gregp]

1 hour ago, 3n1 said:

 

A " NEW Batch " of iqd .... educating the banks ,, very interesting .... lets go 

 

Agreed 3n1. 

 

$5-million dinar,  divided by 4,580 employees = $1,091.70 dinar. 

 

$1,091.70 divided by 1184 = 0.922 👍

1divided by 0.922 = $1.08 to the USD.  

That’s woodchuck math.  😂😂

 

[Goggles]

That's about enough for each employee to buy a loaf of bread. 

[Half Crazy Runner]

3 hours ago, Goggles said:

That's about enough for each employee to buy a loaf of bread. 

 

Almost! 😄

[MyLadiesDaddy]

14 hours ago, fnbplanet said:

 

Remember, they're going to essentially be asking POOR people to trade in bills with numbers in the thousands for shiny new ones with MUCH smaller numbers on them.

A very powerful mental picture. This is not something that the uneducated are going to want to do.