Industry calls on the central bank to stop the sale of the dollar auction to prevent its export abroad

[yota691]

 

Tuesday, 16 April 2019 | 01:23 PM

| Number of readings: 100

Industry calls on the central bank to stop the sale of the dollar auction to prevent its export abroad

The Ministry of Industry and Minerals on Tuesday called on the government to stop selling the dollar at the Central Bank auction because it affects the Iraqi industry, indicating that the most money in hard currency goes out of the country.

"The sale of the dollar at the auction of the Central Bank has a great impact on the Iraqi industry because most of this money goes out of the country and therefore if the government wants to promote the local industry, the sale of the dollar should be stopped as a first step and then obligatory, Ministries to buy the products of the Ministry of Industry for its support and development. "

He added that "most of the decisions taken by the government after 2003 to support the Iraqi industry, did not and did not have the level of ambition, in addition to the laxness of the border crossings and the importation through them and these ports need strict laws to oblige and this is what we miss now, adding that the things that affected the The local industry is the decline of the currency in some neighboring countries and the entry of products of these countries to Iraq at prices lower than locally located. "

 

[Jaygo]

Bump!

[jg1]

Bump, I second that. Stop the auctions!

[cutter73]

Finally...

[blueskyline]

Thank You Yota. GM DV"s ..........Just maybe ...Its time ?.....

[GreedyDinar07]

 Now this is the type of information that brightens up my morning stop the auctions and let's get down to business!!

[Synopsis]

1 hour ago, yota691 said:

The Ministry of Industry and Minerals on Tuesday called on the government to stop selling the dollar at the Central Bank auction because it affects the Iraqi industry, indicating that the most money in hard currency goes out of the country.

 

My opinion is THIS is a KEY issue for economic development IN Iraq. The Bicraqi Iraqi economic development is fueled by Bicraqi Iraqi Capital THAT TODAY is being syphoned OUT of Iraq THEREBY debilitating the START of the economic growth IN a KEY sector (Industry AND Minerals).

 

The Bicraqi Iraqi HAVE an ENORMOUS amount of MINERAL WEALTH sought the WORLD OVER!!! THIS MINERAL WEALTH is Relatively EASILY accessible. WHAT is needed IS Capital - INTERNAL Bicraqi Iraqi Capital AND EXTERNAL Foreign Investment to ROCKET THIS Sector!!! THEN watch Economic Development AND Growth IN Iraq!!!

 

I suspect the Insanian, to INCLUDE the Insanian IRGC, Spanctions COUPLED WITH INTERNAL calls to STOP the corrupt weekday Bicraqi Iraqi CBI daily currency auctions WILL BE EFFECTIVE!!!

 

WHEN is a WHOLE ANOTHER Matter!!!

 

MY (NOTE: MY) opinion is SOONER RATHER THAN LATER!!! ALL due to the Insanian Corruption AND Terrorist Machine Significantly FUELED by the corrupt weekday Bicraqi Iraqi CBI daily currency auctions CORRUPTING the Bicraqi Iraqi GOI AND OTHER Officials.

 

SO.............................................................

 

THEE Menace of CORRUPT Money MUST BE Eliminated THROUGH the corrupt weekday Bicraqi Iraqi CBI daily currency auctions AND Other Means IMMEDIATELY IF NOT SOONER PRONTO TONTO!!!

 

ONCE the CORRUPT Money DISSAPPEARS, the Bicraqi Iraqi CAN move Steadily onward to PROSECUTING the corrupt AND onward with Safety, Security, AND Stability AS a Sovereign State.

 

SO..............................................................

 

I see IMMEDIATE AND UNCEREMONIOUS Termination of the corrupt weekday Bicraqi Iraqi CBI daily currency auctions AS an ESSENTIAL Milestone TO ALL THAT is NECESSARY for Iraq.

 

Go Old Silk Road!!!

 

The Bicraqi Iraqi ARE Strategically Located AND Easily Accessible!!!

 

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

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

   

[jake21]

We've seen these articles a million times already.  Just another day in corrupt Iraq

[navira]

Rv or no rv, it(auction) aint going away. The auction is there to absorb any shock(changes)in the market and to maintain the stability between the CBI price n the parallel market price of the iqd within 2%. Cheers all

[Synopsis]

11 minutes ago, navira said:

Rv or no rv, it(auction) aint going away. The auction is there to absorb any shock(changes)in the market and to maintain the stability between the CBI price n the parallel market price of the iqd within 2%. Cheers all

 

 I Agree, Navira, AND The Very Best Of Your Week To You!!! 

 

The "Status Quo" is KILLIN' The Bicraqi Iraqi Progress!!!

 

SO.......................................................

 

What I see COULD happen:

• The corrupt weekly Bicraqi Iraqi CBI daily currency auctions are STOPPED TOTALLY choking OFF the Insanian, to INCLUDE the Insanian IRGC, CASH COW.
• The Bicraqi Iraqi CBI GOES INTO a PANIC NOT being able to PAY THEIR obligations INTERNATIONALLY.
• The Bicraqi Iraqi CBI ReInstates the Bicraqi Iraqi Dinar INTERNATIONALLY to pay INTERNATIONAL Bills.
• The REFORMIULATED Bicraqi Iraqi CBI currency auctions (REAL Time, daily, OR Otherwise) is Implemented to address absorbtion of any shock (changes) in the market AND to maintain the stability the CBI price. I suspect the "parallel" "market" "price" WILL be eliminated HAVING Instituted a Singular monetary Value AND Conversion for the Bicraqi Iraqi Dinar on an INTERNATIONAL Basis WITH a FAR Smaller OR frequent Bicraqi Iraqi CBI currency auction THAN TODAY.

