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CBI: the power of the dinar and the bank's reserves were not affected by the security conditions in the country


yota691
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July 3, 2014 10:19   Last Updated: July 3, 2014 10:19Source: Live
 
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The Governor of Central Bank of Iraq, Abdul-Basit Turki, the strength of the Iraqi dinar and the precautions that support has not been affected despite the recent situation in Iraq and the militant groups to launch an attack on Iraqi territory. Said Turki during his participation and chaired by the Financial Action Task Force for the Middle East and North Africa to combat money laundering and terrorism financing in the capital of Bahrain, Manama: "The cash reserve supporter of the Iraqi dinar is 70 billion dollars and that the central bank is able to support the exchange rate of the dinar, which currently stands at 1200 dinars to the dollar But he did not rule affected the exchange rate. "according to the newspaper integrity and pointed out that the Iraqi dinar powered reserves and is not tied to any other currency and cash reserves Ghaderth for his support, and assured Iraqis that those large reserves of state funds of the central bank is not in Iraq but in the states and other banks in Europe and other countries. and influenced by the currency and the economy because of the military attack militant groups in Iraq, said: "There is no doubt that the latest of this size have an impact on the economy first and on the financial position and cash on the other hand, but the Iraqi state is able to get out of this crisis." and money laundering Iraq and the region by virtue chaired this group said: "The Iraq and the GCC in particular and the Arab countries and Middle Eastern generally need to work doubly to stop the process of money laundering and financing of terrorism because there are a lot of gaps must be bridged for not world class and this is what we are seeking now."

 

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If they increase its buying power then they are liable for that increase in everything they spend abroad.

So if they spend 50 billion on imports now at this rate

And they increase the spending power by 10 times

Who's to say the general public wouldn't spend more abroad than its original 50 billion dollars they were spending before the increase

If they start buying cars , clothes , appliances , tvs, ect Ect

And they start spending 500 billion dollars a year they are liable for 500 billion a year in their trade balance

And with a total income of 120 billion in oil sales how could they cover 500 billion a year in imports

They can't

So they can't raise the rate any more than the country has income to back it

The Current account has to be 500 billion a year to have a trade balance of zero if they spend 500 billion a year externally

Guess what you give someone more money they spend more money

They got to establish their soveriegn credit rating

And they have to generate more income for the country

They can spend as much as they make

No more unless they want to follow the United States policies of trade deficits every year

And go I debt past what your able to pay back

Edited by dontlop
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Dollarize

De- dollarize

Rv

Hopfully we are in the dollarization stage

It kinda looks that way

Send out the dollars bring in the dinars

I guess that's the dream

Limit the Iraqis to 100 billion dinars worth a dollar each

Or a trillion worth a dime each

Or ten trillion worth a penny each

What ever

Just get the job done so its sustainable coinsiding with your country's income

Edited by dontlop
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Thursday, July 3rd, 2014 12:26 Central Bank Governor: the country needs to work doubly to stop money laundering
 
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BAGHDAD / Baghdadi News .. The Governor of Central Bank of Iraq, on Thursday, said the strength of the Iraqi dinar and the precautions that support has not been affected despite the recent situation in Iraq, noting that the country needs to work doubly to stop money laundering.

 

Said Abdul Basit Turki said in an interview during his participation and chaired by the FATF for the Middle East and North Africa to combat money laundering and terrorism financing in Bahrain and I followed / Baghdadi News / "The cash reserve supporter of the Iraqi dinar is 70 billion dollars and the central bank is able to support the exchange rate of the dinar which currently stands at 1200 dinars to the dollar but did not rule affected the exchange rate. "

He pointed out that "the Iraqi dinar powered reserves and is pegged to any other currency and that cash reserves are able to support," assured "Iraqis that those large reserves of state funds of the central bank is not in Iraq but in the states and other banks in Europe and other countries."

And influenced by the currency and the economy because of the security situation, said, "There is no doubt that the latest of this size have an impact on the economy first and on the financial position and cash the other hand, the Iraqi state, but able to get out of this crisis."

And money laundering in Iraq and in the region by virtue chaired this group pointed out that "Iraq and the GCC countries, especially the Arab countries and Middle Eastern generally need to work doubly to stop the process of money laundering and financing of terrorism because there are a lot of gaps must be bridged for not world class and this is what we need now."

http://translate.google.com.pk/translate?hl=en&sl=ar&u=http://www.albaghdadianews.com/&prev=/search%3Fq%3Dal%2Bbaghdadia%2Bnews%26espv%3D210%26es_sm%3D93%26biw%3D1024%26bih%3D676

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