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7 minutes ago, NEPatriotsFan1 said:

Thanks for screwing my head on straight! You make a very estute observation! Have a great day my Dinarian brother! 😀

 

Its all good brother :twothumbs:

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Couple of month ago, It was an article from the CBI asking the banks inside Iraq to increase their capital to 100 billion dinar today the CBI is allowing banks with less than 250 billion dinars t

NEPatriotsFan1, good morning and a super day out to you.  Perhpas, look at this from a different perspective, we can only speculate the actual number of Dinar in circulation today. Regardless of

"Which requires banks sooner or later leave the total dependence on the window Selling Foreign Currency It is time to move on to the practice of real banking, which is to provide modern banking pr

1 hour ago, Laid Back said:

Couple of month ago, It was an article from the CBI asking the banks inside Iraq to increase their capital to 100 billion dinar

today the CBI is allowing banks with less than 250 billion dinars to participate in the currency window 

This is good news.!!

CBI gets the dollar from the ministry of finance ( from oil sales) and the CBI give back dinars to pay salaries 

Before the CBI was the only entity where you can get dollars at oficial rate... Now you can buy the dollar in any of the participating banks

We are on a transition period 

I believe the CBI is going to stop the currency auction and will Increase the monetary share to the participating banks to cover the demand.

Go CBI

Go end of MCP

Go NMP

Go RV

Go $1:1

 

 

 

:twothumbs: Absolutely my friend.  

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1 hour ago, Laid Back said:

Couple of month ago, It was an article from the CBI asking the banks inside Iraq to increase their capital to 100 billion dinar

today the CBI is allowing banks with less than 250 billion dinars to participate in the currency window 

This is good news.!!

CBI gets the dollar from the ministry of finance ( from oil sales) and the CBI give back dinars to pay salaries 

Before the CBI was the only entity where you can get dollars at oficial rate... Now you can buy the dollar in any of the participating banks

We are on a transition period 

I believe the CBI is going to stop the currency auction and will Increase the monetary share to the participating banks to cover the demand.

Go CBI

Go end of MCP

Go NMP

Go RV

Go $1:1

 

 

 

 

Great summary, Laid Back, AND The Best Of Your Tuesday To You!!! :tiphat:

 

I did not comprehend this before since, to me, this would increase the amount of USD taken from the CBI Treasury. However, with companies with lower capital now having the ability to participate in the CBI Daily Currency Auctions, the Iraqi Dinar could be sucked up faster off the Iraqi streets and out from all the “stashes” at an accelerated rate! When the Iraqi Dinars get scarce on the Iraqi streets and in the market place, the Iraqi Dinar exchange rate will naturally go up at some point. If typical citizen daily transactions occur in Iraqi Dinar, they may be “encouraged” to use what they have stored. If purchasing power trends upward, they may be more consumer oriented and their quality of life and standard of living may also improve. Since a significant portion of the Iraqis still like to use cash outside of the bank, this may be an effective way to get the physical Iraqi Dinar. At some point, the majority of Iraqis will be absorbed in the “Financial Inclusion” and have a bank account anyway. I suspect the ease of use and security for Point Of Sale will be things the Iraqis will become accustomed to fairly quickly after the P.O.S. catches on as confidence in the electronic banking soars. In the mean time, the cash transactions leading to the Iraqi Dinar ultimately forwarded to the CBI with significantly reduce the “stashes”.

 

With the higher oil prices, the CBI could likely now afford to implement this program. The 200 moving average crude oil futures on www.ino.com will break $60/barrel on or about the May 12 elections.

 

http://quotes.ino.com/charting/index.html?s=NYMEX_CL.M18.E&v=dmax&t=l&a=200&w=1

 

If I remember right, the 2018 budget was based on $46/barrel crude oil. For $60/barrel crude oil, this means a nominal 30% increase in revenues. That should clear up a significant portion of the 2018 budget deficit and allow for USD to flow out of the CBI in exchange for Iraqi Dinar sucked up off the Iraqi Streets.

 

May be somethin’. May be nothin’.

 

Exiting Times!!!

 

Just my thoughts, opinion, and :twocents:

 

In The Mean Time.................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY!!!)!!!

:rodeo:   :pirateship:

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Good post Synopsis. I posted awhile back that the IBC was doing everything to pull in the "Chunky Money".  They made gold available, talked about the exchanging of damaged currency and going electronic. This just adds to the story of trying to bring in as much of the dinar as possible and allowing the dinar to increase naturally.  I just comes down to how fast this can be executed. Bottom line is that it is good for everyone. 

