Call to Action foreign exchange law

[yota691]

Call to Action foreign exchange law

 

 

26/12/2016 0:00  BAGHDAD / Mustafa al-Hashemi He called economic academic Dr. Essam Mahouelle to the restoration of the foreign exchange law as a substitute for auction currency and increased at the same time economic tasks on the bank  Central. Attracting investment and between Mahouelle in an interview for the "morning" the need to cancel the auction sale of the dollar "single window" as opening the door to leave Iraqi funds abroad without providing a great service to the productive sectors of the economy Ktfiel or attract investments that achieve  development. The central bank has been taken years ago, and within a summary of the bank 's policy tools, work tools "efficient and effective" on the cash market (cash basis), including the organization of currency auctions and foreign which buys or sells Central dollar or to the market in the light of the objectives  of the political. Budget support and pointed out that the stock of the dollar , which the central bank comes from the sale of oil to support the balance sheet at the Ministry of Finance may be affected if it lost what remained of the Iraqi economy is going this  pace. He pointed to the need for economic control over the activation of imports, along with checks to be imported with the real prices of prices of materials in order to maintain public money wastage. The balance of payments and stressed that the central bank is responsible for the moderation of the national balance of payments and the safety of dollar reserves inventory, pointing to the need to download the traders responsible for authentification and not  banks. Formation of a committee and the importance of forming a committee of the central bank 's financial, trade and industry and interior ministries for the purpose of monitoring the quality of goods to be imported and their prices and Mnaciha and the statement of the need to import them or not in order to preserve cash and reduce wasted material  luxury. Customs ' responsibility and prior to the conversion process Mahouelle stressed the need for the merchant to prove the entry of goods imported into Iraqi territory from government outlets, noting that this process is not the responsibility of the bank to rely Light , but the responsibility  of the customs.

[MyLadiesDaddy]

GM Master Yota, and DV. This thing sure looks like something is about to pop. I pray for everyone's sake that they do this sometime in Jan. 

[Boozer]

we will see something Great after Jan 20th....

[jeepguy]

2 hours ago, yota691 said:

the need to cancel the auction sale of the dollar "single window" as opening the door to leave Iraqi funds abroad without providing a great service to the productive sectors of the economy Ktfiel or attract investments that achieve  development. 

looks like all the scholars , see the same problem with the dollar auctions ,  they agree too close  auctions altogether ...  this one line , " Iraqi funds abroad without providing  great service too the productive sectors  of the economy ,  or investments " ,    Iraqi funds ? Iraqi funds abroad ?  mmmmmm  wonder what  that  is  ?   .....   are they talking about the cash ,stashed, in banks that were frozen ? or are they referring  too dinar ?   I am not sure why  stashed cash , would bring great service too the productive service , unless they are talking about the rebuilding of the infrastructure of Iraq ,   rebuild  the working business system  where the average Iraqi  gets good work could be one  point I suppose ...and I also expect that would also bring  investments ... { but  I thought  the sale of the dollar , through the window , was helping out the Iraq country as a whole ?  they get dollars  for  oil , a never ending supply of dollars I can imagine ,  and they get what in return for dollars at the window ?  dinars I guess ?  so are they getting a great deal on the buy back of dinars through the window ?  buy them back at a low price sell them out again at a higher price ,   making a little more money off the  dollar , from the original sale window ... }   but  the rest of this article  ,  is  all about   imports, and the  waste of money on fakes , or  ,  less than perfect  quality  on imports , and this fellow wants too have a whole  governmental  sector too be responsible for this  part of incoming imports  , and states that it is not the job of customs to authenticate  items coming into the country  { let me  rephrase that }   ...   "

 

2 hours ago, yota691 said:

Customs ' responsibility and prior to the conversion process Mahouelle stressed the need for the merchant to prove the entry of goods imported into Iraqi territory from government outlets

the need of the merchant of goods  ....  then  last line 

 

2 hours ago, yota691 said:

noting that this process is not the responsibility of the bank to rely Light , but the responsibility  of the customs.

this guy is all over  the map  , on whose responsible  for any imports coming into the country !  and I thought this was about  the money window ? 

[jeepguy]

soooo  back too the money window .....   look at this part ...

2 hours ago, yota691 said:

 Budget support and pointed out that the stock of the dollar , which the central bank comes from the sale of oil to support the balance sheet at the Ministry of Finance may be affected if it lost what remained of the Iraqi economy is going this  pace

is sure saying stop the auctions , as the  dollar is leaving faster than the dollar is coming back in ... 

