Adam's Weekly Chat Thread - Wed May 22, 2013

[paperboy]

Post any questions you may have for Adam here - he'll try to answer on Wed's chat.  

[Candy01]

Hello Adam,

 

As you most likely know, the White House has extended the DFI Fund protection for one more year.

 

What impact does this have on the RV happening anytime soon?

 

Thanks Much!!

 

 

Read more: http://dinarvets.com/forums/index.php?/topic/149108-dfi-fund-protection-extension/#ixzz2TkzZNBe9

[wizard1]

U.S. President Barack Obama extended the national state of emergency, which means the stability of Iraq for an additional year after 22 May 2013.

Could this mean that the rv might be delayed for another year?

[Hearts]

Adam, what affect, if any, will the deteriorating value of the dinar on the streets of Iraq have on the timing of a RV? Thanks.

[jobug38]

When can we cashout at a profit? just kidding. There is a lot of articles out on money laundering and CBI trying to control it. Is this an indication of a possible revaluation?

Edited May 19, 2013 by jobug38

[TexasGranny]

 

[Candy01]

^Adam,

 

^{Can I please ask another question?  I have read that we may have to wait until early or mid 2014 until Maliki is out of office for the RV.  What do you think of this?}

 

^{Thanks Much!!}

 

 

[RUM]

Every trading day on the ISX a large volume of bank stocks are traded.  In spite of the articles telling us banks are doing well, the value of stocks are generally lagging.  Why is this so, and what does all this activity mean?  How should we interpit this?

[rockfl9]

Hello Adam,

One comment that appears repeatedly in the forums is the statement that the CBI is using the auctions to"pull in "dinars and disposing of them to reduce the amount in circulation.

With $110Bn budgets and oil revenues in the $90-95Bn range I don't see how the GOI runs the country with ALL the dinar and dollars it has now , let alone dumping billions of dinar every week.

What is your opinion?

Thanks

[shekinah33]

Hello Adam; There are a lot of people "in the know" that say China has a say in the RV.  Is this true:

 

Also:  How confident are you that it will RV before July 7th?

 

As always, thank you for being a "rock" on this issue and your integrity in posting on this site.

 

Lana

[OZmosis]

Hello Adam.  There is a lot of focus on the CBI in terms of the dinar value and "expectation" that the CBI determines the rate and will be reponsible for a RV.    Can you advise, that should a RV occur, would this actually be the decision of the Parliament/Goverment or the CBI?...and what factors would be taken into account in making any decision to RV.   Thanks Adam. 

[waitingondinar]

Adam,

Frank (KTFA) reported the Iraqis were gettng training off the TV regarding new currencies.  Another member in Dinar Vets said he has 

some contacts in Iraq who claim they have not seen any instruction on Iraqi TV.  Can you confirm /deny this information?

 

Do you think it will be much longer before we see RV taking into account the US has extended the DFI protection?

 

Thank you.

[sandfly]

ADAM, WHAT DO U THINK ABOUT KUWAIT FREZZEN IRAN MONEY. WHAT DOES THAT DO TO THE IQD. WE KNOW THERE IS ALOT GOING ON THERE WE DONT KNOW ABOUT. WHAT DO YOU THINK ABOUT THE RERUN OF THE NEWS

[ALBUNDY]

Hi Mr. Adam Montana. I have articles and I have questions about them. Iraq owed to kuwait more than $ 11 billion has something to do RV? Is Iraqi going to RV when Iraq already pay off their debts to kuwait and Chapter VII has to be lifted, too Mr. Adam montana? Cause there are a lot of confusing news about Chapter VII lately. Also there are a lot of news about higher sales of dollar that need to be justified , is it good sign that we are close to RV without advance notice? Cause CBI/GOI has sucked in all the dinar , therefore the demand for Dollar increases and there will only be little dinar left on the street ( may be probably not I amn't sure). Also, there are article said that " The decline of the dinar .. And two prices  for exchange .. Back to back " What does it mean by " two prices for exchange back to back "? Are we going to see 2 different rates for RV Mr. Adam Montana? And, the last one " the 4 global Islamic banking in Singapore " ,  Is GOI/CBI planning to RV IQD at the same rate as Singapore rate ( SGD 1 = 0.793018 USD )? Cause according to xe.com ,  1.00 SGD = 0.793018 USD or 1 USD = 1.26101 SGD and this rate is pretty close (  but not exactly the same ) to the rate of IQD after 3 zeros removed ( $ 1 = 1.166 IOQ or IQD 1 = 0.86 ). That's all my questions and can you please elaborate for us here Mr. Adam montana and I will be highly appreciated Mr. Adam montana.

 

 

 

 

 

 

 

 

 

 

Kuwaiti official statistics: more than $ 11 billion in the rest of the compensation due to the former regime's invasion of Kuwait
 

 

 

 

Saturday,18 May 2013 19:21
 

 

Official statistics: more than $ 11 billion in the rest of the compensation due to the former regime's invasion of Kuwait


Showed detect the size and value of the Kuwaiti claims due to attribution of the former regime of Kuwait, the latter is still awaiting receipt of compensation valued at $ 11.2 billion, is the value of the oil sector claims.

 

The statistics show prepared by the Public Authority for Assessment of Compensation Kuwait "Kuwait received the full amount of compensation in respect of claims of individuals out and injury or death claims and individual claims for compensation for amounts not exceeding $ 100 thousand and claims more than 100 thousand dollars.
 

 

Official statistics also showed Kuwaiti published by the Kuwaiti newspaper Al-Qabas that "the claims of individuals totaled 232 959 claims worth $ 7.7 billion, including the United Nations recognized 231 418 Kuwait claim and received almost 5 billion."

 

According to the disclosure, "the Kuwaiti claims totaled 177.4 billion dollars, the United Nations approved of which 41 billion, and Kuwait, which received 29.8 billion and $ 11.2 billion remains.

