Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

RACING: Private sector drive economic development and the government to launch its facilities


yota691
 Share

Recommended Posts

1 hour ago, 6ly410 said:

Erbil and attended by "economy News", the reason for non-activation of the initiative at the time of launch due to the existence of a window selling the currency, which banks were making profits from it, "When the interest rate was set at 4% to lend to the market there was another source of profit, the window of the currency, but the recent profits ended is left to banks only lending

 

SAY WHAT???!!!

 

"Window Selling The Currency" is over???!!!

 

So, "recent profits ended is left to banks only lending"???!!!

 

Well, OK, I suspect A LOT is lost in the translation here. The date on this article (19/09/2018) appears to be from today.

 

Here is the CBI Currency Auction information from today:

 

September 19, 2018

Foreign Currency Selling Window for 20/9/2018 that performed on 19/9/2018

 

Announcement No.(3790)

                          Sale Date - 20/9/2018 that performed on 19/9/2018

Details
  Amount
Total sale for the purpose of strengthen outside assets (Transfers and credits)
166,793,767
Total sale cash
31,900,000 
Total sale  amount
198,693,767

Note:

  • Selling price of remittance money to bank accounts outside is (1190) ID for each Dollar.
  • Cash selling price is (1190) ID for each Dollar.
 
Here is an excerpt from a recently posted article (17/09/2018) that talks about the past closure of the currency auction window:
 

How does the dollar sell in the central bank or what is known as the currency auction?

- It is a common mistake now to talk about the currency auction in some media and social networking sites, while this auction has been suspended since 2006, but what is happening now is the process of financing the foreign trade of the dollar, covering the country's needs for import in addition to the requirements of travel and treatment And the transfer of profits resulting from investments and others.

The government gets the dollar through the sale of oil and then replace the dollar with the Iraqi dinar from the central bank, because the balance of the state's financial dinars, and then the central bank to withdraw the local currency from the market and replace them in dollars, to maintain monetary stability.

The process of withdrawing the dinar by meeting the market need of the dollar represents a revaluation of the local currency, and this method does not represent the diligence of the Central Bank, as its law provides for the sale of foreign currency in a simple and unconditional manner, in addition to the existence of an agreement between Iraq and the IMF International approved by the House of Representatives in 2008 provides for this.

The situation in Iraq is different from other countries, because of the lack of diversity in the financial revenues of hard currency other than oil, as the Iraqi private sector is unable to support the local market in dollars through imports, which makes the market depends entirely on trade finance Through the central bank.


 

http://economy-news.net/content.php?id=13683

 
So, potential disinformation but leading up to about a decade of Iraqi monetary reform.
 
From the same article:
 

Why are not there large quantities of small coins, and what is the reason for the absence of metal groups?

- We have small currencies in the appropriate quantities, but the frequent movement and circulation and use and lack of attention to lead to damage quickly, as the Central Bank of Iraq after 2004 to mint coins in large quantities but did not receive acceptance or popularity in the local market, which caused losses, Because the market has been accustomed to paper currency making it difficult to market the coin.

So the central bank recently put in place a plan to compensate for the existing small categories damaged, as next month will be large quantities of them will meet the needs of the market completely.

On the other hand, we receive a lot of damaged banknotes and replace them with new banknotes through an expanded committee that checks them to make sure they are correct. Our doors are open to citizens to receive any amounts of damaged currency 

  • Thanks 2
  • Upvote 7
Link to comment
Share on other sites

When I copied and pasted, my text editor stopped working correctly. So, to continue on.........................................

 

No telling what, "So the central bank recently put in place a plan to compensate for the existing small categories damaged" really means.

 

Are then intending to reintroduce previously withdrawn post Saddam era coins and currency???!!!

 

This would be reintroducing the 50 dinar note (issued in 2003 but voided after May 1, 2015) with enhanced security features and the 25, 50, and 100 dinar coins (issued 2004) shown on the CBI Withdrawn Banknotes page on the bottom.

 

https://cbi.iq/page/90

 

Reissuing the 50 dinar note with also the 25, 50, and 100 dinar coins would potentially help with upcoming "Iraqi Dinar Restructuring" mentioned in other articles if the upcoming "Iraqi Dinar Restructuring" is to occur on the very near horizon.

 

During the Saddam era, there were 1/4, 1/2, 1, 5, 10, 25, and 100 dinar notes so it will be interesting to see what comes up in the next couple to six weeks leading up to the November 4, 2018 Insanian Sanctions Smack Down. These Saddam era denominations are also shown on the noted CBI Withdrawn Banknotes page noted above.

 

Go President Donald J Trump!!!

Go Ali al-Alaaq (like GO, GO, GO, NOW!!!)!!!

Go Bicraqi Iraqi Monetary Reform!!!

Go Closure Of All The CBI Currency Auctions!!!

Go Trillion Dinars For Small And Medium Enterprise!!!

 

AND..........................................................................................................................

 

Of Course..........................................................................................................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

:rodeo:   :pirateship:

  • Like 3
  • Upvote 8
Link to comment
Share on other sites

1 minute ago, Synopsis said:

When I copied and pasted, my text editor stopped working correctly. So, to continue on.........................................

 

No telling what, "So the central bank recently put in place a plan to compensate for the existing small categories damaged" really means.

 

Are then intending to reintroduce previously withdrawn post Saddam era coins and currency???!!!

