CBI News 10/09/2018

[6ly410]

https://www.alghadpress.com/news/اهم-اخبار-الاقتصاد-في-العراق-والعالم/177686/خبير-اقتصادي-اسم-العلاق-على-العملات-لن-يؤثر-على-قو

 

(If posted already please move/delete)

 

Last updated   11:26 - 10 October 18
 
BAGHDAD / Press tomorrow: 

confirmed economist Qusai Jabri, on Wednesday, writing that the governor of the central bank on the Keywords name, the new coins will not affect the strength of the dinar and this is important. 

He said al - Jabri told the Lord's "Tomorrow 's Press", said that "the Governor of the Central Bank of Iraq on the Keywords all the powers where we find that the Iraqi state today , mostly by proxy , and this is not new and practiced his work normally despite some of the difficulties faced and borne by the official acting."
 

He stressed that "we must pay attention to and care about is the strength of the Iraqi dinar, we find that the signature of the Governor of the Central Bank on the banknote does not affect the strength of the dinar or the Iraqi economy, and this thing, as we know is the practice in a number of countries, including the state Iraq in the past and there is signed by his name frank. " 

He pointed out that "the Iraqi dinar strongly supported today by the currency of the dollar and gold reserves, and that there are many factors exist should be cautious, which is possible to affect the Iraqi economy and we should care about...

 

 

 

 

Edited October 12, 2018 by 6ly410

[navira]

Thanks bro. We will find out this week if Alak is permitted to have his sig on all new currencies. Anticipation is high. Whether Alak gets his sig on the new currency or not, the lower denoms will still be distributed. Cheers dvers

[6ly410]

4 minutes ago, navira said:

Thanks bro. We will find out this week if Alak is permitted to have his sig on all new currencies. Anticipation is high. Whether Alak gets his sig on the new currency or not, the lower denoms will still be distributed. Cheers dvers

Yea buddy 

[6ly410]

https://mobile.twitter.com/IraqiGovt/status/1050386012508233728/video/1 

The

@IraqiGovt

in partnership with the private sector and Iraqi banks is laying the foundation for a modern, flexible funding and advisory framework to encourage young Iraqi innovators and entrepreneurs flourish and succeed #InvestIraq

 

Edited October 12, 2018 by 6ly410

[Officiallytook]

16 minutes ago, 6ly410 said:

https://mobile.twitter.com/IraqiGovt/status/1050386012508233728/video/1 

The

@IraqiGovt

in partnership with the private sector and Iraqi banks is laying the foundation for a modern, flexible funding and advisory framework to encourage young Iraqi innovators and entrepreneurs flourish and succeed #InvestIraq

 

for social media 😁😁

[Mary B]

Economist: The name of the relationship on the currencies will not affect the strength of the dinar and this is important

BAGHDAD / 

The economic expert Qusay al-Jabri said on Wednesday that writing the name of the governor of the Central Bank Ali al-Alaq on the new currencies will not affect the strength of the dinar, and that is what is important. 

Al-Jabri said in a statement to Al-Ghad Press that "the governor of the Central Bank of Iraq Ali al-Alaq all the powers, where we find that the Iraqi state today mostly by proxy and this is not new and exercise his work normally despite some difficulties faced by the official responsible."

He stressed that "we must pay attention to and care about is the strength of the Iraqi dinar, we find that the signature of the Governor of the Central Bank on the banknote does not affect the strength of the dinar or the Iraqi economy, and this thing, as we know is the practice in a number of countries, including the state Iraq in the past and there is signed by his name frank. " 

He pointed out that "the Iraqi dinar strongly supported today by the currency of the dollar and gold reserves, and that there are many factors exist should be cautious, which is possible to affect the Iraqi economy and we should care about."




https://www.alghadpress.com/news/%D8%A7%D9%87%D9%85-%D8%A7%D8%AE%D8%A8%D8%A7%D8%B1-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D9%81%D9%8A-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%88%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85/177686/%D8%AE%D8%A8%D9%8A%D8%B1-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A-%D8%A7%D8%B3%D9%85-%D8%A7%D9%84%D8%B9%D9%84%D8%A7%D9%82-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A7%D8%AA-%D9%84%D9%86-%D9%8A%D8%A4%D8%AB%D8%B1-%D8%B9%D9%84%D9%89-%D9%82%D9%88

[pokerplayer]

revealed that the Middle East newspaper, Wednesday, for the cost of printing the new Iraqi currency, as showed that the clarification issued by the Central Bank in writing about the preservation of the new edition name was not enough to calm a wave of anger. 

