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jupitergirl

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  1. Forum Home > Central Bank of Iraq (CBI) News > Central Bank called by private banks and the latter calls for new legislation Posts: 3241 Central Bank called by private banks and the latter calls for new legislation Haider Ali Jawad - 16/02/2012 PM The Iraqi Central Bank agreed to remove the restrictions impede the movement of "private banks" within the local market, announcing the lifting of uncertainty about some articles of the law of Iraqi banks in 2004. The Association emphasized the private banks reached the committee of the Central Bank and the Securities and private banks, some of the paragraphs to clarify ambiguities in the law in question, called for the creation of legislation governing the work of "Islamic banks". While drawn to the government's intention to open branches for the conduct of Islamic banking, pointed to the issuance of "electronic instruments" within 24 hours, confirmed and placed a number of "automated teller machines" in some public places. The number of civil Iraqi banks, has asked to amend "the law of Iraqi banks," the uncertainty of some of its articles, as well as the circumstances raised by the article, especially the twenty-eighth of it. The experts confirmed the lack of law to include decisions related to the work of development and investment banks as well as Islamic, cautioned that the private banks will not prosper, but in light of private sector economic active. In an interview with "the world", said Vice Governor of Central Bank of Iraq appearance of Dr. Mohammed Saleh on Wednesday, that "there was ambiguity in the interpretation of Article 28 of the Banking Act, Now can these banks enjoy the right to buy bonds to finance industrial and agricultural projects and financial, within the share of their investments amounting to 20 per cent of the capital, on the grounds that these banks' capital will be huge next year, 250 billion dinars. " Saleh added that "the Banking Act applies to all banks without discrimination, regardless of whether they are civil or government, although private banks have a number of particularities and complexities in their work," pointing out that the law "does not prevent the counterparts of government to cooperate with it and the practice of partnership with , subject to compliance with regulations, decisions and laws on this matter. " And criticizes specialists Law of Iraqi banks, enacted in 2004 by authority of the civil governor Paul Bremer because it contains many of the shortages, while interested in the Iraqi Central Bank to maintain price stability, and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and issuing and managing currency, in addition to the organization of the banking sector. For his part, Abdul Aziz al-Hassoun director of the Association of private banks, in his interview with "the world", said yesterday that "Article 28 of the Banking Act was the need to interpret in line with the activities that are entitled to private banks exercised," explaining that "the legal provision regarding the identification of activities prohibited on the banks engage in them, which included also a number of areas of investment which is at the heart of its work, such as buying shares in certain companies, or the establishment of insurance companies, and so on of other activities. " And the goldfinch that "the banks much capital, and want to work, and insurance closer profession of banking, and this habit of all banks in most countries of the world, as it is the first area for her," adding that "which confused our decision was issued by the Central Bank two years ago, serving get rid of all those activities, and that means damage to the local market. " He Goldfinch that "this is why we have to form a committee of the Securities Commission and the Central Bank of Iraq and the private banks, which submitted a proposal to amend the interpretation of that article, which has responded with the Central Bank, which launched banks now freedom operate better." Article 28 of the Banking Act it is not permissible for any bank from the private sector to exercise or participate as an agent, partner, or owner of the trade, wholesale or single or manufacturing processes, transfer, agriculture or fisheries, or mining or building or re-insurance, or any activity or work other than authorized. The Director of the Association of private banks, said that "the said Act did not address the Islamic banks, there is no text organizes its work, given that their activities are different from conventional banks are not commercial but investment is different from private banks, which requires the need to find their own legislation," pointing that "now numbering in Iraq has reached 10 banks, and no intention by the Iraqi government to open branches or departments within the banks shall carry on Islamic banking, but that need legislation." The goldfinch that "private banks today has been enhanced entities Finance and is now working according to modern international standards, and are associated with each network works in different provinces, so that if the deposited funds in the province of what, you can withdraw from the province of other smoothly, and her work is evolving day by last, "noting that it was able to issue electronic instruments within 24 hours after it was issued in 7 days, through what is known as electronic clearing, so bank related to another and converts the amount to be handed over to him." The Goldfinch "The banks seeking to develop the mechanics of banking, including the development of machines for the ATM in a very limited number of public places such as some airports, hotels, restaurants, and can spread more, but the current situation does not allow for security reasons and cultural concerning the conduct of some individuals." In turn, the financial expert Majid picture, in an interview with "the world", said yesterday that "the Banking Act lacks the specific paragraphs, include the work of banks, investment and development as well as Islamic, which is not addressed only to the work of commercial banks." He called the picture "The government has given the private banks and government one level, considering that any action distinction in handling them is rejected absolutely," noting that "private banks affected by the level of private economic activity, so that if it were the work of the private sector is growing, to the work of these banks are growing as well, As the first activity is weak, this will reflect negatively on the performance of private banks, hence the claim should be treated equally by the government with the government banks. " http://www.burathanews.com/news_article_148777.html
  2. I got this over to kaperoni a couple hours ago who is getting it translated by his translator.
  3. Delete the zeros dinar a bold step and its impact will be greater if placed within the plan Voice of Iraq) - Add comments - BAGHDAD - 01.02.2012 The Euphrates News praised the MP for the mass of the citizen Hussain Abtan, the central bank steps to delete the zeros of the Iraqi dinar, pointing out that these steps be a greater impact on the Iraqi economy in the event and placed under the Plan of the Court. said Abtan, told {Euphrates News} "The steps the central bank to remove the zeros from the dinar Iraqi bold and would raise the exchange value of the dinar against the U.S. dollar." and Iraq is working on a project to delete the zeros from the currency to facilitate financial transactions in the country with the country's openness to international markets and try to attract capital and investors to contribute to government efforts to rebuild the crumbling infrastructure as a result of decades of war and siege. He Abtan, that "the steps the bank will impact more on the Iraqi economy and the lives of citizens in the event and placed within an economic plan to be one components central bank. " The Central Bank of Iraq, had announced earlier that the new Iraqi currency will increase by three zeros, indicating that he had conducted an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency. The deputy affirmed that "can not load the bank's management responsible for the deterioration of the economic reality in the country, he is responsible for fiscal policy only. " http://www.sotaliraq.com/business.php?id=5512#ixzz1l9vLaB00