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4 hours ago, Synopsis said:

 

Great summary, Laid Back, AND The Best Of Your Tuesday To You!!! :tiphat:

 

I did not comprehend this before since, to me, this would increase the amount of USD taken from the CBI Treasury. However, with companies with lower capital now having the ability to participate in the CBI Daily Currency Auctions, the Iraqi Dinar could be sucked up faster off the Iraqi streets and out from all the “stashes” at an accelerated rate! When the Iraqi Dinars get scarce on the Iraqi streets and in the market place, the Iraqi Dinar exchange rate will naturally go up at some point. If typical citizen daily transactions occur in Iraqi Dinar, they may be “encouraged” to use what they have stored. If purchasing power trends upward, they may be more consumer oriented and their quality of life and standard of living may also improve. Since a significant portion of the Iraqis still like to use cash outside of the bank, this may be an effective way to get the physical Iraqi Dinar. At some point, the majority of Iraqis will be absorbed in the “Financial Inclusion” and have a bank account anyway. I suspect the ease of use and security for Point Of Sale will be things the Iraqis will become accustomed to fairly quickly after the P.O.S. catches on as confidence in the electronic banking soars. In the mean time, the cash transactions leading to the Iraqi Dinar ultimately forwarded to the CBI with significantly reduce the “stashes”.

 

With the higher oil prices, the CBI could likely now afford to implement this program. The 200 moving average crude oil futures on www.ino.com will break $60/barrel on or about the May 12 elections.

 

http://quotes.ino.com/charting/index.html?s=NYMEX_CL.M18.E&v=dmax&t=l&a=200&w=1

 

If I remember right, the 2018 budget was based on $46/barrel crude oil. For $60/barrel crude oil, this means a nominal 30% increase in revenues. That should clear up a significant portion of the 2018 budget deficit and allow for USD to flow out of the CBI in exchange for Iraqi Dinar sucked up off the Iraqi Streets.

 

May be somethin’. May be nothin’.

 

Exiting Times!!!

 

Just my thoughts, opinion, and :twocents:

 

In The Mean Time.................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY!!!)!!!

:rodeo:   :pirateship:

My friend, I always look forward to read your opinion... Thanks for your input.!

 

People in Iraq still keep the chunky cash at home after many attempts from the CBI to get it. Selling gold, offering high interest rates, devaluing the dinar against the dollar, financial inclusion week and People still don't want to give up their chunky cash.

 

I have been thinking what kind of incentive the CBI and others banks can offert to their citizens to withdraw 40T in chunky cash?

 

I would like to hear you guys opinion..... Thanks 

 

PS: I know a good incentive to withdraw 40T in chunky cash😊

5 hours ago, ChuckFinley said:

:twothumbs: Absolutely my friend.  

Thanks my friend:twothumbs:

 

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50 minutes ago, Laid Back said:

My friend, I always look forward to read your opinion... Thanks for your input.!

 

People in Iraq still keep the chunky cash at home after many attempts from the CBI to get it. Selling gold, offering high interest rates, devaluing the dinar against the dollar, financial inclusion week and People still don't want to give up their chunky cash.

 

I have been thinking what kind of incentive the CBI and others banks can offert to their citizens to withdraw 40T in chunky cash?

 

I would like to hear you guys opinion..... Thanks 

 

PS: I know a good incentive to withdraw 40T in chunky cash😊

Thanks my friend:twothumbs:

 

 

The Best Of Your Tuesday Evening To You, Laid Back My Friend, AND I Really Look Forward To Your Posts, Too!!! :tiphat:

 

I am wondering the total amount of the 2003, 2013, and 2015 (50,000 notes) series printed. The 50s were taken out of circulation that could have been a notable, although not a huge, portion of the total note count. I am wondering how many notes and total amount in Iraqi Dinar was exported to other countries where foreign citizens could exchange their currency for Iraqi Dinar. I also wondering how many notes and the total amount have been taken by the CBI to be destroyed since they are too damaged. My simple mental model is:

 

CBI Total Iraqi Dinar printed (2003, 2013, and 2015 series) = Amount In Circulation In Iraq + Amount Sold To Foreign Currency Exchanges + 50s Removed + Amount Destroyed By CBI + Amount Held By CBI + Amount Held By Foreign Countries

 

So when the numbers get stated in the news articles, I would like to see a better break down to know what is really going on for the amount in circulation in Iraq and the total note count in Iraq.

