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

[yota691]

Central Bank: High cash reserves to $ 49 billion

 

 

Economy News Baghdad : Announced the Governor of Bank Central Ali Keywords, on Thursday, for increasing the reserve currency difficult foreign than had it in the year 2016 , stressing rising to 49 billion dollars . Said Keywords , the " Bank of the Central and despite the decline in resources of oil during the period last by up to 70 percent was able to maintain and keep the reserve of currency foreign level acceptable within the standards of international, especially the standard core of the adequacy of the reserve is covered by currency local sense of how much we have of the dinar and offset by the dollar . " He added Keywords that " the amount of the reserve of currency difficult foreign found in the bank exceeds the amount of currency local dinar Iraqi, which is what is within the standard admissibility of this reserve, it is the payment of the Fund Monetary International to count reserves of Iraq comfortable and assured by virtue of the Convention to prepare the credit ."   He said the Keywords, the " reserve the current range between 47 billion and 49 billion dollars, which is higher than the level of the reserve for the year 2016" , stressing by saying , " We do not feel concerned about this reserve within the indicators global ."   Views 142   Date Added 11/05/2017 - 12:26   Last updated 05/11/2017 - 13:17   No. Content 7494

[yota691]

Central Bank announces increase Iraq's financial reserves

Journal May 11, 2017

 

 

BAGHDAD - The Journal News

 

The Governor of the Central Bank on the Keywords, Thursday, increasing the difficult foreign currency than it was in the year 2016 reserves, stressing rising to $ 49 billion.

Keywords and said in a statement, "Journal News" received a copy of it, "the central bank, and despite the decline in oil resources during the past period by up to 70 percent, he was able to maintain and maintains reserves of foreign level acceptable currency within the international standards, especially that the main criterion for the adequacy of the reserve is its coverage of the local currency in the sense of how much we have dinar and the corresponding dollar. "

Keywords added that "the amount of the reserve of foreign hard currency in the bank exceeds the amount of local currency in Iraqi dinars, which is within the standard admissibility of this reserve, prompting the IMF to count Iraq's reserves comfortable and assured by virtue of the standby credit agreement."

Keywords explained that "the current reserve ranges between 47 billion and $ 49 billion, higher than the level of the reserve for the year 2016," he said, "We do not feel concerned about this reserve within the global indicators

[yota691]

Increase the hard currency reserve

11/05/2017 10:15

 

 

The Governor of the Central Bank on the Keywords, on Thursday, an increase in hard foreign currency than it was in the year 2016 reserves, stressing rising to $ 49 billion. 

Keywords and he said, that ' the central bank despite the decline in oil resources during the past period by up to 70 percent , he was able to maintain and maintains reserves of foreign level acceptable currency within the international standards, especially that the main criterion for the adequacy of the reserve is covered by the local currency in the sense how much we have dinar and offset by the dollar '. 

Keywords added that " the amount of the reserve of foreign hard currency in the bank exceeds the amount of local currency in Iraqi dinars, which is within the standard admissibility of this reserve, prompting the IMF to count Iraq 's reserves comfortable and assured by virtue of the standby credit agreement '. 

Keywords explained that the 'current reserve ranges between 47 billion and $ 49 billion, higher than the level of the reserve for the year 2016 , "he said , " We do not feel concerned about this reserve within the global indicators'.

[yota691]

11-05-2017 09:38 AM

Central: Increase hard currency reserves to $ 49 billion compared to 2016

 

 

 

The Governor of the Central Bank on the Keywords, on Thursday, an increase in hard foreign currency than it was in the year 2016 reserves, stressing rising to $ 49 billion. 

Keywords and he said, that ' the central bank despite the decline in oil resources during the past period by up to 70 percent , he was able to maintain and maintains reserves of foreign level acceptable currency within the international standards, especially that the main criterion for the adequacy of the reserve is covered by the local currency in the sense how much we have dinar and offset by the dollar '. 

Keywords added that " the amount of the reserve of foreign hard currency in the bank exceeds the amount of local currency in Iraqi dinars, which is within the standard admissibility of this reserve, prompting the IMF to count Iraq 's reserves comfortable and assured by virtue of the standby credit agreement '. 

Keywords explained that the 'current reserve ranges between 47 billion and $ 49 billion, higher than the level of the reserve for the year 2016 , "he said , " We do not feel concerned about this reserve within the global indicators'.

