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Carrello
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Posts posted by Carrello
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Laid Back could be fine and might not be able to communicate on the Internet due to infrastructure being burnt out.
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- Popular Post
- Popular Post
Laid Back has given so much of his time, expertise, and basically himself, to people he has never met here for a long time, while helping us to have a better understand of our investment. Please send prayers and white light protection to not only LB, but all the people and animals impacted by this fire. Lahaina was once my home and I understand what a magical place it is and what it means to the locals, and how important it was to LB.
Hurry back, LB. We've got an RV party to attend real soon and you promised to buy the first round of Mai Tai's and puu puus. ♥️
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23 minutes ago, cutter73 said:
NO, and I have a family friend on the island as well.
Thank you. We wait.
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On 8/13/2023 at 10:05 AM, Laid Back said:
The never ending story of the Oil and Gas law…. Underway since 2005.
Patience is a Virtue 😀
Has anyone heard from Laid Back since Sunday? He lives on Maui and I believe in Lahaina.
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28 minutes ago, keylime said:
They had an agreement. Some camel nuts went against the agreement. They know what the agreement is and will rectify it. They'll vote and pass it. Done deal.
Notice Halbousi hasn't said tomorrow's session isn't cancelled. This guy was the governor of Kirkuk and under investigation for corruption, exactly what the new systems and budget cancel out: corruption!
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Okay. Okay. But just vote yes and move on. There is a much larger horizon out there.
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2 minutes ago, rvmydinar said:
This is just someone opinion. It's not directly from the cbi. But , if I say if the cbi really print 50 dinar , is this considered as a new lower denoms?
Yes.
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Show me a denomination I can buy a stick of gum with!!!
Thanks, Mary B.
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Border outlets stress the need to move work to electronic governance
May 17 22:10
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On Wednesday, the head of the Border Crossings Authority, Major General Omar Al-Waeli, stressed the need to implement the government program and move to electronic governance.
A statement of the authority received by Al-Maaloumah stated, “The customs and border crossings project team held its periodic meeting in the presence of the head of the Central Agency for Standardization and Quality Control in the Ministry of Planning, a representative of the General Company for Iraqi Exhibitions and Commercial Services, a representative of the General Authority for Customs in the Ministry of Finance, and a representative of the authority.” General Tax, a representative of the Ministry of Communications, a representative of the General Land Transport Company in the Ministry of Transport, and the director of the Trade Exchange Window Directorate in the Border Ports Authority.
The statement added, "The topics on the agenda were discussed, and after the authority's chairman welcomed the attendees, it was emphasized that double efforts would be made in implementing the government program, which emphasized the automation of customs and the procedures taken at the border crossings, where the measures previously taken by the team were reviewed and confirmed. Developing the programs prepared and currently implemented in a way that rises with the size of the challenges facing the workflow at the border crossings, with the need to start implementing the issued government decisions, the most important of which is the networking of sonar devices at the border crossings and the establishment of operations centers to follow up the work of the sonars and check the goods, as the Border Crossings Authority has completed the networking at the border crossings (Zarbatiya, Mandali, Al-Mundhiriya and Trebil) by the team assigned according to Cabinet Resolution 23150 of 2023 headed by the Vice President of the Ports Authority and under the direct supervision of the Prime Minister’s Advisor for Customs, Ports and Transport Affairs.
The statement indicated that "the meeting witnessed the interventions of the team members, which were as follows:
1- The head of the Central Organization for Standardization stressed the need to expedite the activation of the ASYCUDA program by the General Authority for Customs for the purpose of linking the examination results issued by the examining companies to the program in order to simplify procedures and speed up customs clearance.
2- The representative of the General Authority for Customs stated that the authority is working in two parts, the first is the Escuada project, as it has come a long way from the first stage of the program, and the implementation rate for the first stage reached 56%, and in the month of September / 2023, work on the program will be activated in 5 customs centers, including the air freight center at Baghdad Airport As for the second part of the work of the General Authority for Customs, the electronic declaration program has been initiated in the ports of Mandali / Al-Mundhariya / Trebil / Umm Qasr ports, and employees are currently being trained to use the program, which was prepared by self-efforts by the cadres of the
Customs Authority
3- The representative of the Directorate of the One-stop Trade Exchange indicated that its cadres are continuing to work with the exempted goods program and cooperate with the General Authority for Customs, as the validity of the issuance of exemption books and the quantities of goods have been significantly controlled and counterfeiting has been prevented.