  4. [bondLady] im gonna do something in here real fat that i never do or very seldom do [bondLady] fast not fat [bondLady] u all know how i feel about gurus [bondLady] an there crap they spew [bondLady] 1 of them may be right about some things [bondLady] and ill show it [bondLady] the majority of the time for over 2 yrs ive pretty much been able to debunk any 1 [bondLady] becasue as u know i read the news daily [bondLady] and when i recieved steves chat [bondLady] in a email [bondLady] steve from pd [bondLady] i normally wouldnt even read them [bondLady] but my friend who sent to me says did he read my chat [bondLady] or said this kinda follows my yesterdays chat [bondLady] let me show yall what steve said 1st [bondLady] then im gonna confirm or possible confirm some things in it [bondLady] steve, just got off the phone with one of my iraqi contacts. He has a family member in baghdad that has a friend that is a reporter that was at the press conference that was held last night. The conference was held at 10:30am baghdad time. It lasted for 2 ½ hours. Shabibi wasn’t there, he is out of the country but no one was told where he was. The person giving the press conference was mohammed saleh mudher. Not sure of spelling of last name. Many questions were asked about the dinar and revalue. He stated that the iqd would be higher than the usd very soon. He would not give a date. Just said very soon and that the iqd would be higher than the usd. He said the money is ready and is in boxes sitting at the cbi and other warehouses around iraq . [bondLady] he said some of the new dinar was shipped to some banks in southern iraq after they completed their inventory. Other banks haven’t completed their inventories yet and thus have not received the new dinar. Cbi is waiting. Also, he said that new coins have been printed and are ready. There will be 5 or 6 different denominations. Also, he said that not all banks will be receiving the new currency at first. Only ones in areas based on population. He also said that when the revalue takes place, the borders would be closed for 24 to 48 hours and the banks would be closed also. He told the people not to during this time that there is nothing wrong. It is only while they revalue the currency and switch everything over. He also stated that the people in country would have 20 days to cash in and people outside of iraq would have 30 days. [bondLady] steve and i reported several months ago that it was 30 and 45 days. They have changed it just a little. He kept stressing that the rv is going to happen very soon. I truly feel we are almost there now. Just around the corner. This news will be reported in the newspapers and tv very soon. I’m not giving the reporters name out or the contact in iraq . If anyone doubts this info, which they will, then you can do your own digging and bring pd what you find instead of bashing. Will bring more later as i get it. Have a blessed day. Blessings, ray [bondLady] ok lets tear this up [bondLady] ok now u all read my chat yesterday [bondLady] and saw where the cbi said in the COMMING DAYS it would change the rate [bondLady] it would fix inflation [bondLady] it would stop the currency manipulation iran an syria is doing [bondLady] to me that says rv [bondLady] ok [bondLady] then we saw the auctions todday [bondLady] which ive never seen so low [bondLady] nor the small amout of banks [bondLady] 3 millon [bondLady] 3 banks [bondLady] the cbi has 3 large banks it backs [bondLady] the rasheed the rafidian cant remember the other names [bondLady] 3 banks [bondLady] 3 millon [bondLady] theres a really good chance [bondLady] and its not proven so dont freak on me [bondLady] but imo theres a good chance thats the 3 major cbi banks [bondLady] and they just got a millon dollars worth each of the lower denoms [bondLady] not proven but im on top of that too [bondLady] now the next thing [bondLady] ill show u some other things brb [bondLady] these articles im showin all are in our forum [bondLady] but im gonna use the actual links for this [bondLady] ECB: governing its in domestic market and strong became the dinar is not affected by the volatility of regional currencies http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Fwww.ikhnews.com%2Fnews.php%3Faction%3Dview%26id%3D31776 [bondLady] now just gonna pull a paragragh out of it [bondLady] i sent this article out to my mailing list this am [bondLady] my friend elizabeth sent this statement takein from this article back to me [bondLady] which i had posted like 3 am so i was still pretty out of it an didnt catch the significance [bondLady] And the Deputy Governor of the Central Bank said dollar-buying and selling in local markets now is through the window and not through the auction [bondLady] dollar-buying and selling in local markets now is through the window [bondLady] and not through the auction [bondLady] to maintain stability of the Iraqi dinar exchange rate for currency, liquidity is through an inventory of Iraqi dinars on the market and then the dollar is pumped either critically auikon on "remittances" specialized private merchants imported goods [bondLady] and this was elizabeths responce to that statement [bondLady] They are starting to exchange at the window ( the bank teller) pulling the dollars in with the lower currency this is the introduction of the new lower denoms [bondLady] ok now with that being said [bondLady] now lets tear some more of steves chat apart [bondLady] so he says his contact said [bondLady] they would close the borders for 24 to 48 hours and that also the banks would close [bondLady] to acomadate the rv [bondLady] for the people not to freak it was normal [bondLady] so i set out to find any thing that would or could be used to say [bondLady] the banks would close or the borders would close [bondLady] light plz bring in the holiday article [bondLady] the holiday that will begin on Sunday [bondLady] new made up holiday [bondLady] Baghdad (AIN) - The General Secretariat of the Iraqi Council of Ministers announced next Sunday an official holiday on the occasion of Prophet Mohammad's birth. A statement from the General Secretariat of the Council of Ministers received by (AIN) on Wednesday said that "The Council of Ministers announce next Sunday, the 5th of February, an official holiday to all the institutions and government departments on the occasion of the birth of the Prophet Muhammad [God's blessing and peace be upon him].” It is known that the Prophet's birth, day was on the 12 Rabi al-Awal according to Moslem calendar, is a public holidays in Iraq . http://www.alliraqnews.com/en/index.php?option=com_content&view=article&id=3385:com-declares-next-sunday-holiday-in-iraq&catid=39:genral-news&Itemid=48 [bondLady] so now we can confirm a new holiday [bondLady] on sunday [bondLady] which we dont know if the cbi will be closed for it or not [bondLady] but they would indeed be closed friday an saturday [bondLady] just dont know about sunday too [bondLady] ok then we move on to the closing of the borders for 24 to 48 hrs while the rv gets done acording to ray or steve [bondLady] Al-Maliki heads an expanded meeting Security lkbaralkadh to control the security situation, and close all possible gaps Date: Wednesday, 01-02-2012 03: 13 pm Baghdad (newsletter) ...Within the plan of Prime Minister, Commander-in-Chief of the armed forces Nuri al-Maliki to confront fully the security situation thoroughly, Maliki said an expanded meeting with the official library of senior security commanders and some Governors and leaders of the difference in the presence of his Excellency the Minister of Defence Agency. [bondLady] And a statement of the Office of Commander-in-Chief of the armed forces received (News Agency news) a copy of it: during the meeting, which brought together governors and officials governorates (Kirkuk, Dhi Qar, Salah al-Din, Maysan, Ninawa, Muthanna) discuss the security situation in these provinces, and measures to control the security situation and fill all possible gaps which terrorists trying to enter through which to perpetrate their crimes. Prime Minister, Commander-in-Chief of the armed forces to further coordination and cooperation between local governments and the military and security services. The statement noted: the present stressed the cooperation of citizens with security men who had been increasingly lately will be the only way to eliminate terrorists and criminal plans./finished/4 n. p. http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Fwww.ikhnews.com%2Fnews.php%3Faction%3Dview%26id%3D31812 [bondLady] ty elizabeth for that article [bondLady] Al-Maliki heads an expanded meeting Security lkbaralkadh to control the security situation, and close all possible gaps [bondLady] does the gaps mean borders? [bondLady] Within the plan of Prime Minister, Commander-in-Chief of the armed forces Nuri al-Maliki to confront fully the security situation thoroughly, Maliki said an expanded meeting with the official library of senior security commanders and some Governors and leaders of the difference in the presence of his Excellency the Minister of Defence Agency. And a statement of the Office of Commander-in-Chief of the armed forces received (News Agency news) a copy of it: during the meeting, which brought together governors and officials governorates (Kirkuk, Dhi Qar, Salah al-Din, Maysan, Ninawa, Muthanna) discuss the security situation in these provinces, and measures to control the security situation and fill all possible gaps which terrorists trying to enter through which to perpetrate their crimes. [bondLady] which to perpetrate their crimes. [bondLady] whatever crimes [bondLady] terrorist assasins [bondLady] and yes even the currency manipulators iran an Syria [bondLady] these are all crimes [bondLady] an what iran an syria are doin buyin up usd from iraq [bondLady] is jepordising shabs monetary policy [bondLady] and forcing his hand to do something to control that [bondLady] like the auctions [bondLady] and now u have to go thru teller windows to exchange [bondLady] Prime Minister, Commander-in-Chief of the armed forces to further coordination and cooperation between local governments and the military and security services. The statement noted: the present stressed the cooperation of citizens with security men who had been increasingly lately will be the only way to eliminate terrorists and criminal plans [bondLady] so theres a possibility that this article could very well be meaning the closing of the borders [bondLady] and we now know a holiday has been created for this comming Sunday [bondLady] dont rem what all else i had to bring but these are pretty big [bondLady] if we can tie them into what steves post said [bondLady] and from my chat yesterday [bondLady] and the cbi auctions today [bondLady] and steves chat [bondLady] and kaps chat [bondLady] and even the ego maniac franks chat [bondLady] then its lookin pretty good imo [bondLady] we all want u ..our members...to know were all over this stuff [bondLady] we will try our best to either prove truth or debunk bs believe that [bondLady] and hope this has helped [bondLady] drops the mic in steve from pd's lap an walks off