[yota691]

Increase national financial inventories

5/11/2017 0:00    Keywords for {morning}: International Monetary counting Iraqi reserves {assured} Baghdad / Tariq al - Araji  ,   said Governor of the Central Bank of Iraq on the Keywords increase in hard foreign currency than it was in the year 2016 reserves, stressing that the IMF said in its latest report that the Iraqi Reserve reassured very.  Keywords and said in the interview with the "morning" dialogue, published later: " The Central Bank, despite the decline in oil resources during the past period by up to 70 percent , he was able to maintain and maintains reserves of foreign level acceptable currency within the international standards, especially that the main criterion for the adequacy of the reserve It is covered by the local currency in the sense of how much we have dinar and the corresponding dollar. "  He added Keywords that " the amount of the reserve of foreign hard currency in the bank exceeds the amount of local currency in Iraqi dinars, which is within the standard admissibility of this reserve, prompting the IMF to count Iraq 's reserves comfortable and assured by virtue of the standby credit agreement."  Governor of the Central Bank said that " the current reserve ranges between 47 billion and $ 49 billion, higher than the level of the reserve for the year 2016», stressing by saying: «We do not feel concerned about this reserve within the global indicators».  The Prime Minister Haider al - Abadi assured citizens on the government 's ability to repay its obligations without malfunction.

[King Bean]

7 minutes ago, yota691 said:

the current reserve ranges between 47 billion and $ 49 billion

$2 Billion window....plus or minus. Wish I could balance my checkbook like that. Looks like the IMF directives and guidance have put a stop to the drawdown that was happening. Now it needs to go the other way. UP.

[Laid Back]

This means no more corruption in the daily auctions.

 

The mafia is out of the CBI 

 

Go CBI

Go new monetary policy

Go RV

Go 2017

[4twenty]

"the amount of the reserve of foreign hard currency in the bank exceeds the amount of local currency in Iraqi dinars,"

 

Any thoughts?

[The Englishman]

THURSDAY, MAY 11, 2017

Iraqi foreign currency on increase, CBI

 

8:25 PM  ADMIN  

 

Baghdad/ Iraq TradeLink: Iraqi Central Bank Governor Ali al-Alaq disclosed that the bank's foreign currency was increased in comparison to 2016 to reach 49 billion dollars.

 

In a statement, the CBI pointed that "despite the decline in oil prices by 70%, the bank was abler to preserve its foreign currency reserves to the international standards; namely to cover the local currency with the dollar.

 

 

No other details were given.

 

 

Posted in: Baghdad,Economy

[Wiljor]

Thanks Englishman, 

 

4 hours ago, The Englishman said:

In a statement, the CBI pointed that "despite the decline in oil prices by 70%, the bank was abler to preserve its foreign currency reserves to the international standards; namely to cover the local currency with the dollar.

 

International standards 

[Officiallytook]

 

[Laid Back]

The CBI wiped out corruption from the daily auctions.

 

Go new monetary policy  

Go 2017

[DWS112]

.. float the dinar is the solution to save foreign exchange reserves

May 15, 2017

 

