Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content


  • Posts

  • Joined

  • Last visited

jupitergirl's Achievements


Newbie (1/14)



  1. Finance Bader: Golden increase balance dinar to strengthen its position against global currencies BAGHDAD / Mohammed Kazem 02/15/2013 World Gold Council revealed in its report issued by the global demand for gold for that Iraq had bought 24.1 tonnes of gold during 2012. The report noted that the world's central banks raised their purchases of gold over the past year 2012 record levels and the highest level since 48-year-old in 1964. Noting that Iraq, which raise oil production over the past year benefited from oil مداخيله in increasing its gold reserves, where he bought a CBI 24.1 tonnes of gold during 2012. A member of the parliamentary Finance Committee Abdul Hussein al-Yasiri: reserve there in the Central Bank Law old number (64) of 1976 and indicates that the government when issued Iraqi dinar must be covered up 70%, while foreign currency or gold, this law and end it that measured in gold as the precious metals accepted in all countries of the world. The Yasiri told (Badr): the government's drive towards enhancing its gold reserves, strengthen the balance local currency in international banks, the fact that the currency exposed to low from time to time, in order to raise its value against foreign currencies, which collapsed to the lowest levels because of politics clumsy followed by the dictatorial regime in currency printing in large quantities, which caused significant inflation in the Iraqi dinar discredit the international transactions. Yasiri: The reasons that prompted the central bank to talk about the process of strengthening the balance golden dinars aims to raise its position against foreign currencies directly, now the money supply around (34) trillion Iraqi dinars sum, and number limits (3) trillion, according to census coins to the Central Bank and who wishes downward to about a third in the case of high purchasing power and rates of foreign currencies the dollar and the euro and the pound sterling. The annual report for 2012 that «the value of global purchases of gold reached record levels in terms of financial value, reaching 236.5 billion U.S. dollars last year, and the size of 4405.5 tonnes of gold. The report said that consumer purchases of gold declined in the past year, but purchases of central banks and funds offset this decline, where they purchased these banks 534.6 tons of gold in the year as a whole, while the purchases in the fourth quarter of last year alone to 75.6 tons ». Noted analysts gold markets that the main reasons behind the record rise in purchases of central banks back to disorder exchange rate major currencies that make up foreign reserves to the world and fears of a «currency war» this year amid policies key countries in the Group of Seven to reduce the price of currencies to increase the competitiveness of its exports in the international markets. Another reason is due to these purchases analysts standard quantitative stimulus policies implemented by several global central banks led by the U.S. Federal Reserve Bank and the Bank of Japan (BOJ) and the Bank of England. It is known that the quantitative stimulus policies that lead to the deterioration of the exchange rate because it increases the money supply in the market. In this sense, a lot of countries around the world proceeded over the past year gold to hedge against this risk. According to the report of the World Gold Council, the five Arab central banks topped the list of the 40 central banks largest in terms of gold reserves is Saudi Arabia, which reached its gold reserves at the end of last year, 322.9 tons and represents 3.0% of total reserves. Lebanon reserves of 286.8 tons and represents 16% of total reserves, Algeria reserves of 173.6 tons and represents 5% of the total reserves, Kuwait reserves golden of 79 tons and representing 13% of total reserves, and Egypt reserves of 75.6 tons and represents 25% of the total Reserve. The report noted that the People's Bank of China (China's central bank) was one of the most active central banks buying gold as well as the Russian Central Bank. And reached the Russian central bank purchases over the past year about 75 tons, to bring the possession of gold to 1,000 tonnes, which represents 10% of the total reserves. --
  2. Upper: Directors of the Central Bank acting to weaken him on 01/07/2013 | -------------------------------------------------------------------------------- BAGHDAD / Farah Asim al-Tai Independent lawmaker Hassan said upper management of the Iraqi Central Bank by proxy is to fold cash for this institution and its strength and durability will be the strength of the Iraqi currency and have the weight of the fiscal balances. The top of the newspaper "integrity electronic" For this reason, we note that the law gave the staff of the Central Bank of Iraq immunity similar immunity given to members of the House of Representatives while the ministers do not have the immunity of the staff of the Central Bank so as not to be held hostage emotions or side effects. He top that this issue internationally condemned a weakened financial position and weaken confidence in the central bank and not Iraqi oil, and countries know that the Iraqi dinar is JD oil to become the Iraqi dinar quarter of the value the U.S. dollarbeing the world understand that there is oil wells like it or not, and that there carriers transported Iraqi oil to the world. He continued that which covered the upper central bank and save the Iraqi dinar is Alaftyh wealth owned by the country they kept him standing steadfast against disturbances caused to the Central Bank of flow of oil is the one who assigned the Iraqi currency deterioration.