The newspaper quoted economic sources as saying that "the total Iraqi currency, which was recently printed, and put the name of the governor of the Central Bank, it amounted to more than 90 billion Iraqi dinars." 

The sources added that "the first explanation issued by the Central Bank last Saturday, the writing of the name of the governor of the new edition of the national currency, was not enough to calm the wave of anger expressed by the political and economic and popular, the lifting of the signature of the governor and put his name instead of the triple, From yesterday to issue another clarification, in which the votes are critical. "

• Video: "The name of the Governor of the Central Bank" on the currency ... provokes controversy!
• Deputy for the rest: The Governor of the Central Bank can not put his name on the currency

 

 

On Sunday, the Central Bank issued its second edition of the banknotes of the categories (25000, 10000, 1000, 500 and 250) dinars. He pointed out that the new currency included writing the name of the governor instead of signing it in the old version, in line with what is currently practiced in Other countries, as amended dates AH and Gregorian dates (1440 H-2018). 

The bank issued a clarification on the new currencies, indicating that it is entitled to determine the categories of coins and metals, paper and its dimensions, forms, material, content, weight and design.

[nannab]

  Pokerplayer 

[pontiyak]

My first thought is are our bank notes going to phased out in such a way as to make them null and void, or

will we be required to send them back to where ever  ??? in exchange for new released notes ?

 

The best things in life RV

 

yak

[ChuckFinley]

Excellent question, I think will we be good or we should be able to exchange them.  

[zul]

3 hours ago, pokerplayer said:

The newspaper quoted economic sources as saying that "the total Iraqi currency, which was recently printed, and put the name of the governor of the Central Bank, it amounted to more than 90 billion Iraqi dinars." 

 

90 billion dinars @ 1190 per dollar = 75 million dollars.

 

From another news ~ " Since 2003, Iraq has been printing its currency in the UK by Delarue. There is no official data on the cost of printing Iraqi banknotes. However, the overall cost of printing a banknote in Britain is 7 US cents in 2010 and perhaps The cost today is 10 cents".

 

We can now figure out (roughly) how many pieces of banknotes Iraq printed recently (Re: 1k, 500 and 250 dinar notes)

 

750 million banknotes!!

That's a LOT of banknotes, if it just for the 'small' categories of 1k, 500 and 250 dinars, don't u think?

Something I definitely brewing...

 

Notes: I'm discounting the 25k and 10k notes becos up until today there's no spicemen on the NEW 25k and 10k notes (we have only been presented with the 1k, 500 and 250 dinar spicemen), no news & no mentions on the delivery of the said notes and  becos they are not 'small categories'.

 

 

[Butifldrm]

Guys, they just spent 76 million dollars to print three zero notes.  IMO, what we are seeing in the deletion of the zero articles is propaganda.    The 44 Trillion to 44 Billion articles describes a neutral event.  We would make nothing! Plus I don't believe they have 44T in circulation at this time.  If you read, know, the history, most of the money/currency  is held within the State owned Banks