4- The representative of the General Company for Land Transport affirmed the continuation of the work on the land manifest program and awaiting the completion of the customs of the Asecuada program for the purpose of electronic linking.
5- The representative of the Ministry of Communications indicated the necessity of activating the electronic signature and instructing the General Authority of Customs to provide it with the needs of the electronic signature so that the Ministry of Communications could hold an introductory workshop on the mechanism of working with the electronic signature and its importance.
The head of the authority, Major General Omar Al-Waeli, stressed, according to the statement, the need to implement the government program and move to electronic governance as soon as possible, and he also stressed the need to implement the Cabinet Resolution No. In this matter, linking four outlets (Mandali – Al-Mundhariya – Zurbatiya – Trebil) and equipping 17 computers for the purpose of connecting them to the networking operations room. The representative of the General Authority for Customs stressed the need to create a similar room for it at the headquarters of the General Authority for Customs for the purpose of linking with the networking operations room at the headquarters of the Border Crossings Authority and the national data center in the General Secretariat of the Council of Ministers, as this link will have a major role in preventing smuggling operations and manipulation of the sex of the goods.
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Thank you, 6ly410. I'm grateful for what you bring everyday to DV, and the dedication you have to inform strangers and friends. It takes a big person to show such selflessness. All posters show this type of character and perseverance. It's hard work to post the news and takes many more steps, discernment, and time than simply a copy and past motion.
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Iraqis banned from dealing in US dollars
Government warns of punishments as it tries to control currency crisis that has led to price rises
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Money changers and customers at a foreign currency exchange market in Baghdad. Reuters
Sinan Mahmoud The Iraqi Interior Ministry has banned people from dealing in US dollars in the latest move by authorities to control a fluctuating black market exchange rate.
The surprise announcement on Sunday reflects an attempt to close the gap between the official exchange rate and that on the black market, which has fuelled high prices and caused anger.
“The dinar is the national currency in Iraq,” the ministry said. “Your commitment to transact in it instead of foreign currencies boosts the country’s sovereignty and economy.”
It said dealing in other currencies “is a violation that is punishable by law” and threatened to “hold accountable anyone who attempts to undermine the Iraqi dinar and the economy”.
The Interior Ministry's Anti-organised Crime Directorate has sent its forces to markets across Baghdad and other cities, asking traders to sign a pledge to sell goods
only in dinar, Brig Gen Hussein Al Tamimi told The National.
“The widespread campaign aims at protecting the dinar,” said Mr Al Tamimi who heads the directorate's operations department. He said representatives from the Central Bank of Iraq and the Interior Ministry's intelligence department joined the patrols.
Those who breach the pledge will face a fine of one million Iraqi dinar (around $680), he added.
“If the violator repeats it he will face an imprisonment penalty of up to one year plus the one-million Iraqi dinar financial fine,” he added. “In case of a third violation, that penalty will be doubled and we will have the business licence turned.”
Market dealings in the dollar went underground on Monday and exchange offices, fearing arrest by undercover agents, were selling dollars only to trusted clients, at the black market rate.
The Gulf War in 1991, followed by harsh UN-imposed economic sanctions and the US-led invasion in 2003, caused a substantial devaluation of the Iraqi dinar. As a result, Iraqis have turned to the US dollar. A wide range of dealings, from wholesale trading to retail purchases, are settled with it.
During the past six months, the Iraqi government has been attempting to stop a currency crisis that has led to an increase in the prices of goods, and brought protesters out on to the streets.
Since later November, the Iraqi dinar has experienced added volatility after the US's tightening of procedures for international transfers, with some blaming Washington for the dinar's problems.
The US has complained that the dollar is being funnelled to Iran, Syria and Lebanon through the foreign currency auction run by the Central Bank of Iraq. Iran and Syrian are under US sanctions.
Since then, the Federal Reserve Bank of New York has applied strict measures on requests for international transactions from Iraq, rejecting many and delaying others, leading to an increased demand for the US dollar in Iraq.
It has also blacklisted several Iraqi banks suspected of money laundering and of carrying out suspicious transactions.
Baghdad-resident Mohammed Hassan Jaafar wants to buy a house and says he is uncertain what to do, as the estate agent wants to be paid in dollars.
“For decades, everything here is pegged to the dollar and there are things, such as properties or cars, the owners ask to be paid in dollars in order to be on the safe side in terms of inflation or to have less banknotes in hand in comparison to the amount of money they get in dinars,” said Mr Jaafar, 55.
