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The launching of supplementary advances to employees of state departments


yota691
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12 hours ago, Floridian said:

 

Giving all government employees 5,000,000 to 25,000,000 dinars does not make sense if they are planning to revalue the currency.

 

Even if they revalue at 1 penny, they will be giving the smallest payee, dinar that is equal to $50,000.   The people could convert to Dollars, Euros, GBP etc., and get-outa-town.

 

Please correct me if I'm wrong.

 

You are correct.  Unless you want to see this some other way to make yourself feel.better about this bad investment 

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55 minutes ago, yota691 said:

They have to pay it back an it deducted out of one salaries. The key to this is getting these folks to a real bank, also eliminates those that get scammed buy unauthorized money shops..The Iraqi poor as it in most places are those that are categorize poor, not all Iraqi are poor..all of this is just my :twocents:

 

Oh, man!  Thanks, Yota.  

 

I read the 2nd article, but not the 1st article.  Of course, the 1st article said this:

 

"The statement added that the advance is based on the salary of the employee to cover 50 percent of his monthly salary monthly installment of the advance, calling on state employees to visit the bank branches exclusively and apply for the advance"

 

Now, I feel foolish.  :facepalm2:

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30 minutes ago, Engine1 said:

It doesn't matter. If they get 25 dinar on a card worth 5 dollars and it revalues at 100 times the value, that 25 dinar is now worth 500 dollars.  

 

 

Nope you are 100% wrong! And since you think this is a bad investment please sell all your dinar and move on why bother yourself with posting on a forum!! 

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1 hour ago, Dinarrock said:

Nope you are 100% wrong! And since you think this is a bad investment please sell all your dinar and move on why bother yourself with posting on a forum!! 

I hope I am 100% wrong too.  That is why I have this dinar.  I also carry insurance too because you just dont know. But if you want i will sell you my dinar for a small price of 2 thousand dollars per million dinar. Hmm not a bad price for something you feel will revalue to a higher price.  

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1 hour ago, Dinarrock said:

Nope you are 100% wrong! And since you think this is a bad investment please sell all your dinar and move on why bother yourself with posting on a forum!! 

I always wondered since everyone, not everyone in Iraq but a lot are so poor that the Iraqi government might give money to everyone small amount and then RV so everyone would have a few million dollars worth. 

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7 minutes ago, jg1 said:

I always wondered since everyone, not everyone in Iraq but a lot are so poor that the Iraqi government might give money to everyone small amount and then RV so everyone would have a few million dollars worth. 

I thought the same thing. They probably have a plan to give every Iraqi citizen a small amount of dinars right before the RV, but they have to be careful and not give them too much, otherwise they would all be Millionaires and nobody would work or want to work because they are wealthy.. causing the economy to crash and stop.. I think it would be a delicate balancing act to determine the amount to give everyone.. 

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8 minutes ago, GregHi said:

I thought the same thing. They probably have a plan to give every Iraqi citizen a small amount of dinars right before the RV, but they have to be careful and not give them too much, otherwise they would all be Millionaires and nobody would work or want to work because they are wealthy.. causing the economy to crash and stop.. I think it would be a delicate balancing act to determine the amount to give everyone.. 

 

Well, they're already giving everyone (that works for the government) loans, maybe they will then forgive part of the loans?

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41 minutes ago, GregHi said:

nobody would work or want to work because they are wealthy.. causing the economy to crash and stop.

What are you talking about!!?! 😂😂😂

 

They don’t work now! Haven’t you noticed they have a 5 or 6 day holiday every other week? 

 

Oh it’s Hot... Holiday

Oh some prophet died... Holiday

Oh camels are the best ever.... Holiday

Oh some guy liberated a city.... Holiday

The city was retaken... Can’t work no electric 

Oh someone in Parliments kid just graduated from a British College..... Holiday 

 

Awh Heck.... now it’s Holy Month..... Month long Holiday!!!! 

 

It’s not gonna matter much if they have money.... they’re just gonna be able to travel more when they’re not working.... That’s it ;) 

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This part of the world use the term Purchasing Power  is the value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you would be able to purchase.  

How is purchasing power calculated?
According to BLS, the purchasing power of the consumer's dollar measures the change in the value to the consumer of goods and services that a dollar will buy at different dates. ... Calculate the change in purchasing power by multiplying the ratio of base year CPI (181.3) to target year CPI (219.235) by 100.