 

He notes that "the claims of the government sector amounted to 114.1 billion dollars approved of which only 8.2 billion and this is what was received by Kuwait. According to statistical Kuwait.

 

It is noteworthy that the Compensation Fund of the United Nations was founded in 1991 by decision of the UN Security Council after the termination of the invasion of the former Iraqi regime of Kuwait, and pushing Iraq whereby compensation to Kuwait as a result of this invasion because of the subsequent destruction of the infrastructure and the oil fields of Kuwait, estimated Kuwaiti reparations imposed on Iraq, according to Reports of the United Lam b [37] billion.
 

 

In the latest UN report on compensation suggested it completed the payment of compensation in early 2015.

 

And announced that Kuwait and the UN Mission for Iraq [uNAMI] at the end of last March 2013 solve the problem of demarcation of the land border with Iraq permanently after the removal of abuses and obstacles that were encountered in maintenance of border markers in the area of ​​Umm Qasr border, after he finished the two countries dispute and the final settlement of the issue of lines Iraqi air after signing Emir of Kuwait Sabah Al-Ahmad Al-Sabah in 23 of the last October 2012 Emiri decree approving the financial settlement, following the signing of the two sides on the final settlement of the fact that Iraq to pay $ 500 million in compensation to the final Kuwait Airways.
 

 

It is anticipated that the Kuwaiti Prime Minister Jaber Mubarak Al-Hamad Al-Sabah visited Iraq to resolve all outstanding issues between the two countries.

 

Ties Iraq - Kuwait described the positive developments during the past few months, to end the outstanding issues between the two countries, and to remove Iraq from the international sanctions imposed on it in the seventh item, by the UN Security Council.

 

And consists of Chapter VII of the 13 articles, the longer resolution 678 issued in 1990 calling for the ousting Iraq from Kuwait by force, from the provisions of this chapter, Iraq is still under طائلته, because the survival of several issues pending, such as the remains of Kuwaiti citizens and prisoners of war in Iraq, and Kuwaiti property, including the archives of the Amiri Diwan, the Crown Prince's Court, and the issue of environmental awards and oil, which is not only related to the State of Kuwait, but other Arab countries, companies claim that they do not still have some rights. Finished.
 

THE LINK : http://www.alliraqne...27-21&Itemid=86

 

 

 

 

 

Maliki, Kobler discuss removing Iraq from Chapter VII

   

19/05/2013 15:26:00

 

   

 

 

BAGHDAD / NINA / Prime Minister Nuri al-Maliki received the special representative of the Secretary General of the United Nations in Iraq Mr. Martin Kobler.

A statement by the Information Office of al-Maliki cited that the two sides discussed, during the meeting, various issues, particularly efforts to get Iraq out from Chapter VII, as well as solving the problem of the presence of MKO on Iraqi soil. / End

 

 

THE LINK : http://ninanews.com/English/News_Details.asp?ar95_VQ=GHMEJJ

 

 

 

 

Maliki, Kobler discuss files that relay representation of the United Nations in Iraq

 

 

 

19-05-2013 03:38 PM
 
 
Baghdad (news) .. Search head of Prime Minister Nuri al-Maliki on Sunday with the representative of the Secretary-General of the United Nations, Martin Kobler various domestic issues.

A statement from the prime minister's office: that al-Maliki and Kubler also discussed the files that relay representation of the United Nations, and in the forefront of efforts to remove Iraq from Chapter VII, as well as solving the problem of MKO presence on Iraqi soil. / End / n. G /
 
  
THE LINK : http://www.ikhnews.com/index.php?page=article&id=85368

 

 

 

 

The Kuwaiti Prime Minister postponed his visit to Iraq

 

 

 

20-05-2013

 

An Iraqi official told AFP that Prime Minister Sheikh Jaber Al-Mubarak postponed his visit to Iraq for technical reasons.
 

He said the relationship between the Secretary-General of the Council of Ministers in a press statement that "the postponement of the visit Kuwaiti Prime Minister Jaber to Baghdad, the issue of the technical arrangements and management agenda and commitments of the Prime Minister.
 

Was likely a member of the Iraqi Parliament Foreign Relations Committee member Imad John "that talks between Iraq and Kuwait on the closure of files stuck for years, leading to eject Iraq from Chapter VII of the Charter of the United Nations."

 

 

 

John said Iraqi morning newspaper "the Convention on the regulation of navigation on the Khor Abdullah sent by the Iraqi Government to the House of representatives and was studied by the Foreign Relations Committee.

 

Read more: http://www.microsoft...s.php?id=101330

 

 

Foreign Parliament: Organize navigation with Kuwait comes out of Iraq from Chapter VII
     
 
 

05/20/2013 12:00 AM

 

 

Ezzat Foreign Relations Committee reasons to postpone reading the Convention on the Regulation navigation between Iraq and Kuwait not to see some of Representatives, stressing the importance of this agreement in order to remove Iraq from Chapter VII.
 

 

According to the Convention, the ships passing through the channel down their flags in both Iraq and Kuwait will not raise any flag, but if you lifted a vessel in science Kuwait when entering the Kuwaiti side, it follows that any legal consequences at the time. Member of the Foreign Relations Committee, Imad John Yako He explained that the Convention on the Regulation of navigation in the Khawr Abd Allah came from the government to the House of Representatives and has been studied by the Committee on Foreign Relations. was the Council of Ministers adopted a resolution in January of this year to approve the agreement between Baghdad and Kuwait to regulate navigation in the Khawr Abd Allah that occurred in Ole, since this agreement governing navigation in this port in terms of traffic and environmental safety and all aspects to ensure smooth navigation in this channel. said Yako in a statement »Center Brief for the Iraqi Media Network» that «this agreement is not new it older than 8 years , but because of the sensitivity file Kuwaiti and amplified by some politicians, some of them do not like him return relations, Iraq - Kuwait and some of the deputies deliberately delayed so we made a request to postpone the reading of the Convention. continued: «I withdrew the treaty from the agenda until after the holiday legislature, and we will timely Btadhaev experts from the Ministry of Transport and familiarize themselves with foreign House of Representatives on the importance of the Convention », adding that« the presidency is keen to pass this agreement.
 