“There are people, like me, who don't meet the criteria set by the Central Bank to buy dollars at the official rate so we go to exchange offices to buy at the black market rate,” he added, referring to the CBI measures to sell dollars to merchants for importing goods or to people who were travelling abroad.
The Iraqi government blames the US for the dollar chaos. It has taken a series of unsuccessful measures to contain the public's anger.
Security forces raided Baghdad's biggest markets for the US dollar and arrested several traders, accusing them of manipulating the prices.
While the official exchange rate is fixed at 1,300 dinars against the dollar, the currency was trading at about 1,470 on the black market on Sunday.https://www-thenationalnews-https://www-thenationalnews-
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I can think of $1.54 reasons why.
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34 minutes ago, Fimum said:
Carrello thank you for the post. With the establishment of the BSRS to satisfy IMF requirements, do you think the fact that Iraq has put it in place is sufficient? Or will there need to be one or more quarters of reports before the IMF says they're good to go?
Thanks again!
Fimum.
Fimum, I do not have that kind of experiential knowledge. If I receive more input, I will post it. But...IMO if you are set up and ready to go, a settling-in period of additional quarters would not be required. The IMF has not been an overnight process, just like the WTO, but has taken years. Iraq also has the benefit of the US Treasury guiding and mentoring them, along with an administration dedicated to Iraq's success.
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Regarding the Banking Supervision Reporting System article I posted, it came to me with comments from someone that I highly respect (thank you!) with regards to the dinar, but do not have permission to post his comments publicly, so I will not name him:
The CBI is making its move to meet IMF reporting requirements under Article VIII.
· The CBI moved the TBI to its documentary credit platform
· Correspondent banks are still used, but on the ISO 20025 platform via the CBI; allowing the CBI to collect information to meet more of the IMF’s reporting requirements.
· Today’s article on the Banking Supervision Reporting System is what will allow the CBI to complete the reporting requirements from the private banking system including the non-banks.
Article VIII
Section 5. Furnishing of information
(a) The Fund may require members to furnish it with such information as it deems necessary for its activities, including, as the minimum necessary for the effective discharge of the Fund’s duties, national data on the following matters:
(i) official holdings at home and abroad of (1) gold, (2) foreign
exchange;
(ii) holdings at home and abroad by banking and financial
agencies, other than official agencies, of (1) gold, (2) foreign
exchange;
(iii) production of gold;
(iv) gold exports and imports according to countries of destination
and origin;
(v) total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin;
(vi) international balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items;
(vii) international investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information;
(viii) national income;
(ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices;
(x) buying and selling rates for foreign currencies;
(xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur; and
(xii) where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.
The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)
Today, Thursday, the Central Bank of Iraq announced the launch of the "Banking Supervision Reporting System (BSRS), indicating that the new system will collect financial data from banks and non-banking financial institutions represented in (quarterly data tables for banks, mandatory reserve reservation tables, trial balance tables for non-banking financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes of these banks and companies and their branches.
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Just now, Carrello said:
The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)
Central Bank of Iraq
Media Office
27 - Apr - 2023
Today, Thursday, the Central Bank of Iraq announced the launch of the "Banking Supervision Reporting System (BSRS), indicating that the new system will collect financial data from banks and non-banking financial institutions represented in (quarterly data tables for banks, mandatory reserve reservation tables, trial balance tables for non-banking financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes of these banks and companies and their branches.
The bank explained that the system provides the banking control department and the various departments of the bank with a clear perception of the financial situation of financial institutions by relying on the capabilities provided by modern technology in downloading and auditing data, enabling regulatory authorities to monitor the financial soundness of banks and non-banking financial institutions faster and more accurately, and enabling the bank to address potential risks within financial institutions.
It is worth mentioning that the launch of the Banking Supervision Reporting System (BSRS) comes in implementation of the strategic objectives set by the Central Bank of Iraq in developing institutional performance, upgrading banking control tools and reducing risks through the adoption of regulatory technologies and automating the events and functions carried out by the Central Bank and its departments to regulate the work of the Iraqi banking sector.
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The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)
Central Bank of Iraq
Media Office
27 - Apr - 2023
Today, Thursday, the Central Bank of Iraq announced the launch of the "Banking Supervision Reporting System (BSRS), indicating that the new system will collect financial data from banks and non-banking financial institutions represented in (quarterly data tables for banks, mandatory reserve reservation tables, trial balance tables for non-banking financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes of these banks and companies and their branches.
