Conference to adress RV under way.

[Luigi1]

From another site...

Economic Commission announces conference to address the high exchange rate of the dollar against the dinarPosted: April 17, 2012 in Iraqi Dinar/Politics.

Tags: Central bank, exchange rate, Government, Iraq, iraqi, Iraqi dinar, Rafidain Bank, Rasheed Bank Committee announced the economy and investment representative, on Friday, held for an extended conference to address the high exchange rate of the dollar against the Iraqi dinar, indicating that the conference will address the possibility of reforming the banking system in the country.

The Chairman of the Committee of Economy and Investment Ahmed Alwani, in an interview with ” Twilight News “that his committee” will hold a conference to reform the country’s banking system as a system of date in addition to the loss of the private sector role, which could compete with the public sector, “adding that” the conference will be held with the resumption of House of Representatives for its presence and specialists concerned with this matter. “

The Alwani that “there are many problems that face the banking sector in the country, where 83% of the banking activity under government control, and this led to the emergence of bureaucracy and rampant corruption, financial and administrative as well as not keeping pace with the banking system of the development in the world,” emphasizing the that “the economic and investment commission will stand on those problems and put their solutions.”

He announced the Council of Ministers, On Wednesday, the formation of a committee headed by Deputy Prime Minister for Economic Affairs and the membership of the Deputy Prime Minister for Energy and members of the Committee on Economic Affairs and the Secretary General of the Council of Ministers to consider the issue of fluctuating exchange rate of the Iraqi dinar recently to ward off harm to the national economy, high prices of some food .

He attributed the Central Bank Governor Sinan Shabibi during a meeting with House Speaker Osama Najafi, last Tuesday, the reasons for the high exchange rate of the dollar against the Iraqi dinar to the “weakness of domestic production and the lack of Iraq’s exports (excluding oil), and the weakness of the government’s measures to attract capital to Iraq, as well as tense political situation internally and regionally, and the economic blockade suffered by some neighboring countries. “

While Najafi stressed “the necessity of non-subordination to the Government of the Central Bank so as to prevent the seizure of Iraq’s money or the implementation of international rules against Iraq by the creditors.”

Iraq seeks to support the banking system by closing the deficit of local banks to cover the financial guarantees required by the investment companies, which represent the problem of limiting the entry of companies specialized in the electricity sector, infrastructure and services.

In Iraq, there about seven state banks and 34 banks waged, mostly owned by foreign banks, two banks and two government controlled the banking system in Iraq are the Rafidain Bank and Rasheed Bank.

http://bit.ly/HJFKqL

[one2one]

i notice a lot of articles lately from the G.O.I. and C.B.I. regarding this subject :

sounds like a real good sign to me

[Luigi1]

i notice a lot of articles lately from the G.O.I. and C.B.I. regarding this subject :

sounds like a real good sign to me

This could be very good news if only the politicians would come together in one accord.

[puckster_guy]

Lots of smoke, contadictive articles and general bs....something big is up and i hope it's the dinar....

[Jasmine21]

Hope this isn't a super dumb question, but is this an opinion piece? I ask because there is a link but it's posted under Rumors. I guess it doesn't make a difference these days since you can't believe half of what the news says anyway but I thought I'd ask.

Thanks in advance

[Flyingfred]

Good question Jasmine, you might be right.

[GinaG]

Iraq has to get their banking system up to par in order to even think about an RV. I don't want to say this, but we will

need to wait until this is done.

[Argyll]

Iraq has to get their banking system up to par in order to even think about an RV. I don't want to say this, but we will

need to wait until this is done.

You're right. Nothing can happen without a system in place to accomodate it.

[jmcsh49890]

I've been in this since 2004 when I worked in Iraq, I believe it will take a few more years before we really see anything big happening with the dinar. I'm always hoping but they do not like to do anything today that they can put off until tomorrow.

[dinarprospect]

Iraq has to get their banking system up to par in order to even think about an RV. I don't want to say this, but we will

need to wait until this is done.

[Seabee]

I agree with Adam and think there is no better time for an RV before September. Some will say that the banking system is not ready for an RV. However, if Iraq was able to support an exchange rate of $3.00 plus back years ago, I can see no reason in my mind why they can't support a simple RV at this time. The only thing I see preventing it is the fact that the GOI has to many Dinar in circulation which at present appears to be shrinking.

Allow the RV to happen.

[umbertino]

This could be very good news if only the politicians would come together in one accord.

Now you know you're demanding way too much.....

I'd be happy even if they'd come together in a wrecked Gremlin.....Just saying....

Edited April 17, 2012 by umbertino

[BrokeNoMore]

Now you know you're demanding way too much.....

I'd be happy even if they'd come together in a wrecked Gremlin.....Just saying....

This post just made me laugh out loud!!!

[umbertino]

This post just made me laugh out loud!!!

Thanks my Friend...smile.

[Luigi1]

Iraq has to get their banking system up to par in order to even think about an RV. I don't want to say this, but we will

need to wait until this is done.

Agree. It may be a uphill battle because Iraqis still don't trust the banks. Iraqi still deal in cash in face to face transactions. That explains why their currency wears down so quickly.

The banks have not done a good job convincing Iraqis to use checking, debit cards or other forms of e-banking.

Loosing $Billions then finding it later sure don't build confidence or trust.

Edited April 17, 2012 by Luigi1

[catone]

Luigi -

Have always thought the "losing and finding" of these monies were just a cover for it being in somebody's private location, and then when it was brought up publicly, it magically "appeared"

[Niteflyer]

Excellent point GinaG!!!!!!