Report: Saudi Arabia seizes 48% of foreign currency reserves for Arab countries

[pokerplayer]

2 minutes ago, Pitcher said:

Don’t know why someone negged you for that response but I gave you a greenie.

 

Good job pitcher, I did as well, we will prolly get negged for it, but oh well, I'm over it.

 

  pp

 

 

[Gypsygirl11]

You guys are the best. 

The negative nelly can kiss my a$$. 

[CSM (R) Thack]

42 minutes ago, Pitcher said:

Don’t know why someone negged you for that response but I gave you a greenie.

Me too!!!

[NoviceInvestor]

1 hour ago, Laid Back said:

You're right my friend.!

- No seated government 

- fighting corruption at all levels

- waiting for important laws

- waiting for art 8 compliance 

- IMF/ SBA 2016-2019

- Iran intervention in Iraq 

 

still not a suitable environment to increase the dinar exchange rate.

 

 

 

 

Thanks .. Yes to say it in simple terms .. I am so over it all.. I set myself a time frame at the beginning of the year as to how long I would continue holding my Dinar if they procrastinated into the third quarter and here we are.. To those waiting eagerly to pop champagne corks might I suggest you drink it now before it goes off😊.. There will be time enough to buy more ..

[bigwave]

2 hours ago, Gypsygirl11 said:

You guys are the best. 

The negative nelly can kiss my a$$. 

You forgot to add: 

[Gypsygirl11]

6 hours ago, bigwave said:

You forgot to add: 

Lol, didn't know this existed.

On a different note I so miss N Cali...I can see myself living in Bolinas or Stinson.

[yota691]

Central: Iraq's foreign currency reserves amounted to 55.7 billion dollars

 

Editor Hossam Al - Khafaji - Thursday 12 July

 

 

 

 

Alsumaria News / Baghdad ,  said the Iraqi Central Bank on Thursday that the reserves of Iraq 's hard currency stood at $ 55.7 billion, indicating that Iraq has 89 tons of gold.  An official source in the bank said in an interview with Alsumaria News that "Iraq's total reserves of foreign currency until the end of June amounted to 55.7 billion dollars," noting that "the net reserves of the Central Bank of 48.3 billion dollars and the rest is the balance of the Ministry of Finance at the bank."     The source, who declined to be named, said that "the bank's reserves of 48.3 billion dollars distributed to eight countries to preserve the risks come in the forefront of the United States, Switzerland, France and Britain , while these reserves are distributed among several types, including cash and bonds and gold, That "Iraq has 89 tons of gold and deposited in London."  On December 26, 2017, Iraqi central bank governor Ali al-Alak announced that the bank's foreign exchange reserves were $ 48 billion

[yota691]

Flexible Management of Foreign Currency

19/7/2018 12:00 am  Dr. Basem Brahimi,  the central bank was able during this year to strengthen foreign currency reserves to more than fifty five billion dollars, this is contrary to the expectations of some international organizations two years ago, which indicated that foreign currency reserves will fall to below 30 billion dollars as a result of the financial crisis Which is presented to Iraq, and perhaps useful to mention here that the IMF is currently adopting what is known as the composite index of foreign reserves without regard to the absolute size of what exists, and by calculating this index in Iraq, it is estimated at (169%) and this confirms adequacy Foreign Reserves Yeh   we have. The success of the Central Bank in the management of foreign currency and reserves was the result of a number of important steps taken by adopting a new method in the management of foreign reserves through self-management, where the bank performs the renewal of deposits and currency conversion itself according to the latest international practices in this   area.  The movement of the foreign currency has been pursued internally through the introduction of a new system for the series of banknotes and tracking them until they reach the exchange companies. The system has started to operate in electronic form, starting with recording the dollar sequence electronically until the final distribution of the cash categories, Ensures that the dollar does not reach the terrorist organizations listed on the OFAC list, which is one of the world's most sophisticated systems and a requirement to comply with the distribution of the   dollar. In order to control the flow of foreign currency issued by the Central Bank instructions for the sale and purchase of foreign currency for the year 2017 and continued to follow the commitment of banks in quarterly terms, as well as to follow a package of administrative procedures to close the exchange rate gap, which contributed to control the sales of the dollar and stability of its price In the same context, user security applications were approved with SWIFT International for the first time, as well as work to comply with all SWIFT network users in Iraq to implement these standards according to the time limit set for them.  The experience of the Central Bank in the transparent and flexible management of foreign currency reserves proved successful and this requires the support of the experiment by all of us.