 

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Iraq GDP (purchasing power parity)

Definition: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States in the year noted. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The differences between the OER- and PPP-denominated GDP values for most of the wealthy industrialized countries are generally much smaller.

 

 

GDP (official exchange rate): $192.7 billion (2016 est.)

Definition: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at official exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-à-vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artificially fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home-currency-denominated GDP changed.

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10 hours ago, GregHi said:

I thought the same thing. They probably have a plan to give every Iraqi citizen a small amount of dinars right before the RV, but they have to be careful and not give them too much, otherwise they would all be Millionaires and nobody would work or want to work because they are wealthy.. causing the economy to crash and stop.. I think it would be a delicate balancing act to determine the amount to give everyone.. 

Guys sorry again but that is not the way it work they will not be millionaires in Iraq they only gain purchasing power!! Only people who hold physical dinar outside of Iraq will be able to exchange for the higher rate. People inside Iraq will exchange for the lower denoms and gain purchasing power only! The only Iraqis that are already millionaires that will gain are the corrupt politicians like Maliki if he is still around that will easily have currency already outside of Iraq.

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2 minutes ago, Dinarrock said:

Guys sorry again but that is not the way it work they will not be millionaires in Iraq they only gain purchasing power!! Only people who hold physical dinar outside of Iraq will be able to exchange for the higher rate. People inside Iraq will exchange for the lower denoms and gain purchasing power only! The only Iraqis that are already millionaires that will gain are the corrupt politicians like Maliki if he is still around that will easily have currency already outside of Iraq.

Dinarrock,  if you believe that the Iraqis won’t get the same outcome as the rest of the world when it RVs, then that opens the door for a black market business of leaving the country to exchange and return with the foreign currency, exchange back and then they are millionaires... and also this allows for people like my friends who are from Iraq but now US citizens to choose whatever way is their best outcome. They could easily just exchange their dinars here in the US for USD and be rich like us. 

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Dinarrock,

 

I want you to know that I’m not saying you are wrong because quite frankly, we all have now idea exactly what all of the details will be until this goes down. Can you please explain in detail how the Iraqis outcome will be different than ours, using the example that the exchange rate comes out to a 1:1.. 1 Dinar = 1 dollar.. I want to try and understand your thought better because I sincerely may be missing something.. I honestly have had an issue and belief that half the Iraqis will become wealthy after this event and that could cause serious problems for Iraq so you may set me at ease with your detailed explanation.. ;)

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U R exactly correct GregHi we don't know what we don't know  i've read everything to a penny , 10 cent all the way to ridiculous guru garbage revalue numbers heck this could be a bust or a jackpot for speculators that hold currency outside iraq imo there will always be some iraqi's / people that will profit by any change made, most iraqis probably do not have millions and millions of iqd stashed in a secret hiding spot some do im sure and i really dont think all of iraq will pack up and leave the country if the dinar gains value its all guesses and conjecture now anyways , anytime certain articles come out it conjures up these discussions imo i feel some will profit in iraq for a time period if the value changes either from pricing or as u suggest black market currency dealers things will get exploited and id bet as long as this has been hanging around we are not the only ones looking at all the angles lol  , cbi has sure had time to have some type of plan one would think to protect the currency which is a country's most valuable asset  .... cheers

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On 8/10/2019 at 2:41 AM, NEPatriotsFan1 said:

What are you talking about!!?! 😂😂😂

 

They don’t work now! Haven’t you noticed they have a 5 or 6 day holiday every other week? 

 

Oh it’s Hot... Holiday

Oh some prophet died... Holiday

Oh camels are the best ever.... Holiday

Oh some guy liberated a city.... Holiday

The city was retaken... Can’t work no electric 

Oh someone in Parliments kid just graduated from a British College..... Holiday 

 

Awh Heck.... now it’s Holy Month..... Month long Holiday!!!! 

 

It’s not gonna matter much if they have money.... they’re just gonna be able to travel more when they’re not working.... That’s it ;) 

1 on 2 off.  lol

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On 8/10/2019 at 2:04 AM, Floridian said:

 

Well, they're already giving everyone (that works for the government) loans, maybe they will then forgive part of the loans?

 

YIKES!!!!!