  5. Many articles lately saying the nominal rate of 1170 is MUCH lower than the real price.......
  6. Central Bank: Anbuge attacking us since 5 years, which does not reflect governme « on: Today at 05:39:49 AM » Quote Central Bank: Anbuge attacking us since 5 years, which does not reflect government policy and receive international acclaim Haider Ali Jawad - 29/01/2012 AD - 10:01 AM | Hits: 152 ________________________________________ Iraqi Central Bank found itself in front of the recently criticized for his feet to raise the exchange rate of the dinar against the dollar, and invites him to raise a larger value. The Bank responded to the criticism of him, at the same time among the factors that prevent the appreciation of the dinar more than it is now. And criticized Abdel Hussein Anbuge economic adviser in the prime minister, on Saturday, the policy of the Central Bank. He said in a statement "Alsumaria News" that "the Iraqi Central Bank to raise the dinar against the U.S. dollar at the present time is incorrect because it is a real increase," he continued to raise the price of the Iraqi dinar .. Will contribute to strengthening the economy by making imports cheaper rent, affecting the productive base and economic development in Iraq. He explained that "the Bank in this way serves to protect the foreign product at the expense of the local product." In an interview with "the world" yesterday, said the appearance of Mohammed Salih, Deputy Governor of Central Bank of Iraq "have not received anything from the Government on our monetary policy." He said Anbuge "does not reflect the government's assessment of monetary policy, but his personal opinion, which attacks the central 5 years ago and really vain, and obsessed with hostility to him." And previously criticized the plan Nbuge Central abolition of 3 zeros from the Iraqi currency and replace with new ones, to avoid the cost and corruption that can afflict the operations change the currency. And Saleh stressed that "the monetary authority and the power of the dinar in Iraq, denominated in international institutions, and the last to talk about this director the International Monetary Fund Christine Lagarde in the visit of Prime Minister Nuri al-Maliki's recent visit to Washington .. It talked about the dinar is strong and the success of our monetary policy." Saleh pointed out "We are with multiple sources of income, but not a shame that Iraq is a country depends on oil and export oil, Countries like Australia, Canada, one-sided and based on the export of raw material, two countries are successful economically." "What the solution in the absence of an alternative oil, do you die people of hunger if you do not have is the oil to live of the proceeds, Is this what he wants Anbuge, do you believe that the dollar if it became a 5-thousand dinars then become commodities expensive and motivated Iraq." And added, "Iraq since the seventies is not enough wheat produced by .. What we have to live it, we do not have the structure of production basis?". The central bank announced in the current January 19, raising the dinar exchange rate against the dollar by 3.4 per thousand, and by 4, JD took to sell the dollar to 1170 dinars to 1166 instead of in the daily auction. The aim of the exchange-rate appreciation, "referring to the launch of the market and investors from the improved economic situation, and promote confidence in dinars as the savings of the Iraqi people rather than to escape to the dollar," says Saleh. The Iraqi dinar has recently dominated the attention of companies selling foreign currencies, especially on the Internet, when you browse these companies often read phrases such as "buy dinars, the government will raise the current value of the currency, and will become rich." On the other hand, he called Abdul-Hussein Abtan, a member of the Committee on the economy, investment and reconstruction in the House of Representatives of the Central Bank to raise the exchange rate of the dinar against the dollar. Abtan said in a press statement, "the central bank to do a study to raise the proportion of the Iraqi dinar against the dollar and foreign currency in excess of $ 60 billion," referring to the size of the dollar reserves of Iraq. He Ataban that "the Iraqi dinar at a standstill for 4 years, since the cash reserve was $ 20 billion so far." He believed that "raising the price of the dinar up to 1000 dinars to the dollar at the present time suitable for economic recovery and increases the reality of living of the individual and restore its distinguished position among the nations." Expressed in favor of support for the call Abtan, describing it as "a national goal we hope to achieve but within the economic principles that govern the appreciation of the dinar," and that those principles are "the size of reserves, and the power of those reserves, and the presence of inflation or not, and the high real exchange rate for the nominal" . Saleh was told "the world" last Sunday, that "the Iraqi Central Bank reserves of foreign currency reached the highest number in the history of contemporary Iraq, more than $ 60 billion dollars, which of course enhances the power of the dinar." And the reasons for the Central to adjust the exchange rate of the dinar, "After the exchange rate depreciates because of regional factors and internal, we have an amendment to the value of the exchange, on the grounds that the nominal value, estimated at 1170 dinars Iraqis against the U.S. dollar, is much lower than the real price, so felt that the central bank raising the dinar exchange rate, in order to fit with the real value ", in the past to say," We are waiting every opportunity favorable to raise the exchange rate, with no effect on maintaining the stability of the currency, as it reflects the entry of citizens, we are forced to support the form in which the benefit ". http://translate.google.com/translate?langpair=ar%7Cen&rurl=translate.google.com&u=http://www.burathanews.com/news_article_147452.html Report to moderator Logged
  7. RV or RD Iraq will mosy likely trade on the forex......giving us much liquidity......they have TONS of bussiness a head. That being said they cant do it on there own...cement from cemex, power plant from siemens on and on. Imf wants them to go to a one currency system. They have said they want to be an international reserve currency. RD or RV they will be on the forex!
  8. For some who have been around a while it was not long ago that the cbi had about 30 billion in there coffers.....now they have 60 billion. The total value of the 30 trillion dinars was at 26 billion usd. Take 10 - 20 billion of that and buy up most of the float ( if they haven't been doing that ) and rv!!!! Still have 40 - 50 billion left......What do you think?
  9. Agreed.....This one also says the same....but also says ..." will lead to revaluation".....no promises but staying hopeful! Delete the zeros from the currency will raise the value and limits the inflation December 5 2010 BAGHDAD (Agencies) – delete the zeros of the Iraqi currency of the important issues of concern to economists at the present time and this made the call Central Bank Governor Sinan al-Shabibi to come to the House of Representatives at its yesterday to discuss this subject, has discussed the members of Parliament with the conservative set of economic aspects of interest public affairs, in addition to (deletion of zeros) of the Iraqi currency in and out, with a nominal value of cash and keep Bakimiteha purchasing. Adviser to the CBI the appearance of Mohammed Salih said: The current year will witness the launch the process of removing zeros, stressing that the bank has completed 50 per cent; of the preparations that are working on since 2005. And added to the Agency for News: The strategy is based on the principle of gradual substitution of the Iraqi currency with another, less three zeros, and pointed out that the positives of this strategy is that it will be less expensive and easier to trade. He continued that the deletion of zeros from the Iraqi currency will depend on the long-term monetary policy. And between valid: that this step requires legislation and laws before embarking upon as part of currency management strategy in Iraq. Appearance and confirmed the need to delete the zeros come from the Iraqi monetary bloc, which has become too large a product of inflationary phase lasted about 30 years rose from 25 billion to 21 trillion. He noted the appearance of: to be the largest category of cash is 25 thousand dinars, equivalent to $ 23, while the largest category during the year 1979 and the period preceding the war, the Iran-Iraq 25 dinars equivalent to $ 75 at the time, but today, the biggest Iraqi faction of 25 thousand dinars is not equivalent to only $ 23 with the smallest currency we have is 250 dinars, and will allow the deletion reducing the size of the cluster of cash currency, ie, that the paper of a thousand dinars turn to one dinar, and this means reducing the 21 trillion dinars to 15 billion dollars with coins, metal, and small groups. And Saleh said: “The strategy that purports to Central taken” in line with the Constitution and the economic life of good and facilitate intra-group transactions, “pointing out that” part of the margin of the inflation rate of between 1-3 per cent; is the responsibility of the large number of cash representing the cost of transactions in the case of the deletion will be reduced that cost. ” And about the continuing high prices despite the official figures which show a decrease in the rate of inflation Saleh pointed out that “monetary policy is not concerned to re-price to the first box, but its goal to reduce rates of increase in prices, which were approximately 32 per cent; in 2007, and today dropped those increases to arranged to one decimal place around 7 per cent; only, “saying the number” a victory for Iraq’s economic program, where there are no important central Iraqi stability only in the general price level and stability of the financial system. ” He pointed out that the bank will issue treasury transfers of $ 3 trillion dinars during the next few days, to cover the contracts of electricity through the legal cash reserve which is maintained for the benefit of banks. For his part, said economic expert, Dr. Hilal Al-Tahan, that the application of such a strategy will not cause economic turmoil, or damaged in the local market at the present time. Stressed the economic and academic: to the process of deleting three zeros from the Iraqi currency will lead to a revaluation, noting the need to follow the policies of quiet to convince citizens and getting used to it for a period not exceeding two years. The economic analyst said Reza Ragheb Blibl The timing of the launch of this strategy is not appropriate now, and the country’s economy must be in a position of strength before the application of those changes. http://www.akhbaar.org/
  10. Central Bank: completion of 50% of the project to delete the zeros from currency BAGHDAD - Abdul Ghani Al-Saidi: the central bank said that the project to delete the zeros of strategic projects that were to start putting steps in place since 2007, was part of reconstruction of the currency management system and facilitate the national payments system, with the Ministry of Finance denied the intention to delete the zeros of the national currency during the period adding that the future of the Iraqi economy does not suffer from inflation, there is no need for its implementation. Adviser, said the CBI appearance of Mohammed Saleh, said that the project to delete the zeroes will start the strategy of the new Iraqi economy. Adding that the bank has completed 50% of the preparations of the project to delete the zeros from the currency. Saleh pointed out that the strategy is based on the principle of gradual substitution of the Iraqi currency with another is lower than in the nominal value, indicating that the positives of this strategy is that it will be less expensive and easier to trade. He added that the project to delete the zeros came after the study and a broad debate with the Economic Committee of the Council of Ministers and the Commission on the currency in the CBI and the study project and its results have been approved in principle after that set the basic framework for substantive progress in the process when start-up, and the process will be approved if will not affect the obligations between the state and the private sector such as construction and supply contracts and others, and the addition of contractors and will not be affected based on what one organized by the Central Bank through the instructions and mechanisms established by of the economic process in Iraq. He noted that the central bank is committed to the stated strategy and its projects with special reference to the deletion of zeros from the currency, which comes within the framework of promoting economic Balrafhep Iraq, saying that despite the technical and logistical preparations for the deletion of zeros, the theme of this project in the near future to Ainasrv to assess the economic aspects only, but will relate aspects Assembly and related security, in particular, being a multi-dimensional issue extensive field. The economists agreed that the draft long-term deletion of zeros, which purports to implement the central bank needs to economic stability in Iraq is not available currently. He said economic expert, Dr. Mohsen Ali Hassan said that the process of deleting the zeroes and Monetary Reform will start operation in all countries of the world when inflation takes off, and accelerated trading Bmdiat the top and keep the money becomes a loss for the people driven to replace the cash assets of the real assets, leading to sharp rises in prices more than the increase in the amount of money, unwanted and therefore must be adapted daily wages and may replace foreign currencies. With the exception of Muhammad Sharif, an economist the process of deleting the zeroes of the Iraqi currency as the new cash will be given the power of the currency in circulation in the Iraqi market, which means that it will add a huge amount of goods and services that the government and the central bank obliged to pay to traders in those currencies. The Sheriff indicates that there is an important factor must be viewed with extreme precision, which is that the process of deleting the zeroes should be carried out quietly because the accelerated implementation of this process will have negative effects and that the first of the transfer of currency from circulation in the coffers of the central bank, a situation greatly harm the Iraqi economy as well as will be confusion in the case of Iraq's business dealings, which are at the beginning of the transition to a market economy, indicating that this Aibadna on the fundamental issue that the process of deleting the zeroes will more or less if inflation were hiding in Iraq, considering that the money supply will be less. The application of the process of deleting the zeroes now will resort to a burden on the balance of payments, as well as the burden on the trade balance is therefore necessary to read the pros and cons of the application to delete the zeroes starters because lack of scrutiny on this issue will have a large and heavy consequences on the Iraqi economy and the issue of balance of payments, which is a balance completely deranged economic work. Tag CloudIraqi DinarPaymentOnline TradingIraqi dinar speculationContracting Credit ScoreingCash AdvancesExchange RateOnline Bank The economic researcher Abdul Karim Hilfi believes that the central bank's decision to delete the three zeroes on the long-term resolution is not new in the economic arena, several countries have preceded us to that, most notably the Germany. He added that the economic situation of the Iraqi Ataatovr the objective conditions for deletion because Iraq is suffering from structural economic problems and inflation rates as well as a strong high unemployment rates, how will the deletion of zeros from the dinar, which is basically non-existent. And that Iraq is not able to move forward with this decision either in the short term or long-alike, noting that it is possible to delete the zeroes when production is strong and the Department of UNAMID as well as the absence of structural imbalances or inflation and unemployment rates are less than 10%, indicating The decision can not be implemented only after a long time, even if carried out within a year or two it will be a negative impact because the economy is in recession now. http://translate.googleusercontent.c...RmsuWfv8grVm0w
  11. I don't think the cbi would let us know straight up if they were doing that. However there were many articles over a year ago where the cbi stated they were 50%, as high as 70% done deleting the zero's. I don't have a link but they are in the forums. If anyone has these articles I would love to see them posted again!
