CBI: system monthly payments over 18 trillion dinars

[yota691]

CBI: system monthly payments over 18 trillion dinars

29/06/2012 14:04

Baghdad, June 29 (Rn) - The Central Bank of Iraq, Friday, that the system of monthly payments in Iraq exceeded 18 trillion Iraqi dinars, indicating that the system reduced the transfers of cash manually. and Iraq has begun running the payments system since 2006 with the help of U.S. Treasury Under system of financial trading exchange between Iraqi banks under the supervision of the Central Bank of Iraq. and exceeds the number of banks in Iraq, the 50 banks and includes more than 800 branches spread across the provinces, which still is a little number compared with the population. At the discretion of the CBI. Deputy Governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) that "the payments system in Iraq exceeded 18 trillion Iraqi dinars a month and this has reduced to a large extent the transfer of liquidity manually based on the principle of transfer between banks, according to the system of payments" . The Deputy Governor of the Bank that "the payments system of systems developed in the banking business, even if can not run it to create a state of not being able to save money right time." The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and management of reserves foreign currency and the organization of the banking sector. From: Raman Brosk, the Open: Peace Baghdadi http://www.aknews.com/ar/aknews/2/314651/

[Butifldrm]

Ok, I am a little surprised, noone has commented on this article. I would love to hear some DV interpretations on this article. JMO, but does this article state Iraq traded 18T IDQ electronically in Iraq? Just wondering.

[rockfl9]

I think these are pensions and welfare payments....So what they are saying (nothing new) that these payments were transferred to local banks for dsitribution. Possibly rather than mailing checks the recipient shows up with some document and is paid in cash and the payment is recorded electronicaly. Earlier this year I read they had increased most of the amounts due to cost of living ..

[leesburg]

i think this is talking about how much they use electronic banking now .. and they made that much in electronic transferes in a month .. .. its not how much money they have its the circulation of it .. that much has been circulated through the electronic system .. ...the same money could be circulating over and over again .. with daily deposits and withdraws from buisnessmen .. who make night deposits and morning withdraws before buisness hours and after buisness hours .... not a bad sign ..i wonder how much we use in the united states on a monthly basis ..18 trillion dinars is around 17 billion dollars ..... not many people are involved in electronic banking yet in iraq ...if they start giving them their monthly oil revenues checks electronically ..people would realize their money is safe .. and more and more people will start using it .. once they get the confidence of the people then they can start robbing them like they do in the united states .. you know like claiming they lost a couple trillion dollars in our stock market .. .. every so often .. we all lose money .. even though its electronically transferred .. and leaves a trail ... they say .. we lost it .. .. ya we lost 7 trillion dollars in our markets in 2008 .. yep we sure did .. and no one can find it ..

[leesburg]

this part is kinda interesting >>>

The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and management of reserves foreign currency and the organization of the banking sector.

Read more:

especially the... " implimentation of monetary policy " ... part

as if they havent completely implimented it completly yet .... it is stiil in the implimentation process ..or hasnt been implimented yet ..

to me what that means is they havnt set their policies yet including currency trengths in comparison to the standards all other countrys with monetary policies use ... most people dont know what monetary policy is .. or what that means ..

a monetary policy ..is nothing more than an agreement between the private sector and the banking sector .. and moneyis given a value and is created out of thin air upon demand or agreements made between the private sector or citizen ..when you go to a bank and ask for a loan to build a home or buisness .. you sit down and make an agreement with the bank at a set interest rate ... this is how more money is generated for a nations net worth .... lets take it another step

using the united states federal reserve .. the united states treasury .... the private sector .. and local banks ... you go to a local bank agree on a loan for 100,000 dollars ..(just a round figure for illustration purposes)...ok 100,000 dollar loan ..you agree to pay back 200,000 dollars over 30 years .. now on paper you made the agreement .. you will get apromisary notes to equal 100,00 dollars .. the bank on the other hand now has a net worth of 200,000 dollars on paper ....that is only one loan in one bank ..multiply this by tens of thousands of loans each month .. it adds up to huge expansion in your money supply .. in order to maintain your dollrs value .you must print new dollars to cover that expansion

so they needed a system to control all aspects of inflation ,,,,deflation .. money supply ect. .. so you never run out of money .. your money supply only grows so how do they do it ...

federal reserve .. local banks .. us treasury does it in concert .. "together"

the banks add up all those dollars you and every other person agree to pay over your actual loan (your interest ) in this example 100,000 loan and pay back 200,000 dollars .. net gain ...100,000 dollars ..

net gain 100,000 dollars ...

they add up all the loans net gains at all local banks turn them in to corporate offices .. those figures are all added up and it then is entered into the federal reserve system.. in the federal reserve system all loans from all banks net gains are complied together and they have the net growth .. or net gains for the entire country for the quarter ,, or month .. or what ever .. id say they do it quarterly .. thats besides my point here ..

