CBI News 01/02.2017

[yota691]

Filing applications on 2018/1/7

 

  

 January 02, 2018

 

 

[Jaygo]

?

[TOMINVEGAS]

From Wikipedia:

“Real-time gross settlement are specialist funds transfer systems where the transfer of money or securities^[1] takes place from one bank to another on a "real time" and on a "gross" basis. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on one-to-one basis without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable.

RTGS systems are typically used for high-value transactions that require and receive immediate clearing. In some countries the RTGS systems may be the only way to get same day cleared funds and so may be used when payments need to be settled urgently. However, most regular payments would not use a RTGS system, but instead would use a national payment system or network that allows participants to batch and net payments. RTGS payments typically incur higher transaction costs and usually operated by a country's central bank.”

[mok45]

Possibly related to this...RTGS

 

https://en.wikipedia.org/wiki/Real-time_gross_settlement

 

Real-time gross settlement are specialist funds transfer systems where the transfer of money or securities^[1] takes place from one bank to another on a "real time" and on a "gross" basis. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on one-to-one basis without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable.

RTGS systems are typically used for high-value transactions that require and receive immediate clearing. In some countries the RTGS systems may be the only way to get same day cleared funds and so may be used when payments need to be settled urgently. However, most regular payments would not use a RTGS system, but instead would use a national payment system or network that allows participants to batch and net payments. RTGS payments typically incur higher transaction costs and usually operated by a country's central bank.

 

 

[skeetdog]

Thanks Yota...''Real-time gross settlements''...I have no idea what this translation means...Does this imply that the CBI has settle their 'outstanding' debts...Does this have something to do with the settlement of the 'Paris Agreement' contracts?????

[mok45]

The title on Yota's linked page at the CBI site says this....

 

"To all banks licensed to practice money exchange and all authorized financial transfer companies (filing applications on 2018/1/7)"

 

Everything else is a .jpg so can't be auto translated....sorry.

Edited January 2, 2018 by mok45

[Carrello]

Looks like a processing system to replace the auctions.

[skeetdog]

...The commerce that is waiting in the shadows for the CBI to declare the true value of the dinar... will dwarf the income made off these auctions...The auctions will prove to have been a 'drop-n-da-bucket' compared to the revenue waiting to be made through a sovereign Iraqi private sector...With the industrial, small business and domestic private sectors all converging to do 'business loans'...compounded by a prosperous domestic economy seeking 'private loans'...The daily interest balance alone of all the millions of people that are acquired to register for new accounts to accommodate the new digital system will more than likely challenge what the CBI is making off the exchange of their worthless currency now....

[captl1]

Thanks Yota and Happy New Year to you and all of DV!

[Gypsygirl11]

I vote SKEET for head of CBI...you tell em Skeetdog!

[Synopsis]

2 hours ago, skeetdog said:

Thanks Yota...''Real-time gross settlements''...I have no idea what this translation means...Does this imply that the CBI has settle their 'outstanding' debts...Does this have something to do with the settlement of the 'Paris Agreement' contracts?????

 

Hope Your New Year Is Going Your Way, SkeetDog! 

 

In my opinion only, the RTGS is one major piece to have the switch turned on to go from a "closed economy" to an "open economy" for major reconstruction, international economic development, and foreign investment in Iraq. The "closed economy" uses the daily currency auctions once a business day. The "open economy" uses the RTGS on demand through out the work week as many times as needed - possibly with key restrictions for size of settlement, number of settlements in a given timeframe (kinda like band width), etc. Seems, of course, another key element is an international value of the IQD. Seems like there have been some rumblings on this, too, so we wait and see!

 

Go Moola Nova!

[Lucky Dragon]

Could this be used to settle large currency exchanges between countries?

 

[skeetdog]

Thanks...An 'open economy' is where the private sector will bring Iraq back onto the world market as a diverse economy...IMO the potential returns of the private sector will dwarf anything the CBI is gaining on currency exchanges....especially with a worthless rate on their currency...I appreciate your insight...and wish you-n-yours the best of the new year...

[Synopsis]

2 minutes ago, Lucky Dragon said:

Could this be used to settle large currency exchanges between countries?

 

 

In my opinion only, this is needed to facilitate commerce by fulfilling obligations between entities inside and outside Iraq. In this sense, currency exchanges do occur inside and outside Iraq. I know that obligations for goods and services internationally set conditions, such as the currency used for payments, as a part of the business contract.

 

Go Moola Nova!

[10 YEARS LATER]

The last currency auction was held some days ago . . . hmmm. 