In recent years, officials, economists and even ordinary citizens have used the alarm to warn against a drop in Iraq's hard currency reserves.
The last statement on this matter was to the Governor of the Central Bank of Iraq and the agency on the relations, which confirmed three months ago that the balance of foreign reserves amounts to 49 billion dollars. The foreign currency balance has fallen by more than a third from a record high of $ 77 billion in mid-2014. This clearly indicates that there is a serious structural imbalance in the balance of payments that can not be resolved by easy administrative decisions, especially as indicators suggest a continued depletion of foreign exchange reserves in Iraq at the near and medium levels.
All this threatens to increase pressure on the national currency and cast further doubt on the country's ability to finance imports and necessary investments.
Everyone agrees on the reasons for the sharp drop in foreign reserves, mainly composed of US and European treasury bonds, as well as cash balances in the currencies of the dollar, the euro, the pound and the gold bullion. It is no different that the decisive factor behind this crisis is the collapse of oil prices since June 2014. Prices recovered relatively late in 2016 after OPEC and Russia decided to cut production rates, but the return of black gold prices to their previous levels remains a distant dream as the supply surplus persists for the foreseeable future. Hence, it is not permissible to rely on an imminent and imminent rise in prices.
However, another reason for the problem lies in lower interest rates at the global level, which also means that the CBI earns less money on US and European bonds and on foreign exchange reserves in foreign banks, which account for the lion's share of Iraq's foreign reserves.
Against the near-consensus on the reasons, there are significant differences in the proposed solutions to the crisis of the collapse of foreign exchange reserves. Most of the members of the Economic Committee in the House of Representatives and many of those interested in economic affairs focus on combating money laundering and what they call "smuggling" of hard currency and the black market and criticizing the currency auction of the Central Bank and even demanding the suspension on the grounds of suspicion of corruption in the sale of dollars to private banks and banking companies.
Some also proposed charging for foreign currency conversion. Some even go so far as to call for a monopoly on hard currency by the state and to prohibit the treatment of citizens and private companies.
Combating money-laundering, smuggling and potential corruption remains an important and pressing issue regardless of the size of the currency reserve. In this regard, there are laws that the Central Bank and other state bodies must strictly enforce. But the legitimacy of these measures does not justify the call to impose arbitrary administrative restrictions on dealing in hard currency and look at the dollar and the euro as a saved fortunes can not touch. The demand for state monopoly on hard currency is, to say the least, an essential feature of totalitarian regimes.
Hitler and Stalin entered the history of economics as the first to apply this monopoly as a permanent principle of economic policy. This principle then became a dominant policy in socialist countries and in developing countries that followed the strategy of public sector dominance. Like Saddam Hussein, the tyrant has "masterminded" the control of hard currency in the country until it has already become the preserve of him and his family and close associates.
The result of this sterile policy was not limited to the recovery of the black market, the collapse of the Iraqi dinar and the deepening of imbalances in the distribution of income, but also to the emergence of harmful social phenomena and behaviors. There is no doubt that many Iraqis remember how some foreigners and Iraqi expatriates acted during the siege as if they were "kings" simply because they had a few hundred dollars.
In short, it can be said that resorting to administrative procedures to impose arbitrary restrictions on dealing in hard currencies and their conversion and other "easy" measures will not solve the problem of depletion of foreign exchange reserves, but will lead to the adverse results of the decline in confidence in the national currency and the speculation and black market and direct damage to the interests of Citizens and restrictions on their freedom of travel, treatment, study abroad and others.
The solution to the problem of serious decline in the reserves of foreign currency requires primarily economic measures and not administrative, especially the implementation of difficult reforms in the area of exchange rate and the activation of customs tax. It is quite clear that after 2014, the value of the Iraqi dinar against the dollar has been overstated under the new circumstances resulting from continued low oil prices.
However, the central bank did not move and only reduced the value of the Iraqi dinar in late 2015 by a small percentage did not exceed 2%. A slight reduction not commensurate with the financial and economic variables of the country.
It is clear that the central bank adheres to the fixed exchange rate policy and pegs the dinar to the dollar. If this policy is necessary and justified after 2003 and has succeeded in establishing the necessary monetary stability for the development process, clinging to it infinitely does not benefit the Iraqi economy in the long term. The central bank's reluctance to adopt exchange rate flexibility appears to reflect concerns about the potential political and social costs of devaluing the dinar against other currencies and the expected rise in the prices of imported goods.
On the other hand, this hesitation confirms the fears of circumventing the constitutional independence of the Central Bank and its increasing dependence on the government, especially after the ousting of the former leadership of the bank headed by Sinan Shabibi on the basis of accusations of fabricated and malicious corruption.
But this situation will not serve to maintain monetary stability, which requires now to take decisive and bold actions, foremost of which is a clear reduction in the dinar exchange rate. Such a step could "trap" more than one bird with one stone: first, reduce demand for hard currency and imported goods; secondly, improve the competitiveness of domestic production; and thirdly, raise state budget revenues and thereby reduce the fiscal deficit.
This is confirmed by the experiences of several countries, including Russia and Egypt. In 2014, Russia was in a very difficult position due to the collapse of oil prices and the imposition of economic sanctions by the West. But expectations of the collapse of the Russian economy have not materialized. Thanks mainly to a certain correlation between the Russian ruble exchange rate and world oil prices.
This has left the ruble more than half its value against the dollar in 2015, but at the same time it has stabilized the price of ruble oil, thus preventing the collapse of state revenues. This would not have been possible had the Russian central bank not floated the ruble in November 2014.
A similar positive experience provided by Egypt, which also in late 2016 floated the pound. Despite the controversy surrounding the impact on the life of the Egyptian citizen, this was the difficult decision to record successive rises in Egypt's foreign exchange reserves.
It will be said, of course, that the conditions of Russia and Egypt differ from Iraq, and this is self-evident and does not delay, because the circumstances of each country differ from another country, but this does not prevent the benefit of the experiences of other countries, especially that Russia, like Iraq, energy.
The situation in the Iraqi economy forces the central bank to move and adopt a flexible policy in the exchange rate in preparation for floating the dinar against other currencies in the medium term.
Managed Floating, which allows the central bank to intervene to prevent sharp and dangerous fluctuations in the dinar exchange rate, can be used here.
The attempt to solve the problem of the decline of Iraq's foreign exchange reserves by "easy" decisions will mean only perpetuation and adventure to generate other crises.
Dr.. Najeeb Al Obeidi

[tigergorzow]

DWS112 Thanks,  DV, The education of the citizens is in full swing and numerous positive articles about the CBI, Banking & Investments, etc.

 

GO RV / RI

 

GO Liberation Of Mosul 

[Donziman]

I hope this devaluation of the dinar does't put them alongside the value of iran or Russia 

check Oanda for that bad news.

[Synopsis]

Thank You, DWS112, for the last article You posted!

 

The article states, "All this threatens to increase pressure on the national currency and cast further doubt on the country's ability to finance imports and necessary investments."

