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Carrello

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Everything posted by Carrello

  1. Thank you, Yota. By not relying on Iran for energy, this electrical connection with Kuwait will add to Iraq's stability, which is another aspect of a country international investors look for. Good news for us and Iraq.
  2. The Application Of The Money Laundering Law Reduces The Sales Of The Currency Auction After Years Of Disabling It Politicians' Banks Withdrew For Fear Of Scandal 10/17/2021 | 7:06 pm The Iraqi Observer / Mushtaq Al-Hasnawi … The Central Bank’s sales decreased significantly, in hard currency, to record 52 million dollars, with the entry into force of the new instructions of the bank regarding sales of hard currency and a drop by 74.76% of the total sales that rose recently due to the knowledge of banks and participants in the currency auction to apply The decision issued on September 26 last, which is implemented as of yesterday, Sunday, October 17, and these instructions are in implementation of the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015, which explains the great demand for currency purchase before the date of the application, which exceeded two billion dollars during the past month, which shows that the sales of the Central Bank were subject to the process of money laundering by the participants in the auction over the past years, which confirms our previous reports of the existence of money laundering operations through the auction. The decision, although much delayed due to the complicity of the former and current central governors, but limits the smuggling of funds abroad, and does not eliminate them. What happened in the last auction sessions was the sale of 52 million dollars, 51 million of which went abroad under the pretext of covering balances and remittances, which confirms that the process Smuggling continues and with the knowledge of the Central Bank administration, the recognition of money laundering operations came after the pressures of some international financial institutions that Iraq seeks to implement its conditions in exchange for obtaining new loans, despite the current financial abundance. The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the new Central Bank instructions regarding the sale of foreign currency come within the framework of combating money laundering. Saleh said; “The new instructions of the Central Bank regarding the sale of foreign currency come within the framework of combating money laundering, by increasing the procedures for checking and disposing of foreign currency,” noting that “there is a lot of talk being said about the currency auction and the money that comes out of it.” Saleh added that "the Central Bank is keen on the foreign currency to go to the beneficiary that benefits the Iraqi economy through high governance and transparency, which is a global international context, not just Iraqi," noting that "not to be afraid of these instructions as long as the transactions are sound and clean." Saleh stressed that "there is no fear of the Central Bank's actions as long as this currency is going in the right way." To learn more about this, the financial expert Sami Salman confirmed, in connection with the (Iraqi Observer): that what is happening in the currency auction of money laundering operations was with the knowledge of all the governments that successively ruled the country, which caused very huge financial losses to Iraq as a result of negligence in laundering operations money, and today the auction recorded the first decline this year in selling the dollar, which exposes the role of the bank's governors in covering up the currency auction, especially if we know that the participants are banks affiliated with the political elites. And between: The implementation of the money laundering law of 2016, even if it came late, is an attempt to save the country from currency smuggling practiced by the participants in the currency window. For his part, the economic affairs specialist, Jassim Al-Ugaili, confirmed in contact with the (Iraqi Observer): that what is happening is the biggest scandal in the history of Iraq and reveals the duplicity of the current government and its acceptance of money laundering resulting from the theft of the funds of fictitious projects and others, in great complicity in the failure to implement anti-money laundering decisions , Despite its issuance more than six years ago, it remained trapped in the drawers. He explained: that despite the establishment of special anti-money laundering offices in the Central Bank, which was a cover to pass the theft of Iraq's money, and today matters have been exposed due to the implementation of the IMF's decisions to borrow again. https://www.almuraqeb-aliraqi.org/2021/10/17/312364/
  3. You can say that, but it would be folly. A "peg" has nothing to do with value and everything to do with "stability." Saudi Arabia has a value of $.26 cents and "pegs" to the US dollar. "In the Middle East, many countries including Jordan, Oman, Qatar, Saudi Arabia, and the United Arab Emirates peg to the U.S. dollar for stability—the oil-rich nations need the United States as a major trading partner for oil."
  4. No. "What Is a Fixed Exchange Rate? A fixed exchange rate is a regime applied by a government or central bank that ties the country's official currency exchange rate to another country's currency or the price of gold. The purpose of a fixed exchange rate system is to keep a currency's value within a narrow band."
