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

[WheresmyRV?]

2 hours ago, 10 YEARS LATER said:

Like everything else: gotta talk it to death first-form a committee to discuss forming THE committee to study the situation, gather and submit findings ; then submit those findings to the committee that formed THE committee-then ( coming full circle ) discuss and submit recommendations to a " Higher Authority ."

 

Then its beaten to death with more "dialogue "  ---- then someone's knickers get into a wad, and they call for a postponement to review the findings and a call for dialogue in the near future once all parties can agree on a date to reconvene-so long as it doesn't come into conflict with holidays (religious or otherwise) or any of the numerous vacations they have scheduled throughout the year.

Oh so true! Starting to wonder is this is going to happen in my lifetime or not. 

[10 YEARS LATER]

2 hours ago, siberian_shaddow said:

And I wonder how the population there is increasing, there all talk no action. wonder what there woman think 😀

 

No doubt the Iraqi women are appalled their " men " behave like whining 7 year old spoiled brats. 

[10 YEARS LATER]

3 hours ago, Wiljor said:

 

Nailed it !!!!! 

  

[yota691]

Central Bank of Iraq: the adequacy of Iraq’s financial reserves reached 160 percent

By

 rami

 -

January 21, 2018

25

0

 

 

 

The Governor of the Central Bank of Iraq Ali al-Alaq, that the adequacy of the Iraqi financial reserve amounted to 160% according to the criteria set by the International Monetary Fund, indicating that the criteria and conditions set by the Fund in dealing with Iraq was an agreement between the parties and not dictates from one party to another.
“The joint fiscal reform program with the IMF aims to improve financial management and fiscal discipline by controlling expenditures and increasing revenues, and we are keen to implement reforms in all our institutions and ministries,” al-Aalak told a news conference in Najaf.
“We are working on the development of certain objectives and programs in agreement with the International Monetary Fund to improve the financial situation and prevent a financial crisis in the future.”
“There is a positive relationship between the improvement in oil prices and the financial situation of the country, and today this improvement was reflected directly on the revenues of the state.”
“However, this improvement does not mean a return to uncontrolled spending or financial actions that are not calculated far away, but that the increase will go to pay the result of Iraq’s domestic debt, including towards investment projects.”
“We are keen and careful to monitor the level of reserve cash and with us the international organizations and the International Monetary Fund, so that the reserve does not fall below the required international standard or standard,” he said.
He added that “the Iraqi cash reserves did not fall and remained above the required rate and reserve adequacy ratio in Iraq reached 160% according to international standards set by the International Monetary Fund, as reported in the latest bulletin of the Fund.

[yota691]

Central Bank: The adequacy of Iraq's financial reserve reached 160 percent

21:00 - 20/01/2018

0

 

  

Information / Najaf ..

The governor of the Central Bank of Iraq Ali al-Alaq, Saturday, that the adequacy of the Iraqi financial reserve amounted to 160% according to the standards set by the International Monetary Fund, noting that "the criteria and conditions set by the Fund in dealing with Iraq was an agreement between the parties and not dictates by one party "He said.

"The joint fiscal reform program with the IMF aims to improve financial management and fiscal discipline by controlling expenditures and increasing revenues, and we are keen to implement reforms in all our institutions and ministries," al-Alak told a news conference in Najaf.

"We are working on the development of certain objectives and programs in agreement with the International Monetary Fund to improve the financial situation and prevent a financial crisis in the future."

"There is a positive relationship between the improvement in oil prices and the financial situation of the country, and today this improvement was reflected directly on the revenues of the state."

"However, this improvement does not mean a return to uncontrolled spending or financial actions that are not calculated far away, but that the increase will go to pay the result of Iraq's domestic debt, including towards investment projects."

"We are keen and careful to monitor the level of reserve cash and with us the international organizations and the International Monetary Fund, so that the reserve does not fall below the required international standard or standard," he said.

He added that "the Iraqi cash reserves did not fall and remained above the required rate and the reserve adequacy ratio in Iraq reached 160% according to international standards set by the International Monetary Fund, as reported in the latest bulletin of the Fund."

[Bama Girl]

Encouraging article, pray they stay on course. 