  12. Forum Home > Iraq Dinar News > Do you delete the zeros is the solution or create a new problem or an economic futility Posts: 1243 Do you delete the zeros is the solution or create a new problem or an economic futility - MP Prof. Dr. Yusuf al-Tai On: Wed, 25/01/2012 15:45 We do not know how came the idea to delete the zeros has not changed the currency to replace the word was the word to delete the zeros is less severe and resistant to change of a word to replace the coin. That have proved their purchasing power and who is behind this absurd economic Sazelzel Iraqi currency after it saw the light and recovered it is an economic plan for foreign countries or domestic destinations purpose of which is their money laundering and curb runaway Iraqi dinar, which began publishing Power and influence in the region and who are the leaders of the replacement and why this insistence on the replacement amnesty to delete the zeros increased in recent media statements of politicians, journalists and professionals from the financial experts and economists about the strategy to delete the zeros between the opposition and pro adopted by the Central Bank of Iraq in order to be defined more accurately must ask the following questions and answer them. 1- Is the replacement process increases the purchasing power of the Iraqi dinar. 2- Is the new version reduces the money supply. 3- Is the new version needs to coin metal cash and categories of the largest. 4- Is the new version affects the traded commodities, fixed, especially real estate. 5- Is the currency caused the current economic problem at the moment and must be changed. 6- Is the new version accompanied by corruption. In order to answer these questions must know that there are several other major countries are to have the same zeros in the currency did not constitute a hindrance or have any economic problem. To answer the first question is that the process of replacing the currency increases the purchasing power of the new Iraqi dinars. That any replacement of the coin, at least accompanied by economic benefits, accompanied by a feasibility study and financial and monetary, social and psychological process of offering new currency replace the other currency is not marred by anything, but must put a strong currency any have purchasing power of her employer can not be falsified need to pause and less estimate the contribution of the new currency to increase the power of the Iraqi dinar in the short term or long term, but after asking many professionals in the field of economics, monetary, fiscal and banking response was that the process of replacing the currency does not increase the purchasing power of the Iraqi dinar new and this was confirmed by the appearance of Dr. Vice-President of the Central Bank in a seminar about deleting the zeroes in the College of Management and Economics at the University of Qadisiya, also confirmed by Dr. Ahmed Bureihi economics professor, deputy central bank earlier this case must stand up and focus and think deeply if the replacement process does not have any relationship is not directly or indirectly to increase the purchasing power of the Iraqi dinar. So there will be a backfire, according to my modest opinion that the replacement process will reduce the purchasing power of the Iraqi dinar because of the psychological factor that would accompany the switch and this was confirmed by Mr. adviser to Prime Minister Dr. Abdul Hussein Al-Anbuge when hosted in the Economic Committee in the Iraqi Council of Representatives and was his bold and I add my opinion to his opinion and this produces when you switch the product price was very high in numbers at a lower price would create a psychological condition in clinging to price up or huge figure and this will lead to increased prices of products traded by 2% to 5%, while the goods fixed 5% to 15%. If I want to address this increase, it needs to five years, at least if used monetary policy and media are excellent and that will lead us to the purchasing power at today's prices and this part of the economic logic and philosophy of administrative, financial and cash is not acceptable and stand seriously the direction of this process in the Iraqi Parliament and the Economic and all the political blocs . So we conclude that the new version does not increase the purchasing power of the new Iraqi dinars. The second question: Is the version of the new money reduces the mass of cash or the volume of money the answer is very easy because the process is never reduce mass cash as possible to reduce to a year or two, but the process of all is simply the process of replacing paper money with another example, a ten thousand change the category of the ten dinars Thus, for the rest and here would be an increase in the money supply additional metal is the main purpose of the switch. we conclude that the monetary mass is increasing with the new version in the short term Question three: Is the version you need to minting currency, metal and categories of low-value production more than the value used in addition to carrying the Central Bank of the costs of population and currency printing the new and the costs of the Damage the old currency and the replacement process and the cost of others pending concern the banks, management and staff and this needs time and time itself, the cost and paperwork, and others. Will create problems, especially with instruments, etc. These costs very large it not better to bring these costs for the development of the banking sector is not it more appropriate that we develop our banks to become internationally certified instead of the bank per a TBI-Government banking and trade with the world is not it supposed to develop the Banking and access to deal-mail instead of rely on old ways most of the banks in Iraq and improve it. if the central bank was able to actually make the new Iraqi dinar is equal to the dollar at the rate we are all with the replacement of the Iraqi dinar as the currency has become a strong and corresponds to the dollar. Fourth question: After the review of financial experts has been asked Is the new version affects the traded commodities, fixed, especially real estate. The answer was that the goods fixed prices will rise relatively These linked at the psychological factor, especially if given the replacement process a longer period, for example if a property value 100000000 hundred million van when the replacement will be 100,000 hundred thousand dinars, the seller will sell at $ 120,000 or more or a little less this increase sends reassuring here will be accompanied by psychological and Stock Exchange real estate slowdown in the early years. Question V: Is the current currency caused the problem at the moment it needs to be replaced with the large difference between the current currency and the currency of the former regime, which replaced the issue Iraqi dinars new October 15, 2003 to January 15, 2004 This was the currency printed in the Press Dallarro in Britain and was printed with good specifications are difficult to falsify were used in all parts of Iraq including the Kurdistan region in northern Iraq and has a currency exchange where the Replace each dinars printed in Iraq or China dinar new Iraqi. note that there is convergence between the process of replacement in 2004 and 2013 in terms of time, note that the currency Current currency is good and not subject to fraud and earned the trust and confidence of all its citizens and businesses of all kinds authorized the replacement for what or what is the reason that leads us to replace Question VI: The process of administrative and financial corruption has become rampant in most state institutions, as well as banks are not free of this process is the person who ensures that the manipulation and fraud and corruption when replacing the new currency there are more than 800 bank in Iraq, if 10% of them where there is corruption there 80 How the Bank will control this process and there is fear of replacement by new counterfeit currency, which will lead to inflation, the currency in terms of money supply and the replacement process more than the true figure of the old criticism. But the controversial what is the use of the replacement process if they do not increase the purchasing power does not exceed the discharge of the Iraqi dinar against the dollar and the other hand, bear the cost of minting coin and paper currency and need machines and foreign companies to print and address fraud and corruption, administrative and financial problems of individuals and the