 

Look at this from Fox News:

 

Published 3 mins ago

Chase Bank erases all credit card debt for Canadian customers

https://www.foxnews.com/world/chase-bank-erases-all-credit-card-debt-for-canadian-customers

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2 hours ago, Floridian said:

Chase Bank erases all credit card debt for Canadian customers

 

id be the guy who'd payed his balance off then a couple months later those that didnt get theirs forgiven ... hmm maybe ill stop paying my CC bills and the card co's will forgive my debt ... like thats gonna happen and chase is one of the banks american citizens paid billions to bail out :facepalm2: , lets go baghdad time's a wastin

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1 hour ago, 3n1 said:

 

id be the guy who'd payed his balance off then a couple months later those that didnt get theirs forgiven ... hmm maybe ill stop paying my CC bills and the card co's will forgive my debt ... like thats gonna happen and chase is one of the banks american citizens paid billions to bail out :facepalm2: , lets go baghdad time's a wastin

 

I hear what you’re saying 3n1.

 That would be my luck too. 

 

 I was thinking, I wonder if Iraq, giving out all those loans to the government employees, will forgive those loans upon RV. Could be! 

 

That would be a good way to give money to the people. 

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  • yota691 changed the title to Nahrain Bank issues instructions for the advance of students worth 3 million dinars
 
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State-owned Islamic Bank of Nahrain on Tuesday issued a 3 million dinars student advance

"Students in private schools and universities (evening studies) should review the bank's branches for the purpose of reviewing the Murabaha financing regulations recently launched by the bank," the bank said in a statement received by Alsumaria News.
 

The bank added that "the instructions include the maximum funding of three million dinars, and the rate of Murabaha 25%," noting that "the financing period is 10 months and the first installment is due after 30 days of receiving the amount of education." 

The statement added that "the applicant of finance must provide the supporting documents with the identity of the educational entity, as well as to provide support from the educational entity to continue the student constantly," noting that "the student funding to provide a guarantor from the employees of government departments is equal to the net monthly salary is twice the installment, either. If the student is an employee and is continuing to serve, he does not have to provide a sponsor.
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  • yota691 changed the title to New clarification from Rafidain Bank on the advance of 25 million
 
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The Rafidain Bank issued a new clarification on Wednesday on the advance of 25 million dinars, stressing that the granting of salaries to the employees of the endemic state who submitted them electronically in the form of meals and at short periods of time.

The bank's media office said in a statement received by Alsumaria News, a copy of it, that the predecessor of the employees of the endemic state salaries exclusively with the bank up to 25 million dinars to be submitted by the MasterCard. 

The statement added that the advance is based on the salary of the employee to cover 50 percent of his monthly salary monthly installment of the advance, calling on state employees to visit the bank branches exclusively and apply for advances.
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  • yota691 changed the title to Rafidain announces loans to judges for 60 million cars
 
16819.jpg
 
  

 Banks


Economy News / follow-up ..

Rafidain Bank announced that it has decided to grant loans to judges up to 60 million dinars for the purchase of modern cars and from the origins of global solid and installment.

The bank's media office said in a statement received by Al-Eqtisad News that the loan guarantee is to provide the guarantee of the judge in addition to a civil servant from the government departments.The branch shall take the basic procedures towards the borrower and the guarantor, including filling the loan application form and the pledge form of the borrower and the guarantor, provided that the amount of the installment and the monthly interest does not exceed. 50%) of the sponsor's salary, noting that the loan is granted at 80% of the car price ”


Number of Views 93   Date Added 28/08/2019

 
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  • yota691 changed the title to Mesopotamia: Loans to finance laboratories and medical ammunition ranging between 25 and 50 million dinars
Source:
 
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Rafidain Bank announced on Wednesday that the loans to finance laboratories and medical ammunition ranges between 25 and 50 million dinars.

The bank said in a statement received by Alsumaria News, a copy of the "loans to finance the owners of laboratories and medical ammunition shall be the maximum limit of 50 million dinars to guarantee the mortgage of the property provided by the borrower and 25 million dinars to guarantee a civil servant of employees of the endemic state departments pay their salaries with the bank."
 
 
He added that "it was decided to provide a license to practice the profession and a letter in support of the applicant's claim that the laboratory owner or practitioner is practicing his work in addition to a copy of the identity of the Iraqi Chemists Syndicate, the Pharmacists Syndicate, the Medical Technology Syndicate or any identity issued by the concerned medical authority."
 
The Rafidain Bank began in 2016 to grant advances and loans to employees and citizens in accordance with the mechanisms and controls certain.
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  • yota691 changed the title to The launching of supplementary advances to employees of state departments

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