  3. BAGHDAD / Mohammad Sabah Revealed to the oil and energy parliamentary, that political blocs agreed to pass the draft law of oil and gas for the year 2011 made by the government to the House of Representatives, pointing to the mini-committee set up by Parliament worked to make some amendments to this draft according to the political consensus. The Kurdistan Alliance, expressed optimism Ptousel parties to agree on a draft oil law, stressed that the enactment of the Oil and Energy is an end to the political crisis in which we live a long time ago, revealing that the Kurdish negotiating delegation will return to Baghdad after the holiday to complete the talks with Baghdad. Article (112) that the federal government will administer oil and gas extracted from current fields with the governments of producing regions and provinces, to be distributed and imports fairly commensurate with the population distribution in all parts of the country, with quota for a specified period for affected regions. And between Furat al-Shara member of the Commission on oil and energy parliamentary in an interview for the "long" that there was an agreement in principle between the political blocs on passing the draft law of oil and gas for the year 2011 provided by the Government to Parliament, pointing out that the Committee of Five formed by the House of Representatives earlier worked to dissolve all political differences on the draft of this law. And decided Presidency of the Council of Representatives, on 13 / last September, forming a small committee to study the points of contention on the law of oil and gas and the development of a new draft of the law, which included both the Oil Minister Abdul Karim defect and his Kurdistan, Ashti Hawrami, representative of the National Alliance Safa net, and the representative of the Kurdistan Alliance Farhad Atrushi, Iraqi and Adnan al-Janabi. He Shara said that "there are two options put forward in front of the mini-committee for trade-offs between the draft law in 2007 and the law that sent the government in 2011, explaining that the government persuaded the political parties need to adopt the draft in 2011 and working on some modifications and submitted to the Parliament for voting upon" . He added that "there points controversial about the draft in 2011, including how to configure the Federation Council oil and powers, and the nature of the ownership of the money oil to any destination will be, and give powers to the provinces in the management of the institution oil, and administration, which includes determining the validity of the minister and the company's oil according to the constitution." The Iraqi government announced, on August 28, 2011, for ratification of the draft law of oil and gas, and decided to submit them to Parliament for approval, while announced Office of the Deputy Prime Minister for Energy Affairs, Hussein al-Shahristani, on the second of July 2011, the government introduced "some adjustments "the draft oil law, which is long overdue and reviewed by the Committee on Energy Cabinet. The Commission on oil and energy parliamentary confirmed, on the sixth of September 2011, that the draft law of oil and gas provided by the Government to Parliament, involves "constitutional violation" of confiscated right provinces and territories, indicating that it is possible to amend the bill and enrichment to reach a suitable formula is agreed upon between the blocks political. For his part, considered the Kurdistan Alliance, said that the enactment of the Oil and Energy is an end to the political crisis experienced by Iraq, calling for the independence of the Presidency of the Council of Federal oil, and the recognition of contracts entered into by the Government of the Territory with Alajnah oil companies. Said Mohammad Qasim Kurdistan Alliance MP in a telephone conversation with "long", on Wednesday, that the mini-committee which operates a political nature to find a consensus on the draft law of oil and gas, revealing that the Kurdish delegation negotiating to return to Baghdad again after the holiday to complete the talks. " and went on Mohammed, said "the first visit by the delegation of Kurdistan searchable with Deputy Prime Minister Hussain al-Shahristani issue problems oil between Baghdad and Erbil, and agreed to find a mechanism to get out of this necessary, stressing that resolving the political crisis linked to dissolve the enactment of the oil and gas." It is noteworthy that out of the dispute old renewed between the governments in Baghdad and Erbil due to oil contracts concluded by the region and that Baghdad deems illegal, while he says the region they are based on the Iraqi constitution and bilateral agreements with the federal government, and fought a severe crisis between Baghdad and Erbil on the back off the Kurdistan region in the (first in April 2012) pumping oil until further notice because of differences with Baghdad on financial dues to oil companies operating in it.|en&
  4. "as explained during his answers to the financial value of the dinar after the change will maintain its position fully".......lets hope so.
  5. is then thinking away to make the U.S. dollar is equal to DT through the development of long-term plans after settling the political situation inside and outside the country and at the subspecies fiscal revenue of the state..... NICE!