costs and psychological effort effort of the people for the replacement process not to mention the social problems reflect the replacement process first replaced by the currency where replaced in the currency of good difficult to forge and had a value greater than the purchasing power and a good example of the rate of exchange the Iraqi dinar was more powerful when the replacement was an urgent need to switch because of the form of currency is desired by the citizens of the replacement process was successful but the process of replacing today's need to Tignes. Was the answer to a specialist in this area that the replacement process has the advantage of only one is to reduce the zeros from the currency will lead to minimize accounting errors which it is located as a result of the large numbers of accountants in the accounting and banking transactions than those who confuse this work. This in itself is condemned by the Iraqi Accountant Is it conceivable that the staff of the accounts in Iraq depends mathematical reasoning and arithmetic have increased because of the zeros and zeros if you omit this accountant will be smarter this idea Ibkhst the right of the Iraqi accountant who knew the language of figures of all peoples. But the bottom line is the final beneficiary of the replacement process and is it a political interest or the interest of the Qaúmin process switch. And governance of the Iraqi people The God of the intent behind Attorney / Professor Dr. Yusuf al-Tai http://translate.googleusercontent.com/translate_c?hl=en&prev=/search%3Fq%3D%25D8%25AD%25D8%25B0%25D9%2581%2B%25D8%25A7%25D9%2584%25D8%25A3%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25A8%25D9%2586%25D9%2583%2B%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583%25D8%25B2%25D9%258A%2B%25D8%25A7%25D9%2584%25D8%25B9%25D8%25B1%25D8%25A7%25D9%2582%2B2012/01/25%26hl%3Den%26rls%3Dcom.microsoft:en-us:IE-Address%26rlz%3D1I7RNSN_en%26prmd%3Dimvns&rurl=translate.google.com&sl=ar&u=http://www.alkufanews.com/news.php%3Faction%3Dview%26id%3D5919&usg=ALkJrhiUg7WRwfJ3HfT7SnY7Kyen5OyP4A Link won't work....take as you will
  13. [b.I.W.]you were talking about pips [b.I.W.]http://www.ny.frb.org/cfcbsweb/Rosenberg.pdf [b.I.W.]this doc is a good 1 [b.I.W.]now every body talks about the forex [b.I.W.]but the forex is where the little boy play [Enoch8]Hello [b.I.W.]yoyo [b.I.W.]i found this old doc enoch [b.I.W.] What moves exchange rates? I •Exchangerates are determined by supply and demandfor currencies. •Supplyand demand for currencies depends on: –Macroeconomicconditions –Domesticand foreign interest rates –Otherfactors •Importanceof each factor can change over time. [b.I.W.]What moves exchange rates? II •Macroeconomicconditions Andersen,Bollerslev, Diebold, and Vega (2003) Faust,Rogers, Wang and Wright (2003) –Positivemacroeconomic news strengthens dollar •GDP •Non-farmpayroll •Retailsales •Consumer confidence [Enoch8]Any number of conditions , based on the Exchange Rate Regime Policiesof that Central Bank. [Enoch8]They are all different. [Enoch8]The IMF Lists the types of Regimes. [Enoch8]Iraq has been on typically a Fixed Peg Regime. [b.I.W.]some time i wonder if all know that the forex is the small guy in thetrading of currencys in the world [Enoch8]The US.... Japan and Switzerland are on Free Floats. [b.I.W.]http://www.londonfx.co.uk/autobrok.html [Enoch8]Forex is an interesting topic concerning rate changes andadjustments. [b.I.W.]http://www.icap.com/markets/electronic-markets/ebs.aspx [b.I.W.]the ebs lookslike they are the real traders [Enoch8]It is possible that Forex can be a Supply vs Demand Factor, but doesNOT.... I repeat DOES NOT Drive the market, as Okie suggests. [*Tenmillion]Enoch8 which of these factors would apply to the IQD? [Enoch8]Great question [Enoch8]Iraq does a number of typical internal adjustments.... [Enoch8]1. They can increase the Foreign Reserves or Decrease them to makeadjustments against market forces.... [Enoch8]A decrease for example is called Sterilization. [Enoch8]2. They can manuver interest rates, but IRaq is not strong in thatsuit, as of yet.... [3-BALL]so the high auctions are ? [Enoch8]3. They increase or decrease circulation according to Supply vsDemand and Market influences. [Enoch8]Increase is called Capitalization or Monitization of Liquidity.... [Enoch8]A decrease is call contraction. [Enoch8]All these factors are what determines the actual strength of anynation's currency, based on the strength of it's bank and bondsmarkets [Enoch8]In a Fixed Peg Regime, the Exchange Rate is held stable by thesefactors by adjusting them up or down. [b.I.W.]and confidence in the currency [Enoch8]In a Crawling Peg or a Banded Peg..... the rate is managed to adesired level as the market determines, but only as allowed by theCentral Bank, who determines that as part of the actual Regime. [Enoch8]Banded is like crawling, but is restricted and limited to a set % ofincrease or decrease over a set peroid of time. [b.I.W.]hey enoch here is a us state department email dec 13 2007 [Enoch8]Managed floats are like LOndon, China and Russia.... [b.I.W.]Classified By: Economic Section Deputy James Freund, reasons 1.4 b,d1. © SUMMARY: Demand for the dinar has risen this past week inresponse to the holiday period, a reported drop in imported goodprices in Baghdad due to an appreciating dinar against the dollar andimproved security, and speculation among money traders of a suddenappreciation of the dinar that occurred around this time last year.How the Central Bank of Iraq (CBI) handles growing demand for thedinar will be critical, especially in terms of expectationsmanagement and injecting dinar liquidity into the market This is anencouraging development for Iraq and reflects a vote of confidence byIraqis in their domestic economy and the government's monetarypolicies. END SUMMARY. [b.I.W.]so even in 2007 [Enoch8]thos are like free floats but are more restricted by internal controlof the above mentioned factors, among others. [b.I.W.]they were aware of us [Enoch8]Did that answer for you Ten? [*Tenmillion]yes, thank you Enoch8 [3-BALL]so 4 points in 3 years is like "snurtle crawling" [b.I.W.]COMMENT: How the CBI handles growing demand for the dinar will becritical, in particular on expectations management and injectingdinar liquidity into the market. The TF-BSO consultant notes the CBIis taking this situation very seriously, and when she was at the CBIthis morning all the key managers were going to a meeting on theissue. She also said she had never seen such a long line of armoredtrucks snaking around the block waiting to get dinars in her entirethree years consulting with the CBI. The CBI also issued an immediatepress release today to dispel the rumors of sudden appreciation to1,000 dinar per dollar or lobbing off any zeros to the exchange rate.The CBI's foreign currency auction's daily volume has fluctuated, butnot substantially diminished. [Enoch8]OK..... BIW...... that article is about demand on the streets andwith respective dealers. [b.I.W.]this is the only time the cbi has issues a story about the (ooo) [b.I.W.] LOL [b.I.W.]2007 [Enoch8]It has nothing to do with world market forces, because it is directdemand on trades and exchanges and does not represent actual buyingpower, but factors trade spreads. and a different kind of demand,somewhat like the effect of Forex markets. [Enoch8]They again...... Do NOT Drive the Market. [b.I.W.]so you think the iqd will have to be careful on how it makes it moves [Enoch8]Reduction of Zeros is a common practice of many countries who reducecirculation by getting an assigned new ISO and issue a new currencyand monetize that,while contracting and demonetizing an oldercurrency. [Enoch8]That is called Redenomination and is a lop..... unless there is aliquidity increase, supported by a bonding of debt, authorized bythat respective government. [Enoch8]that might allow a greater exchange than 1000 to 1 in a case likeIRaq. [Enoch8]It means simply, that the Old IQD units will be worth 1 /1000 of thevalue of the new units. [Enoch8]The way we might prosper, is IF the GOI can Bond enough liquidity toincrease the value of the monetary base enough, to justify giving abetter exchange ratio than 1000 to 1 [Enoch8]Like Germany did in part, with certain restrictions and time limits,in the Marshall Plan. [Enoch8]That in effect accomplishes contraction of the monetary circulation,while at the same time, increasing it's value overall. [Enoch8]The estimated cost projected in the new CBIplan is about $130Million. [Enoch8]That is one of the issues Parliament must