 http://documents.worldbank.org/curated/en/494451531335490760/pdf/P155962-Iraq-DPF-ICR-main-report-post-review-approved-version-26June2018-06272018.pdf and could be destroyed at anytime  to bring the note count down.  Think about this, Why would the CBI HAVE TO PRINT MORE CURRENCY IF THEY HAD 44 TRILLION IN CIRCULATION?  The only reason they would have to print is, either because there is no money in circulation or the people are afraid to spend it? That's called deflation.  This also could depend on the CBI having not a clue of who holds the currency in or out of the country.  The CBI, is and has been  promoting the inclusionary economy to bring the three zero notes into the banks. The CBI is trying to develop/educate the private banks, which in turn can develop the private economy and jobs for their citizens.  One of the largest problems I see is that Iraq is trying to build their banking stucture under Islamic Law.   In Most Fiat currency systems, for every dollar a bank takes in, they can lend 10. This is not allowed under Sharia Law.  In other words you can't walk both sides of the fence.  To succeed you have to be all in on one or the other.  If you study what is going on around the World our present system is failling within emerging economies. Look at most oil producing nations, Venezuela, Brazil, Saudi Arabia, .... More or less due to oil prices subject to the demand for oil.  The Petro dollar has been devalued significantly since it's inception in the 70's in purchasing power in the US, but what keeps it alive is  the demand in emerging economies.  We are now seeing in many counties of the world is a breaking away from the petrodollar.  What's not surprising is the IMF is being shown as the globalists.  The IMF has showed no grievance toward oil producing countries ditching their dependence on the dollar.  We are seeing Grievences between the US and the WTO!     What we have to understand since 2003  Iraq, has chosen/been forced to go along with the Fiat currency system run by the IMF and the World Bank.  The currencyIQD is backed by nothing. Unless there is some kind of reset and this has to be a Global  Event,  Iraq has to play their game. They have chosen to be under IMF article XIV which allows them IMF debt protection. Iraq like most emerging economies under this system has taken advantage of undervalued currencies, more than likey because of corruption, and the ability to make a profit from sale of the dollar auction.  More so for Iraq because of not having an internationally traded currency and enjoying the protection from international debt. This has caused  a delay in infrastucture, employment, and all things/tools to promote the economy subsequently decreasing the value of their currency.  Maybe this new government will have a plan to develop the economy, put people to work, utilize resources, control corruption, move to an internationally traded currency and increase the value of the Dinar!

[slb]

51 minutes ago, zul said:

 

90 billion dinars @ 1190 per dollar = 75 million dollars.

 

From another news ~ " Since 2003, Iraq has been printing its currency in the UK by Delarue. There is no official data on the cost of printing Iraqi banknotes. However, the overall cost of printing a banknote in Britain is 7 US cents in 2010 and perhaps The cost today is 10 cents".

 

We can now figure out (roughly) how many pieces of banknotes Iraq printed recently (Re: 1k, 500 and 250 dinar notes)

 

750 million banknotes!!

That's a LOT of banknotes, if it just for the 'small' categories of 1k, 500 and 250 dinars, don't u think?

Something I definitely brewing...

 

Notes: I'm discounting the 25k and 10k notes becos up until today there's no spicemen on the NEW 25k and 10k notes (we have only been presented with the 1k, 500 and 250 dinar spicemen), no news & no mentions on the delivery of the said notes and  becos they are not 'small categories'.

 

 

 

very good points !

[csd9013]

1 hour ago, Butifldrm said:

Guys, they just spent 76 million dollars to print three zero notes.  IMO, what we are seeing in the deletion of the zero articles is propaganda.    The 44 Trillion to 44 Billion articles describes a neutral event.  We would make nothing! Plus I don't believe they have 44T in circulation at this time.  If you read, know, the history, most of the money/currency  is held within the State owned Banks