 

As an example, if 1% (1 in 100) of the people in The United States Of America have an average of 5,000,000 Iraqi Dinar in various denominations, then that would be nominally 3,300,000 people x 5,000,000 Iraqi Dinar/person = 16.5 Trillion Iraq Dinar in The United States Of America for persons alone. For round numbers, let's assume there is 13.5 Trillion Iraqi Dinar held by Citizens Of Countries other than Iraq. The world wide foreign citizens would hold 25 Trillion Iraqi Dinars. There may be foreign governments today, other than just The United States Of America Treasury, that have significant Iraq Dinar in their holdings, too. I am imagining that by and large the higher denomination notes are proportionately out of Iraq since these will get pulled into the foreign banks post event and end up in their Country's Treasury foreign reserves.

 

So when 60 Trillion or 40 Trillion Iraqi Dinar is stated, it is difficult for me to discern how much Iraqi Dinar is really out there in Iraq. If 25 Trillion Iraqi Dinar is held by foreign citizens then (as an example) 40 Trillion - 25 Trillion = 15 Trillion in circulation in Iraq. All this to say, I think things are a lot tighter than the news articles state. Once the Iraqi Dinar starts getting scarce in Iraq, the Iraq Dinar conversion should really, really pick up.

 

My opinion is the note counts (for the various denominations) and total amount actually in Iraq in circulation and "stashed" is likely a lot closer to or maybe at the stated goals or even below the stated goals now. With the roll out of electronic payments and the recently advertised ATMs are ready to go on line, I think things are fairly imminent for the event. Well, OK, this is Iraq so who knows what they will hatch?

 

I am also thinking that all the Iraqi Dinar held by foreign citizens will get the economies of their Country really going with the additional investment and spending to avert at least the next economic turndown/meltdown.

 

Just my thoughts, opinion, and :twocents:

 

In The Mean Time..............................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY!!!)!!!

:rodeo:   :pirateship:

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1 hour ago, Synopsis said:

 

The Best Of Your Tuesday Evening To You, Laid Back My Friend, AND I Really Look Forward To Your Posts, Too!!! :tiphat:

 

I am wondering the total amount of the 2003, 2013, and 2015 (50,000 notes) series printed. The 50s were taken out of circulation that could have been a notable, although not a huge, portion of the total note count. I am wondering how many notes and total amount in Iraqi Dinar was exported to other countries where foreign citizens could exchange their currency for Iraqi Dinar. I also wondering how many notes and the total amount have been taken by the CBI to be destroyed since they are too damaged. My simple mental model is:

 

CBI Total Iraqi Dinar printed (2003, 2013, and 2015 series) = Amount In Circulation In Iraq + Amount Sold To Foreign Currency Exchanges + 50s Removed + Amount Destroyed By CBI + Amount Held By CBI + Amount Held By Foreign Countries

 

So when the numbers get stated in the news articles, I would like to see a better break down to know what is really going on for the amount in circulation in Iraq and the total note count in Iraq.

 

As an example, if 1% (1 in 100) of the people in The United States Of America have an average of 5,000,000 Iraqi Dinar in various denominations, then that would be nominally 3,300,000 people x 5,000,000 Iraqi Dinar/person = 16.5 Trillion Iraq Dinar in The United States Of America for persons alone. For round numbers, let's assume there is 13.5 Trillion Iraqi Dinar held by Citizens Of Countries other than Iraq. The world wide foreign citizens would hold 25 Trillion Iraqi Dinars. There may be foreign governments today, other than just The United States Of America Treasury, that have significant Iraq Dinar in their holdings, too. I am imagining that by and large the higher denomination notes are proportionately out of Iraq since these will get pulled into the foreign banks post event and end up in their Country's Treasury foreign reserves.

 

So when 60 Trillion or 40 Trillion Iraqi Dinar is stated, it is difficult for me to discern how much Iraqi Dinar is really out there in Iraq. If 25 Trillion Iraqi Dinar is held by foreign citizens then (as an example) 40 Trillion - 25 Trillion = 15 Trillion in circulation in Iraq. All this to say, I think things are a lot tighter than the news articles state. Once the Iraqi Dinar starts getting scarce in Iraq, the Iraq Dinar conversion should really, really pick up.