 

 

And between Yako that the opinion of the Foreign Relations Committee with a contract so conventions and treaties with the Kuwaiti side to be the beginning of good faith in order to remove Iraq from Chapter VII. And Chapter VII is one of seventeen chapters constitute the UN Charter, and consists of (13) Material is material From 39 - 51, and the Charter as a whole consists of (111) material, this chapter authorizes the Security Council to use force against the state or states that threaten international peace and security, and enjoy the decisions made based on this chapter mandatory Balsafh.
 

 

 

He also noted a member of the Foreign Relations Committee, Hassan Khudair al-Hamdani that relations between Iraq and Kuwait to take through Lhalhalh all outstanding issues through the exchange of delegations at a high level of both the House of Representatives or the Presidency of the Republic, as well as attend the Emir of Kuwait to the Arab summit in Baghdad, and these things led to the formation a set of relevant technical committees between the two countries in order to discuss to resolve outstanding problems.
 

 

 

And between Hamdani in a statement »Center Brief for the Iraqi Media Network,» said one of the problems that must be solved between the two countries, which keep Iraq under Chapter VII that there would be agreements in accordance with international legitimacy, including the organization of a mechanism navigation.

 

 

As for the reason to postpone reading this Convention, explained MP that there are MPs who has reservations about some of the items in the Convention, and should go these reservations to the relevant committee in order to hear their views clearly and taking them and get to put convince the House of Representatives of what is happening and we also refer to the international laws on this aspect and therefore to find a formula final. 

 

THE LINK : http://www.alsabaah....w.aspx?ID=46906

 

 

 

 

 Maliki, Kobler discuss files that relay representation of the United Nations in Iraq
 

 

19-05-2013 03:38 PM
 

 
Baghdad (newsletter) Recent .. Search the President of Prime Minister Nuri al-al-Maliki today, Sunday, with the representative of the UN Secretary--General of the the United Martin Kobler various issues of the Interior.

 

A statement from the prime minister's office: that al-Maliki and Kubler also discussed the files that relay representation of the United Nations, and in the forefront of efforts to remove Iraq from Chapter VII, as well as solving the problem of MKO presence on Iraqi soil. / End / n. G /
 
 

THE LINK : http://www.ikhnews.c...rticle&id=85368

 

 

 

 

Iraq needs to modernize its banking system
 
 

 
05/18/2013 18:18:48

Baghdad / Iraq's future member of the Finance Committee called on the Iraqi coalition MP Hassan Bayati Auzmn to the need to develop the Iraqi banking system through the introduction of a modern electronic system has the highest standards of security in the provision of banking services.

 

 

He began the application and use of information technology in the work of banks in the United States in the early eighties, where they were to begin to exploit the multiple benefits of the Internet in the daily life of the community with the development of the network and the mid-nineties began talking about the possibility of access to banking services without the need to meet the physical with the employee .

 

 

It is sufficient to enter the site required by bank code for the customer's income to the current account and thus performs all banking operations which wants banking and through his foundation, where he became a new model in order to obtain the services of the bank.

 

 

Bayati told the news agency that he «must be coordination between the central bank and the Finance Ministry and the Association of private banks for how to update the Iraqi banking system through modern electronic link to a network, so that it possesses the highest safety standards in the banking world. He added that «the banking sector is the interface of the economy in each country, when interest in and development will reflect positively on the general economic situation of the country, pointing out that the Iraqi banking system is still underdeveloped and operates according to the old traditional systems.

 

 

In the opinion of specialists that the banking system address affect the traditional banking system in two ways: the first works to reduce the costs of information management and collection, preservation and processing Send .... etc., as it replaces the traditional paper, which requires a good number of the workforce to do it, and on the other hand is a new way, however, the customer in order to obtain banking services via the internet. It consists of the banking system in Iraq from forty-three banks as well as the Central Bank and distributed by ownership between 7 state banks and 30 Ahli Bank, including 7 Islamic banks in addition to 6 foreign banks.

 

 

In spite of the Investment Law No. 13 of 2006 has excluded investment in the banking sector of its provisions, but the investment in the banking sector takes its legal framework on the basis of legal central bank No. 56 of 2004, banks No. 94 of 2004, and the minimum to establish a bank in Iraq, 100 billion Iraqi dinars (around U.S. $ 85 million).

 

THE LINK : http://www.almustakb...ws.php?id=17993

 

 

 

 

 

Central Bank and the waste of public money By: d. Sinan Shabibi Mohammad Reza * former central bank governor -

 

05/18/2013 - 5:35 pm 



By: d. Sinan Shabibi Mohammad Reza * former central bank governor
Raised a lot of talk about the foreign currency auction hosted by the central bank that it involves a waste of public money, and I would like to make a few ideas on this subject.
 

 

 

1) There is no wastage of public money as a result of the auction process, فالمصارف submit Bdnanerha to the central bank and are converted into dollars using the foreign currency reserves, according to the exchange rate advertised, and therefore we have a process of exchange and swap purely monetary. In other words, we do not give a dollar for free, and thus we do not Nhdrh. The central bank paid 13 dinars for each dollar the converting. Central Bank is wasting public money if the dollar gave free as we mentioned or be dinar dollar swap preferential exchange rates.
It is also said that the central bank is wasting public money because it sells large quantities of the dollar.

 

 

But the sale of these quantities is a response to the request of buyers who represent commercial banks. It is very important to be meet all the demand for the dollar after the audit is put the bank in terms of banking irregularities, and after that the bank has submitted quotes that his request had been subjected to audit the Office of money laundering at the bank. The interview each application is essential in monetary policy, but the demand which is not to meet him and إشباعه by the central bank will go to the market to satisfy his need to the dollar from another source, which will create the exchange rate last necessarily be higher than the central bank rate, and therefore we will be in front of the phenomenon multiple exchange rates at the central bank and the local market.

