The central bank sells more than $ 174 million in a currency sale auction

[ChuckFinley]

4 hours ago, NEPatriotsFan1 said:

Yes!!!! I’ve believed this the entire time! They are not being truthful about their official numbers.....they’re gonna Suddenly surprise the world when the time is right and will explain how they reduced the more count post event not before! IMHO 

Could not agree more. See my post to Laid Back.  

[Synopsis]

8 hours ago, ScaryMary said:

So do their salaries get paid in a “paycheck” like we do here in the US?   It seems that that would definitely help reduce the note count.  Or did they previously pay employees in cash and are now trying to get people to use a “debit card type situation with direct deposit”.  This is confusing to me because it is so mainstream here.  Is that why the credit card agreements are so monumental? 

Thanks in advance for helping me to understand. 😎

 

The Best Of Your Weekend To You, ScaryMary!!! 

 

Some of my thoughts here.

 

Iraq has been modernizing their entire banking system from the Prehistoric/Stone Age to the ultra modern (with international inter connectivity and protocols) since 2003 and especially the last couple to few years. So, Iraqis in the past would deal in hard Iraqi Dinar notes and the vast majority didn’t have a bank account since Iraqis do not (or did not) trust the banks. Iraqis for the most part did not have bank accounts so bank checks would be meaningless to them and were not used. I am not sure of what the process entirely entailed but somehow each Iraqi would receive their salary in hard Iraqi Dinar with some means of positively identifying the Iraqi to get the hard Iraqi Dinar. There may have been some National Identification Card or something presented and then their name was manually checked off a list. There has been biometric banking related processes implemented. For Kurdistan, this biometric process removed a considerable amount of “ghost” employees where some Kurds would receive multiple salaries. Here the corruption is being removed on the basic Iraqi level.

 

The “leap’ we are seeing is likely going from a “hard cash” to a nearly complete “electronic” financial system where checks are bypassed entirely or used on rare occasions in the future. The “Financial Inclusion” we have seen in the news articles is a drive to get Iraqis to open up bank accounts for electronic transfer of funds for salary deposits and then to make Point Of Sale (P.O.S.) purchases so no hard Iraqi Dinar notes are passed. I am not fully acquainted with the ins and outs of the KI (QI) card, MasterCard, VISA, etc. with the full implications for each Iraq but these are entirely dependent on the participating Iraqis having a bank account and satisfy the “Financial Inclusion”. Also, there appears to have been a depository insurance function applied for banks for bank depositors somewhat like the Federal Depository Insurance Company (FDIC) in the US within the past year or so to aid in giving each Iraqi bank account holder confidence their accounts are safe and liquid for each depositor.

 

So, to answer Your question, I strongly suspect, “They are trying to get people to use a debit card type situation with direct deposit”. Correspondingly, a “paycheck” with a check does not appear to have been used at all or maybe rarely in the past and does not appear to be a plan for use in the future.

 

To me, the more we see about banking and electronic banking capabilities and utilization for each Iraqi with streamlined and tailored loan systems for each Iraqi, I suspect more and more hard Iraqi Dinar notes will be sucked off the streets for day to day transactions AND out of the CHUNKAE’ MONAE’ mattress stashes, etc. As previous comments noted, the CBI may be closer to their goal(s) of hard Iraqi Dinar notes out of the CBI even though the articles could be misleading about exaggerating how much is actually out of the CBI. Apparently the CBI goal is one billion notes (250s, 500s, 1,000s, 5,000s, 10,000s, 25,000s, and 50,000s) or less out of the CBI. There is likely an absolute total for all these notes as well noted as 40 trillion Iraqi Dinar which, to me, is highly exaggerated.

 

Another piece I am looking for is Iraqi Dinar being smuggled into Iraq for whatever reason (we have seen some of those). This would compromise the CBI’s goal of the note count in Iraq and the total amount of Iraqi Dinar in Iraq. As such, I am watching the news articles for more news on Iraqi Dinar confiscated from smugglers smuggling into Iraq and Iraqi Dinar notes stashes confiscated in Iraq from terrorists (Daesh, IMIS, IRGC, Qud, etc.).

 

Just my conjecture, thoughts, opinion, and  for whatever THAT is worth!!! CAVEAT EMPTOR, Reader!!! 

 

In The Mean Time.........................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET ‘ER BUCK!!!)!!!

   

[SocalDinar]

13 hours ago, Synopsis said:

 

Maybe You could help me understand better.