[Floridian]

10 minutes ago, yota691 said:

Flexible Management of Foreign Currency

19/7/2018 12:00 am  Dr. Basem Brahimi,  the central bank was able during this year to strengthen foreign currency reserves to more than fifty five billion dollars, this is contrary to the expectations of some international organizations two years ago, which indicated that foreign currency reserves will fall to below 30 billion dollars as a result of the financial crisis Which is presented to Iraq, and perhaps useful to mention here that the IMF is currently adopting what is known as the composite index of foreign reserves without regard to the absolute size of what exists, and by calculating this index in Iraq, it is estimated at (169%) and this confirms adequacy Foreign Reserves Yeh   we have. The success of the Central Bank in the management of foreign currency and reserves was the result of a number of important steps taken by adopting a new method in the management of foreign reserves through self-management, where the bank performs the renewal of deposits and currency conversion itself according to the latest international practices in this   area.  The movement of the foreign currency has been pursued internally through the introduction of a new system for the series of banknotes and tracking them until they reach the exchange companies. The system has started to operate in electronic form, starting with recording the dollar sequence electronically until the final distribution of the cash categories, Ensures that the dollar does not reach the terrorist organizations listed on the OFAC list, which is one of the world's most sophisticated systems and a requirement to comply with the distribution of the   dollar. In order to control the flow of foreign currency issued by the Central Bank instructions for the sale and purchase of foreign currency for the year 2017 and continued to follow the commitment of banks in quarterly terms, as well as to follow a package of administrative procedures to close the exchange rate gap, which contributed to control the sales of the dollar and stability of its price In the same context, user security applications were approved with SWIFT International for the first time, as well as work to comply with all SWIFT network users in Iraq to implement these standards according to the time limit set for them.  The experience of the Central Bank in the transparent and flexible management of foreign currency reserves proved successful and this requires the support system">support of the experiment by all of us.

 

Thanks, Yota.  Sounds good.

 

".....to follow a package of administrative procedures to close the exchange rate gap, which contributed to control the sales of the dollar and stability of its price In the same context, user security applications were approved with SWIFT International for the first time, as well as work to comply with all SWIFT network users in Iraq to implement these standards according to the time limit set for them. "

Edited July 18, 2018 by Floridian

[Laid Back]

When the currency reserves was at $51.5 billion dollars they can cover the monetary mass by 160%

Now with the currency reserves at $55.7 billion dollars they can cover the monetary mass by 169%

 

CBI continues moving forward.

 

 

[TOMINVEGAS]

They act like kids with a piggy bank always reporting on their reserves..... open your economy, invest in your infrastructure, add value to your currency, cut the corruption, ..... I really don’t care how much is in their piggy bank compared to the other issues.... these monkeys camels and pigs are all corrupt and the reserves should be at least three times what they are.... they’re a bunch of high school kids with kindergarten mentalities .....greedy corrupt morons that have been destroying their country for a very long time now....

[tigergorzow]

1 hour ago, TOMINVEGAS said:

They act like kids with a piggy bank always reporting on their reserves..... open your economy, invest in your infrastructure, add value to your currency, cut the corruption, ..... I really don’t care how much is in their piggy bank compared to the other issues.... these monkeys camels and pigs are all corrupt and the reserves should be at least three times what they are.... they’re a bunch of high school kids with kindergarten mentalities .....greedy corrupt morons that have been destroying their country for a very long time now....