  5. "Why Is Price (exchange rate) Stability Important? Price stability is vital to economies because price levels determine inflation and deflation—inflation is defined as an increase in prices and a decrease in the value of money, while deflation is a decrease in prices and an increase in the value of money." "Countries, especially developing ones, pursue stable exchange rates to attract foreign capital. They usually accomplish this by fixing their currencies to that of a more stable country, a practice called pegging. A country's central bank may increase or decrease the money supply to maintain this rate." "Meanwhile, an exchange rate stablility, undoubtedly, tends to attract foreign investment and precisely by this reason we find the answer to why countries pursue intended astability in the exchange rate. There is a State agency that is in charge of specifying the monetary policy of the State that is none other than the Central Bank. Just fitted the responsibilities of implementing policies and managing resources in this regard. Central banks are capable of influencing its economy price levels certainly carrying out different regulations on interest rates or on the financial market, among others. Then, stable exchange rate is usually achieved when a country fixed its currency to another more stable nation, while the central bank will be who mark the rhythm of stability, and can increase or decrease the range."
  6. IMF Executive Board Concludes 2020 Article IV Consultation with Iraq February 11, 2021 Washington, DC: On February 8, 2021 the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Iraq. ...Directors stressed that wide-ranging structural reforms are necessary to cement macroeconomic stability and pave the way for higher and more inclusive growth. They underscored that reform efforts should focus on stemming the financial losses in the electricity sector. This requires sustained efforts to strengthen governance and improve collection, as well as gradual adjustment of tariffs to increase cost recovery and reduce arrears. In addition, Directors emphasized the importance of reducing corruption in key public institutions, continued improvement and effective implementation of the AML/CFT framework, restructuring of large state-owned banks to foster financial stability, and developing the private sector...
  7. The International Court of Justice is part of the United Nations and The Hague. The International Court of Justice, also known as the World Court, is the main judicial organ of the UN. It was established in June 1945 by the Charter of the United Nations and began work in April 1946. The Peace Palace, home of the International Court of Justice at The Hague The seat of the Court is at the Peace Palace in The Hague (Netherlands). Of the six principal organs of the United Nations, it is the only one not located in New York (United States of America). The Court’s role is to settle, in accordance with international law, legal disputes submitted to it by States and to give advisory opinions on legal questions referred to it by authorized United Nations organs and specialized agencies. The Court decides disputes between countries, based on the voluntary participation of the States concerned. If a State agrees to participate in a proceeding, it is obligated to comply with the Court’s decision.
  8. Sorry. I was unable to copy the translation.
  9. IMO, it's the idea that "experts" or members of the government are looking for solutions. It's not the method, it's not who says it, but people are looking for solutions to a perceived problem or a method to make an process easier and cheaper.
  10. Inflation is worldwide August 11, 202110:59 PM Asia Pacific Japan wholesale inflation hits 13-year high as import costs rise TOKYO, Aug 12 (Reuters) - Japanese wholesale prices rose in July at their fastest annual pace in 13 years, data showed on Thursday, a sign that global commodity inflation and a weak yen were pushing up raw material import costs for a broad range of goods. There is uncertainty, however, on whether companies will start to pass on the higher costs to households and prop up consumer inflation, which remains stuck around zero due to weak consumption, unlike in other advanced nations, analysts say. "The pass-through of raw material costs to consumer goods prices is slow," said Chisato Oshiba, an economist at Dai-ichi Life Research Institute. "While wholesale inflation is accelerating at a very fast pace now, it will take time for this to lead to higher consumer prices," she said. Report ad The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 5.6% in July from a year earlier, Bank of Japan data showed, increasing for the fifth straight month and beating a median market forecast for a 5.0% gain. It accelerated sharply from a 5.0% increase in June and marked the fastest pace of growth since September 2008, when emerging market demand triggered a spike in prices dubbed the commodities "super cycle". On a month-on-month basis, wholesale prices rose 1.1% in July after gaining 0.6%, marking the biggest increase in nearly two years. Prices rose for many raw materials including those for wood, which spiked 33.1% in July from a year earlier, and oil and coal goods, which saw prices rise 38.8%. Some countries, including the United States and