approve and authorize MOFto instruct CBI and cover that cost. [Enoch8]CBI does not pay for that. [Enoch8]GOI Does [Enoch8]It must be set in the GOI Budget [Enoch8]I doubt if the IMF Partners are going to pay for it, this time asthey did in 2003. [3-BALL]ya think they can afford it with the countries who keep forgivingdebt [Enoch8]Sure they can [b.I.W.]here i'm share some thing i found [b.I.W.]take a look at this E [b.I.W.]alway been talk about who payed for the dinar to get printed [b.I.W.]it all started here [b.I.W.][b.I.W.] it all started here [b.I.W.]http://www.cfr.org/iraq/iraq-madrid-...nference/p7682 [b.I.W.]IRAQ: Madrid Donor Conference Author: Esther Pan October 30, 2003 [b.I.W.]Spain: $300 million through 2007; [b.I.W.]hum [b.I.W.]this is the only doc i have ever found that talks about paying forthe printing of the iraqi dinar [b.I.W.]SUBJECT: SPAIN: FULFILLS IRAQI DINAR DONATION PLEDGE REF: MADRID 2397The Spanish Council of Ministers approved the donation of EUR 14.4million (USD 17.4 million) on July 16 to finance the production ofthe new Iraqi dinar. This allocation of funds will fulfill Spain'spledge of USD 18 million for production of Iraqi dinars during2004-2005, promised at the Madrid Donor's Conference. Thisdisbursement is a further sign of Spain's intention to fulfill itsUSD 300 million commitment to Iraq reconstruction (reftel). ARGYROS [b.I.W.]i think this proves spain did [b.I.W.]for atleast 2004 2005 [Enoch8]Yes BIW..... it proves the coalitions paid for the original changeover and over saw all of it. [Enoch8]We have had UST agents embeddied from the start. [b.I.W.]Year 2004 (some of which has been disbursed) Total: $ 60 millionIRFFI: $ 20 million (Min. Econ) IFC Small Business Facility: $ 5million (Min. Econ) Production of Iraqi Dinars: $18 million (Min.Econ) Not programmed: $ 17 million (Min. Econ and MFA) 5. (U) Years2005-2007 (Note: this allocation is notional and will likely change)Total: $ 140 million Ministry of Economy non-reimbursable creditlines (FAD): $75 million Bilateral donations (MFA*Spanish Agency forInternational Development): $ 55 Nonspecific technical assistance: $10 million (Min. Econ and MFA) [Enoch8]It may have been printed and inventoried at perhaps BIS or even a USFed Bank..... all along and was all paid for in advance? [3-BALL]so who then paid for the rest of the years of 30 trillion ? [Enoch8]Not sure on that 3ball [b.I.W.]or at least some [Enoch8]It could have also been covered by funds and simply repayed by thesecountries over time, by agreement. [Enoch8]Maybe? [3-BALL]but is it 150 million a year for 3 trillion in dinar since 2003 [b.I.W.]it cost 140 million to print 6.38 Trillion in 2003 [3-BALL]trillion yes [3-BALL]? [Enoch8]They only delivered 6.38 BIW [Enoch8]How do you know that did not cover all of what could have as easilyhave been stored by the contracted printers? [b.I.W.]i agree [Enoch8]I understood in the beginning, that the US Treasury and Fed Reservewere involved along with Central London and Bank of INternationalSettlements. [b.I.W.]so i have alway wondered something [b.I.W.]on the forex [Enoch8]How do we know, they did not simply warehouse 'Inventory' during thattime? [b.I.W.]Countries We are unable to send funds to the following countries:Afghanistan, Belarus, Burma, Democratic Republic of Congo, Republicof Congo, Cote d'Ivoire, Cuba, Iran, Iraq, North Korea, Lebanon,Liberia, Libya, Rwanda, Sierra Leone, Somalia, Sudan, Syria,Zimbabwe. [b.I.W.]so i started looking [Enoch8]But.... there may be a clue. [b.I.W.]ofac list before they could get off the forex ban list [b.I.W.]? [Enoch8]CBI Law defines Inventory as not being a liability of actualcirculation [b.I.W.]http://www.ozforex.com.au/why-us/supported-currencies [b.I.W.]i have always wondered this [b.I.W.]Countries We are unable to send funds to the following countries:Afghanistan, Belarus, Burma, Democratic , Republic of Congo, Coted'Ivoire, Cuba, Iran,Iraq, NorthKorea, Lebanon, Liberia, Libya, Rwanda, Sierra Leone, Somalia, Sudan,Syria, Zimbabwe. [b.I.W.]this is the list of banned countrys on the forex [Enoch8]OK.... do I understand you to be asking if this OZ forex trader notsupporting Iraq trading has to do with our investment? [*Tenmillion]Why is Iraq on that list? [Enoch8]It is OZ Trader policy. [Enoch8]Has nothing to do with central bank trading, really. [*Tenmillion]what do they have in common with N. Korea and Iran? [Enoch8]all that means is that that one clearing house cannot deal in thatcurrency at this time. [Enoch8]I think [Enoch8]Not certain. [b.I.W.]http://export.stanford.edu/country.html [b.I.W.]all those countrys are on this list [Enoch8]They are still IMF Art IV Consultations and on a Art XIV agreement. [Enoch8]It restricts international trading [b.I.W.]and canada [b.I.W.]http://www.international.gc.ca/contr...ang=eng&view=d [b.I.W.]i agree [Enoch8]They have to be Art VIII compliant to be a recognized trading partnerand currency on international banking. [b.I.W.]im asking do you think they needto be off those lists to move towardsare goal [b.I.W.]i agree [Enoch8]That also is the set standard for WTO final accession for all oilproducing nations, as well. [Enoch8]Yes to that last question, BIW [b.I.W.]i think we are on the right path [3-BALL]I do also [Enoch8]there are some lists involved and it applies directly to US TreasuryIssues..... OFAC and 13303, 13315, 13350 and 13364..... and aredefined as the very basis of UNSC Resolutions 1483, (Memory) and allthat apply with the UN Chap 7. [Enoch8]That was the US President who unilaterally made those EOs and the UNMUltilaterally adopted them. [Enoch8]Ohhh heck yes.... we are surely on the right path [b.I.W.]some may not know [b.I.W.]but the us gov has done a slick move [3-BALL]more than I can remember [b.I.W.]with those enoch [b.I.W.]http://www.thefederalregister.com/d....-13-2010-22546 [Enoch8]You better believe they did, B [b.I.W.]DATES: Effective Date: September 13, 2010. DOCUMENT SUMMARY: TheDepartment of the Treasury's Office of Foreign Assets Control(``OFAC'') is adding the Iraq Stabilization and Insurgency SanctionsRegulations as a new part to the Code of Federal Regulations, toimplement Executive Order 13303 of May 22, 2003, Executive Order13315 of August 28, 2003, Executive Order 13350 of July 29, 2004,Executive Order 13364 of November 29, 2004, and Executive Order 13438of July 17, 2007. [[Page 55464] [b.I.W.]slick [Enoch8]Anyone around after 911 can recall how Russia, France, Germany andChina squacked about those EOs [Enoch8]But those guys were all in bed with Saddam stealing oil for foodmoney and had their own contracts with Saddam go bad. [Enoch8]Right...TY again BIW.... you rock! [b.I.W.][b.I.W.]http://ecfr.gpoaccess.gov/cgi/t/text...1.1.23&idno=31 [*Tenmillion]I remember France for sure [Enoch8]Those were all under US the authority of presidential declaration ofEconomic Emergy Act [Enoch8]Ya..... what was that crust old bastards name in France? [b.I.W.]this is why sometimes i feel they just let iraq act like they are incontrol [*Tenmillion]I remember France for sure [Enoch8]LOL.... we all boycotted Brie and French wine.... LMAO [Enoch8]Not just that BIW.... go deep [Enoch8]They also allow the UN to think they are actually running something! [Enoch8]That is a very interesting thing that happened.... because it meansafter 3 solid years.... shabs has held up his end of the IMF Art XIVagreements. [Enoch8]He proved he could hold it locked witout signifigant inflation for 3years as on Jan 2012. [Enoch8]It means he has shifted the regime back to a crawling peg ? [Enoch8]I think so. [b.I.W.]me too [Enoch8]That is significant by itself [JayP]Enoch, is it true then that this is why we saw them make the change 3years to the date [b.I.W.]can he just flip back at any time [Enoch8]It also means he can set a new monetary policy with a 2 year statedobjective. [b.I.W.]hold 1166 [b.I.W.]? [Enoch8]That is good news for us.... because that allows additional valueincreases based on stated objectives. [3-BALL]which are what now ? [3-BALL]stated objectives ? [Enoch8]He already held 1170..... he is done with that agreement.... IOW....proved IRaq has the strength as an Emerging Market Economy to beallowed to do a 2 year stated objective... [Enoch8]that translates into allowable increases in liquidity and balance ofthe allowable circulation can be dramatically increased, from $26Billion in US Value..... [Enoch8]That translates to a greater potential yield if you hold dinar.....IF the Parliament will just approve the Government Bonds to increasethe liquidity. [*Tenmillion] Thank you Enoch8 !