TOMINVEGAS, You are absolutely 100 Percent on point...😁😁

 

These folks best RV or RI their currency ASAP and return to the International Stage for the good of their "Citizens" & "Country".   Better hurry the heck up before they miss this "Golden Opportunity".

 

**Restore The IQD To Its "FORMER GLORY"

[dinareffic]

The success of the Central Bank in the management of foreign currency and reserves

The success of the Central Bank in the management of foreign currency and reserves was the result of a number of important steps taken by adopting a new method in the management of foreign reserves through self-management, where the bank performs the renewal of deposits and currency conversion itself according to the latest international practices in this area.

The movement of the foreign currency has been pursued internally through the introduction of a new system for the series of banknotes and tracking them until they reach the exchange companies. The system has started to operate in electronic form, starting with recording the dollar sequence electronically until the final distribution of the cash categories, Ensures that the dollar does not reach the terrorist organizations listed on the OFAC list, which is one of the world's most sophisticated systems and a requirement to comply with the distribution of the dollar.

In order to control the flow of foreign currency issued by the Central Bank instructions for the sale and purchase of foreign currency for the year 2017 and continued to follow the commitment of banks in quarterly terms, as well as to follow a package of administrative procedures to close the exchange rate gap, which contributed to control the sales of the dollar and stability of its price.

In the same context, user security applications were approved with SWIFT International for the first time, as well as work to comply with all SWIFT network users in Iraq to implement these standards according to the time limit set for them.
 http://www.alsabaah.iq/ArticleShow.aspx?ID=160212

[newbieDA]

35 minutes ago, dinareffic said:

In the same context, user security applications were approved with SWIFT International for the first time, as well as work to comply with all SWIFT network users in Iraq to implement these standards according to the time limit set for them.

 

[Donziman]

This looks like a way to track all money and where it's going. The biggest scams ,as we all

know, are done thru the auction. Maybe the bad guys will not be so quick to steal the money

if the CBI can track it. Seems like fake invoices showing a need for dollars purchased, better

end up in the listed sellers bank account.

[yota691]

Central Bank: Iraq has spent $ 703 billion since 2005

Date of release: 2018/7/30 10:18 • 205 times read

[Ayna-Baghdad] 
The Central Bank of Iraq announced its preparation to match the foreign revenues of Iraq for the years 2005-2017.

"Since 2003 until recently, the Iraqi economy has witnessed a significant increase in oil resources, accompanied by the rise in international oil prices. Public budget figures have reached high amounts over the past years," the bank said in a statement. 
"On the basis of this, there is a lot of debate among specialists and non-specialists about these large dollar revenues and what size and how they were disposed of and the doors of spending, we hear from time to time shaded data based on inaccurate information that harm the reputation of Iraq." 
He pointed out that "In order to remove the suspicions and confusion that prevails in this matter, the Central Bank of Iraq as the State Bank and its financial adviser and responsible for the management of the accounts of the Ministry of Foreign Finance to accomplish important work shows the volume of real foreign revenues received by Iraq by preparing a matching of the receipts of Iraqi governments of foreign currency And spending sections for the period from 2005 to 2017. " 
The Central Bank said that "the total amount of receipts of the Ministry of Finance from foreign currency, during the years 2005-2017, nearly 706.23 billion US dollars, and the amount of which spent $ 703.11 billion, or 99.5% of the total revenue, and the remaining as at 31/12/2008, 2017 role to the opening balance for the Ministry of Finance at the beginning of 2018. 
He pointed out that "this spending is distributed on different doors, the most important of which is the monetary appropriation, which is the Ministry of Finance spend in the general budget, which during the years 2005-2017 amounted to nearly 488.6 billion dollars, or 69.5% of total spending, followed by the Iraqi government revenues for the same period and Through the Iraqi Trade Bank [TBI] $ 156.9 billion, 22.3% of the total expenditure, and then the expenses of the payment of the contractors of oil service contracts and military payments of $ 41.5 billion, or 5.9% of the total expenditure, the remainder, which is 2.3% Of total expenditure has been made to repay debt payments 
He pointed out that "the year 2012 is the highest year in terms of revenue with a total revenue of $ 106.23 billion, and 2013 is the highest year in terms of spending, the total expenditure amounted to about 97.45 billion dollars."
The total revenue for the period 2005-2013 grew by 21.7%, compared with 5.4% for the years 2014-2017. Total expenditure grew by 24.3% for the period 2005-2013 and a negative rate of 9.1% for the period 2014-2017. .