[Synopsis]

Let’s talk about this a little. Here is what I am seeing:

 

Foreign Currency Selling Window for 3-1-2018 that performed on 2-1-2018

 

Announcement No.(3604)

                          Sale Date - 3/1/2018 that performed on 2/1/2018

Details	Amount
Total sale for the purpose of strengthen outside assets (Transfers and credits)	140,826,651
Total sale cash	44,100,000
Total sale amount	184,926,651

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.

https://cbi.iq/currency_auction

 

As much as I hate seeing this, it looks like there was a four day break in the currency auctions that may have coincided with closing the CBI 2017 books. Tomorrow may be another day so I’ll keep looking.

 

As a check, is anybody else seeing this on the CBI website? I suspect it is all the same.

 

However, the www.xe.com IQD vs. USD has been “digging trenches” today working the IQD value higher so I’ll keep checking that, too.

 

http://www.xe.com/currencycharts/?from=USD&to=IQD&view=1W

 

Go Moola Nova!

[Butifldrm]

IMO, Synopsis the dollar took a good dip today. 

[Synopsis]

1 minute ago, Butifldrm said:

IMO, Synopsis the dollar took a good dip today. 

 

 

U.S $ INDEX Spread

IntercontinentalExchange/NY Board › U.S $ INDEX (NYBOT:DX)

 

The Stock Of The Week - CLICK HERE

91.858 -0.378 (-0.41%)

2018-01-02 17:55:50, 30 MIN DELAY

http://quotes.ino.com/charting/index.html?s=NYBOT_DX&v=d12&t=l&a=0&w=1

 

Yes, indeed, Butifldrm, AND I Hope Your 2018 Goes Well For You And Your Family! 

 

Looks like the USD lost about 10% of its value over the past year (I suspect the valuation of the USD is a little more complicated than this) so I wonder why the Iraqis don't go ahead and RV the IQD!!!

 

Go Moola Nova!

[Butifldrm]

38 minutes ago, Synopsis said:

 

 

U.S $ INDEX Spread

IntercontinentalExchange/NY Board › U.S $ INDEX (NYBOT:DX)

 

The Stock Of The Week - CLICK HERE

91.858 -0.378 (-0.41%)

2018-01-02 17:55:50, 30 MIN DELAY

http://quotes.ino.com/charting/index.html?s=NYBOT_DX&v=d12&t=l&a=0&w=1

 

Yes, indeed, Butifldrm, AND I Hope Your 2018 Goes Well For You And Your Family! 

 

Looks like the USD lost about 10% of its value over the past year (I suspect the valuation of the USD is a little more complicated than this) so I wonder why the Iraqis don't go ahead and RV the IQD!!!

 

Go Moola Nova!

 

 

I suppose too much money out of the banks.  That's why they are going with the inclusionary monetary policy.  

[dinarham]

THAT'S A VERY LOW CASH SALE ,THE CBI  SUCKIN' THE REST OF IT .  IT CERTAINLY LOOKS LIKE THEY ARE GEARING UP FOR  LARGE  MONEY TRANSFERS

[skeetdog]

1 hour ago, Butifldrm said:

 

 

I suppose too much money out of the banks.  That's why they are going with the inclusionary monetary policy.  

...Does this  'inclusionary monetary policy' have anything to do with the 'real-time gross settlements' or is it pertaining to this CBI announcement of the 'open economy'...I think I'm sliding off into the deep-end...

[Butifldrm]

1 minute ago, skeetdog said:

...Does this  'inclusionary monetary policy' have anything to do with the 'real-time gross settlements' or is it pertaining to this CBI announcement of the 'open economy'...I think I'm sliding off into the deep-end...

 

NO skeetdog, it is a response to a question Synopsis put forward:

Yes, indeed, Butifldrm, AND I Hope Your 2018 Goes Well For You And Your Family! 

 

Looks like the USD lost about 10% of its value over the past year (I suspect the valuation of the USD is a little more complicated than this) so I wonder why the Iraqis don't go ahead and RV the IQD!!!

 

Go Moola Nova!

 

 

 

[DinarThug]

To all banks licensed to practice money exchange and all authorized financial transfer

To all banks licensed to practice money exchange and all authorized financial transfer companies (filing applications on 2018/1/7)

https://cbi.iq/news/view/548

 

Edited January 3, 2018 by DinarThug

[DinarThug]

 

Translation ...

 

Banks licensed to practice exchange
All authorized financial transfer companies
M / Creation of applications on 1/7/2018
We would like to inform you of the possibility of depositing (RTGS)(165) applications for a day 1/7/2018 for a day
The corresponding one! 12/31/2017 A surprise holiday
with respect
JCD
Dr.. Munther Abdul Qader Al Sheikli
Deputy Governor

[Rmc10]

Is that good news???? That's my birthday. Good news on my birthday would be a great thing!