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Auction Central Bank Monetary Policy Threatens To Collapse Baghdad !


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Thanks to everyone for the good comments and info brought over from other sources...!  We shall see soon enough what Iraq will be doing regarding the IQD and its eventual increase in value ... big or small; but it will happen.  

Happy New Year to everyone ... Be Blessed & be at Peace...!  :salute: 

Edited by ronscarpa
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Thanks to everyone for the good comments and info brought over from other sources...!  We shall see soon enough what Iraq will be doing regarding the IQD and its eventual increase in value ... big or small;  it will happen.  Happy New Year everyone ... Be Blessed 7 be at Peace...!  :salute: 

Thanks Ron..Hope you don't mind I took the But out....+1  :eyebrows: 

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This is an interesting play, look who they are "calling out" for not making this thing happen. The best lie is the one closest to the truth. In ithis instance, we have not a clue as to what is really going on over there. However, the charge and to whom the charge is implicating gives us some insight to the possible truth. Why blame the US on one hand for seeking the collapse of the economy yet on the other hand, run to New York to deposit oil funds in lieu of Turkey. The same Turkey, who has signed agreements for Oil and a general trade agreement using the IQD as currency. The largest benificiary of the Turkey agreement would be Bagdad not the Kurds. So, since the players have been named, we simply need to infer what game is being played. What US entities would benefit from the continued auctions in lieu of a revaluation?

 

If this allegation is strategically placed, as I beleive it is, soon the ball that was just thrown up in the air will have to hit the ground. In other words, they made a charge and are begging the world to ask them to prove their allegations. Should anyone with power choose to answer this call, then I beleive we will see true and fast movement. The glove is off the hand, a face has been slapped, now its time to duel. With such a strong allegation, I believe the validity of the statement will be confirmed by whether or not any international body would dare to investigate their claim. If everyone refuses to step up, the likelyhood that their claim is true, will be greatly fortified.

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Here Is The Complete Article Discussion By Tlar .......

 

 

 

 

Tlar: This article  {at the end of post}  looks like a throw back to articles engineered by Maliki just before he removed Shabibi last year. 

The author or authors seem to have a scare tactic agenda.  It is accusatory of both the CBI's monetary policy and of American and other International companies operating in Iraq.

 

  The auctions have been a necessary part of monetary policy for Iraq as proven by the fact that they have continued on through Turki after Shabibi was removed for selling USD. 

 

Turki found out almost immediately that the auctions were his only tool available to control inflation and to support the dinar and he had to come to the conclusion that these kinds of arguments were either inspired by politics or people who had no understanding of economics or monetary function. 

 


The auctions have been very necessary all the way along and especially of late in order to clean up the currency markets in the ME.
...

  In the early days the CBI sold trillions of dinar to anyone who would buy it in order to raise hard currency.  In the last two years the CBI has mainly just been buying those same dinars back as part of their desire to strengthen the value of the dinar. 

At the same time they have been buying the dinar we have seen their cash reserves go up approximately 50% having gone from 60 billion in 2012 to just shy of 90 billion a month ago. 

This policy of selling dollars has reduced the number of dinars in the market to where everyone agrees the dinar is now under valued. 

I think the auctions have been lately a dress rehearsal for the coming raise in value.  The auctions will eventually have to be discontinued because they will have run their course and usefulness.

  That is the target both by the CBI and the IMF, but Iraq cannot replace the auctions until they have other tools in place to support their currency and control inflation. 

The tariffs, the coming bond sales, liberalizing the exchange rate, these tools and more will be needed to allow the CBI to control both inflation and to support the currency.  They are on the verge of getting all these new tools. Until then the auctions are it.

Tlar:  'm not so sure that it is international companies are in bed with and paying off Maliki to maintain cheap labor Enorrste. First off I think they are under contract on a per barrel basis.

Somewhere I remember them negotiating a $2 dollar to $2.50 per barrel contracts or there about. The oil industry in Iraq is nationalised and internationals don't own the well head but rather cooperate under an operator agreement for a set period of years.

They are required to hire a certain percentage of Iraqi's as part of the contract. We know that China early on, was black balled from bidding because on their very first contract they brought their own labor force from China in violation of the contract.

China threatened to dump dinar and walk away so Iraq relented and reinstated them to bidder status where they have been ever since. Also if I remember correctly, every bidder who wins a contract has to pay large sums of money up front.

This money is a grey area as to where it goes IMO and I believe that Sharistani and Maliki use most if not all of it as their personal slush fund. The oil Ministry foots most of the costs for the well and continued operating expenses with the winning company using its expertise to drill and produce.