 

 

 

That سيخالف Central Bank Law (Article 3) and will hinder the economic decision-making and distorts the price level. The criteria for the International Monetary Fund, which Iraq is the first signatories to the Convention of saying that the difference between the two rates (the central bank rate and the market price) must not exceed 2%. At the present time, and under the new management, the difference between the two rates of nearly 8%.
 

 

 

When the dollar bank sells it exercised monetary policy and not a commercial operation, Fbabie dollar pulls the dinar from circulation and relieve inflationary effects (the first goal of the central bank), which works on the rationalization of expenditure in general and lead to reduce wastage of public money.
 

 

 

The change in the exchange rate is not a waste of public money, and to satisfy the demand for the dollar is also not considered a waste of public money, and must be equal to the supply and demand to stabilize the price (the first goal of the central bank, as mentioned). This market operations and our economy is an economy in transition to a market economy, and such openness is accompanied by fluctuations in supply and demand certainly affect the movement of cash. The important thing is that the market situation is returned to the state of stability.
 

 

 

I just mentioned that the difference between the exchange rate of the central bank and the market price under the current administration is about 8%. Bank did not indicate the reason for this difference, and we believe that the reason is economic sense to the failure of the bank to meet all demand, which leads to this disparity between the central bank rate and the market price, and this is contrary to Article III of the Law of the Central Bank. This disparity must be addressed (note that it is on the rise), has faced the old administration some disruption and volatility in the exchange rate in early 2012 as a result of strong demand for the dollar due to the U.S. withdrawal at the end of 2011 and regional circumstances, other than that the administration was able to restore stability in the third week of the month of September 2012, where the price of 1196 dinars to the dollar.

 

 

 

Deduce if it according to the principles and the law of the central bank there is not a waste of public money, Firstly, the central bank sold dollars to meet the dinar, and secondly that the bank in his work that meets the demand for the dollar and maintains the stability of the exchange rate and domestic prices and provides a suitable environment to maintain public money and use it frequently used product, which promotes sustainable development and contribute to job creation, as shown in the article (3) of the Central Bank Act.
 

 

 

2) the central bank sells dollars to banks and sells to its customers for use in the importation of goods and services, and this is a business process and not a process which get cash out of the central bank, to come out after the dollar from the central bank. Therefore, this business process is not related to the central bank, but is related to uses different to the private sector that could be used dollar for medical purposes and tourism, or to buy some assets or may resort holder dollar to the so-called savings external causes of economic, security and political anticipation of improved conditions and investment environment even bring this savings in whole or in part to Iraq.
 

 

This means that the central bank should not be blamed if the import increased by a few of the amount granted, the central bank should not be held accountable for a business process. It is possible that the central bank held accountable if there is a defect in the exchange rate of the dollar against the dinar, ie the monetary process. The waste of public money as a result of a business process in spite of its importance does not fall within the work of the central bank.
 

 

 

3) The Central Bank shall provide a copy of the requests submitted to the conversion of the auction committee to the Department of combating money laundering and terrorist financing in the bank for detailed follow-up (which includes follow-up operations dubious) in spite of the bank concerned to give us the martyrdom about its operations free of money laundering.

 

 

If this circuit is that it must essentially be diagnosed and sequence of money laundering and financing of terrorism inside and outside Iraq can (according to the Money Laundering Act of 2004) to do so directly without reference to conservatism Bank, Vdaúrh money laundering retain the independence of its operations.

 

 

These subsequent follow-up, which is very important, do not obstruct determine the exchange rate and price stability in general. We have to remember, as we noted earlier, the domestic price stability is the first objective of the Central Bank in accordance with Article 3 of the Law on the Central Bank.

 

 

The auction committees receive a citation from the banks about the absence of money-laundering operations, but that should not impede the smooth flow of financial flows and exchange rate stability. The Department of money laundering, which received a copy of the auction requests directly is that you should scrutinize flows in terms of money laundering in detail.
 

 

 

It can be summed up what Ordnah in points (2) and (3) that the fate of foreign currency Badelha the central bank to meet the Iraqi dinar in the auction process, which ends its mission here, is to go through the commercial banks to finance the various types of imported goods and services and other purposes that we mentioned earlier. All requests for this conversion is given to money laundering department must follow up and determine the fate of foreign currency, especially suspicious ones and tell the security agencies directly.
 

 

 

4) It is important to show that there is no restriction in the current transfers of payments in accordance with Article VIII of the Convention on the International Monetary Fund, which Iraq was one of the first founders and first signatories to the Convention of 12.27.1945. In addition, the freedom in remittances guaranteed notes of the financial and economic policies with the

 

 

 

International Monetary Fund, which has been held and signed by the Minister of Finance and the Governor of the Central Bank. We would like to make it clear also that all restrictions have been removed, especially after the abolition of the Directorate of foreign exchange at the central bank in 2003.

 

 

 

 

THE LINK : http://www.burathane...cle_195262.html

 

 

 

 

Central Bank: unauthorized statements confused the market and sales reached $ 183 million

 

 

 

19-05-2013

 

The Central Bank of Iraq, said Sunday that unauthorized statements confused the market and led to losses for businessmen and investors, noted that yesterday's sales amounted to more than $ 183 million.

  

The Bank said in a statement issued today, and received "alsumaria news", "unauthorized statements issued during the last few on the work of the Central Bank, led to confusion in the market resulting in losses for investors and businessmen", stating that "there is no justification for such statements in economic terms."
 

  

The Bank said that "since Saturday launched a daily auction, notice to all banks and Iraqi bank Association", noting that "the Bank received all requests submitted and implemented in accordance with the instructions by the competent Committee, which reached sales of 183 million Saturday and $ 78,000.
 