  6. Date: 2012-08-15 09: 57: 06 Wednesday Baghdad (News) ... The Central Bank of Iraq, confirmed that banks selling dollars aimed at withdrawing liquidity from the market exists in most of central banks. The Bank said in a statement received (News Agency news) on Wednesday: that most of the markets where the official price parallel rate, the Bank seeks to reduce the difference between the two prices through the inspection teams, to comply with the instructions of the Central Bank, which buy the dollar to all Government and private banks and branches of foreign banks and not civil only to banks. Said: that the policy adopted by the Bank since 2004 to date are successful policies, has led to a reduction of inflation from 50% to 5.8%, falling prices and stability as a result of the tools that were in force, namely invest night and term limits (7, 14, 30) days of the dinar, as well as night and deposits for investment deadlines (7/30/90) days for the dollar. He added: the Bank canceled the tools mentioned with the exception of deposits to term of seven days for Iraqi dinar only to encourage banks to grant credit for projects of industrial, agricultural and residential, and drew that monetary policy has been welcomed by the International Monetary Fund (IMF).//finished/d. c --
  7. CBI agrees to add the code Turkmen in the new currency « on: Today at 01:29:39 PM »QuoteCBI agrees to add the code Turkmen in the new currency 02/08/2012 17:13 Baghdad, August 2 (Rn) - The nickname of the Iraqi Central to add the code on one of the Turkmen banknotes will be issued new next year. This came during a meeting between the Parliamentary Finance Committee and officials of the Central Bank on the removal of three zeros from the Iraqi currency and the issuance of a new Iraqi currency over the next year, according to the announcement by the Parliamentary Finance Committee. A member of the Committee Deputy Auzmn Hassan, told the Kurdish news agency (Rn) that "the approval of Board of Directors of Central Bank of Iraq was based on the proposal and in consultation with the Turkmen intellectuals and historians." Auzmn and that "the Turkmen intellectuals and historians have agreed to put a picture and the blue dome of the existing Castle in Kirkuk, Iraq's new currency to be issued next year." Kirkuk Castle, located where there are many archaeological sites, including the blue dome in the center of the city of Kirkuk. The Finance Committee representative has confirmed (Rn) last July that the process of replacing the currency and delete zeros of which will be gradually beginning next year, noting that the process takes two to three years, noting that the budget next year 2013 will be the new currency after deleting three zeros of the current currency. Considered as the reluctance of traders and companies from trading in Iraqi currency behind the adoption of the Central Bank of the project to delete the zeros. From: Mahmoud Jubouri, the Open: MM
  8. Enoch8 breaks down this article on a conference call posted on this sight. It looks like Iraq does or will practice fractional banking according to this article...says Enoch.
  9. Monetary policy and trends in the money supply .. An alternative vision 07/26/2012 0:00 D. The appearance of Mohammed if the money the Iraqi Central Bank issued and traded a cash basis of base money, which is considered as the liabilities of the central bank capable of generating or creating money by doubling bank credit to form an essential component of money supply, which originates or creates usually by a multiple of bank credit affected by the cash basis (no balance sheet impact of the Central Bank to double credit through open market operations) which confirms that the banks are traditionally creative criticism through the multiplier, but the impact and control of the cash basis of it .. If Masaht this hypothesis, the money supply is an external variable exogenous variable. In other words, will be subject to double credit to the direct effects of the cash basis of the reference interest rate and balance sheet of the Central Bank, which both represent the goals of operational short-term monetary policy operational target which depends indirect means of operations of the open market and facilities-based deposit and lending. But, as is typical, and because of unilateral experienced by the Iraqi economy and its dependence on government oil revenues which amount to about 97 percent of inflows to the country's foreign currency of such proceeds shall be approximately 90 percent of the revenues of the federal budget at the exception of loans and debt different. As about 60 percent or less of Gross Domestic Product (GDP). In the absence of other flows, especially the private sector in foreign currency which does not pose any importance, it has become the country co-exist really on the resource state the first of the oil revenues, the mechanism that created the interlinked strong influence between the components of View Cash and undergoing factors of the demand for cash, as it has become the components of money supply and in particular the currency in circulation outside the central bank and currency reserves in the banks of the internal variables endogenous variable affected by macroeconomic variables fundamental, in particular GDP and the oil from it in particular to make the money supply variable internally as we noted that the liquidity of the economy they have to create and magnified through the release in cash after the swap central bank money as liabilities in foreign currency purchased from the government as assets within the balance sheet of the Central Bank. a so-by the nutrition feedback positive positive feedback- and the creation of money through multiple credit has become today in the weakest point in the history of the country's monetary and that