[siberian_shaddow]

Much Appreciated Yota, now I see why Maliki is still trying to stay in the game he wants more of the reserves. 😀

[Butifldrm]

I was doing a little research today on the History of the Reserves since 2003.  I found this article from 2013 very interesting. So now if the CBI's foreign currency reserves are approximately  48B and cover the IQD @ 160%  according to the following article each Dinar outside or inside the country should be covered by 1.25 dollars.  That's if the 33 Trillion IQD total in circulation still exists.  

 

 

01-07-2013 11:38 AM

The parliamentary economy: increasing the reserves of the Central Bank for more than (80) billion dollars will strengthen the stability of the Iraqi dinar

 

 

 

BAGHDAD (News) .. The Rapporteur of the Committee on Economy and Investment MP / coalition of Kurdish blocs / Mahma Khalil, that increasing the reserves of the central bank of foreign currency will strengthen the stability of the Iraqi dinar and develop the national economy. 

He said Khalil (of the Agency news): The increase in the cash reserve of the Central Bank for more than (80) billion dollars, this means that every Iraqi dinar exists inside Iraq or outside is covered by two and a half dollars, because the size of the currency blocks of the Iraqi currency is (33) trillion dinars. 

He added: This increase will strengthen the stability of the Iraqi dinar exchange rate against the US dollar and international currencies because it will be a safe haven for him, in addition to it will enhance the growth of the national economy. 

The Central Bank of Iraq announced the increase of its cash reserves from foreign currency to more than (80) billion dollars.

 

http://www.ikhnews.com/index.php?page=article&id=90001

[Laid Back]

5 hours ago, Butifldrm said:

was doing a little research today on the History of the Reserves since 2003.  I found this article from 2013 very interesting. So now if the CBI's foreign currency reserves are approximately  48B and cover the IQD @ 160%  according to the following article each Dinar outside or inside the country should be covered by 1.25 dollars.  That's if the 33 Trillion IQD total in circulation still exists.  

Thanks for your input Buti,

I will be happy with $1.25 per dinar

[NoviceInvestor]

Whatever they intend the rate to be they need to get on with and stop relying on handouts from countries that can ill afford it and that also have their own sets of problems including the US that they need to fund.

Edited January 22, 2018 by NoviceInvestor

[Goggles]

Go RV!!! Go DV!!! 

[gregp]

Great find Buti!!!

 

[Wiljor]

Thanks again Butifldrm for this and all amazing articles you bring here to us in DV. 

I will be quite content with 1.25  🙏

[10 YEARS LATER]

1 hour ago, Wiljor said:

Thanks again Butifldrm for this and all amazing articles you bring here to us in DV. 

I will be quite content with 1.25  🙏

 

Damn Straight ! I'd be as Happy as a Happy Person who had something to be Happy about.  At $1.25 it would be screeching tires amidst a cloud of smoke and I'm way off the grid.

[bkeiller]

On 1/21/2018 at 8:51 AM, yota691 said:

There is a positive relationship between the improvement in oil prices and the financial situation of the country, and today this improvement was reflected directly on the revenues of the state."

 

This quote makes me optimistic. 😊

[Half Crazy Runner]

19 hours ago, Butifldrm said:

I was doing a little research today on the History of the Reserves since 2003.  I found this article from 2013 very interesting. So now if the CBI's foreign currency reserves are approximately  48B and cover the IQD @ 160%  according to the following article each Dinar outside or inside the country should be covered by 1.25 dollars.  That's if the 33 Trillion IQD total in circulation still exists. 

 

Awesome! Thanks Butifldrm! 👍🏻👍🏻  I’d be ecstatic with $1.25! 

[yota691]

Economist: Iraq incurred 40 billion of the contracts of the Association of Banks and the Central Bank .. And the relationship "hidden" the final accounts

Thursday, February 01 2018 at 13: 46 pm (344 views)

Economist: Iraq incurred 40 billion of the contracts of the Association of Banks and the Central Bank .. And the relationship "hidden" the final accounts

Follow-up Sky Press:

Estimated leaks behind the scenes, that the annual financial inventory for this year revealed that Iraq has incurred more than 40 billion as a result of currency manipulation and auctions by the Association of Iraqi banks associated with the Central Bank of Iraq.

