New CBI announcement 12/21/2014

[yota691]

News and Announcements

 

• To / Elaf Islamic Bank ( increase banks' capital ) 
  21/12/2014

No Copy or Paste

[bowling4dinars]

please increase my capital as well

[Texstorm]

I can't read that one, but I'm going to have to agree with bowling4dinars.

[Deborah Layne]

No translation yet? I don't know anybody with a translator anymore. They've all gone AWOL

[Laid Back]

The CBI is telling the Banks to get ready for the BIG changes coming on January 2015

Go Iraq

Go dinar

Go strong

[skeetdog]

Thanks Yota....

[Deborah Layne]

I'm wondering if this is the smalls being delivered to the banks?

[deniscanada]

OCR BING

 

Date:

Directorate the public his supervisor alsirvhwalantman almservib studies and Research Department
The elaf Bank/alamlami m/f interests guide the funds increase head Central Bank presents his compliments
Askada to the bottom Board of management almtkhzebglsth numbered 1517 and on 71 71 1 0 2
Almwafth, I enter the Bank to force the sale of human beings; h foreign basketball after completing procedures to ø mm 2 ^ billion dbenar unless barred from entry window for other reasons bethddt completed the amount of irrigation اءقسئر a 25.0) billion dinars in 0 1 0 2 provided that the increase in deposit, ^ 1 1 ^ ^
Based on the ltaton ponds and 1 2 number) for the 1997 and the succession is harmakm) I enter the window buying and selling foreign currency
Decided as follows;
With appreciation
ÚÈÏ çáúèçó behind Sultan
Director-General of the Agency

[djgabrielie]

OCR BING

 

Date:

Directorate the public his supervisor alsirvhwalantman almservib studies and Research Department

The elaf Bank/alamlami m/f interests guide the funds increase head Central Bank presents his compliments

Askada to the bottom Board of management almtkhzebglsth numbered 1517 and on 71 71 1 0 2

Almwafth, I enter the Bank to force the sale of human beings; h foreign basketball after completing procedures to ø mm 2 ^ billion dbenar unless barred from entry window for other reasons bethddt completed the amount of irrigation اءقسئر a 25.0) billion dinars in 0 1 0 2 provided that the increase in deposit, ^ 1 1 ^ ^

Based on the ltaton ponds and 1 2 number) for the 1997 and the succession is harmakm) I enter the window buying and selling foreign currency

Decided as follows;

With appreciation

ÚÈÏ çáúèçó behind Sultan

Director-General of the Agency

 

So I take it that this is the translation?

 

How about a translation to the translation?

[vietnam1969]

Could it be something related to this?

 

 

CUSTOM TARIFF UPDATE

WHY THE CBI MUST REVALUE THE DINAR



Yesterday PM Abadi announced that the Five Member Committee had finished their final draft of the 2015 Budget after oil prices rose +4.26%. Abadi went on to say that his Council of Ministers would discuss the budget and either approve it Monday or by Tuesday at the latest. Either way, Speaker of the House of Representatives, al-Jabouri said that he would call parliament in for an extraordinary session to read the budget three times and vote on it as soon as the CoM approved it. 

PREMIUM MEMBERS LINK

PREMIUM MEMBERS LINK

Following that news yesterday we received information that Finance Minister Zabari announced that 2015 will see rising taxes and custom tariffs on goods entering Iraq to close the deficit gap. 

PREMIUM MEMBERS LINK

These rising taxes and increase in price of goods are the encouraging signs that I have talked about, which should lead up to the revaluation of the dinar. Why you may ask? Because of the primary objectives of the Central Bank of Iraq itself, let me show you, here is the mission I'm referring too:

The primary objectives of the Central Bank of Iraq (CBI) is to ensure domestic price stability and foster a stable competitive market based financial system. The CBI shall also promote sustainable growth, employment and prosperity in Iraq.  LINK

By introducing to the Iraqi citizens new taxes, increased taxes and higher tariff taxes on import goods, that will lead to the higher price of goods themselves are all signs that the CBI must do something to ensure domestic stability and foster a stable competitive market based financial system.

All these increases will be good for Minister of Finance Zebari in reducing his deficit, but these will all hinder the Iraqi people, the growth of Iraq, employment and the prosperity of Iraq unless the CBI takes action too. 

See the CBI has within its power to use all the Iraqi assets other than the foreign reserves to back its de facto peg, which is not what it appears to be as long the USD $ accounts for most of their money supply in country. Up until now the CBI has only chosen to use what it takes to keep the local market rate stable, in the framework of what they use today, the daily auctions. These daily auction have served Iraq well but are limited as we have seen this weekend, with the market rate increasing from 1197 just four days ago to 1217 today. 

That's a jump of 20 dinars per one US dollar in just a matter of four days folks, can you imagine what it's going to do when these taxes increase, new taxes are added, along with the increase in the price of goods take place if the CBI and Prime Minister Abadi don't intervene and take measures. Measures that will move Iraq into the free market economy, open up to investors by the way of investment laws, banking laws and at the same time giving the dinar the real purchasing power it needs to keep up with growth that these will bring. But the CBI has the power remember!

It is time for the CBI to take its exchange rate regime to a different
level, to stand up and get away from this de facto peg by revaluing the dinar to the purchasing power that will help the average Iraqi in their daily lives.  It is, in my opinion, the right time for the CBI to move Iraq into a more international economic monetary framework, one that still has flexibility but one that shows the real financial strength of Iraq to the world and to those that will be investing in the dinar as a community on the world Forex market. 

With ISIS on the defense and no longer the aggressor, the security stability may just very well be good enough for the governor of the CBI to launch what is called the delete zero project that includes in my opinion the increase 
in purchasing power for the Iraqis that will allow for these changes to the Iraqi market. 

Also, articles came out the other day talking about replacing the exciting currency with the new improved security dinars to fight against corruption. To me this means that the CBI wants the citizens to have the new banknotes before the rate comes out.

 

 

 

 

 

 

 

 

 

 

 

 

 

Edited December 22, 2014 by vietnam1969

[skeetdog]

That's exactly how I translate it ''vietnam1969''...."Thanks Dawg''....

[sandfly]

THANKS

[WheresmyRV?]

Excellent article thanks Vietnam.

[Deborah Layne]

Thanks 'Nam!

[Caye98]

Thank you for the post and translation(s), but it is still an opinion piece.

 

20 point move gets attention, but prefer it was going the other direction. 

[SocalDinar]

This is basically telling Elaf Islamic Bank that they are approved to sell and buy foreign currency on the condition that they increase their capital to 250 Billion dinars. They have till June 30th to increase their capital or they will be disqualified.