|
Search the Community
Showing results for tags 'Reserves'.
Found 2 results
-
The Central Bank Governor chairs a meeting to discuss anti-money laundering controls Tuesday 13th October 2020 - 15:27 Baghdad - conscious Today, Tuesday, the Governor of the Central Bank, Chairman of the Council for Combating Money Laundering and Terrorist Financing, Mustafa Ghaleb Makheif chaired the first regular session of the Council for the year 2020, which included members of the Council from relevant ministries and departments not associated with a ministry. A statement of the Central Bank of Iraq received by the Iraqi News Agency (INA) stated that "the council discussed several topics within the agenda, including the due diligence controls for the anti-money laundering and terrorist financing operation of the NGO Department in the General Secretariat of the Council of Ministers, and the due diligence controls for combating operations Money laundering and terrorist financing of the Companies Registrar Department - the Ministry of Trade, in addition to discussing the measures taken with regard to the national assessment process for money laundering and terrorist financing risks. The Council affirmed, "The necessity to enforce the work of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the instructions and controls issued pursuant thereto, along with the necessity to activate workshops related to the presentation of the work of the Anti-Money Laundering and Terrorism Financing Office, the mechanism for reporting suspected cases and how to deal with these cases in a way that contributes to Spreading the culture of combating money laundering and terrorist financing. " -
I've been really excited lately about the news that the CBI has been significantly adding to their gold reserves. But, as I think about it, I'm not sure it's a good thing. Here is my question: If the CBI knew a revalue was coming, why would they buy gold today? Why wouldn't they wait and buy it after the dinar revalued and was worth much more? With a revalued dinar, they could get a whole lot more gold for the same amount of "money". Think about that for a minute. If they knew a revalue was coming, why would they buy anything now? Why not wait until their buying power had revalued higher? And, it doesn't matter whether they bought the gold with US dollars, Euros, or the Dinar. Either way, they are essentially buying it with dinar. If they bought the gold with Euros, then they had to sell dinar to get the euros, so it is really all the same. They bought the gold with dinar that is currently worth very little. Why would they do that if they knew a RV was coming? That question is making me fell a little sick - I have lots of dinar and I'm going to keep it. But, that thought kind of takes my hope away. Here is an analogy: If you owned some shares of Apple's stock, and you KNEW Apple's stock was for sure going to go up by 10,000% really soon, would you sell the stock today and buy gold? No way. You'd wait until the stock went up 10,000% and then sell it for a ton more cash ... which you could used to buy a whole lot more gold. I believe the CBI knows if the dinar is going to revalue or not. If they know, why would they buy gold today? Why? It makes no sense to me unless they know it is not going to RV. I hope someone can logically tell me why I'm wrong. I'm not trying to be negative. I'm just trying to assess the facts and figure out what it all means. Thanks.