 http://documents.worldbank.org/curated/en/494451531335490760/pdf/P155962-Iraq-DPF-ICR-main-report-post-review-approved-version-26June2018-06272018.pdf and could be destroyed at anytime  to bring the note count down.  Think about this, Why would the CBI HAVE TO PRINT MORE CURRENCY IF THEY HAD 44 TRILLION IN CIRCULATION?  The only reason they would have to print is, either because there is no money in circulation or the people are afraid to spend it? That's called deflation.  This also could depend on the CBI having not a clue of who holds the currency in or out of the country.  The CBI, is and has been  promoting the inclusionary economy to bring the three zero notes into the banks. The CBI is trying to develop/educate the private banks, which in turn can develop the private economy and jobs for their citizens.  One of the largest problems I see is that Iraq is trying to build their banking stucture under Islamic Law.   In Most Fiat currency systems, for every dollar a bank takes in, they can lend 10. This is not allowed under Sharia Law.  In other words you can't walk both sides of the fence.  To succeed you have to be all in on one or the other.  If you study what is going on around the World our present system is failling within emerging economies. Look at most oil producing nations, Venezuela, Brazil, Saudi Arabia, .... More or less due to oil prices subject to the demand for oil.  The Petro dollar has been devalued significantly since it's inception in the 70's in purchasing power in the US, but what keeps it alive is  the demand in emerging economies.  We are now seeing in many counties of the world is a breaking away from the petrodollar.  What's not surprising is the IMF is being shown as the globalists.  The IMF has showed no grievance toward oil producing countries ditching their dependence on the dollar.  We are seeing Grievences between the US and the WTO!     What we have to understand since 2003  Iraq, has chosen/been forced to go along with the Fiat currency system run by the IMF and the World Bank.  The currencyIQD is backed by nothing. Unless there is some kind of reset and this has to be a Global  Event,  Iraq has to play their game. They have chosen to be under IMF article XIV which allows them IMF debt protection. Iraq like most emerging economies under this system has taken advantage of undervalued currencies, more than likey because of corruption, and the ability to make a profit from sale of the dollar auction.  More so for Iraq because of not having an internationally traded currency and enjoying the protection from international debt. This has caused  a delay in infrastucture, employment, and all things/tools to promote the economy subsequently decreasing the value of their currency.  Maybe this new government will have a plan to develop the economy, put people to work, utilize resources, control corruption, move to an internationally traded currency and increase the value of the Dinar!

 

So you don't think they are going to revalue their currency?

[8th ID]

5 hours ago, Butifldrm said:

Guys, they just spent 76 million dollars to print three zero notes.  IMO, what we are seeing in the deletion of the zero articles is propaganda.    The 44 Trillion to 44 Billion articles describes a neutral event.  We would make nothing! 

 

Dilly, Dilly!!! To the lopster tank!!   

[zul]

6 hours ago, Butifldrm said:

Guys, they just spent 76 million dollars to print three zero notes.  IMO, what we are seeing in the deletion of the zero articles is propaganda.    The 44 Trillion to 44 Billion articles describes a neutral event.  We would make nothing!

 

Firstly, deletion of 3 zeros ~ to restructure their currency is not a propaganda.

Why would CBI do that?

 

Secondly, we have not seen (specimen) or read anything (delivery of printed notes) of 25k or 10k notes.

 

Thirdly, even if they are printing NEW 25k and 10k notes, and even the after deletion of zeros, please do not forget that by and large, majority of Iraqi citizens are still a cash society. 80% of them (or there about) are still without bank accounts.

So the need for large denominations will continue to be in demand, although much much less.

Eg. To pay for wedding receptions in a 5 star hotel. Or to pay for a downpayment for their new cars or new houses.....and so on.

 

So just relax and enjoy the news, we are still very much in the game.

 

[NEPatriotsFan1]

17 hours ago, Mary B said:

there is signed by his name frank. " 

I always wondered what Alak’s first name was..... 

 

so all this fuss is about Frank Alak being signed on all the new notes? 

 

Frank Alak has a ring to it..... especially if the coresponding value is 3+ : 1    😂

[navira]

I wonder why we dont hear news with regards to Alaq sig on the new currency. I expect CBI to come out with lower denoms this montn given all is well. Let's go CBI!

[6ly410]

1 minute ago, navira said:

I wonder why we dont hear news with regards to Alaq sig on the new currency. I expect CBI to come out with lower denoms this montn given all is well. Let's go CBI!

 I agree bro let’s go CBI!!

Edited October 20, 2018 by 6ly410

[navira]

And oh yeah, what happened to the symposium where they were supposed to discuss the iraqi currency? This is an ongoing education...something will pop soon, very soon i hope

[6ly410]

9 minutes ago, navira said:

And oh yeah, what happened to the symposium where they were supposed to discuss the iraqi currency? This is an ongoing education...something will pop soon, very soon i hope

Agreed.. enjoy ur day buddy

[navira]

6ly410, thanks. U too bro

[3n1]

44 minutes ago, navira said:

what happened to the symposium where they were supposed to discuss the iraqi currency?

https://search4dinar.wordpress.com/2018/10/15/e-university-of-ceyhan-hosts-an-economic-symposium-on-the-iraqi-currency-in-the-presence-of-150-academic-personalities/