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Removing dinar from circulation


franmike
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I'm thinking that much of it was on consignment to other banks and still under control of the CBI so all they had to do was call for it to be returned. They may also have bought it back now while it is cheaper before the revalueation. Either way it looks like a good sign for us.~~~~Bluto

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basically they removed most of their M2 liquidity (reserves in their coffers) and through debit card distribution (Iraqi peeps deposited their cash into the system) ........bought as many USD from them as they could persuade for electronic funds, used USD to buy back auctioned currencies in reverse auctions, some bond trading ..etc.. ..........Frank26 claims that 6 trillion IQD is all that remains needing to be purchased back (in independent investors hands and in foreign banks as reserves ---USA ---CHINA ---SAUDI A. and thats why he thinks they can afford a RV of $3.86-------I personally think $1.49 with a deadline for bills with 3 zeros (hopefully at least 90 days or more) after which time they will adjust their 'controlled float above $3.00 and break even on everything they took back in at $1.49 its their only win-win option --------------------NO SLAPS PLEASE THIS IS JUST AN OPINION--------

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Here is the article I had, unfortunately I did not retain the source, I believe it to be either Aswat-Al Iraq or Al-Iraq news.net. Hopes this helps.

Iraq : Iraq announces the withdrawal of 70 percent of the excess liquidity

أكد استمراره بدعم المشاريع السكنية والصناعية والخدمية Emphasized the continuing support of housing projects, industrial and service

بغداد ـ طه حسين Baghdad, Taha Hussein

استطاع مصرف الرافدين سحب نسبة عالية من السيولة الفائضة عن حاجة السوق المحلية الى جانب استمراره بدعم المشاريع الصناعية والخدمية والاسكانية. Bank of Iraq could pull a high proportion of surplus liquidity need for the local market as well as continuing to support projects of industrial, service and housing.

وقال مدير عام المصرف عبد الحسين الياسري في مؤتمر صحفي حضرته “الصباح” ان المصرف حقق عملا مهما يتمحور في جانبين هما سحب السيولة الفائضة من التداول وطرحها الى السوق ثانية اذ تمكن من سحب 24 تريليونا و 800 مليار دينار تمثل 70 بالمئة من السيولة، مشيرا الى ان الجانب الثاني من توجهات المصرف يتمثل بدعم مشاريع الصيرفة الشاملة والقطاعات الصناعية والخدمية ومشاريع البناء والتشييد وتخصيص قسم من القروض للمزارعين وتمويل المشاريع الاسكانية لاسيما ان البلد بحاجة الى بناء اكثر من ثلاثة ملايين وحدة سكنية، منوها بأن المصرف خصص 6 تريليونات دينار لاغراض السكن والتجارة والصناعة الى جانب منحه قروضا للقطاع العام مثل وزارة الكهرباء التي منحها قرضا لتطوير الكهرباء وشراء سندات وحوالات منها على شكل دفعتين تجاوزت اقيامها اربعة تريليونات و800 مليار دينار، فضلا عن منح شركات وزارة الصناعة اكثر من تريليون و115 مليار دينار مساهمة منه في تنفيذ مشاريع اعادة تاهيل وتطوير هذه الشركات، اضافة الى القروض المختلفة التي منحها المصرف للموظفين والعاملين في دوائر الدولة المختلفة.وفي معرض حديثه عن القروض الاسكانية التي يمنحها الرافدين للمواطنين بين ان المصرف استعان بالعقاري باعتباره صاحب تجربة في منح القروض الاسكانية للمواطنين فاقرض الاخير مبلغا تجاوز 300 مليار دينار، اضافة الى اعداده دراسة في كيفية منح القروض الاسكانية من قبله مباشرة وذلك لان المصرف اراد تجنب الوقوع في الاخطاء التي وقع فيها العديد من المصارف العالمية من خلال المعادلة الموجودة بين الودائع ونوعها وبين القروض والسلف مبينا وجود ودائع قصيرة الأجل وطويلة الأجل وتوجد هناك قروض وتسهيلات قصيرة ومتوسطة وطويلة الأجل فالمصرف الذي يمتلك الرؤية الصحيحة للمستقبل يجب ان يضع هذه الموازنة ويقرض على اساسها، على حد تعبيره. The general director of the bank Abdul Hussein al-Yassiri told a news conference attended by the "morning" that the bank has achieved an important work focuses on two aspects, namely the withdrawal of excess liquidity from circulation, and then put into the market again, and managed to withdraw 24 trillion and 800 billion dinars, representing 70 percent of the liquidity, referring to the The second aspect of the directions of the Bank is supporting projects its banking and industrial sectors, service and construction projects and the allocation of part of loans to farmers and the financing of housing projects, especially that the country needs to build more than three million housing units, noting that the bank allocated 6 trillion dinars for the purposes of housing, commerce and industry to by granting loans to the public sector as the Ministry of Electricity had granted a loan for the development of electricity and purchases of bonds and remittances in the form of two waves exceeded purchases totaling four trillion and 800 billion dinars, as well as giving companies and the Ministry of Industry more than a trillion and 115 billion dinars, a contribution to the implementation of rehabilitation projects and the development of these companies , in addition to various loans granted by the Bank staff and employees in different state. Speaking of housing loans granted by Iraq to the citizens of that the bank used Balakari as an owner of an experiment in granting housing loans to citizens Vakarz final amount exceeded 300 billion dinars, in addition to the prepared study how to grant housing loans by him directly, because the bank wanted to avoid the mistakes of the many international banks through the equation between the deposits and the type and between loans and advances, indicating the presence of short-term deposits and long-term and there are loans and short-, medium-and long-term bank, which has the right vision for the future must be prepared to this budget and gnawing on that basis, he put it. المدير العام نبه الى ان المصرف مازال مستمرا في منح المواطنين القروض الاسكانية البالغة 30 مليون دينار مبينا ان المصرف اشترط امتلاك المواطن الراغب في الحصول على هذا القرض لقطعة الارض باعتباره مهيئا لبناء الوحدة السكنية اكثر من غيره، فضلا عن استمراره في منح القروض التجارية والصناعية.واوضح ان الرافدين كان قد وضع سقفا للسلف لايتجاوز ترليون دينار وهو حاليا يدرس امكانية وضع سقف جديد او رفع السقف الذي وصل اليه المصرف في المرحلة الماضية. Director-General warned that the bank is still going to give people housing loans of 30 million dinars, indicating that the bank is required possession of the citizen who wants to get this loan to the land as a place for building the housing units more than others, as well as continue to grant loans that commercial and industrial. Said that Iraq had put a ceiling for advances to exceed one trillion dinars and is currently studying the possibility of developing a new roof or the lifting of the ceiling he reached the bank in the previous stage.