"There is a prior agreement between the Association of Banks of Iraq, which was registered as a civil organization, but the governor of the Central Bank Ali Alalak, to create a legal formula, to do its work fully."

The leaks said that "an agreement between the Association and the relationship requires the latter to get a certain percentage of the manipulation of commissions and invoices, in exchange for the Central Bank overlooks these manipulations."

"This year, Iraq has incurred more than 40 billion dollars as a result of the manipulation of bills and commissions, as indicated by the determination of the fiscal year," said the source, who is close to financial decision-making centers.

He went on to say that "Alaq seeks to hide many documents of the final accounts for this year, because if it were put before the public opinion and cause a scandal large, do not praise the punishment," as he put it.

He pointed out that "these commissions that result in the smuggling of public funds go to the pockets of the parties involved in these manipulations," while stressing that "the eldest son of the governor of the Central Bank, opened a luxury salon in a global shopping center in the Canadian capital of Ottawa, which they own.

[boosterbglee]

End the auctions....and "some" of the corruptness will go away, lock up the thieves and more will go away, and hiding documents.......sheeesh! 

 

[10 YEARS LATER]

 it’s what they does, sadly. Infuriating, huh. 

[trident]

3 hours ago, yota691 said:

while stressing that "the eldest son of the governor of the Central Bank, opened a luxury salon in a global shopping center in the Canadian capital of Ottawa, which they own.

 

...sounds fishy!

[Butifldrm]

 2018-02-24 BY SOTALIRAQ

Currency auction - the systematic sabotage of the Iraqi economy

Abd al-Jabbarnouri 
said that financial corruption and the management of a social, economic and cultural crisis which is one of the biggest challenges facing our modern world is undermining good governance, distorting public policy, destroying the foundations of the public sector, undermining the private sector and damaging the poor classes. Iraq is at the top of the list of global corruption, according to the international index of the most corrupt countries are: Iraq, Venezuela, North Korea, Libya, Sudan, Yemen, Afghanistan, Syria, and These data were published by the international organization Tronsparency International
The "foreign currency auction" of the US Bremerian invasion of the occupiers was specifically implemented in 2004 by the Central Bank of Iraq, which is a new form of economic corruption linked to his umbilical cord with money laundering in Iraq, the currency auction in Iraq has become a means of smuggling money from Iraq has lost Done! The waste of 312 billion dollars from 2004 to the end of 2014, which is the proceeds of Iraqi oil, the power of access in 2040, which was pumped by the Central Bank of Iraq to the markets and was transferred to the output, which is not insignificant when the Iraqi economy suffers paralysis because of the depletion of the war Aldashih and the decline of the price of a barrel of crude oil and resorting to The debt of international banks and the future generations of the future sovereign guarantees and yield to the arbitrariness of the International Monetary Fund.
What is a currency auction? The term can be explained as a passing, exhausting and compelling example: If one of the banks bought 10 million dollars at the exchange rate of the dollar 4-118 Iraqi dinars for the banks and these banks sell it at 5-125 Iraqi dinars, the profit of 71 dinars per dollar becomes 710 million Iraqi dinars, equivalent to 600 thousand dollars for that day and within a year One wins the bank (200) million dollars, noting that more than 65% of the receipts and coupons (forged) or registered with the names of ordinary people holding Iraqi passports even if they did not buy any dollars, and lose the Iraqi economy 3 billion dollars annually for the benefit of the sources of smuggling of public money others Justified and irresponsible, it was better to build our mud schools and run the armies of the unemployed And restore life to our companies broken, and learned that the foreign currency auction process in the Central Bank of Iraq linked Bmassarv return for political parties funded by their parties and their militias in the sale of foreign currency and gold bullion where he sells the central bank daily $ 180 million, and failed many political attempts And the Central Bank of Iraq announces that the inspection of bills is not a failure to cancel the currency auction, which is implemented by the Central Bank of Iraq after $ 180 million a day, but their attempts failed to break the corruption of organized organizations supported by militias and armed parties linked to smuggling networks at home and abroad. Of the specialization of the bank, but from the jurisdiction of the Department of Economic Crime of the Ministry of the Interior, and that these financial parasites would not have amounted to financial empires had it not for the rotten climate of Iraq for the period after 2003, and had not existed since the establishment of the Iraqi state in 1921 April 9, 2003 witnessed in Iraq after the American occupation to him, and in the light of this corruption and looting of public money was not surprising to classify Iraq for two consecutive years at the top of the most corrupt countries and appeared sick repercussions on the already lean Iraqi entity:
- The disruption of the economic situation, which directly affects the political situation. 
- Exchange rate fluctuation. 
- The subordination of the Iraqi economy to the unilateral fluctuations and speculation of the domestic market. 
- The depletion of the reserves of the Central Bank of hard currency and gold bullion, which in turn affects the exchange of local currency. 
- The central bank reserves in 2009 fell to 35%. 
- Loss of independence of the Central Bank of Iraq. 
- We widen the gap between the official exchange rate and the market price. 
- Unemployment is 39% and poverty is 40%. 
- Balance of payments deficit and then a decrease in production capacity. 
- The growth and spread of corruption and theft of public funds and weak social ties. 
- The growing phenomenon of money laundering.
The sustainability of financial resources in Iraq has deteriorated since 2014 and is currently continuing after the global financial crisis and was affected by Iraq in 2008, and continued the emergence of the deficit in the Iraqi budget until it reached a catastrophic figure exceeding 111 billion dollars and reduced the figure to 37 billion dollars after the write-off Donors in the Paris Club for those debts by 80%. 
It is impossible that the regulators, which are the "scourges of integrity, the body of financial control and the offices of the public inspectors," can stand against corruption because these regulators need to provide security and political support to them. Some of these political, executive, legislative and judicial leaders are under pressure from within and outside the region And international. 
Margins / D-Ali Mirza - Use of reserves in non-employment / Samir Shaaban - money laundering crime 2016 / Iman Mahmoud - Global financial crises. 
An Iraqi writer living in Sweden
Written on 23 February 21018