[yota691]

  Transparency and disclosure A consistent approach to the CBI

 

Articles Samir Nusairi The Central Bank of Iraq issued a detailed report on the revenues and expenditures of Iraq for the years (2005-2017), considering that the Central Bank is the financial adviser to the government, which manages the accounts of the Ministry of Finance of foreign exchange of Iraq's exports of oil, which is the main supplier of foreign currency and constitutes about 93% of the total Budget revenues and 65% of GDP. The report showed high transparency and disclosure on the accuracy of the data as revenues totaling 706 billion dollars and government expenditures totaling 703 billion dollars and the remaining was converted as the opening of the Ministry of Finance for 2018. The main and most important thing in this report is the most obvious and significant part of the government expenditure over the years, which focused on operating expenses by a large percentage, security expenditures, the war on terror and government revenues in light of the contracts concluded by the ministries, particularly electricity, oil and service ministries. Which occupied the salaries and wages of the highest proportion of them. It also notes that the report clearly indicates that the highest oil revenues achieved in 2012 and the highest spending achieved in 2013 and the lowest revenues achieved in 2016 and analysis of the data in the report we note that the Central Bank of this report to public opinion as follows:   1 - The data contained in the report confirms the transparency and disclosure of the Central Bank of Iraq for the first time since 2003 at least to declare a certified and transparent report of the total revenue from foreign currency and total expenditures of the foreign currency of the government according to approved exchange doors.   2 - The data contained in the report refutes all information data authorized by specialists and non-specialists in the various media.    3 - The data contained in the report has nothing to do with the sale of currency and foreign reserves of the Central Bank, which exceeded the limits of 56 billion dinars, which are measured enough to cover private sector imports, which are enough to 15 months in the event of non-export of oil.      I think that the central bank's disclosure of the foreign currency data with the exact accuracy required me and my colleagues and researchers to conclude that the continuation of oil prices at current rates or a slight rise due to the economic, political and security conditions that surround some regions of the world during the remaining months of 2018 will help That the price of Iraqi oil source up to $ 67 a barrel (net), which will increase revenues and cover the deficit in the budget will increase foreign reserves and provide the government with space and good flexibility to implement its service plans and investment     Views 22   Date Added 31/07/2018

[SocalDinar]

Iraq has spent more than $700 bn oil wealth since 2005

By AFP

PUBLISHED: 09:40 EDT, 31 July 2018 | UPDATED: 09:40 EDT, 31 July 2018

 

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An employee stands at the Zubair oil and gas field, north of the southern Iraqi province of Basra on May 9, 2018

Iraq has raised more than $700 billion from oil since 2005, but almost the entire amount has been spent, the central bank announced Tuesday.

"Between 2005 and 2017, the finance ministry has taken in $706.23 billion dollars in foreign exchange" from oil, it said in a statement.

"A total of $703.11 billion, or 99.5 percent of the amount, has been spent," it said.

Since Prime Minister Haider al-Abadi declared victory over the Islamic State group last December, marking an end to decades of conflict in Iraq, social grievances have boiled over in a series of protests.

After erupting in the oil-rich southern province of Basra on July 8, unrest has quickly spread to several cities, as people have vented their anger over unemployment, high prices, power cuts and a lack of usable water.

Fourteen people have been killed in clashes between security forces and demonstrators, frustrated over the lack of basic services in what has been ranked one of the world's most corrupt countries.