any way the federal reserve ..lets say they got 20 billion in new net worth for this quarter in agreements through private sector and banking sector for this quarter ... that is the figure they present to the united states treasury so they know how much new money to print up ,,, ..thats how our money supply grows .. through interest rates .. they dont just print money .. unless we have a deflation in our economy ,,

say we have a recession .. and 30% of all loans default and they already printed those promised notes and distributed them to the banks that made the loans .. well they will print up money to devalue your dollar because the money lost .. and we all pay for it through inflation .. because the govt has these guarenteed loans for say houses.. .. the loans only guarentee the banks will get their money.... so the govt prints up money ..pays the banks .. "bailouts"...because of the guarenteed loans are guarenteed .. the result is .. inflation.. who guarentees the loans .. government... who is the govt ... "the people "... who represents the people ?... the govt ....

any way i think iraq is still in the process of implimenting their system .. and im sure they will get as much money as they need ,, when ever they need it .. in a monetary system ..i think thats why they are spending so much right now .. building ports .. highways .. housing .. schools .. power plants .. agriculture ect. spending ..spending spending . this is going to be a determining factor in their currencys value .. they may of had to go so many years of spending so they can average the spending to give a better view of iraqs needs ..

the only thing that backs up money in a monetary system is work .. you agree to pay back more money than you borrowed . ..in other words you agree to work for 15 years to pay for the first 100,000 of your loan .. and agree to work for another 15 years to pay for the interest ..thats your 200,000 loan paid in full .

another way to devalue your money is to give it away for free .. like welefare .. or say we give egypt 3 billion dollars for free .... you cant do that with out devaluing your currency ... ..you cant tell one person you can have this money for free ... but to the next person .. you must work for money .. money is not backed up by gold .. its just an agreement between you and a bank.. or you and an employer who already made that agreement before hand with the bank .. who made a loan that covers your wages .. his buisness costs and a profit .... those evil profit makers ..helping others with employment that otherwise may be standing in a food stamp line devaluing your dollar

you agree to work over and beyond your loan to pay for it and interest .... the bank gets its money replaced along with interest from the federal reserve and the treasury prints the money up for all of us ..and the govt watchs over the whole darned thing .. how discusting . those evil turd burglars

oh ya we watch over our govt and vote them out of office if we find out they are screwing us over ..

election is next november .. lets see what happens

[sandstorm]

this part is kinda interesting >>>

The main task of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and management of reserves foreign currency and the organization of the banking sector.

Read more:

especially the... " implimentation of monetary policy " ... part

as if they havent completely implimented it completly yet .... it is stiil in the implimentation process ..or hasnt been implimented yet ..

to me what that means is they havnt set their policies yet including currency trengths in comparison to the standards all other countrys with monetary policies use ... most people dont know what monetary policy is .. or what that means ..

a monetary policy ..is nothing more than an agreement between the private sector and the banking sector .. and moneyis given a value and is created out of thin air upon demand or agreements made between the private sector or citizen ..when you go to a bank and ask for a loan to build a home or buisness .. you sit down and make an agreement with the bank at a set interest rate ... this is how more money is generated for a nations net worth .... lets take it another step

using the united states federal reserve .. the united states treasury .... the private sector .. and local banks ... you go to a local bank agree on a loan for 100,000 dollars ..(just a round figure for illustration purposes)...ok 100,000 dollar loan ..you agree to pay back 200,000 dollars over 30 years .. now on paper you made the agreement .. you will get apromisary notes to equal 100,00 dollars .. the bank on the other hand now has a net worth of 200,000 dollars on paper ....that is only one loan in one bank ..multiply this by tens of thousands of loans each month .. it adds up to huge expansion in your money supply .. in order to maintain your dollrs value .you must print new dollars to cover that expansion

so they needed a system to control all aspects of inflation ,,,,deflation .. money supply ect. .. so you never run out of money .. your money supply only grows so how do they do it ...

federal reserve .. local banks .. us treasury does it in concert .. "together"

the banks add up all those dollars you and every other person agree to pay over your actual loan (your interest ) in this example 100,000 loan and pay back 200,000 dollars .. net gain ...100,000 dollars ..

net gain 100,000 dollars ...

they add up all the loans net gains at all local banks turn them in to corporate offices .. those figures are all added up and it then is entered into the federal reserve system.. in the federal reserve system all loans from all banks net gains are complied together and they have the net growth .. or net gains for the entire country for the quarter ,, or month .. or what ever .. id say they do it quarterly .. thats besides my point here ..