 

My estimation is the typical Iraqi deals with Iraqi Dinar for purchased from businesses. These businesses do business with larger entities in Iraqi Dinar where eventually a business entity has to convert their Irnotes, the natural amount of Iraqi Dinar notes being circulated (pay to the Iraqi Citizen as wages then used for purchases) for day to day transactions goes down so the Iraqi Dinar notes in circulation also goes down. There may be a significant amount of CHUNKAE' MONAE' held static in Iraqi mattresses, etc whereas the opportunities to acquire loans with a corresponding down payment may be a way to suck more CHUNKAE' MONAE' out of the Iraqi mattresses, etc and into the banks (banks are then credited electronically in Iraqi Dinar for physical Iraqi Dinar notes transferred from the banks to the CBI) so the Iraqi has a higher standard of living now before the revalue. But then a loan payment, too, that may even suck more CHUNKAE' MONAE' out of those feisty Iraq mattresses, etc.aqi Dinar to USD to pay for foreign purchases at the CBI (there may be other legally recognized exchanges). There could be electronic Iraqi Dinar that makes its way all the way from the Iraqi Citizen now to the Iraqi International Business to be converted to USD (I assume electronically for electronic USD transfer to foreign accounts). Along the way from the Iraqi Citizen, there is likely a significant volume of Iraqi Dinar notes entering this process that eventually ends up in various banks then eventually at the CBI where the banks are credited by the CBI in electronic Iraqi Dinar for physical Iraqi Dinar received from the banks. As more and more salaries are paid electronically instead of physical Iraqi Dinar

 

 

 

All in all, I do think the Iraqi Dinar notes outside of the CBI and in Iraq is going down and the Iraqi Dinar notes at the CBI is going up (or maybe destroyed when converted to electronic Iraqi Dinar). How much (actual) Iraqi Dinar is in circulation may not be accurately noted in the current Iraqi news articles.

 

I believe , especially in rural areas, that many Iraqis do not use or trust banks. So im sure their is plenty of notes hidden away

 

Also  Many without reliable electricity sources.  Hard to implement electronic transactions with these and other factors.

 

Hard to speculate what they do with dinar being brought back into the country.  It costs Iraq ito print new notes which are worn and torn,, especially the lower notes.   Would be nice to know these amounts.

 

I do not quite get it that the physical note count or electronic count would make any difference at all.( M-2 )  After All both are dinar.  Why would speculators here have Iraqi bank accounts besides the great return on CD accounts if there is a difference.  A dinar is a dinar electronic or physical cash. Both are liabilities for the Central.  When the value changes both will be adjusted .  

 

Im just a contractor so i really have no clue.  LOL.  But I will own that

 

13 hours ago, Synopsis said:

   

 

[Synopsis]

5 minutes ago, SocalDinar said:

 

I believe , especially in rural areas, that many Iraqis do not use or trust banks. So im sure their is plenty of notes hidden away

 

Also  Many without reliable electricity sources.  Hard to implement electronic transactions with these and other factors.

 

Hard to speculate what they do with dinar being brought back into the country.  It costs Iraq ito print new notes which are worn and torn,, especially the lower notes.   Would be nice to know these amounts.

 

I do not quite get it that the physical note count or electronic count would make any difference at all.( M-2 )  After All both are dinar.  Why would speculators here have Iraqi bank accounts besides the great return on CD accounts if there is a difference.  A dinar is a dinar electronic or physical cash. Both are liabilities for the Central.  When the value changes both will be adjusted .  

 

Im just a contractor so i really have no clue.  LOL.  But I will own that

 

 

 

Thank You for Your Valued Comments, SocialDinar, AND The Best Of Your Weekend To You!!! 

 

And (if I may humbly add)...............................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET ‘ER BUCK!!!)!!!

   

[ScaryMary]

2 hours ago, Synopsis said:

Best Of Your Weekend To You, ScaryMary!!

Synopsis

Thank you so much for taking the time to explain this to me. I very much appreciate it. 

And the best of your weekend to you also!!!

[Floridian]

Ya know, I just had a thought, after reading Socal's post, above.  Maybe this is crazy, but.....

 

If I lived in Iraq and knew the dinar was worthless, and I used dollars on a daily basis, and I wanted to hide money in my mattress because I didn't trust the banks,

which currency would I hide in my mattress, worthless dinars or dollars?

 

[Laid Back]

9 hours ago, ChuckFinley said:

We have discussed this many times. I believe they have a second set of books with a goal to reach. The CBI has been pushing hard to get the money off the street. 

Totally agree with my friend, enjoy the weekend 

[ChuckFinley]

6 hours ago, Laid Back said:

Totally agree with my friend, enjoy the weekend 

Same to you my friend. 

[yota691]

On 7/13/2018 at 7:47 PM, SocalDinar said:

I'm pretty sure that the auctions are primarily for business transactions.

They something else going on...It might be consider a business transaction on some legit stuff. some of it fake, some how..these folks are devious smart...they think the are...All good things come to and end...