 

And

 

"But this situation will not serve to maintain monetary stability, which requires now to take decisive and bold actions, foremost of which is a clear reduction in the dinar exchange rate. Such a step could "trap" more than one bird with one stone: first, reduce demand for hard currency and imported goods; secondly, improve the competitiveness of domestic production; and thirdly, raise state budget revenues and thereby reduce the fiscal deficit."

 

Just around the corner, DV???!!!

 

Go Moola Nova!

 

 

[Wiljor]

2 hours ago, Synopsis said:

Thank You, DWS112, for the last article You posted!

 

The article states, "All this threatens to increase pressure on the national currency and cast further doubt on the country's ability to finance imports and necessary investments."

 

And

 

"But this situation will not serve to maintain monetary stability, which requires now to take decisive and bold actions, foremost of which is a clear reduction in the dinar exchange rate. Such a step could "trap" more than one bird with one stone: first, reduce demand for hard currency and imported goods; secondly, improve the competitiveness of domestic production; and thirdly, raise state budget revenues and thereby reduce the fiscal deficit."

 

Just around the corner, DV???!!!

 

Go Moola Nova!

 

 

 

Ohhhh yeaaaa, just around the corner indeed my friend  

[NoviceInvestor]

Just wondering if the Dinar is floated at what rate would the float begin???

[ChuckFinley]

2 hours ago, Wiljor said:

 

Ohhhh yeaaaa, just around the corner indeed my friend  

Wiljor, it sounds like it is right there. I hope this corner is a short one. 

[sandfly]

Thanks 

[Theseus]

Managed floating of the dinars would also mean foreign reserves were not needed. So, yeah, it would save the reserves because they wouldn't need it.

[yota691]

Central confirms the "robustness" of the Iraqi reserves according to international indicators "reassuring"

 

Editor Duraid Salman - Sunday July 16, 2017 17:34

 

 

 

Alsumaria News / Baghdad  announced that the Central Bank of Iraq on Sunday, the availability of international indicators confirm the Iraqi sedate reserve, stressing that the foreign currency reserves standards "reassuring."  He said the financial operations and debt management of the Central Bank , Mahmoud Dagher director in an interview with Alsumaria's News, said that " the reserves of foreign currency for Iraq, according to different standards sufficiently high and reassuring."  He Dagher, to "provide international indicators confirm the strength of gravity and reserves of Iraq."     The Central Bank of Iraq announced on Sunday (February 19, 2017), the size of the reserves of Iraq from the hard currency of $ 49 billion, at a time between 70% of the traded funds Chunky in homes, pointed to the bank was able to control inflation.  The Central Bank of Iraq was established independently as a bank under a law issued on the sixth of March 2004, an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are sessions daily for buying and selling currencies.

[davis411]

On May 15, 2017 at 5:45 PM, NoviceInvestor said:

Just wondering if the Dinar is floated at what rate would the float begin???

Okie said 34.00

 

i am not greedy 

holding out for 33.98

[yota691]

Central Bank: foreign currency reserves continues to increase

Central Bank logo

Economy News Baghdad:  The central bank announced on Sunday that the foreign currency reserves in the case continues to increase from what it was in the past year.  The central bank said in a brief statement received "Economy News", "The foreign currency reserves of the level of competence in accordance with international standards and is currently more than what it was last year." The general manager of financial operations at the Central Bank, Mahmoud Dagher, warned of a significant threat to the monetary reality is foreign assets that represent the original creation of the dinar assets and reserves.     Views 59   Date Added 16/07/2017

[DinarThug]

That Little Dagher Got His Own Jet Airplane - That Little Dagher He's A Millionaire !  

 

     

 

 

Central confirms the "strength" of the Iraqi reserve according to international indicators "reassuring"

Editor Duraid Salman - Sunday 16 July

 

Alsumaria News / Baghdad  The Central Bank of Iraq announced on Sunday the availability of international indicators confirming the Iraqi Reserve's fortitude, stressing that the standards of foreign exchange reserves "reassuring."  The head of financial operations and debt management of the Central Bank Mahmoud Dagher said in an interview for Alsumaria News, "The reserves of foreign currency to Iraq and different standards of adequacy is high and reassuring."  Dagher pointed out, "the availability of international indicators confirm the stability and durability of Iraqi reserves."      The Central Bank of Iraq announced, on Sunday (February 19, 2017), that the size of Iraq's foreign currency reserves of $ 49 billion, while noting that 70% of the money circulating in homes, he pointed to the bank managed to control inflation.  It is noteworthy that the Central Bank of Iraq was established as an independent bank under its law of 6 March 2004, as an independent body, which is responsible for maintaining price stability and implementation of monetary policy, including exchange rate policies and daily sessions for the sale and purchase of currencies.    http://www.alsumaria.tv/news/210018/link