 

2 hours ago, ladyGrace'sDaddy said:

This thing sure looks like something is about to pop

I think you are in the right direction buddy `ol`  pal    they are now seeing , that  if they keep the pace up they will be in the red with  the dollar  and the dinar will still be  worth crap !  so they would in fact be giving the oil away for ----->  1180  per 1  dinar  or   what ever the market rate is  against the dollar   , { just  tried too figure this one out  , all back-up in my thinking here  }  try another way ,  o.k. oil is  around  45 a barrel , that is what the exchange seems too work out with the dinar if you do the 1000 dinar divide  the amounts backward ,  you get  the 42 dollars  exchange ....  but  back too the window {  cash window } if Iraq is getting  millions  of dollars  every day and then selling  the dollars faster than they are getting them , then Iraq will be  bankrupt  ....  they will be giving away all of their  riches  ,   just  too keep up with the window  giving away the dollar and left with worthless dinar , next stop starvation .... { right back where they started  14 years ago }

 

2 hours ago, yota691 said:

He pointed to the need for economic control over the activation of imports, along with checks to be imported with the real prices of prices of materials in order to maintain public money wastage. The balance of payments and stressed that the central bank is responsible for the moderation of the national balance of payments and the safety of dollar reserves inventory, pointing to the need to download the traders responsible for authentification and not  banks. Formation of a committee and the importance of forming a committee of the central bank 's financial, trade and industry and interior ministries for the purpose of monitoring the quality of goods to be imported

this whole  dang section sure looks like  , this  fellow means  the dinar  coming back into the country , " the need for  checks and balance too the imports of payments  is not the banks responsibility  but the traders !  ....  they  seem too think there will be  a  load of dinar about too come back into the area ,  or are they still talking dollars  and  forgery's {  fake dollars }  a lot of back and forth on one subject for sure !  { but it looks like  the dollar window gotta go }   sorry so long winded here ....  just good coffee   

[jeepguy]

2 hours ago, yota691 said:

restoration of the foreign exchange law

by the way  what is this law ?  I got side tracked

[Hikmah]

Here you go, Jeepguy:  Foreign Exchange Law- Foreign exchange regulation is a form of financial regulation specifically aimed at the Forex market which is decentralized and operates with no central exchange or clearing house.

 

The dinar's still in Article XIV, when they move to Article VIII, the Foreign Exchange Law will be in effect, no more control of the rate by the GOI or CBI, Forex will determine it's value based on a open market economy where supply and demand determines the value. Right now Iraq is the wild west, fake PO's are being generated to pull dollars out of the reserves, the corruption is rampant. That's why the CBI has created exchange restrictions, to limit the corruption, if the government would prosecute and punish those who game the system, they wouldn't need the restrictions. It's one of the two things preventing Iraq from moving to Article VIII, the other being the MCP which is over 10% instead of the prescribed 2%. 

 

Jeepguy, Iraq's oil revenue generates roughly $35 billion annually from oil sales, and all of it's in dollars. Then, they go to the MoF and purchase dinars from them with the dollars. Those same dollars are purchased from (mostly corrupt) businesses who purchase the imports that come into Iraq. Iraq's imports are roughly $50 billion annually, so now we can see why the reserves are dropping, they're just like you and me. If you spend more than you earn one of two things will happen, you'll spend your savings (reserves) or you'll go into debt. (bonds)  Here's a cool article from Frank Gunter, a Senior Fellow at the Foreign Policy Research Institute Program on the Middle East, it breaks down exactly how oil dollars flow through Iraq.

 

http://www.fpri.org/article/2015/01/isis-and-oil-iraqs-perfect-storm/

 

 

[jeepguy]

1 hour ago, Hikmah said:

Here you go, Jeepguy

thanks for the  information hikmah

[Laid Back]

3 hours ago, Hikmah said:

Here you go, Jeepguy:  Foreign Exchange Law- Foreign exchange regulation is a form of financial regulation specifically aimed at the Forex market which is decentralized and operates with no central exchange or clearing house.

 

The dinar's still in Article XIV, when they move to Article VIII, the Foreign Exchange Law will be in effect, no more control of the rate by the GOI or CBI, Forex will determine it's value based on a open market economy where supply and demand determines the value. Right now Iraq is the wild west, fake PO's are being generated to pull dollars out of the reserves, the corruption is rampant. That's why the CBI has created exchange restrictions, to limit the corruption, if the government would prosecute and punish those who game the system, they wouldn't need the restrictions. It's one of the two things preventing Iraq from moving to Article VIII, the other being the MCP which is over 10% instead of the prescribed 2%. 

 

Jeepguy, Iraq's oil revenue generates roughly $35 billion annually from oil sales, and all of it's in dollars. Then, they go to the MoF and purchase dinars from them with the dollars. Those same dollars are purchased from (mostly corrupt) businesses who purchase the imports that come into Iraq. Iraq's imports are roughly $50 billion annually, so now we can see why the reserves are dropping, they're just like you and me. If you spend more than you earn one of two things will happen, you'll spend your savings (reserves) or you'll go into debt. (bonds)  Here's a cool article from Frank Gunter, a Senior Fellow at the Foreign Policy Research Institute Program on the Middle East, it breaks down exactly how oil dollars flow through Iraq.

 

http://www.fpri.org/article/2015/01/isis-and-oil-iraqs-perfect-storm/

 

 

Hikmah, Thanks for your input.!

[ChuckFinley]

Thanks everyone, great read.  

[Officiallytook]

This part..

 

"restoration of the foreign exchange law as a substitute for auction currency and increased at the same time economic tasks on the bank" 

 

let the buying and selling of foreign currencies on the banks...stop the auctions...

[calkid11]

Thank you 

[siberian_shaddow]

Much appreciated Yota,  

You know i actually like that word restoration