this multiplier credit is currently only at best (one) only slightly, which indicates match money supply with the cash basis. as the monetary system in Iraq, particularly the system of exchange rates, which represents the rate of exchange in which the external value of money, and because of the correlation between oil revenues and foreign currency monetary issuance (after those returns that turned in large part to foreign reserves, the monetary authority), the system of exchange rates may change gradually over the floating exchange rate system to the drainage system is very persistent .. Stating again that the double bank credit equal to one and issued currency which is similar to the money supply eventually become covered with foreign currency by 100 percent or more, according to the exchange rate and change throughout the last term. And despite the fact that open market operations through the auction of foreign currency to influence the levels of liquidity and stability across the mechanism of sterilization is very high, but it can not have happen vacuum cash in Iraqi dinars are in any case all Matzhbh of liquidity Iraqi dinar remains less than the size of monetary issuance, although the severity of the intervention of the central bank in the money market no central market for buying and selling foreign currency, which is one of the largest markets, leading to the money market, because the government continues to fuel purchases of the dinar traded through the foreign currency at its disposal to meet the needs of the public budget. So to be criticized, the source continues to trade internally regardless of the auction sales in foreign currency and sterilization processes and absorption of liquidity. Thus, the currency in circulation outside banks, which along with cash in the coffers of banks important part of the cash basis remains weak in the generation and creation of money (money supply) through multiple credit, especially if Malahzna high surpluses in the coffers of the banks or current accounts with the Central Bank confirmed that the conservative nature of banks in credit expansion because of the monetary conditions of the country's current and potential for quick profit secured from risk by participating in an auction of foreign currency .. Taking into account that the local currency in circulation outside the banks is the other leak externally weakens the ability to create money amounting to rate nearly 70 percent of the money supply tight (consisting of currency in circulation outside banks and current deposits of public banks) and in any case all of the cash deposits in banks various forms is the excess liquidity in their vaults and Atkarz only in a narrow range even loaned really they are Atold double credit significantly often in the creation of money or generate money supply. On the basis of the above, the drainage system in Iraq, or the monetary system is rather closer to the system arrangements currency board currency board arrangements, a system that equalized the national currency in foreign currency increased by covering 100 percent with the disruption of multiple bank credit to a large extent. Thus, the cancellation of an auction of foreign currency and the transfer of the auction the central bank central to the government and the generation mechanism directly through the sale of the Ministry of Finance of foreign currency to the public through the mediation of banks (ie, generation of supermarket alternative outside the central bank) must lead to a fundamental change in monetary policy for Iraq: firstly, it will make the money supply more Milana to become a variable external exogenous controlled by monetary policy, rather than control the behavior of cash demand, the current which weakened from the work of central bank policy in achieving the ranks of more accurate and less expensive to achieve economic stability and financial stability together. Second, and notwithstanding the above, if Macamt government introduced its assets reserve of foreign currency to local banks, the banks will face quite a difficulty in the organization of cash flows cash flows, which could turn the banks to borrow from the Central Bank of Iraq, and then change direction of the market Open to take another turn, a strong direct dealing in securities and domestic public debt instruments of monetary nature, which is quasi money, and money orders Khawwalat Treasury bonds and central bank in addition to discount commercial paper to provide liquidity. And then will signal interest has an important and eloquent in monetary policy may compensate for the same role played by the reference exchange rate under the central market of foreign currency now. as the achievement of interest equilibrium in the economy will prepare an intermediate target or the installer's nominal forecasts inflationary nominal anchor to address the surplus of aggregate demand economy in order to achieve the objectives of monetary policy to stabilize. The third one present, and, as we noted, the money supply will increase through the creation of credit by a double credit for it (more than one lot) which makes the cash basis through open market operations more effective to double credit to adjust the levels of liquidity. And enhancing the power of monetary policy in achieving the depth financial and indirect impact of credit activities to serve the stability and economic growth. Finally, the government may face problems in irregular cash flows for the banks depending on the impact of monetary policy and direction, whether radical or is expansive responsive. Which may have public finances between now and then to sell part of its assets to foreign central bank thus enhancing the bank's reserves, including, but would be affected by these trends, as we noted in advance the nature of monetary policy