 

My opinion is the note counts (for the various denominations) and total amount actually in Iraq in circulation and "stashed" is likely a lot closer to or maybe at the stated goals or even below the stated goals now. With the roll out of electronic payments and the recently advertised ATMs are ready to go on line, I think things are fairly imminent for the event. Well, OK, this is Iraq so who knows what they will hatch?

 

I am also thinking that all the Iraqi Dinar held by foreign citizens will get the economies of their Country really going with the additional investment and spending to avert at least the next economic turndown/meltdown.

 

Just my thoughts, opinion, and :twocents:

 

In The Mean Time..............................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY!!!)!!!

:rodeo:   :pirateship:

 

Geez, I can't believe how much I disagree with you on this subject, Synopsis.    I don't think they mean the money that's outside the country held by governments  or dinar holders at all.  I think they are only talking about the money that is in Iraq.  

 

Remember when one of our members, Greg I think , said that his friend  had 100 million dinar stashed at his home in Kurdistan?  Iraqis do not trust banks at all and keep their money in their houses.  Up to now, only 15% of Iraqis have bank accounts - 85% do not.  I believe the latest article that mentioned 30 trillion dinar is the amount they feel is in Iraqi homes and they want to get it into the banks.

 

 

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2 hours ago, Laid Back said:

My friend, I always look forward to read your opinion... Thanks for your input.!

 

People in Iraq still keep the chunky cash at home after many attempts from the CBI to get it. Selling gold, offering high interest rates, devaluing the dinar against the dollar, financial inclusion week and People still don't want to give up their chunky cash.

 

I have been thinking what kind of incentive the CBI and others banks can offert to their citizens to withdraw 40T in chunky cash?

 

I would like to hear you guys opinion..... Thanks 

 

PS: I know a good incentive to withdraw 40T in chunky cash😊

Thanks my friend:twothumbs:

 

 

Besides free toasters?

How about guaranteed deposit insurance coupled with high interest on deposits?  

 

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18 minutes ago, Floridian said:

 

Geez, I can't believe how much I disagree with you on this subject, Synopsis.    I don't think they mean the money that's outside the country held by governments  or dinar holders at all.  I think they are only talking about the money that is in Iraq.  

 

Remember when one of our members, Greg I think , said that his friend  had 100 million dinar stashed at his home in Kurdistan?  Iraqis do not trust banks at all and keep their money in their houses.  Up to now, only 15% of Iraqis have bank accounts - 85% do not.  I believe the latest article that mentioned 30 trillion dinar is the amount they feel is in Iraqi homes and they want to get it into the banks.

 

 

 

:twothumbs: Floridian, Thank You For Your Comments AND The Best Of Your Evening To You!!! :tiphat:

 

My opinion is I do not think we are getting the straight, to the point, and up to date information in the Iraqi news articles with the amount of Iraqi Dinar - anywhere. I do think that when they ACTUALLY meet their goals with the Iraqi Dinar, we will see "SUDDENLY" when the "right" environment is in place!!!

 

As always, just my thoughts, opinion, and :twocents:

 

In The Mean Time........................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY!!!)!!!

:rodeo:   :pirateship:

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6 minutes ago, Synopsis said:

 

:twothumbs: Floridian, Thank You For Your Comments AND The Best Of Your Evening To You!!! :tiphat:

 

My opinion is I do not think we are getting the straight, to the point, and up to date information in the Iraqi news articles with the amount of Iraqi Dinar - anywhere. I do think that when they ACTUALLY meet their goals with the Iraqi Dinar, we will see "SUDDENLY" when the "right" environment is in place!!!

 

As always, just my thoughts, opinion, and :twocents:

 

In The Mean Time........................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY!!!)!!!

:rodeo:   :pirateship:

 

Yup!  Probably right!  😁

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15 minutes ago, Synopsis said:

 

:twothumbs: Floridian, Thank You For Your Comments AND The Best Of Your Evening To You!!! :tiphat:

 

My opinion is I do not think we are getting the straight, to the point, and up to date information in the Iraqi news articles with the amount of Iraqi Dinar - anywhere. I do think that when they ACTUALLY meet their goals with the Iraqi Dinar, we will see "SUDDENLY" when the "right" environment is in place!!!

 

As always, just my thoughts, opinion, and :twocents:

 

In The Mean Time........................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY!!!)!!!