The bank explained that the system provides the banking control department and the various departments of the bank with a clear perception of the financial situation of financial institutions by relying on the capabilities provided by modern technology in downloading and auditing data, enabling regulatory authorities to monitor the financial soundness of banks and non-banking financial institutions faster and more accurately, and enabling the bank to address potential risks within financial institutions.
It is worth mentioning that the launch of the Banking Supervision Reporting System (BSRS) comes in implementation of the strategic objectives set by the Central Bank of Iraq in developing institutional performance, upgrading banking control tools and reducing risks through the adoption of regulatory technologies and automating the events and functions carried out by the Central Bank and its departments to regulate the work of the Iraqi banking sector.
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What Is the SWIFT Banking System?
The Society for Worldwide Interbank Financial Telecommunications (SWIFT)system powers most international money and security transfers. SWIFT is a vast messaging network banks used by financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions. In this article, we explore what SWIFT does, how it works, and how it makes money.
KEY TAKEAWAYS
- Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a member-owned cooperative that provides safe and secure financial transactions for its members.
- This payment network allows individuals and businesses to take electronic or card payments even if the customer or vendor uses a different bank than the payee.
- SWIFT, today, is the largest and most streamlined method for international payments and settlements.
- SWIFT works by assigning each member institution a unique ID code (a BIC number) that identifies not only the bank name but the country, city, and branch.
- SWIFT has been used to impose economic sanctions, such as on bad actors like Iran and Russia.
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Thanks, HotCurl. Not looking for anyone to right or wrong, but appreciate anyone actually thinking and analyzing the situation.
I was thinking back about the IMF requiring the dinar to be held within a 2% range for, I believe, 120 days.
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What period of time must the dinar sit at 1320 for it to be considered "stable" since stability is one key for increase?" Dr Shabibi's students want to know.
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Iraq has more financial stability and opportunity than they had in 2017 with a $1.13 rate. $$$
Thanks, Laid Back, for your efforts to inform people. You're selfless and a smart cookie.
Thanks, also, to the news posters. You guys will have to find another hobby soon...soon...soon...
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It's good to see Iraq turning around and headed towards being a sovereign nation and one that in time will provide infrastructure, education and economic stability for their citizens. Sometimes I feel a bit melancholy for some of the old Dinarians that knew this investment and provided good, solid economic and political knowledge for many of us that had no clue. I learned a lot. They came to DV to share unselfishly what they knew and what they believed would happen with our investment, and never complained, quipped, or demeaned. They understood Iraqis have basically always been ruled or heavily influenced by other countries or a dictator, never knowing how to rule on their own. But Iraqis are smart people and are coming into their own.
I hope TLar, RCookie, Quiet Learner and others are pleased with what they see, both here at DV and Iraq.
Thankful we have had Laid Back and Yota!
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33 minutes ago, Laid Back said:
Good point Carrello,
So, you think the 20k note is just talk to confuse speculators?
No, Laid Back, I don't think the 20k note is to confuse and agree with your breakdown and theory.
I have forgotten who said it (maybe Rumsfeld) that the IQD in US possession (as of 2004) would "pay for the war." That hasn't happened yet.
My point is if the US government has 25k notes, our 25k notes would more than likely be fine. After all, the US government is leading Iraq with a stiff, guided hand through this process of reformation politically, economically, and financially, there is not doubt. The government won't let the 25k notes die in a vault and turn to dust. We lost too many lives and treasure to let that happen, and besides, we're writing the instructions booklet.
Cheers, LB.
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4 hours ago, Laid Back said:
“The Deputy Governor of the Central Bank of Iraq announced the start of printing new money in the category of 20,000 dinars at the end of this year or early next year.”
Looks like they are planning to replace the 25k note for the new 20k note. And then delete the 000. Hope we get paid for our 25k notes.
We wait and see.!
Go Stronger Dinar $1+
Many have said the US government hold dinar in reserves. If true, The 50k bill came years after the invasion and printing of the current paper currency, so I would assume, if true our government is holding IQD, the denomination would be 25k.
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"Controversial points" between Baghdad and the region delay the approval of the oil and gas law
in Iraq & Dinar Related News
Posted
Aloha, Laid Back! I am so happy to see you are safe and sound.
I hope I didn't cause unneeded concern as I really thought you lived by the old Lahina airport.
So glad to see you!