  14. -- January 19, 2012 at 5:34 PM [9:55:23 PM] Enoch8: Holy Kraperoni ! What is this, a book? [9:56:32 PM] Enoch8: 1...... the Central bank did not raise the rate 3.4% [9:56:51 PM] Proteus: hehehehe... I thought you'd like this...! [9:57:09 PM] Enoch8: More like .034% [9:57:47 PM] Chuckles: yeah! [9:57:50 PM] Chuckles: its.34 [9:57:59 PM] Chuckles: even the iraqis are off [9:58:10 PM] Enoch8: 1170 to 1166 is not even close to 3.4% much less 34% [10:00:13 PM] Proteus: ok.. guys i have to run... wifey needs my help [10:00:20 PM] Proteus: see ya'll tomorrow [10:03:12 PM] Enoch8: OK..... I did see he corrected his mistake..... [10:03:16 PM] Enoch8: My Bad [10:03:47 PM] Enoch8: Actually I like the logic he is using on this one. [10:04:06 PM] Enoch8: Here is something more important, IMO [10:04:50 PM] Enoch8: The very fact that CBI has actually changed the Nominal Program Rate..... is the first time since Jan 2009. [10:06:02 PM] Enoch8: As I pointed out.... he held that for 3 full years, which effectively proved CBI could hold a stable rate for a 3 year requirement with IMF rules regarding Exchange Rate Regimes and Mechanisms..... [10:06:06 PM] Enoch8: Here is why [10:06:41 PM] Enoch8: Hold off please [10:07:24 PM] Enoch8: If a nation wants to restructure their currency they are required to submit to the IMF an Exchange Rate Policy. [10:08:13 PM] Enoch8: If they prove that stability for 3 years, then they can set the Rates in accordance with IMF rules on Exchange Rate Regimes, to show a 2 year projection. [10:08:41 PM] Enoch8: Iraq is shown currently to be the fastest growing economy on the planet, at about 12% [10:09:16 PM] Enoch8: That 2 year projection, means the regime can set out 2 year projections on the value of the entire monetary base. [10:09:21 PM] Enoch8: That is huge. [10:09:58 PM] Enoch8: It is like being able to also make projections of (24% in this case).... [10:10:44 PM] Enoch8: but to be allowed the lea way to show future development of some other very interesting projections, in the Gov Bonds and Securities Markets. [10:11:10 PM] Enoch8: This is ecceptable and is standard to Bank of INternational Settlements. [10:11:42 PM] Enoch8: That means that tiny little shift..... means Shabs has pulled it off and is ready. [10:11:52 PM] Enoch8: See? [10:11:55 PM] Enoch8: Done. [10:12:02 PM] Enoch8: Please go ahead Holy. [10:12:06 PM] Enoch8: Thank you [10:12:43 PM] holydinars: np ty too when i saw that rate change in my mind i felt it was a test of some sort thats all i was going to write. [10:13:00 PM] Enoch8: agree [10:13:21 PM] Enoch8: It means he is finished with that 3 year hard peg [10:14:49 PM] holydinars: i think were going to start to see some changes soon imo [10:15:03 PM] Enoch8: Yes!!! [10:15:14 PM] holydinars: i would say thats a benchmark that has been met! [10:15:16 PM] Enoch8: Even a repeat of 2008 maybe? [10:16:04 PM] holydinars: maybe we will see a couple of them repeats before the real hit [10:16:16 PM] Enoch8: Many of us thought they were doing it then..... because it was the firt time in 3 years at that point CBI came off the $.000665 Hard Peg at that time. [10:16:24 PM] Enoch8: Yes [10:17:29 PM] Enoch8: Only this time..... they actually have the CBI Plan submitted, that the CBI Board of Governors, MOP and MOF were charged to create as a GOI Economics Reform Committee, in 2005 [10:17:55 PM] Enoch8: It too nearly 6 years to submit that to the Counsel and they approved it in May [10:18:08 PM] Enoch8: Unlike 2008 [10:18:26 PM] Enoch8: That is the difference today/ [10:18:55 PM] Enoch8: This might go on allyear and is exactly what I personally have been watching for.
  15. Sonny1's mid east guys were right! Thanks Sonny1 please come back soon!
  16. Wednesday January 11, 2012 15:51 GMT Raising the three zeroes from the Iraqi currency and change another new focus of the symposium was hosted by the Faculty of Business Economics at the University of Baghdad, Mesopotamia .. Deputy Governor of the Central Bank explained during the seminar that the deletion of zeros is the most important steps of economic reform in the country stating that he would rid the banking institutions of the problem, stressing the many zeros to maintain the purchasing power of the Iraqi dinar was originally covered the world. D. The appearance of Mohammed Saleh / Deputy Governor of the Central Bank of Iraq This reform has the level of horizontal and vertical level .. Horizontal level is the deletion of three zeros .. Means a thousand dinars dinars become one, but to maintain the purchasing power .. This saves us from the problem of multiplication of numbers Ahna today accounts Waco larger numbers annoying Central Bank assured the Iraqi citizens that the new change will not affect the entry of citizens or their wealth or contractual obligations to them. D. The appearance of Mohammed Saleh / Deputy Governor of the Central Bank of Iraq Waco, one thing is necessary to insure the public that PINS does not change the income of the citizen and does not change the wealth of the citizen does not change the contracts and contractual obligations of the citizen It is the most important will achieve the process of lifting the zeros of the Iraqi dinar - according to some - is the cancel (dollarization) the large amounts of banking transactions in addition to change the currency in the currency of a new consensus high technology to print the currency world, printing new categories of large Iraqi currency reduces the number of papers printed traded now in the market and aimed collectively to eliminate inflation, which controls the Iraqi market for decades. http://translate.google.com/translate?hl=en&langpair=ar|en&u=http://www.alsumaria.tv/ar/Iraq-News/1-72635-.html
  17. Thanks for your comments! Going a bit off topic here.....With the growth of reserves at the cbi in recent years don't you think Shabs could use some of that money to retire a good bit of dinar at current rates? 60 billion dollars is more than twice the value of the dinar outstanding ( i have read that all dinar outstanding is worth 26 bill usd ). They could atleast double the value of the currency with cover right? Thoughts....
  18. JayP Question for you. In all the articles I have read I have never seen the word redenomination used by Shabbibi or Saleh. Shabbibi used the term at his presentaion in Washinton D.C. at the COC after being asked about a redenomination. I find that very...curious. Any thoughts?
  19. Of course, 2.6% a little, but this percentage can not compare the education sector of around 10%, health 5%, because education and health sectors, all of the state, but the agriculture states do not Tmellk something where all of the private sector to that ratio is high and this figure does not represent the loans are spent on the private sector free of charge only for the success of the agricultural enterprise, and agreed with you that the livestock is wealth and there are projects, loans to veterinarians and agricultural sectors of these are active because it is not reasonable to high meat prices in Iraq compared to other states. -There are objections from the Ministry of Youth and Sports to reduce their budget operational compared to last year despite an increase in the general budget by 30%? Reduction was in the light of a mathematical equation is a wrong and the Ministry of Youth and Sports Ministry the task of representing the depth of building State and the Prime Minister say if I was not as prime minister worked in the Ministry of Youth and Sport or the Minister of Culture because it Zrart very important address large segments, and this reduction of the considerable disruption Iraq, because the sport is comparable European countries that are often Mathsal on their revenues through advertising and through the fans and others to that state must be assigned to the clubs while standing on their feet and we see that the sports sector and limited the Iraqi street and conquer terrorism. -suggested that the Iraqi Central Bank to reduce some of the paragraphs support the ration card to support the reduction of interest on loans? -In addition to that there is variation in the interest rate from one ministry to another? There are housing loans backed by the state and there are housing loans raised by banks, Rafidain and Rasheed-oriented business out of these amounts to the citizens deposited Mdkhra prevail in these banks and the bank gives them the benefit of that should be on the bank to cover expenses and gives the serious and there is a project of cooperative societies which will serve as a loop, and an average relating to loans, housing, we have problems is also the short duration of the loans even if increased this period, he could the employee to pay these loans are for the ration they need to reconsider the radically have tried it in 2008 but the overall situation was not initializer because of fear of citizen interest has not there were an intention to cancel, but there was an intention to convert a choice between the ration or cash I imagine that the citizen is now adopted less than in 2008 it is subject to misappropriation of funds at a huge, and I imagine also that the state is not a successful trader and industrial successful state organized a successful or an observer successful We remember in 2006 we noted the arrival of food or dairy products Syrian or Saudi Arabia, to remote villages in Iraq, though it must be kept with bicycle certain temperature unlike the Ministry of Commerce that found it difficult to deliver the ration to dangerous areas or hot, in the case of state support for the employee and the provision of salary monthly in all cases, will not there be a motive to him unlike the private sector must be a state-supporting other sectors for example, the housing sector should not be is one of the commends the residential units but the organization of the distribution process and to facilitate the distribution of land to investors and increase the duration of loans and other activities through the provision of guarantees and other Thus the rest of the other sectors. -There is a lack of confidence in the projects you want to state in its composition or its implementation because many of them remained on paper due to give companies the book assignment or surrender of land and other constraints? Yes, we suffer from a problem called red tape and bureaucracy, and I had previously spoken with the Integrity Commission and the General Secretariat of the Council of Ministers because of disabling many of the laws and the routine of a large and most of the controls or instructions in loops excess does not benefit the state and the citizen and inherited from the Ottoman regime in which Berkratih a great addition to the system Bartani that contains Baiqratih also add to the Albaiqratih Almroth of the republican system and the Baathist regime and now we have a vast bureaucracy and became there fake jobs and distributed to the staff