According to parliament the equivalent of $227 billion in public funds in Iraq, OPEC's second largest crude exporter after Saudi Arabia, has gone missing through shell companies.

 

http://www.dailymail.co.uk/wires/afp/article-6011177/Iraq-spent-700-bn-oil-wealth-2005.html

[10 YEARS LATER]

Would be interesting to find out how much of that made its way into politicians bank accounts - sure has been “ easy street “ the last 15 years for these “ politicians “

[SocalDinar]

7 minutes ago, 10 YEARS LATER said:

Would be interesting to find out how much of that made its way into politicians bank accounts - sure has been “ easy street “ the last 15 years for these “ politicians “

All politicians are corrupt to some point. My small town is no exception.  The last police chief here with a population of 22,000 retired at 55 Years old making $460,000 per year. City has to pay out 90% of that for life in pension. Total BS IMO

 

a 1 cent RV would cost approx $700 billion  if I'm doing my math right.

[10 YEARS LATER]

51 minutes ago, SocalDinar said:

All politicians are corrupt to some point. My small town is no exception.  The last police chief here with a population of 22,000 retired at 55 Years old making $460,000 per year. City has to pay out 90% of that for life in pension. Total BS IMO

 

a 1 cent RV would cost approx $700 billion  if I'm doing my math right.

 

No getting away from corruption. We’re all getting hosed and they ( corrupted people) keep filling the vacancies with nary a hiccup in the routine. 

[jeepguy]

Spent or sold in the  open auctions 

[ChuckFinley]

On 7/18/2018 at 9:07 PM, Laid Back said:

When the currency reserves was at $51.5 billion dollars they can cover the monetary mass by 160%

Now with the currency reserves at $55.7 billion dollars they can cover the monetary mass by 169%

 

CBI continues moving forward.

 

 

Like the sound of that.

[NextYear]

On 7/9/2018 at 9:22 PM, Pitcher said:

Don’t know why someone negged you for that response but I gave you a greenie.

 

I smell the mouse click of Maliki. He's not done robbing from the people. 

[yota691]

Dollar Matching Significance

02/8/2018 12:00 am  Dr.. In the name of Brahimi   Well did the concerned in the Central Bank of Iraq when they announced two days ago in a clear statement matching the imports and expenditures of foreign currency for Iraq for the period from 2005 to 2017, in the context of the stabilization of the financial transparency, which we call, and this statement came at a time when the confusion arrived To the end, to the extent that some have said we have lost a thousand billion dollars for others to pass this speech without evidence, which drew a big question mark about the fact that happened on the financial side during the said period and if the previous speech is not accurate, what are the exact numbers . Some of the statements unfortunately were issued by people specializing in economic affairs, but it seems that they have other goals, as they say, forgetting the truth of what this talk of a negative impact on the overall economic relations and not only political, as the relationship between economy and politics are becoming so difficult to separate the boundaries of the relationship between them, According to his role as consultant and accountant for the government, the central bank records the movement of the government account (the Ministry of Finance), which prompted him to announce these figures to clarify the   facts. The figures revealed dollar revenues of 706 billion dollars during the period 2005 - 2017 was spent 703 billion dollars, and the rest is a round balance is at the expense of the Ministry of Finance, about 70 percent of revenue went to the budget expenditures, especially ongoing, which are mostly salaries and wages, while 22 percent went to government imports, 6 percent to oil contracts and military contracts, while the remaining 2 percent was used to cover Iraq's debt payments. Some of them comment on the statement that it shows the financial statements of revenues and main doors of expenditures in terms of size and proportion without analyzing the efficiency of performance, and we see that this is normal in light of the state institutions because it is not within the jurisdiction of the Central Bank, but the competence of other supervisory or supervisory institutions to follow up spending and exchange doors with This is another topic that the statement did not aim at, and therefore we must prove the positive signs that this statement carries in presenting the facts and communicating with the public in a transparent manner in order to be a good year for all other institutions.