{Reduce dollarization »enhances confidence in dinars !

[jeepguy]

and   I do hope  that   the  ---removing 000`s   is  buying back the larger notes at face value of the ratio  of 1 to 1  or 2 to 1  ,,  and ,or,   lower notes with out  the zero`s  as in 5`s 10`s  20`s  ,  with  the value  as in  1 to 1  or 2 to 1  ------  lets  prey this is  coming  in next few weeks

[DinarThug]

Really like this article....sounds like they are keeping us in mind.

 

Ya, And Here's BondLady's Comment On The Article In The Original Post ...

 

 

 

Reduce dollarization »enhances confidence in dinars   3/2/2014

[bondLady] this is exactly what I, we have been saying for years had to be done, gotta make them fall back in love with the dinar so they wont wanna love using the dollar any more..

is reason now to take measures, including preventing any business dealings internal to the dollar and restrict external transactions such as travel, treatment, and other than that required to buy the dollar.

          

[uncirculd]

Right on Thug!!  woo hoo...

[RAGARCIA62]

[DinarThug]

Right on Thug!!  woo hoo...

Ya, Now Let's See What That Chucklehead Maliki Does Since He's Sucking Up For A 3rd Term !

[siberian_shaddow]

Thanks Thugs, very good articles time to turn it up Iraq give us a new rate. Go Rv

[NoviceInvestor]

Still skeptical but hopeful.

[Dinarian64]

I like  the  last  purple  paragraph  they  speak  of   currency  speculators ,  just hope  they can  take this article  and  make it  real  with in the next few  weeks any way  good article

I took that as referencing us, and they are seeing us as a market to sell their currency. How this indicates a potential RV is beyond me.

I would be stoked for that to occur NOW.

Or as LGD says SUDDENLY

[OfCamelot]

Super post and very encouraging.  But it has to co-incide with trade balance, JMO.

[dontlop]

I wouldn't think that anyone would think that because they have just spoke about de- dollarization

That it's going to rv tonight

De- dollarization is a process that can take years to complete

It's not like the value of the dinar will skyrocket and all the dollars will be gone tommarro morning

They could make it go rather quickly by raising the official exchange rate on the dinar

Some people think everyone is dumping the dinar as soon as they get it so they can have dollars

I don't believe that

They would lose money everytime they do that

The market rate is what you pay when you exchange your dinars for dollars

The cbi charges the banks charge and currency dealers charge fees for that service

The new legal tender laws will help people so they are not forced to use dollars by some venders and businessmen

The dinar has a set value by the government and they can and it looks like they will pass legal tender laws that state you must accept dinars as payment for goods and services

Just like in the USA

The businesses can't refuse the dollar as legal tender

They can refuse any other currency but not the dollar

Iraq should do the same

Then people won't be forced to lose money on the dinar exchanging them into dollars from dealer fees

Then they will be confident in the dinar again

[MyLadiesDaddy]

DL I respectfully disagree with the first part of your statement. Considering human nature

everyone wants to believe in their country. And that belief is only magnified in a nations

currency. When you factor in the sociality of it all Iraqis, like Americans, want the dinar

to be powerful. It would say were a great nation, we have succeeded. I believe that by

raising the dinar to just over a dollar that Iraqis would practically overnight start using

their national currency, and would do so with great pride. I further believe that doing

so is the one thing that will bring ALL Iraqis together. At least for a little while.

[dontlop]

De_dollarization is very hard to achieve in any country sometimes it's not even achievable

They need legal tender laws set up that the dinar is the national currency and you lose money to exchange into dollars

To buy dollars it should cost more dinar than the official rate

All business inside Iraq needs to be done in dinar whether they like it or not

If someone is refused service using dinar they should be shut down

They have to de-dollarize thru legislation and a nice rate of exchange with smaller denominations would be nice

So talking about it and passing legislation are a long way apart

[Zigs]

One of Shabs plans for de-dollarizing was a penalty for using the dollar.  I felt he meant there would be an extra fee or tax.

[Laid Back]

Raise the value of the dinar to over $1. End of the dollarization problem

Just do it please.!

[calkid11]

Good. Post, just get it done IRAQ

[DinarThug]

Check Out The 2nd And The 2nd To Last Paragraph's ...