because of the increased Aaadahm vain became our series of routine accumulated and we imagine that corruption comes behind the obstruction and red tape and the state Iraq to get better accounting must involve disruptive and does not include the works and faulting, and we must be accountability in the following form to delay the referral hospital for six months for certain paper must bear Msúltha employee who disrupted treatment and brought to account for the number of patients who died during the period of obstruction must therefore be to be accountability on the block work for it outside the accounting and I know that one of the senior staff was thrown in jail because he promoted the treatment was said in his testimony that the lack of promotion there will be a waste of the largest on the state and we are now seeing some provinces accountable for the delay and we believe there must be regulation and the continued for the purpose of applying this procedure - There is a debt prior to the State for the period before 2003 What is the attitude of the state? There is a debt valid, there was negotiating with them through the bank (gp Morkn) and a British company offered to these companies clearing agreement with the Paris Club to receive the amount of 10.4% of the required amounts directly in cash are settled issue or wait and that many of them have this ratio and remained a small percentage did not agree with the proposal to be installment amount they budget for this year and subsequent years comfortably so as not to affect the budget. -The process of deleting the zeros and the replacement of the currency you need a parliamentary resolution? The process of deleting the zeros do not need a parliamentary resolution, but it needs to legislation to liquidate the benefits of debt and the other between the dinar, the old and the new dinar and the project in the process of discussion with the Central Bank of Iraq because the process of substitution two-year Tbdoua in 2013 must also adopt the budget in 2013 dinar new, and had I put forward this idea since 2006 and I was opposing it because the economic situation was not stable now, the process of deleting the zeros will be easier and closer to the citizen and will provide positives to facilitate dealing with numbers and calculations and trading exchange, which was a major problem of the citizen and the state both in addition to they facilitate the accreditation process for the Iraqi dinar instead of the dollar - Oil and gas law you will be approved for this year? I hope that is the adoption of four important laws this year, by 2013, because it's an election year, and these laws are very important because it is not clear so far and in contact with the lives of citizens and need to clear law in which a national consensus and these laws are the law of the points and gas law and the Iraqi Oil Ministry and the law of the national oil company Iraqi and these laws are important and essential in the management of Iraq's oil law and the fourth is the distribution of financial wealth to determine what is the wealth distributable, how much share of the provinces compared to the federal government, how much is allocated for strategic projects and how much is allocated for the province, in order to hold accountable the provincial councils and governors on their performance because they do not have the powers full allocations or who may be at the mercy of staff in the ministries of the center so you must define the powers of the provinces within the control of specific and if you do not recognize the laws of the blocks this year, the escape from its responsibilities http/translate.googleusercontent.com/translate_c?hl=en&prevsearch%3Fq%3D%25D8%25AD%25D8%25B0%25D9%2581%2B%25D8%25A7%25D9%2584%25D8%25A3%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25B9%25D8%25B1%25D8%25A7%25D9%2582%2B2012/01/03%26hl%3Den%26rls%3Dcom.microsoft:en-us:IE-Address%26rlz%3D1I7RNSN_en%26prmd%3Dimvns&rurl=translate.google.com&sl=ar&u=http/www.qanon302.net/news/news.php%3Faction%3Dview%26id%3D11250&usg=ALkJrhi5kZjNNuXp_Fli58h-HGCU40vzUg
  20. CBI: The decision to raise zeros from the currency maker .. and it needs to field work December 26, 2011 Central Bank of Iraq’s decision to raise zeros from the Iraqi currency maker, but he needs to field work. The Mscharalpennek appearance of the central Mohammed Saleh told the reporter Agency (news) on Wednesday: that the »decision to raise zeros from the Iraqi currency maker but he needs to work convicts on the level of banks and international accounts, the retirement of the old currency. » Saleh pointed out: that» the field work is very important for the completion of such a step being the need to create banks to deal with the competent organs of the new currency, »noting that« the replacement of the currency in the year (2003) was a step quick, but now do not need this speed and we have enough time to create all the necessary steps for the success of the replacement process. » Salih stressed: that Iraq had supplies sufficient to perform this experiment, but will need to will and to move away from fear and hesitation in the implementation of its decisions http://www.almutmar....php?id=20118256
  21. 2011-12-25 14:33:45 Diwaniyah (Iba) .. Organized by the Faculty of Management and Economics at the University of Qadisiyah, specialized scientific symposium for the deletion of zeros from the Iraqi currency and its implications in the Iraqi economy. A source at the university, said the seminar included a lecture entitled to delete the zeros of the Iraqi currency and raised on the Iraqi economy delivered by the Deputy Governor of Central Bank of Iraq, Dr. the appearance of favor in which he discussed the importance of money and the impact of conditions in Iraq on the economy, noting that the Iraqi economy was Mekpottafa under the previous regime because Aharopoanhiar the infrastructure. The source added that the deputy central bank governor said steps include replacement Declaration of the state budget and write all the accounting records and bank currency Aljdidhmodha that the process of replacing the currency will be extended to two years as well as the process of destruction of the old currency will be held at the Central Bank of Iraq. (End) http://translate.google.com/translate?hl=en&sl=ar&u=http://www.ipairaq.com/index.php&prev=/search%3Fq%3Dnahrain%26hl%3Den%26client%3Dfirefox-a%26hs%3Dbh9%26rls%3Dorg.mozilla:en-US:official&rurl=translate.google.com&twu=1
  22. My Arabic translator had this positive comment on this article and audio recording... Minimize the importance of reports on the fraud of the currency in Iraq 19.12.2011 Ghassan Ali Iraqi Central Bank reduced the significance of the reports indicated the prevalence of counterfeiting in Iraq, whether local or foreign ones.The bank adviser said the appearance of Mohammed Saleh, said that those reports were exaggerated, and untrue to the existence of significant fraud in Iraq, adding that the rates of counterfeiting in the country is very small, have not changed since the founding of the Central Bank so far. Press reports had spoken of turning Iraq into a center for counterfeiting of currency in the region after the spread of gangs specialized in forging local and foreign currencies in various Iraqi cities, as quoted by the reports from economists Iraqis saying that there are foreign countries have old conflicts with Iraq contributing to the making or passing counterfeit currency into the country in order to sabotage the Iraqi economy. Indicates the benefit in an interview with Radio Free Iraq that fraud is divided into three sections, the first undertaken by persons individually, and the second is run by some traders, and the latter played by some intelligence States, the most serious types of fraud, asserting that what is currently in Iraq is fraud- Kap, Did get a chance to look at this article and the audio, and the English translation is actually very accurate and matches what was said in the audio. The summary of the article is that CBI is working with the GOI to identify and eliminate counterfeiting operations and they argue that these counterfeiting rings are not new and have been around for a while and that they are working to bust them up (and have been successful). They mention that this problem goes back years and years and that other countries have had issues with Iraq because there have always been these rings that have been good at counterfeiting Dinars as well as other countries' currencies. The one positive thing in the audio is that Saleh said that people shouldn't be worried because they will "soon" be implementing the removal of the 3 zeros program with a new and more secure Dinar currency and that these new bills will be top of the line security and will not be easy at all to counterfeit. I find it positive that he said they will remove the 3 zeros soon and that they will be releasing all new bills. So that is a positive step. Saleh didn't say when, but I felt from his tone that it was going to be sooner rather than later.
  23. Baghdad: The Central Bank of the House of Representatives is satisfied the process of deleting three zeros from the currency after examining the details of the project with experts and economists in the House of Representatives. " said the deputy governor of the Central Bank of the appearance of Dr. Mohammed Saleh (people) that "the central bank was able to answer all questions and inquiries by the Commission Parliament, which I listened to a detailed explanation on this subject, and persuaded the House of Representatives in the project and its positive effects on the Iraqi economy. " He added that "The project is also being transmitted to the Economic Committee in the Cabinet for discussion, indicating that the deletion of the three zeroes from the local currency will be in 2013." He pointed to the "The system of financial management suffers from the legacy of a large and need to repair large to remove the legacy of the economy is open, which he inherited Iraq because of the policies of the former regime." The central bank said it plans to issue a new currency from the category of 50 dinars after deletion of zeros which is equivalent to $ 50 thousand JD at the moment. " examines the central, since last June deleting three zeros from the local currency in an attempt to promote the value of currency in circulation, external and internal. Will be added the Kurdish language to the new currency in addition to Arabic. " The Ministry of Finance to delete the zeros will free the economy from the constraints and enhance the value of the dinar in the International Monetary Fund. He International Monetary Fund last August to support the Iraqi economy in the event of his a number of economic measures, including raising three zeros from the local currency. http://www.alnaspaper.com/inp/view.asp?ID=6262
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