 

 

The Iraqi market is rising gradually in dollar prices of up to 1,300 dinars to the dollar, having stabilized the prices for more than a year between 1180 to 1,200 dinars to the dollar, with some owners attributed the private banks and economists that the failure of monetary policy by the Central Bank of Iraq.
 

 

 

The CBI was established as an independent bank under its law of the 6th of March of 2004, as an independent body, is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and procedures per day to buy and sell foreign currencies, except for official holidays which stops the Bank auction.
 

Read more: http://www.microsoft...s.php?id=101002

 

 

 

 

Central bank: inaccurate statements confused the currency market without justification
 

 

19-05-2013 11:57 AM
 

 

Baghdad (news) .. The central bank said, it works as it should to control the exchange rate of the dinar against the dollar, indicating that the unauthorized statements confused the market and led to losses for businessmen and investors.

 

The bank said in a statement received Agency (news) copy of it: there is no justification for such statements in economic terms, referring to the bank since yesterday proceeded to conduct the daily auction, after notification of all banks and the Association of Iraqi banks to do so.

 

The statement added: that the bank received all of the applications submitted to it has been implemented in accordance with the instructions by the relevant committee, where sales amounted to on Saturday 183 000 078 thousand dollars. / End / d. O /
  

THE LINK : http://www.ikhnews.c...rticle&id=85328

 

 

 

Central bank: unauthorized statements are as confused as the market
 

 

05/20/2013 (00:01 pm)

 

Criticized the Central Bank of unauthorized statements issued during the last few years on his pointing out that it confused the market and led to losses for businessmen and investors,
 

 

At the same time, he warned a number of MPs and specialists in the financial area of ​​the continuation of the low exchange rate of the dinar against the dollar, stressing that "the decline in the price of the dinar reduced the purchasing power of the national rate (20%), giving a negative indicator for economic growth and development in the country.
 

 

The bank said in a press statement issued yesterday that "statements unauthorized issued during the last few years on the work of the central bank, led to disrupting the market resulting in losses for investors and businessmen," noting that "there is no justification for such statements in economic terms."
 

 

The bank that he "proceeded to make a daily auction, after notification of all banks and the Association of Iraqi banks do," pointing out that "the Bank received all requests submitted to him was implemented according to the instructions by the relevant committee, reaching sales for Saturday 183 000 078 thousand dollars."
 

 

For his part, carrying a member of the Finance Committee in the House of Representatives Hassan Auzmn Bayati, Department of the Central Bank of the current cause of low exchange rate of the dinar against the dollar, warning of the continuing decline because it will lead to economic problems and financial assistance in the country, in terms of increasing poverty and high rates of inflation.
 

 

Al-Bayati said the news agency that the low exchange rate of the dinar impact on the purchasing power of the citizen and fell between (15% - 20%), because most of the goods in the market are imported and are imported in the dollar.
He stressed the need to take the necessary measures for the purpose of the dinar's return to its normal price and maintain its stability against hard currencies to avoid the country from a possible economic crises have occurred as a result.
 

 

For his part, has ruled out a member of the Finance Committee Abdul Hussein al-Yasiri, having operations to smuggle foreign currency, which led to the high exchange rate of the U.S. dollar, indicating that the government give a dollar to the Central Bank and the Bank gives the dinar to the Ministry of Finance for operational purposes in the country, but there are processes monopolistic conducted operations sale of hard currency.
 

 

Yasiri said that "the central bank's policy includes selling the dollar against the dinar in order to create a balance in the balance of supply and demand of foreign currency in the domestic market, but this did not happen, because of the 'fierce attack' by citizens and some financial firms to retain dollars without knowing the reasons.
 

 

He added that the demands of the central bank to change its current monetary policy format to make the dollar up to those who deserve and not to persons They have no need for the dollar, stressing that the continued decline of the dinar exchange rate will lead to a major financial crisis in the country. In the meantime accused MP Hameed Buffy, the federal government in the instability of the exchange rate of the Iraqi dinar against foreign currency because they are trying to control the work of the central bank, although he is an independent institution not directly subject to the executive, but linked to the House of Representatives, according to the Constitution.
 

 

Buffy said that government interference in the work of the Central Bank led to the resignation of the Governor of the Bank and his advisers and managers a dangerous precedent that threatens the country's monetary policy, and this is what happened now is the continuing decline in the exchange rate of the dinar.

THE LINK : http://www.almadapap...ير-المخولة-هي-م

 

 

 

 

 

Iraq is negotiating with 159 countries to join the World Trade Organization (WTO)
 

05/20/2013 - 8:02 PM
 

Ministry of Commerce announced that the Minister of Trade Khairallah Hassan Babiker will head the delegation negotiating for Iraq's accession to the World Trade Organization membership includes representatives from relevant Iraqi ministries and private sector bodies to negotiate with the {159} member state of the WTO, which will be negotiated on files accomplished by Iraq in his career to join this organization.
 

 

According to the statement of the Information Office of the Ministry received by the agency Buratha copy of it today that "Iraq had fought two rounds of negotiations with the World Trade Organization discussed during which many of the files is now going to enter into a round of negotiating a third will be dedicated to file initial offer of goods which has been submitted to the organization after completing accomplished by the Iraqi side. "
 

 

"Also, the Department of Foreign Economic Relations Ministry of Commerce, in coordination with the United Nations Conference on Trade and Development UNCTAD to prepare a training program continuously and intensively over the 2013 and 2014 aims to strengthen the negotiating capacity and technical skills of the team members a manner that achieves good results serve both the economic and trade in Iraq."
 

 

Iraq has been trying for years to join the World Trade Organization (WTO) in order to improve his trade and economic.
 

 

The organization imposed several things on Iraq in order to join her as Iraq seeks to be applied gradually and end all entitlements him to join them.

 

THE LINK : http://www.burathane...cle_195624.html

 

 

 

 

Financial expert: a temporary rise in the dollar crisis

 

 

 

5/20/2013 

 

 

 

 

Electronic integrity

Description of the financial expert Sameer النصيري, rising U.S. dollar crisis in Iraq as "temporary" and will be remedied soon.