any way the federal reserve ..lets say they got 20 billion in new net worth for this quarter in agreements through private sector and banking sector for this quarter ... that is the figure they present to the united states treasury so they know how much new money to print up ,,, ..thats how our money supply grows .. through interest rates .. they dont just print money .. unless we have a deflation in our economy ,,

say we have a recession .. and 30% of all loans default and they already printed those promised notes and distributed them to the banks that made the loans .. well they will print up money to devalue your dollar because the money lost .. and we all pay for it through inflation .. because the govt has these guarenteed loans for say houses.. .. the loans only guarentee the banks will get their money.... so the govt prints up money ..pays the banks .. "bailouts"...because of the guarenteed loans are guarenteed .. the result is .. inflation.. who guarentees the loans .. government... who is the govt ... "the people "... who represents the people ?... the govt ....

any way i think iraq is still in the process of implimenting their system .. and im sure they will get as much money as they need ,, when ever they need it .. in a monetary system ..i think thats why they are spending so much right now .. building ports .. highways .. housing .. schools .. power plants .. agriculture ect. spending ..spending spending . this is going to be a determining factor in their currencys value .. they may of had to go so many years of spending so they can average the spending to give a better view of iraqs needs ..

the only thing that backs up money in a monetary system is work .. you agree to pay back more money than you borrowed . ..in other words you agree to work for 15 years to pay for the first 100,000 of your loan .. and agree to work for another 15 years to pay for the interest ..thats your 200,000 loan paid in full .

another way to devalue your money is to give it away for free .. like welefare .. or say we give egypt 3 billion dollars for free .... you cant do that with out devaluing your currency ... ..you cant tell one person you can have this money for free ... but to the next person .. you must work for money .. money is not backed up by gold .. its just an agreement between you and a bank.. or you and an employer who already made that agreement before hand with the bank .. who made a loan that covers your wages .. his buisness costs and a profit .... those evil profit makers ..helping others with employment that otherwise may be standing in a food stamp line devaluing your dollar

you agree to work over and beyond your loan to pay for it and interest .... the bank gets its money replaced along with interest from the federal reserve and the treasury prints the money up for all of us ..and the govt watchs over the whole darned thing .. how discusting . those evil turd burglars

oh ya we watch over our govt and vote them out of office if we find out they are screwing us over ..

election is next november .. lets see what happens

thats the cbis mission statement. they usually add that clause to almost all the articles.

[jg167]

It does rather explode the pumper idea that Iraq has been de-dinarized and is running mostly on dollars.

[skitealwedrop]

To me the article indicates that the banking system in Iraq has become more electronically sophisticated and that the CBI has accountability measures in place. That's my .

Thanks Yota!

Edited June 30, 2012 by skitealwedrop

[rockfl9]

Ski :: I have no facts so I hope someone who actually has been in Iraq can verify.

Muslims do not allow paying or recieving interest! Against Islam. So local banks are really Tribal/family operations. loans are gifts and repayments are like tithes..

The regional banks are a conduit,. The local banks are like savings and loans . but most use them do not report honestly outside the community (2 sets of books!)

.With the ethnic division Kurd, sunni, Shis, christian , Does ICB really know where the local dinar IS>

[skitealwedrop]

I think that the CBI has been running multiple sets of books. The last CBI audited financial statement that I read as produced by KPMG/offshore had some holes in it. Not to mention the disclaimers that were noted.

As always, I'm cautious.

[leesburg]

It does rather explode the pumper idea that Iraq has been de-dinarized and is running mostly on dollars.

.. this article is talking about electronic dinars .. not phisical currency .. most iraqis are using us dollars as phisical currency ... or else they are lying to us .. the cbi sells those dollars for dinars daily usually around 150 billion dinars a day .. or 150 million dollars worth a day ... lets see thats around one trillion a week... it would seem that they could clear all the dinars in any given 6 month period ....

what do ya think they do with those dollars they get for oil ... around 240 million dollars a day ... thats right they sell them .. for dinars ... check out the auctions at the cbi .. the banks are buying them from the cbi .. then the banks sell them for dinars to the iraqis .. look at the cbi web sites it should tell ya how many dinars they hold .. if they hold them that means they are not on the streets.........................or am i just goofy for thinking that ...im serious .. i really think this is the way it is .. ed jew ma kate me

[Carrello]

Ski :: I have no facts so I hope someone who actually has been in Iraq can verify.

Muslims do not allow paying or recieving interest! Against Islam. So local banks are really Tribal/family operations. loans are gifts and repayments are like tithes..

The regional banks are a conduit,. The local banks are like savings and loans . but most use them do not report honestly outside the community (2 sets of books!)

.With the ethnic division Kurd, sunni, Shis, christian , Does ICB really know where the local dinar IS>

rockfl9,

You are right, Muslims do not loan money to make a profit through interest. BUT there was an article that came out today, and I don't remember if I read it here at DV or somewhere else, but Muslim business and banking institutions are looking currently at charging interest to come into the international world.

I hope that helps.