MY (NOTE: MY) opinion ONLY!!!

 

I see news of the Insanian IRGC Spanctions hitting the News TODAY!!! I suspect MORE Good News to Follow!!!

 

Go Moola Nova!

 

Go Moola Nova!

 

[nfire]

Yes....stop the auctions!

[navira]

Thanks synopsis. What i really like seeing is the reserve has gone up high which tells me that we might see higher rate when this rv pops...and when this mechanism they talked about takes place(and I can only guess to take effect this month unto may 1 and not to mention the FML is scheduled for a vote tomorrow)...things are looking up. Cheers to u synopsis n to all dvers

[jg1]

1 hour ago, navira said:

Rv or no rv, it(auction) aint going away. The auction is there to absorb any shock(changes)in the market and to maintain the stability between the CBI price n the parallel market price of the iqd within 2%. Cheers all

You left out a couple things. 

Get the money out of the country (to Iran)and corruption. 

[Floridian]

Industry calls on the central bank to stop the sale of the dollar auction to prevent its export abroad

 

I wonder if this (above) is the reason for this (below)?

 

Spark launched by Maliki's coalition .. Talk about attempts to overthrow Abdul-Mahdi is no longer a whisper!

[jake21]

If that dirtbag Maliki is able to pull something off and gain control on some way, kiss the RI goodbye 👋

[GreedyDinar07]

I am so sick of Maliki. This parasite has cause so much trouble! I don't understand how they allow him to get away with so much! Why do they even deal with this clown!!!

[ScaryMary]

2 hours ago, navira said:

Thanks synopsis. What i really like seeing is the reserve has gone up high which tells me that we might see higher rate when this rv pops...and when this mechanism they talked about takes place(and I can only guess to take effect this month unto may 1 and not to mention the FML is scheduled for a vote tomorrow)...things are looking up. Cheers to u synopsis n to all dvers

Obviously I have spent way too much time with my 20+/- year old coworkers.

I am constantly asking them what those letters you are texting stand for....  

FML!! 😳🤣Scheduled for a vote.... (totally different meaning) but made me laugh out loud. 

[navira]

Lol scarymary

[dinarham]

I was schooled to believe that it would not RV until the auction stops . There's also a chance that this Maliki poop is smoke and mirrors , and that we must expect smoke and mirrors prior to the RV .  Go $5.26 !

[3n1]

i realize everyone knows this that when the cbi auction began shabibi used it as a tool in his tool box so to speak to maintain inflation and stability when shabbs would not allow maliki to get at the reserve money he made sure shabbs would be gone that is when the cbi went to the thieves even with so called imf oversight money was washed thru the bank for others gain , most central banks use interest rate hikes and such to control inflation , until lately a large percentage of iraq was unbanked with no real economy or taxation so the auction was kept in place imo but like most everything that starts out for good it can and does become corrupt if and when a real economy gets rolling in iraq the auctions could stop and the central bank begin to manage the economy in other ways away from the auctions and iraqis use the currency of iraq only no usd .. heres hoping , enjoy all the different opinions ... Peace  

[Laid Back]

The CBI will gradually remove remaining exchange restrictions and a multiple currency practice (MCP) with a view to eliminating exchange rate distortions. Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investor community that Iraq is committed to maintain an exchange system that is free of MCPs and restrictions for current international transactions and thus facilitate creation of a favorable business climate. 

Iraq’s de jure and de facto exchange rate arrangements are classified as a conventional peg arrangement. The Central Bank Law provides the Board of the CBI with power to formulate exchange rate policy. The CBI Board undertook a realignment of the peg from 1166 to 1182 dinar per USD, unifying the effective rates applicable to cash sales and transfers at 1190 including the central bank commission. The CBI stands ready to provide foreign exchange at the official exchange rate plus commissions for permissible transactions through its daily allocations, establishing a peg. However, because certain transactions are excluded from access to the CBI auctions, many transactions take place at parallel market exchange rates. 
Iraq continues to avail itself of the transitional arrangements under Article XIV, Section 2 but no longer maintains any exchange restrictions or multiple currency practices subject to Article XIV, Section 2, and currently maintains one exchange restriction and one multiple currency practice (MCP) subject to Fund approval under Article VIII, Sections 2(a) and 3.
The exchange restriction arises from an Iraqi balance owed to Jordan under an inoperative bilateral payments agreement.
The MCP arises from the official action to limit the purchase of foreign exchange, with no mechanism to ensure that exchange rates in the official and parallel markets do not deviate from each other by more than 2 percent.

 

Go CBI

Go end of daily auctions 

Go Open market economy 

Go RV

Go $1:1

 

 

[3n1]

excellent breakdown LB .....  👍

[Laid Back]

2 hours ago, 3n1 said:

excellent breakdown LB .....  👍

Thanks for your input my friend 3in1.

 

I got all this information from IMF-SBA second review...... A must read in my opinion.

 

Go RV sooner than later.

[dinarham]

 . It's been awhile since the IMF reported anything new . Good sign . 

2 hours ago, Laid Back said:

Thanks for your input my friend 3in1.

 

I got all this information from IMF-SBA second review...... A must read in my opinion.

 

Go RV sooner than later.

 

[Laid Back]

20 minutes ago, dinarham said:

 . It's been awhile since the IMF reported anything new . Good sign . 

 

Thanks for your input dinarham,

 

The second review was in August 2017,  the third review will be in August 2019

 

CBI, GOI and IMF are working together to bring the country from closed economy 

to an open market economy with an international recognized currency.

 

Go RV sooner than later