We know this because we have been told early on it was some kind of a cost sharing basis, and we have seen the lack of payments for expenses was a sticking point for Kurdistan when Bagdad just quit paying them to companies working in Kurdistan.

The point is this.

The internationals pay a "bribe" up front and only receive $2.00 for each barrel coming out of the ground to cover what ever their share of the costs are. That leaves little profit to share with any one but it is enough to give the companies reason to work in Iraq.

  I think, and I may be wrong, but what this article is saying is that the internationals won't accept the dinar in payment but rather they want hard currency at the expense of the Iraqi economy.

They get paid in USD and take the majority of it out of the country and that is hurting the economy of Iraq.  The first paragraph is very telling and it is a direct indictment of the CBI monetary policy for not having made the dinar international.

  "Warned parliamentary sources familiar with the collapse of the Iraqi monetary policy in light of the continued dollar selling in the auction of the Central Bank, and revealed a blueprint for the continuation of the process of money laundering agreement with American officials through non-recognition of the Iraqi dinar in international transactions."

  and here again, ""the failure to adopt the Iraqi dinar in business dealings and international economic serves as the execution of the Iraqi economy, arbitrary and intentional,"

 pointing out that "this phenomenon, according to foreign experts within the biggest corruption in the history, the agreement between senior American and international companies leading the laundering operations and money laundering. "

  All he is saying is that with the bank is dumping dollars for dinar at the auctions and that the internationals taking hard currency out of the country as we pay them and the Iraqi economy is suffering because of this. 

Again he is blaming the bank for this perceived entire mess of the economy because of their not making the dinar international.  You know what, this guy is right IMO.

 Make the dinar international at a buck and watch these problems disapear.  It is amazing.

 I morphed from thinking this article was an uncalled for indictment of the bank to being on this guys side in one post.  Lol


 
ARTICLE & LINK:
 
Auction Central Bank monetary policy threatens to collapse

Baghdad / Orr News

Warned parliamentary sources familiar with the collapse of the Iraqi monetary policy in light of the continued dollar selling in the auction of the Central Bank, and revealed a blueprint for the continuation of the process of money laundering agreement with American officials through non-recognition of the Iraqi dinar in international transactions.

The sources said that "the financial policy of Iraq at a critical juncture in the light of the growing phenomenon of selling the dollar at the central bank auction to sell the currency,"

indicating that "the government is not aware of this risk and is oblivious also on the level of collapse concealer suffered monetary policy in light of the marginalization of the presence of the Iraqi dinar,

which What still is not recognized in international business dealings despite the passage of 11 years since the change of the former regime and the lifting of international sanctions on Iraq. "

The sources pointed out that "the failure to adopt the Iraqi dinar in business dealings and international economic serves as the execution of the Iraqi economy, arbitrary and intentional,"

pointing out that "this phenomenon, according to foreign experts within the biggest corruption in the history, the agreement between senior American and international companies leading the laundering operations and money laundering. "

Previously, specialists in economic affairs that strongly criticized the policy of the central bank in control of the Iraqi dinar exchange rate and demanded reconsideration of the auction sale of the dollar,

but the latter insisted on continuing to sell foreign currency and Usaha to include all government and private banks.

The bank said in a statement issued in the month of April, "The process of cash sales for the dollar continues through the central bank auction conducted by the sale of foreign currency," adding that "sales operations include all government and private banks, according to quotas and timings of time so special" .   LINK

 

 

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They are getting to the point of desperation.  I remember Shabibi took maliki's government to court for sabotaging the monetary policy.  Then Shabibi was then accused of embezzling/corruption by none other than maliki.  But,  maliki has mahmoud (the judge) in his pocket so you can't win in court.  Putting an arrest warrant for Shabibi when he was at a convention of bankiers took Shabibi out of the picture.  That's how maliki stopped the currency from being turned on.  Shabibi was ready and maliki was not.  Maliki has sabotaged the whole economy and it's running on fumes right now and they all know it.  Maliki don't care cause he needs to keep stealing from the country's wealth so he can support Iran and Syria.

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You may be right, but with our own Iranian loving dictator in office who's gonna

stop the evil Maliki?

I pray people here wake up and realize when we put evil people in the white house

then there's no one to stop other evil dictators. America is the last hope this world

has against evil men. But only if we remember who we serve.

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Damn this was an enlightening read. Thanks!

Yeah, About The Only Thing We're Missing Is Some Stromboli ! :blink:

But I'd Swear That I Think I Can Smell Umbertino's Stromboli Cart Somewhere On A Nearby Thread ! :o

And I Know For Sure That I Can Hear The Music That He's Always Playing From His Ghetto Blaster !

:D:D:D

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