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yota691

Economist: The auction of currency at the Central Bank is useful only Fadisin

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12-06-2019 01:18 PM
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 Baghdad

 The economic expert Bassil al-Obeidi, on Wednesday, the continuation of the work of the Central Bank of Iraq to auction the huge wrong currency in the history of Iraq, noting that the auction of the currency does not benefit only the corrupt and the banks of civil authorities of the window.

 "The auction of foreign currency, which is carried out by the Central Bank of Iraq, can not be relied upon in the floating currency and is one of the most serious mistakes in the history of the Iraqi economy."

 He added that "the auction of the currency will not benefit the national economy and wasted large amounts of money, but it is beneficial to the corrupt and private banks belonging to the influential in the state."

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1 hour ago, yota691 said:

 "The auction of foreign currency, which is carried out by the Central Bank of Iraq, can not be relied upon in the floating currency and is one of the most serious mistakes in the history of the Iraqi economy."

 

I don’t want to sound like a 12 year-old, but DUH..

Edited by Half Crazy Runner
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Hope so Chuck. Key phrase "private banks owned by influential (politicians)

that only have their own interest at heart.

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Iraq politicians have been complaining about this for years. Well, some of them anyway. $100 million and more, out the window, day in...day out. What they steal in a day could feed, house, comfort thousands of their own citizens. Pathetic.

                                          Related image
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37 minutes ago, ChuckFinley said:

It is such a scummy group to depend on things to happen. 

 

NAILED IT BIG TIME CF ! :tiphat:

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This is exactly why 2 weeks ago that financial delegation from the UK said they were stepping in to resolve this corruption.  Thankfully Iraq agreed to it.

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Strong and noisy winds blowing hard against this vicious and corrupt practice .. CBI has to stop this and rv the dinar inmediately .. no other choice ...waiting for the best in our investment .. ;)

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1 hour ago, Floridian said:

"in the floating currency"

Floridian, this cought my attention too.

 

Looks like the economic expert is implying the dinar is a floating currency.

 

In my 11 years on this investment I have seen 1164 - 1170 - 1182 - 1190

 

I think we’re just waiting for IMF Art 8 acceptance.

 

just my opinion 

 

Go CBI

Go float

Go supply

Go Demand

Go RV

Go asap

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3 hours ago, Laid Back said:

Floridian, this cought my attention too.

 

Looks like the economic expert is implying the dinar is a floating currency.

 

In my 11 years on this investment I have seen 1164 - 1170 - 1182 - 1190

 

I think we’re just waiting for IMF Art 8 acceptance.

 

just my opinion 

 

Go CBI

Go float

Go supply

Go Demand

Go RV

Go asap

 

Thanks, Laid Back.

 

They're saying the auctions were a mistake and you can't float the currency and keep the auctions.

I think it will start floating as soon as we get Article 8.

Hopefully, they will give us a good starting point for the float.

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Well what ever...... it’s definitely a Captain Obvious moment.....an epiphany of sorts.

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1 hour ago, Floridian said:

 

Thanks, Laid Back.

 

They're saying the auctions were a mistake and you can't float the currency and keep the auctions.

I think it will start floating as soon as we get Article 8.

Hopefully, they will give us a good starting point for the float.

Thanks for your input Floridian,

I hope the starting point for the float is $1:1 or more 😀💵💰💵💰💵💰

 

Go RV sooner than later.

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all my speculative opinion ... shabibi began the auctions as a tool to help control inflation and financial stability and imo was never meant to be forever his plan was for a open free market economy system and to this day has been stymied the corrupt in iraq used them as a means of theft and a way for iran to gain usd and yup u can guess who put his approval on it the one that put trumped up charges on shabbs to get him out of the way and to arrest many at the cbi ,  i have lost all the articles i had saved from several hard drive failures from when shabbs was cbi gov. back then there was a regular diet of news / info coming from the cbi unlike today when seldom is put out and what is , is generalities with little detail which leads me to think the overall plan hasn't changed much, if at all , it just hasn't been started .

Best i remember the plan was for the currency to enter the market Fixed pegged to a basket of currencies of which the usd was included with only minor fluctuations of 2% every 90 days or so for stability then after a time period allow the market to drive it , im sure those who were following the news back then know what I'm writing and trying to say ... good grief this has been going on a loooong time . Cheers

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22 minutes ago, 3n1 said:

Best i remember the plan was for the currency to enter the market Fixed pegged to a basket of currencies of which the usd was included with only minor fluctuations of 2% every 90 days or so for stability then after a time period allow the market to drive it , im sure those who were following the news back then know what I'm writing and trying to say ... good grief this has been going on a loooong time . Cheers

Thanks 3n1

I believe this is the article you’re talking about, 

Dr. Ahmed Abrehi Ali Introduction:

The dollar is often in the official international reserves and around the world, and thirdly, the adoption of foreign trade of Iraq on the dollar even with neighboring countries and Asia, Fourthly, most countries of the world depend on the dollar to intervene in the market.

In Iraq, the central bank’s window is also operating in dollars, so we call it the currency of the window. , Exchange is called intervention currency

The stabilization of the national currency by a basket of currencies, which is among the world’s exchange-rate regimes, as well as strict or flexible bilateral linkage.

Therefore It is proposed that the dinar be pegged to a basket of major currencies, international reserve currencies, dominant in foreign trade and capital markets, United States Dollars. But Iraq has been used to favoring bilateral ties in its monetary history and to this day. It is no secret to the followers of the argument of bilateral linkage and dollars in particular.