https://www.sotaliraq.com/2018/02/24/مزاد-العملة-تخريب-منظّمْ-للأقتصاد-ال/

[yota691]

CBI reserves exceed $ 50 billion

By

 rami

 -

March 11, 2018

20

0

 

 

 

The head of operations at the Central Bank, Sunday, said that the reserve currency in the Central Bank exceeded (50) billion dollars.
He added that the time has come for banks to diversify their portfolios by settling salaries through ways to attract traders and importers who are more familiar with the market and should work in this direction in the future.
He pointed out that “the improvement of the value of the Iraqi dinar against the dollar recently, is not a new phenomenon, but the outcome of the work continued for a full year, was through the identification of significant measures on the process of presentation of currency and address the violations of demand.
Dagher added that the central bank was able to achieve high stability of the upper and lower limits to the dollar against the dinar, and then moved to a new situation this year were new procedures adopted classification and scrutiny as well as offer.
He added that “the official price target of the dollar is 1200 dinars per one dollar and that the gap in the exchange market in the presence of a fixed price adopted by the central bank is available in many economies, an acceptable change.”

[Officiallytook]

3 hours ago, yota691 said:

the official price target of the dollar is 1200 dinars per one dollar and that the gap in the exchange market in the presence of a fixed price adopted by the central bank is available in many economies, an acceptable change.”

And that 1200 target rate?? Why... so it can easily be 1 to 1.20

[NEPatriotsFan1]

3 hours ago, yota691 said:

He added that “the official price target of the dollar is 1200 dinars per one dollar and that the gap in the exchange market in the presence of a fixed price adopted by the central bank is available in many economies, an acceptable change.”

 

Forigve my Arabish, but does the last three words "an acceptable change" mean that once they get to 1200 dinars to 1, they can proceed with the removal of the 3 zeros? 

 

@Officiallytook I think you could be right! I'm so hoping that they can get this done before the end of the first quater...... T minus 20 days and counting...... Fingers crossed

[Officiallytook]

10 minutes ago, NEPatriotsFan1 said:

 I think you could be right! I'm so hoping that they can get this done before the end of the first quater...... T minus 20 days and counting...... Fingers crossed

Yeah, i read on here a few times march 21st was a day of significance...but i dont recall exactly what i read so much on here and wife and three kids im dayumn near clinically insane... But i like the date 3/21 blast off lol and its also my 1st borns b-day so lol