 

 

 

The النصيري said in a press statement: that the crisis caused by the high exchange rate of the dinar against the dollar is a temporary crisis, evidence that what was announced by the Central Bank reserves rose to $ 74 billion, adding that this represents a reserve to cover dollars.

 

 

 

He attributed النصيري reasons for the high dollar recently speculators dollar in the Iraqi market and this temporary situation can be controlled, stressing that Iraq over the situation very difficult on the rise and the low exchange rate of the dinar and the dollar, however, saying that monetary policy if they deal with the mechanisms of sound and correct can control the financial market This is not taken, but in cooperation with the private banks through consultation with cash on economic policy, which is almost non-existent in the present time.

 

 

 

He is buying dollars for domestic banks and government during daily sessions for the sale and purchase of foreign currency held by the Iraqi Central Bank, which is supposed to fund the traders from the private sector or for tourism and study outside the country, but this is not what happens when those banks Maysgel clear violation calculated on the instructions Central Bank.

 

 

 THE LINK : http://www.alestiqam...usiness&id=2318

 

 

 

 

Parliamentary Finance: the high price of the dollar caused by the political and security tensions experienced by Iraq and the region
 

 

 

5/20/2013 - 10:48 

 

Confirmed the Finance Committee parliamentary One of the main reasons for the high buying the dollar against the Iraqi dinar in the local markets, political tension and security witnessed by Iraq, especially the tension between the KRG and the federal government and external reasons other regional, including the security situation experienced by Syria currently strong demand for the dollar .

Said committee member Najiba Najib told ((eighth day)) on Monday: that the majority of citizens went to the banks to withdraw their money from the Iraqi dinar and then transferred to the U.S. dollar because of the tension security experienced by Iraq, and the lack of real control on the movement of funds and balances within the central bank Iraqi and other banks.
 

 

It said Najib: The Presidency of the Council of Representatives held a meeting with the Committees of financial, economic and investment after a sudden rise in the exchange rate of the dollar against the Iraqi dinar and issued instructions and strict controls to reduce the high dollar, Ostdrki MP saying: that local markets have seen clear decline in the exchange value of the dollar during the past two days This is a success is good and we are working to continue the central bank as well as the other banks to issue clear instructions to those controls that would be in the interest of the citizen and works to maintain the exchange rate of the dollar.
 

 

She noted that among those instructions and controls his "widen the circle of the dollar by the central bank, with determining the amount of 5 thousand dollars you spend every Iraqi citizen purports to travel on to submit documents and evidence confirms need urgent this amount as a surgery or study and the like, These measures have contributed to the increase in the value of the Iraqi dinar. "
 

 

She said Najib that "whenever there is control and supervision and follow-up by the House of Representatives or the Economic Committee in the Council of Ministers can the government and financial institutions involved in monetary policy to control the price of the dollar and maintaining stability and work on the continuation of these procedures to get a good result because it is in the interest of the Iraqi people . "

 

THE LINK : http://www.burathane...cle_195484.html

 

 

 

 

Abtan: several conditions met led to the high exchange rate of the dollar against the dinar
 

 

 

 

Mon 05/20/2013 11:47 am
 
 

 

BAGHDAD / WAP / A member of the Committee on Economy and Investment parliamentary Abdul Hussein Abtan, said there were several conditions were met Prime cause of the high exchange rate of the dollar against the Iraqi dinar.
 
 

 

He said Abtan news agency Baghdad International / WAP / Monday, "It's surprising that are determined exchange rate of the dollar against the dinar in 2006 to 1160 when he was a reserve Iraq ten billion dollars and today when he arrived reserves Iraq to $ 74 billion, we find that the exchange rate of the dollar has rose. "
 

 

 

He added that "there are several factors for this fluctuation in the exchange rate first is the lack of proper management of the economy in Iraq, with the absence of economic vision in addition to the lack of coordination between monetary policy and the economic and other policies that support the power of the Iraqi dinar to mention the factor of rampant corruption and the theft of money and laundered with the lack of oversight . "
 

 

 

Abtan said that "the matter required under normal economic conditions that the exchange rate of the dollar today without thousandth dinars with the need to have reserves of the Central Bank thus stronger because he will reflect on the situation of living in the country." / End 8

  

THE LINK : http://www.baghdadia...n=view&id=49760

 

 

 

 

The decline of the dinar .. And two prices  for exchange .. Back to back
 

  

05/20/2013 - 8:45 PM

Increasing demand and overcrowding on the green paper. The gap between supply and demand can accommodate an impressive 60 months ago 70 million dollars a day .. Vetoldt a black market and سعران of the exchange difference of 8 10%.
 

 

This is troubling us back to the policies of inflation and multiple exchange rates. Fajlav dinars "ranked match xerox" which turned not worth the paper worth .. And unforeseen tax paid by the citizens as a result of "inflationary Version", the new dinar coin turning "difficult" value increased (20%) and more against the U.S. dollar (2004, 2012) .. As long as the strong dollar bought dinars and "difficult", this would dispel as suspicions waste policy and smuggling, without eliminating the role of oversight and follow-up to prevent manipulation manipulators.
 

 

Our problem is that we have a strong dinars source of oil imports belongs to a weak economy omnidirectional item depends on the outside .. Not only import and tourism .. But also for learning and medical care, immigration and residence, investment and speculative savings, etc.. And instead improve the performance of the economy to become strong, and strengthen the conditions of openness for the benefit of society and the national economy .. To become a regional center dinar and increases the strength of international demand for it, ran forward and started to download a successful monetary policy generally the consequences of failed economic policy in general. And we went to chase penny and the loss of the dinar, and the accusation and arrest people first to provide evidence and clues later.
 