:rodeo:   :pirateship:

Completely agree, we're going to find out through twitter or facebook or Adam before any mainstream media

Edited by Officiallytook
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hey cbi here's a thought to draw the chunky in ... stop multi currency use in your country and make your currency ( iqd ) the only legal tender inside your borders ... whoopow 

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7823.jpg

  

 Articles
Samir Nusairi

Samir Nusairi

A new decision was issued by the Central Bank of Iraq to allow banks with capital of less than 250 billion dinars to participate in the window selling the currency and increase the weekly share of the dollar to banks, which will contribute to increase the supply of the dollar in the circulation of foreign currency in order to maintain the stability of the exchange rate and overcome and meet some pessimistic expectations Which is speculated by speculators that the dollar exchange rate will increase during the elections or cause the circumstances of the US escalation against Iran and for the purpose of assigning the decisions of the Central Bank requires Iraqi banks and branches of foreign banks to go to real banking And activate the financing of small and medium-sized enterprises and to provide modern banking electronic products and to attract deposits and participate in the establishment of a deposit insurance company and the establishment of the two companies Aloutnettin to finance large projects which contribute to the two traditional banks, participatory and cooperation with the Central Bank in the implementation of its policy in support of the development of the banking sector as directed Mr. Governor last in the monthly meeting of the last monthly banking leaders and meeting with banks participating in the recent banking conference in Istanbul and stressed the sovereignty of the stability of the exchange rate and the recovery of the Iraqi dinar and this goal will remain one of the central bank's objectives, which requires banks sooner or later leave the total dependence on the window Selling Foreign Currency It is time to move on to the practice of real banking, which is to provide modern banking products to the public and provide the best services to customers and work to increase the degree of financial coverage. And that the banking sector has a key role and important in the development and revitalization of the economic cycle and pointed out that the stability of the exchange rate should not make banks fear for their future in the banking market. 


Views 54   Date Added 05/09/2018

 
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30 minutes ago, yota691 said:

sovereignty of the stability of the exchange rate and the recovery of the Iraqi dinar and this goal will remain one of the central bank's objectives

This line really stood out to me.... sovereignty, stability, exchange rate recovery of Iraqi Dinar....

 

Go RV! 

 

Thanks and Good Morning Yota! 

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Exchange rate stability and real banking work

09/05/2018

7824.jpg
 

Samir Nusairi

A new decision was issued by the Central Bank of Iraq to allow banks with capital of less than 250 billion dinars to participate in the window selling the currency and increase the weekly share of the dollar to banks, which will contribute to increase the supply of the dollar in the circulation of foreign currency in order to maintain the stability of the exchange rate and overcome and meet some pessimistic expectations Which is speculated by speculators that the dollar exchange rate will increase during the elections or cause the circumstances of the US escalation against Iran and for the purpose of assigning the decisions of the Central Bank requires Iraqi banks and branches of foreign banks to go to real banking And activate the financing of small and medium-sized enterprises and to provide modern banking electronic products and to attract deposits and participate in the establishment of a deposit insurance company and the establishment of the two companies Aloutnettin to finance large projects which contribute to the two traditional banks, participatory and cooperation with the Central Bank in the implementation of its policy in support of the development of the banking sector as directed Mr. Governor last in the monthly meeting of the last monthly banking leaders and meeting with banks participating in the recent banking conference in Istanbul and stressed the sovereignty of the stability of the exchange rate and the recovery of the Iraqi dinar and this goal will remain one of the central bank's objectives, which requires banks sooner or later leave the total dependence on the window Selling Foreign Currency It is time to move on to the practice of real banking, which is to provide modern banking products to the public and provide the best services to customers and work to increase the degree of financial coverage. And that the banking sector has a key role and important in the development and revitalization of the economic cycle and pointed out that the stability of the exchange rate should not make banks fear for their future in the banking market. 

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1 hour ago, yota691 said:

and participate in the establishment of a deposit insurance company

 

I am trying to remember if there was legislation passed by the Iraqi Parliament on the "deposit insurance company". If I remember right, there was some related Iraqi articles. Apparently, some or many of the banks have to "participate in the establishment" so I wonder what the progress is on this item and how well this is communicated to the public to grant further assurances to bank customers and future bank customers this will secure their deposits.

 

In The Mean Time.......................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY!!!)!!!

:rodeo:   :pirateship:

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