That the source of foreign currency to Iraq is the dollar first, and secondly the dollar is often in official international reserves and about 65 percent in Third, Iraq’s foreign trade depends on the dollar’s currency, even with neighboring and Asian countries, and the fourth most countries depend on the dollar to intervene in the market.

Exchange is called the intervention currency, and in Iraq also operates the window of the central bank in dollars and so we call the currency of the window.

However, it is necessary to interact with the currency basket proposal and to discover patterns of exchange rate movement under this system.

For those interested and decision-makers to consider the performance of this system and how it differs from the bilateral link.

The exchange rate of the dinar linked to a basket of currencies of varying weights:

In this note, a review of the exchange rate of the Euro, Pound Sterling, Yen and Swiss currency against the Dollar since the beginning of 1999.

Then we assumed The Iraqi dinar was pegged to a basket of currencies according to three alternatives to weights between the first of January 1999, the beginning of the euro, and the beginning of the 10th of 2017.

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8 hours ago, 10 YEARS LATER said:

 

NAILED IT BIG TIME CF ! :tiphat:

Thanks there 10YL. I am just hoping I can work my way through all of this. 

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2 hours ago, Laid Back said:

Thanks for your input Floridian,

I hope the starting point for the float is $1:1 or more 😀💵💰💵💰💵💰

 

Go RV sooner than later.

 

Me too!  :praying:

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Hmm so much banging for corruption nowdays. So whats next for next year budget? The same old 1190 or enter da dragon by a Article 8 compliance rate currency? With the FML law been vote & in it it says by mid October the next year budget will be put on table surely hope so they consider changing the exchange rate & monetary policy altogether at one go. Here is the reference article from official Mof.iq👇& in da meantime as usual stay calm b4 da storm coz it is coming b4 we even know it. Peace & much love to all🌝🙏

 

 

Deputy Prime Minister for Economic Affairs and Minister of Finance presides over the third meeting to prepare the general budget strategy for the year 2020-2022

Sunday 19 May

 

 

 
f9e6be40-3e4d-43aa-991f-f5133cf91481.jpg


The Deputy Prime Minister for Economic Affairs and Finance Minister Fouad Hussein chaired an expanded meeting of the Special Committee to prepare the State Budget Strategy 2020-2022


During the meeting, which was attended by a number of members of parliament in the Finance Committee and members of the advisers and agents of the Ministry of Finance and Planning discussed several key pillars in the preparation of the general budget, including determining the cost of extracting oil per barrel and expanding export capacities and taking into account the activation of the local market and the movement of local capital 


On the other hand, the exchange rate policy and the monetary policy strategy of the Central Bank were discussed 


The meeting included the study of the strategic plan of the General Authority for Taxation and the forecasting of tax revenues expected to be collected for the strategic years for the medium term 


The meeting also included the provision of non-oil revenues from customs and customs duties and the pursuit of the implementation of the modernization project (customs) based on the requirements of the work of customs and as an urgent need to reach the stage of maximizing revenues


The meeting was attended by a number of general managers in the Ministry of Finance and other ministries and the Central Bank of Iraq and the provinces.

 
 
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On the other hand, the exchange rate policy and the monetary policy strategy of the Central Bank were discussed 

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& For what is worth from old article year 2012👇😉we shall see

yota691     149,960

 

Posted April 22, 2012

Ministry of Finance has custody of the implementation of the lifting of the zeroes of the Iraqi currency
21-04-2012 01:00 PM
Are free -
Detect the Iraqi Central Bank on Saturday, all reservation and the Ministry of Finance of the implementation of the project to delete the zeros of the Iraqi currency, calling on the executive and legislative, and all concerned parties to cooperate with him to accomplish this. Deputy Governor of the Central Bank of the appearance of Mohammed Saleh in a statement to 'Twilight News' The' Ministry of Finance expressed its opinion on the draft raise zeros from the Iraqi currency and had a reservation of this Order ', pointing out that' the ministry conservative of

 

the timing of the start of the project because all the accounts of the budget will be recorded in accordance with the new currency.

 

 ' and the benefit of the 'implementation of the project must be in cooperation between the central bank and power legislative, executive and all concerned in this matter ', pointing out that' the calculation will be Zleh will not face any difficulty with the deletion of zeros only require some technical measures such as changing computer hardware. " The benefit of that currency in its present form does not serve the requirements of progress and development in the economic side, the fact that the three zeros in each of which represents a decade of conflicts, wars and economic decline in the country. " The Cabinet has decided, in the middle of this month, be patient in the application of the deletion of zeros from the national currency. The Central Bank of Iraq began to search modify the categories of the dinar, last year, and is still a large part of the payments being in cash due to the evolution of the banking system.


http://www.ahraraliraq.com/index.php?page=article&id=5656

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16 hours ago, Laid Back said:

Floridian, this cought my attention too.

 

Looks like the economic expert is implying the dinar is a floating currency.

 

In my 11 years on this investment I have seen 1164 - 1170 - 1182 - 1190

 

I think we’re just waiting for IMF Art 8 acceptance.

 

just my opinion 

 

Go CBI

Go float

Go supply

Go Demand

Go RV

Go asap

I am feeling the same way. If IMF Art 8 goes so does the dinar. There seems to be a lot of news about getting things done and about using the CC international. 

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