 

What has not changed concepts and procedures with the change regulations they Sttsadm, as is happening now .. When you give up on the official exchange rate for the benefit of supply and demand .. And restrict the conversion exceptions, to be launched after the provision of related items .. And when we seek to move to the National economy and a market economy, when you get these shifts, and deprived of strong dinar satiate the need of the dollar, that will weaken the economy, and pay the capital to escape and prevent others from coming .. And will reduce the confidence of the world and weakens Dinars .. Not based locally to the same stable foreign markets .. It will increase dependence on outside factors .. Inflation and encourages corruption and fraud .. And many Hoahdna, such as enterprise companies rapidly in different capitals, and are willing to provide the willing "bills" carry ratification embassies and companies, to facilitate the conversion for the purpose of import .. Such as access to dollars through the collection of passports, to take advantage of the price difference, and travel is no truth .. All بكلف the economy will pay extra for it and the citizen.
 

 

Economy كالطبيعة can invest laws and stave off some of the risks .. But do not can play Bhetwaznadtha and beyond its borders .. We only backfire Kanhbas thermal and "tsunami", desertification, and we do not understand fluctuations.

 

THE LINK :http://www.aladalane...ticle&id=110231

 

 

 

 

Mini parliamentary committee to follow up the stability of the exchange rate of the dinar against the dollar
 

 

21 May 2013 09:49.

 

 

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - announced the Finance Committee for the formation of a small committee Tata roll of three deputies to monitor the Iraqi dinar exchange rate against the dollar, stressing that the practical measures undertaken by the central bank last week led to address the problem gradually.

 
A member of the mini-committee Abdul Hussein al-Yasiri's (IMN) "The mini-committee will present its final report end of the month to the Finance Committee on the main obstacles to the auction and the central bank measures to develop the capacity of the Iraqi dinar against the dollar."
 

 

Yassiri added, "CBI action by the Commission will brief closely in the coming days and will provide a detailed report to find out why the continued high value of the dollar against the Iraqi dinar."


 He continued that "reports reaching us from the central bank indicate that the Iraqi dinar began to recover against the dollar."
 

 

And confirmed the parliamentary Finance Committee, last Friday, that the exchange rate of the dinar against the dollar began to gradually return to stability after a series of measures taken by the central bank recently.
 

 

 The Finance Committee has ضيفت this week, and Central Bank Governor Abdul Basit Turki agency and discussed with him the reasons for the high price of the dollar against the dinar.
 

THE LINK : http://center-imn.co...d=94&Itemid=602

 

 

 

 

 Talks with Washington to extend the protection of Iraqi funds abroad
 

 

 

May 20, 2013
 

 

 

Government began talks several weeks ago with their U.S. counterparts to discuss the extension of the protection of Iraqi funds abroad and which will expire early next month of June.
 

 

 

 

Member of the Finance Committee of Parliament MP for the coalition of state law, Abdul Hussein al-Yasiri said that "the non-renewal of U.S. protection means that the funds in the Development Fund for Iraq will be vulnerable to lawsuits filed by creditors, which is valued at about $ 140 billion."
 

 THE LINK :http://www.iraqdirec...-في-الخارج.aspx

 

 

 

 

الموتمر the 4 global Islamic banking in Singapore hospitality

 

 

 

    5.21.2013

 

  Electronic integrity

Held in Singapore, during the period from 3 to 5 June 4 World Conference of Islamic banking "W ABC Asia 2013", under the title of "linking global Islamic finance, leadership of international links and cross-border opportunities."

 

 

 

Said David McLennan, Chief Executive Officer of the World Conference of Islamic banking today, that is scheduled to meet in Singapore more than 480 major industrial contractor linked to the Islamic finance industry, international and regional organizations, to participate in the annual conference of the World Islamic Banking 4.

 

 

 

He explained that this conference, which organizes the official support of the Monetary Authority of Singapore, will be berths for international discussions on strengthening the relationship and take advantage of opportunities across the border that will drive further growth in the Islamic finance industry AFC, adding that the global Islamic finance industry over the past decade have changed and financial services have become competitive and rapidly developing international customers increasingly

 

 

 

 

THE LINK : http://www.alestiqam...usiness&id=2322

[DWitte]

Hey, Mr. Adam.  Can you tell us why you think Malaki is good for us?  It seems only a few think Malaki is good for much of anything.  A few being you and him.  Thank you.

[countryroads]

Hi Adam. It's a sad thing to say, but it's getting so that week after week all I am feeling is frustration. I check in each week and find not much has happened with the dinars or find only political news about Iraq. I'm still hanging in there due to bullheadedness. Now I hear that the US is going to extent that dumb protection of Iraqi finances for another year. Could you please tell me how doing this will in any way contribute positively to the RV? Do you think that the RV is dead for the rest of the year? If ten years hasn't given them enough time to get there act together I can't see how more time is any solution. I am not mad but as I said I am just frustrated. Sorry to ramble on but just had to get it off my chest and get a couple of questions answered.

Go RV

[skitealwedrop]

I want to know your honest opinion of Maliki and why you have supported him in the past. 

[ALBUNDY]

What do you think about this article? Could this rumor be true Mr. Adam montana? Did this rumor just try to scare away the Dong Investors from buying up all the Dong? Thank you very much for your time and i will be appeciated if you can elaborate this for us Mr. Adam montana.

 

 

 

Central bank dispels forex rate adjustment rumor

 

 

 

 05/18/2013     12:17

 

 

The State bank of Vietnam on Friday announced that there is no plan  in adjusting the foreign exchange rates at the moment, following a wave to  increase the US dollar selling prices from local banks.

 

 

 

The highest selling price quoted by Vietcombank on  Friday was VND21,030 a dollar, VND65 higher than prices listed two days  earlier.

 

 

Eximbank and ACB meanwhile sold the greenback at  VND21,020 each.

 

 

The prices, however, are still lower than the ceiling  price of VND21,036 a dollar stipulated by the SBV.

 

 

In the unofficial market, ask price was quoted at  VND21,330 per dollar on Friday.