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I know we are all waiting on the RV I know I am... Good signs are banks not selling anymore, then small bills then we will have our RV. JMO. I hope it is really soon.

Sparkling,

Where did you hear or read that the banks are not selling anymore dinar? I don't believe this is true. If it were, of course, it would be a very BIG deal!

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Thanks for the article. One thing that is confusing is in the article it states that they managed to withdraw 24 trillion 8 billion and then put it back into the market. Are they withdrawing liquidity to place it back into the market through projects in the banking sector and industrial projects such as through loans?. It appears they are recirculating the money and not destroying it.

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Sparkling,

Where did you hear or read that the banks are not selling anymore dinar? I don't believe this is true. If it were, of course, it would be a very BIG deal!

I am sorry I ment. The good signs would be.... When they don't sell anymore then small bills then RV.. Did not mean they stopped selling but when then do we know somthing is going to happen.

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Thanks for the article. One thing that is confusing is in the article it states that they managed to withdraw 24 trillion 8 billion and then put it back into the market. Are they withdrawing liquidity to place it back into the market through projects in the banking sector and industrial projects such as through loans?. It appears they are recirculating the money and not destroying it.

Greebs- the way I see it through their translation is that the excess liquidity is available for use or to be resold but presently not out in circulation. It almost seems that it is there to do a manged float system for the RV, but most believe that a manged float system, including me, is not the way they will carry out the reacquistion of their currency to avoid people sitting around and waiting for the highest rate of the range within the buy back period. So more than likely it's there until they decide it is superfulous and unnecessary...in other words the RV!!!!

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Exactly how was the many trillions of dinar taken out of circulation-briefly?

Apologies if this was explained but I could not find.

Thanks and regards,

I just wanted to give my opinion on the reputation part of each post. I feel that it gets out of hand sometimes. Someone hit the negative reputation on this persons post. I hit positive just to egual it out . I think that if someone BASHES someone or being mean spirited then its a good tool. But I am seeing people being hit not for bashing but for just having different points of views. Isn't that freedom of speach? Was this feature meant to be used against people that have different views or just to eliminate mean bashing remarks. I think it is being abused. There was no reason his post should have been dinged.

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Thanks for the article. One thing that is confusing is in the article it states that they managed to withdraw 24 trillion 8 billion and then put it back into the market. Are they withdrawing liquidity to place it back into the market through projects in the banking sector and industrial projects such as through loans?. It appears they are recirculating the money and not destroying it.

I think the "put back into the market" is a reference to the revaluation.

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Exactly how was the many trillions of dinar taken out of circulation-briefly?

Apologies if this was explained but I could not find.

Thanks and regards,

Read more:

I have been told they had a huge barbeque at the CBI last weekend & that helped alot to remove a lot of the 000`S :lol:

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There is really no reason anyone should be surprised about this statement...Another why of saying that the base money supply has been rediced is to say inflation has gone from 70% to 3%. Means the same thing. Since the CBI has reported serveral times that inflation was the focus of their monetary policy, and a reduction of liquidity was the tool they were using, then a 70% reduction is of no surprise to those of us who have watched the CBI through their auction process remove dinar from the banks over a period of time and who have watched the inflation rate drop. Actually, we said in the fall of '06 that if the CBI was truely removing currency, our test would be that the inflation rate would drop...It did. Many seem to think this was a process that has happened recently....Its been going on for over 3 years and there have been several articles explaining what they were doing...All necessary before there can be an appreciation of this currency and in all probability, a plan outlined by the IMF long ago as to how to place in effect a tight monetary policy and eventually appreciate the curenncy. The rates we have seen are programmed rates...this can't last forever and it is is controlled by the CBI and the IMF....Politics might influence short term timming.....but in the long run it doesn't matter who is the PM or what the GOI is doing...there are many very wealthy money people involved in this and we are just a side show... i.e. a fly on an elephant's a____...Good luck to all...

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