  10. OK back on topic. Can anybody add there thoughts to what Delta was talking about?
  11. Monday July 16, 2012 Aakdt Finance Committee meeting on Sunday, 15/7/2012 under the chairmanship of Deputy Chairman of the Committee Haider Abadi, and the presence of gentlemen members of the committee and its advisers. The meeting was hosted by the appearance of Dr. Salih, Deputy Governor of Central Bank of Iraq and the delegation accompanying him. During the meeting discussed the objective to replace the existing currency and delete zeros of which and the mechanisms that will be followed by the central bank in the process of replacement and places and to identify the banks that will be under which receipt of the currency of which, as was done during the meeting, a number of models of the new currency and provided by some of the world, The deputy governor said the action at law will apply to anyone who tries to counterfeit currency, including the imposition of a fine double for counterfeit currency detected by any of the banks supplied for the new currency, noting that the most important potential risks that will appear during and after the change of currency is is not to accept human behavior and disruption of the market open and manipulate instruments, stressing that he was putting all the appropriate solutions for each potential risk of occurrence. The Deputy Governor of the Central Bank had not been reached to the selection of the latest model for the new currency so far. It was agreed to inform the Committee on the conduct of the replacement model and the last of the coin and send a detailed report on the legislative requirements and accounting and accounting upon the completion of the replacement process and submit to the Committee for information and comments on them.|en&oe=UTF8&prev=/language_tools&
  12. Member of Finance Committee: The process of withdrawal of the old currency will continue for two years through banks Question: I posted this article a few days back and got very little response. The link does not match the body of the words below but if this statement was made doesnt this sound somwhat past tense? The cbi and fc has taken many measures to relpace the iraq currency include the withdrawl of old currency over the years and handed over to the banks etc...This would bring the dinar count down to a more manageable level....very positive. Or am I reading this wrong? On: Friday 06/07/2012 13:54 Baghdad (news) .. According to a member of the Finance Committee MP / National Alliance / Najiba Najib Ibrahim, that the central bank has taken several measures to replace the Iraqi currency in coordination with the Finance Committee. The answer (of the Agency news): The Central Bank and in coordination with the Finance Committee has taken many measures to replace the Iraqi currency include the withdrawal of old currency over the years and handed over to the banks which in turn will deliver the currency to the Central Bank over the ten years to destroy.The j: in early 2013, will pump in the currency markets as well as the old currency, indicating that measures to withdraw currency will continue for two years, and several banks will take over the old currency in all parts of Iraq. Najib stressed: that two years after the new currency will be available in local markets after the end of the value of old currency. / End / 21. D. Q /
  13. On: Friday 06/07/2012 13:54 Baghdad (news) .. According to a member of the Finance Committee MP / National Alliance / Najiba Najib Ibrahim, that the central bank has taken several measures to replace the Iraqi currency in coordination with the Finance Committee. The answer (of the Agency news): The Central Bank and in coordination with the Finance Committee has taken many measures to replace the Iraqi currency include the withdrawal of old currency over the years and handed over to the banks which in turn will deliver the currency to the Central Bank over the ten years to destroy.The j: in early 2013, will pump in the currency markets as well as the old currency, indicating that measures to withdraw currency will continue for two years, and several banks will take over the old currency in all parts of Iraq. Najib stressed: that two years after the new currency will be available in local markets after the end of the value of old currency. / End / 21. D. Q /
  14. Friday, July 6, 2012 12:16 {Baghdad, Euphrates News} A member of the Committee of Economy and Investment parliamentary Salman al-Moussawi said the central bank attempts to replace the currency is unconstitutional and will lead the country towards the unknown, which may not be bad consequences. Al-Moussawi said in a press statement received by the agency {Euphrates News} a copy of it today, "no right to the central bank currency exchange because Article {110} of Dezturalaraca stipulates that the right of the federal authorities to draw financial policies and the issuance of currency in the country means the executive and legislative branches." He continued that "the presidency of the Central Bank and more than a year raises issue of deletion of zeros from the Iraqi currency attributes the reasons to strengthen the Iraqi currency and give them a universal value, but after that the audited subject and we found not a process of deleting the zeros, but replace the currency with full merits." And the MP for the coalition of state law that "the evidence of this is the change currency symbols present and the introduction of the Kurdish language emphasizes the process it replaced and not delete the zeros," expected to "result in the replacement process to the many problems which may enter the country's currency, forged at a time when we are working to stability of the market leads to the collapse of the Iraqi currency in full. " He described "the central bank attempts to implement this project early next year, as a unilateral act is valid and is rejected out of hand because it is the process of replacing unknown results." And went on "We are with the replacement of the currency if there is economic benefit to the country, but we found after the study and the possibility that many are fighting against Paschklat delete the zeros do not know what the future of Seoul him the Iraqi economy." He explained that "the stability of the economy and the Iraqi market is through the activation of income-generating sectors, and encourage the private sector and make the country an attractive environment for investment and the economy not by the deletion of zeros." The Central Bank announced that he intended to replace the existing currency with another, as it will remove the zeros of the new currency in a move it says will help raise the value of Iraqi dinar. Ended|en& --
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.