 

 

Banks said demand for the greenback has risen due to  a rumor that the central bank would adjust the forex rate.

 

 

“This is a groundless rumor,” confirmed SBV deputy governor Le Minh Hung.

 

 

The forex liquidity remains in good shape and there  is no reason to adjust the forex rate, he said.

 

 

“Prices have risen as several banks have increased US dollar purchase to make  up for their weak foreign currency liquidity,” he explained.

 

 

“But the phenomenon will last for only a short time and currently, all demand  for foreign currency of the public is normally met,” he asserted.

 

 

 

THE LINK : http://dongtalk.com/...justment-rumor/

[Ragar44]

Hi Adam! Are you the Angel Investor???

The Middle East is about to explode into war. If Iraq gets thrown into the war, what do you think would happen to the RV? Thanks!

[ALBUNDY]

Hi Mr. Adam montana. Sorry If i already enclose so many articles and this will be my last interesting articles regarding Chapter 7 and the salaries . Thank you very much for your patience and I would like you to elaborate them for us Mr. Adam montana.

 

 

 

 

Supermarkets complaining of CHAPTER VII and, controlling government and disable ministries work.

 

 

 

 

 

Wednesday, 22 May 2013 11:24

 

 

 

Integrity Commission announced, Wednesday, that the Central Directorate markets suffer from many obstacles and difficulties, including opening credits for import contracts because of the restrictions imposed by Chapter VII of the UN Charter, packed with traders dominated by government agencies, departments and ministries responsible for disabling work.

 

A statement from the Commission on Public Integrity reported for "Twilight News", "The General Directorate of the General Company for supermarkets complain of obstacles and different obstacles to the return of movement and business life to its marketing outlets paralyzed many years ago."

 

The statement said that "the Director General of the company in a dialogue with the team to evaluate the performance of the Integrity Commission pointed out that one of those obstacles is the failure of the company to open letters of credit for the implementation of import contracts because of the continuing actions restrictions Chapter VII of the Charter of the United Nations imposed on Iraq under international sanctions after Log in Saddam's regime to Kuwait in 1990. "

 

The statement quoted the director as saying that "the company has (11) billion dinars can move the commercial effectiveness it not for the continued imposition of international restrictions."

 

He spoke Director-General as the statement about "other problems internal them acquire some government agencies on the property of the company and especially the province of Baghdad and the secretariat of Baghdad as well as the failure to reach after an agreement to liquidate the company's property in the territory of Kurdistan despite the ongoing correspondence in this regard between the General Secretariat of the Council of Ministers and the Ministries of Trade and Finance . "

 

The Director stated that "the judiciary is still seen in the circumstances of the central Mansour market investment by one of the UAE companies that breached the terms of the investment contract."

 

The Director of the company supermarkets according to the statement, "aside from the responsibility for the problems of his constituency on the GCT which he said that most of the obstacles to the work of the General Company for supermarkets related to dealing with GCT still exist, particularly including the failure to facilitate the procedures for dealing with foreign companies and the late arrival of patent disclosure tax and weak rings coordination in this field between the two sides. "

 

He held General Manager of the company, "the Ministry of Commerce installments of other problems of his constituency, such as its decision to prevent general managers to authorize some of their powers to their assistants, leading to delays in administrative procedures as he criticized the ministry to prevent the involvement of staff Alamadmnin in any financial committee Kgan purchases and others."

 

He criticized "the Ministry of Education what he described as a breach of its agreement with the company on a deal school books bearing the logo of the ministry and its refusal received, although compliance with the agreed specifications which threatens the loss of the company huge amounts of money had not been possible commercialize notebooks to carry the badge and the Ministry of Education.

 

He expressed concern about "the possibility of the reluctance of the investment companies for contracted projects put forward as opportunities of investment in accordance with the Investment Law No. 13 of 2006 which did not take responsible parties a final decision about it despite the passage of a long period on display, including the central markets in Mustansiriya, the people and the interests of the Justice and Tuesday and free piece of land in Hilla and other area or bromine in Basra ".

 

He concluded general manager of central markets by saying that "the company and in coordination with the Ministry of Commerce continues to Multi recapitalize the company and in agreement with the companies sober in this area as well as the continuation of cooperation to formulate a new policy for the company's activities reflect the requirements and market variables and what he believes Tjaozaadz company's financial."

 

The Iraqi Ministry of Trade today announced that, earlier, it had begun procedures convert the central markets to the private sector, because it failed to promote economic betterment since April 2003.
  

 

 

THE LINK : http://www.4.hathaly...cd=2&sid=212946

 

 

 

 

 

 

Common distribute salaries in hard currency, topple the dollar

22-05-2013

 

After weeks of high dollar exchange rate and access to 130 thousand dinars, he returned to fall yesterday (Tuesday, 21 may 2013) to approximately 125,000 dinars, which economists attributed to the disbursement of salaries of staff members and retirees in the US dollar and the implementation of swift action to reduce it in local markets.

 

 

 

 

A number of exchange offices in the capital for the future that the US dollar reached yesterday to 125 000 and 900 dinars and in some areas in the new dinar 125.500 low exchange rate in financial markets and exchange offices still maintain fixed price rises gradually until it reached 130 thousand dinars for $ 100.
 

 

 

 

They added that the dollar reached two days ago to 124 dinars which led to large losses for many bankers who monopolize the amounts of hard currency to try to sell right profit quickly due to the gradual rise of the exchange rate to the dollar for the past few weeks.

 

 

 

 

He attributed the economic expert told maytham Rahim low price $ 5,000 difference to take the Central Bank swift action to prevent work towards activating the distribution of salaries of staff members and retirees in the US dollar.

 

 

 

 

According to Rahim for «future» the real culprit in high dollar exchange rate for the past weeks and months is civil and private bankers and their accomplices from influential actors in the Central Bank and financial speculation as well as the smuggling of large quantities of dollars to neighboring countries, including Iran, Syria and Jordan through the Kurdistan region

 

 

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