 

This would be reintroducing the 50 dinar note (issued in 2003 but voided after May 1, 2015) with enhanced security features and the 25, 50, and 100 dinar coins (issued 2004) shown on the CBI Withdrawn Banknotes page on the bottom.

 

https://cbi.iq/page/90

 

Reissuing the 50 dinar note with also the 25, 50, and 100 dinar coins would potentially help with upcoming "Iraqi Dinar Restructuring" mentioned in other articles if the upcoming "Iraqi Dinar Restructuring" is to occur on the very near horizon.

 

During the Saddam era, there were 1/4, 1/2, 1, 5, 10, 25, and 100 dinar notes so it will be interesting to see what comes up in the next couple to six weeks leading up to the November 4, 2018 Insanian Sanctions Smack Down. These Saddam era denominations are also shown on the noted CBI Withdrawn Banknotes page noted above.

 

Go President Donald J Trump!!!

Go Ali al-Alaaq (like GO, GO, GO, NOW!!!)!!!

Go Bicraqi Iraqi Monetary Reform!!!

Go Closure Of All The CBI Currency Auctions!!!

Go Trillion Dinars For Small And Medium Enterprise!!!

 

AND..........................................................................................................................

 

Of Course..........................................................................................................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

:rodeo:   :pirateship:

:twothumbs: Let’s Go Dinar Let’s go!!

  • Thanks 1
  • Upvote 3
Link to comment
Share on other sites

2 hours ago, climber7 said:

 

Laid Back (AKA: LB) has been saying this for years 

Thanks Climber7 👍

 

Dollarize...... RV.......Dedollarize......... First flood the market with dollars....... RV equal or higher than the dollar...... Then People will start

Using the dinar rather than the dollar.

 

Because the central closed the gap between the official rate and the street rate is very difficult for the private banks to make money like they did in the past.

 

The President of the Association of Iraqi private banks, Wadih al-Hanal, said that the time is appropriate to activate the initiative of the Central Bank of "trillion dinars" for the support of small and medium enterprises ..... they need to start lending money to activate the

economy.

 

Go CBI

Go new monetary policy 

Go $1:1

 

 

 

 

  • Like 2
  • Thanks 2
  • Upvote 6
Link to comment
Share on other sites

12 minutes ago, Laid Back said:

Thanks Climber7 👍

 

Dollarize...... RV.......Dedollarize......... First flood the market with dollars....... RV equal or higher than the dollar...... Then People will start

Using the dinar rather than the dollar.

 

Because the central closed the gap between the official rate and the street rate is very difficult for the private banks to make money like they did in the past.

 

The President of the Association of Iraqi private banks, Wadih al-Hanal, said that the time is appropriate to activate the initiative of the Central Bank of "trillion dinars" for the support of small and medium enterprises ..... they need to start lending money to activate the

economy.

 

Go CBI

Go new monetary policy 

Go $1:1

 

 

 

 

I always have like the way you think bud! Hopefully they start listening to you soon!!  Lol

  • Thanks 1
  • Upvote 2
Link to comment
Share on other sites

6 hours ago, NEPatriotsFan1 said:

I always have like the way you think bud! Hopefully they start listening to you soon!!  Lol

Thank you my friend I really appreciate it.:twothumbs:

Hopefully when the whole government is seated, we are going to see the CBI moving forward to an open market economy.

 

Go RV 

Go $1:1

  • Upvote 2
Link to comment
Share on other sites

On 9/19/2018 at 7:44 PM, Laid Back said:

Thanks Climber7 👍

 

Dollarize...... RV.......Dedollarize......... First flood the market with dollars....... RV equal or higher than the dollar...... Then People will start

Using the dinar rather than the dollar.

 

Because the central closed the gap between the official rate and the street rate is very difficult for the private banks to make money like they did in the past.

 

The President of the Association of Iraqi private banks, Wadih al-Hanal, said that the time is appropriate to activate the initiative of the Central Bank of "trillion dinars" for the support of small and medium enterprises ..... they need to start lending money to activate the

economy.

 

Go CBI

Go new monetary policy 

Go $1:1

 

 

 

 

Seems like we can al see that. Just need to get the parties to be.

  • Upvote 3
Link to comment
Share on other sites

https://m.thebaghdadpost.com/ar/Story/121735/المصارف-الخاصة-ترى-الوقت-مناسبا-لإطلاق-مبادرة-الـ-تريليون-دينار........

Private banks see the appropriate time to launch the initiative "trillion dinars"

Confirmed that the Iraqi private banks association, said that the time is appropriate to activate the Central Bank initiative for supporting small and medium - sized enterprises, amounting to one trillion dinars. 

The head of the Association of Wadih Handal in a speech during a workshop on the initiative held in the city of Irbil: "The reason for not activating the initiative At the time of its launch, due to the existence of a window selling the currency, which banks were making profits from them, "noting that:" When the interest rate set by 4% to lend to the market there was another source of profit, the currency window, but the recent profits ended, only lending. " 

He suggested the President of the Association of private banks Iraq Y, review the interest rate and leave the market is determined by the interest rate, the latter competition will be between banks.
 

 

  • Thanks 2
  • Upvote 5
Link to comment
Share on other sites

The reason for not activating the initiative At the time of its launch, due to the existence of a window selling the currency....................the time is appropriate to activate the Central Bank initiative

  • Thanks 2
  • Upvote 2
Link to comment
Share on other sites

  • yota691 changed the title to RACING: Private sector drive economic development and the government to launch its facilities
  • yota691 locked this topic
Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.