 

 

 

February 4, 2014

Iraqi civil banks: central bank does not provide only one-third of the needs of the market and the dollar succumb to political pressure and media

Baghdad - Accused the General Authority for the North Bank for Finance and Investment, on Sunday, the CBI not to meet the needs of the Iraqi market of hard currency over the past five months and the transfer of that rests with the private banks, while confirming that Iraq needs to pump nearly 300 million dollars in the market daily to meet the needs of the currency in the currency when he criticized the central bank promised to these statements as an attack upon and "stems from ignorance and lack of knowledge of monetary policy.

The head of the board of directors of the North Bank and the Investment and Finance Nawzad Daoud dry in an interview to the (long-Presse), "The Central Bank of Iraq has failed to meet the needs of the Iraqi market of hard currency for more than five months," noting that "more than optimum needs met by local banks as great upheaval happening between merchants and banks.

Between dry and that "a large part of politicians and central bank officials contend that the needs of Iraq's hard currency ranging from 85 to 90 million dollars per day, but in fact the market need to more than 250 and up to 300 million dollars a day.

The dry that "these words did not come without documents or evidence," explaining that "most citizens of the Iraqi dinar currency replacing the dollar and signs of this one need to market the dollar.

The President of the Board of Directors of Bank of the North, which is one of the largest Iraqi private banks to "shorten the central bank to provide hard currency and lack of commitment by the government policy of free market happen confusion in the market," but he added, "but we are a source of merit in terms of saving money for our resources, high of deposits and financial strength in this field.

The Department of the North Bank announced at a conference held by Snoop on Saturday that its profits in 2012 amounted to 68.813 billion Iraqi dinars, which is the highest in recent years among the general Iraqi private banks, which have increased in number to 35 banks, and confirmed that the deposits amounted to 1.604 trillion Iraqi dinars.

Promised dry that "the actions the central bank was probably coming after a wave of political pressure and media," stressing that "private banks are not in need of financial support from the government but they need moral support and to maintain its integrity banking and open the doors to them to deal with foreign banks better

The deputies, politicians and economists accused the Central Bank of Iraq over the past months to burn "an average of four billion dollars a month in an auction of hard currency for the benefit of ten banks, most of them with capital Gulf, buy a day most of the claims of the central bank's hard currency and make a profit on the overcharge up to 6% including them control of the Iraqi economy.

For his part, said a member of the inspection department at the Directorate General for banking and credit control in the Central Bank of Ali Mahmoud said in an interview to the (long-Presse) that "the opinion of the North Bank policy of the central bank serves as a launching an attack on the bank," noting that "the reasons for this campaign is the lack of understanding monetary policy and what is known about monetary policy.

Mahmoud added that "in recent years after 2003 were given to private banks complete freedom after the lifting of the benefits and the emancipation of commissions and these things are positive things for these banks.

He said Mahmoud, "but that some shareholders bankers ignorant just looking for a profit without the knowledge of the rest of the things," and accused them of being "think profit pure without thinking about the risks to banks," noting that "the role of the central bank is to reduce these risks and to follow the monetary policy and its path forward or retreat. 

And Iraq's cabinet decided on (16 October 2012), assigned to head the Office of Financial Supervision Abdul Basit Turki functions of the central bank governor and the agency rather than the former Fed governor Sinan al-Shabibi on charges of issues of financial and administrative corruption in the bank, especially in operations Auction dollars, but the something that did not occur to the work of the bank and currency auction whereas the Iraqi dinar exchange rate against the dollar, a big drop since jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar in April 2013.

The Fund said in a report issued in (21/03/2013) Following the end of the consultations held in Amman between a delegation from the Fund and the Iraqi delegation headed by VMware Planning Ali Shukri, and seen (long-Presse) it "an improvement in the financial sector", but stressed that what still "need greater efforts by the central bank to revise monetary policy tools and strengthen banking supervision, and to accelerate the restructuring of the banking system.

He called on the International Monetary Fund Central Bank of Iraq to "take measures towards a gradual liberalization of foreign exchange offer through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year.

UNFPA emphasized that "the establishment of a banking system nationalist requires the abandonment of the current model, which is controlled by the weak banks owned by the state, which enjoys preferential treatment distinguish them from private banks," calling on Iraq to do to strengthen its institutions of public finances to ensure efficiency and transparency in the use of oil revenues.


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[MyLadiesDaddy]

The pressure is being put on.