Britain, have seen inflation rise faster than expected as demand recovers from the coronavirus pandemic, triggering debate on how quickly they should wean their economies off massive monetary stimulus. Few analysts expect Japan to see the same kind of rise in consumer inflation. Slow vaccinations and curbs in activity to combat the pandemic have hurt consumption, discouraging firms from passing on higher costs to households. The dynamics were evident in wholesale price data. Domestic final goods prices rose just 2% in July from a year earlier, even as raw material prices spiked 48%. Back in 2008, Japan's annual core consumer inflation hit 2.4% in July and August on rising commodity costs, but slowed to 0.2% in December and started falling from March 2009. The spike in inflation during the period was driven largely by a handful of raw material costs, with prices of most items staying roughly flat, the BOJ said in a report issued in July. "Given such historical experience, any rise in consumer prices driven by increases in upstream costs will highly likely to be transitory," the BOJ report said. Japan's economy has emerged from last year's slump thanks to robust exports. But a resurgence in infections forced the government to impose fresh state of emergency curbs, dashing policymakers' hope for a strong rebound in July-September growth. Core consumer prices rose just 0.2% in June from a year earlier due to weak household spending, well below the BOJ's elusive 2% target. Analysts expect a change in the base year from the July data, due on Aug. 20, to push down core consumer inflation by around 0.7 of a percentage point. Reporting by Leika Kihara; Editing by Sam Holmes
  11. The Iraq Parliamentary Finance Committee dictating exchange rates and fiscal policy, rather than the Iraqi Central Bank, is equivalent to The US Senate Finance Committee dictating exchange rates rather than the US Federal Reserve.
  12. Gee, I wonder is solar energy would be something that would work in a country that reaches "50 degrees Celsius" (124 Farenheit) in the summer?
  13. Amer Al-Jawahiri to / NINA /: Changing the value of the national currency is now an economic confusion...it should not be linked to additional unstable revenues Monday 09 , August 2021 Baghdad / NINA / - The Consultant in Industrial Development, industrial cities and investment, Amer Al-Jawahiri, confirmed that: Changing the value of the national currency is now an economic confusion..it should not be linked to additional, unstable revenues. He told the National Iraqi News Agency (NINA) that the change in the value of the national currency against other foreign currencies has not occurred since 2003 except twice, its price was 2500 and then to 1200, and it was changed at the end of last year, which means during 17 years it was changed only twice. Al-Jawahiri added that the rise in oil prices is not fixed, it may rise for several months and decrease again, as happened previously, noting that: determining the economic and monetary paths does not depend on steps that occur for some months or seasons of the year. He explained that the changes in oil prices should not be based on a change in the amount of the Iraqi currency vis-à-vis other currencies, and that it should not take place in short successive periods. /End https://ninanews.com/Website/News/Details?key=920540
  14. Feel better, Theseus? Are you a bigger man after your misogynistic, bigoted, ignorant comment? If you have a daughter, would you share your comment with her and explain your sexual innuendo? Harris is Vice President of The United States of America. What will you be doing this afternoon?
  15. You are assuming the lower denoms have not been printed yet. We have been close, very close to the RV a couple of times. We could not have been that close without LDs printed and awaiting their debut. Printing currency takes months and is a "scientific process" that is tedious and exact. If the LDs have not been printed as of yet, IMO we could not see an RV until the second quarter 2022, and possibly the first quarter of 2022.
  16. PS Inflation Rate in Iraq increased to 5.60 percent in May from 5.50 percent in April of 2021, hardly a runaway train as stated by others. source: Central Bank of Iraq
  17. Iraq couldn't pay their employees but they will spend millions and millions of dollars to print new currency because a few denominations have 3 zeroes, other notes have fewer. Iraq is going digital where 3 zeroes wouldn't be an accounting problem. Master cards, payroll cards, debit cards....3 zeroes is not a huge problem when you are broke and digital. Zimbabwe had a 100-trillion note worth 40 US cents. That's a 0s problem. There just seems to be a lot of "delete the zeros" articles that are doing a lot of educating, a step in the revaluation process.
  18. Great! Who cares when they were supposed to do it, they are doing it now. And news of the National Oil Co being setup is all good news. "It doesn't matter where you have been, what matters is where you are going." Thank you for the news articles!
  19. The purpose of pegging to a basket is to provide exchange rate stability. It has nothing to do with exchange value. https://www.investopedia.com/articles/forex/08/pegged-vs-floating-currencies.asp
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