How To Visit The Iraqi Currency: Revealing The Secrets Of Its Previously And Current Printing And “Most Popular Denominations”… 200 Million “Counterfeiters” A Month In The Markets !

[DinarThug]

CNN. Broadcasting Counterfeiter ‘Counterintelligence’ - As The World’s Foremost Authority On ‘Funny Money’!
 

How to visit the Iraqi currency: revealing the secrets of its previously and current printing and “most popular denominations”… 200 million “counterfeiters” a month in the markets!

2020-09-29

 

 

 

 

Yes Iraq - Baghdad

 

In recent years, the phenomenon of counterfeiting Iraqi currency and its spread in the local markets has become famous in Iraq, which leads to heavy losses for merchants who are deceived by this currency, as the security authorities announce from time to time the arrests of mafias and counterfeiting gangs in their possession of large forged sums of all financial categories.

 

Trillions in Iraq..fake billions

 

The data of the Central Bank of Iraq shows that the size of the Iraqi monetary mass circulating in Iraq is between 40 and 45 trillion Iraqi dinars, as it is considered a fluctuating number as a result of bank withdrawals in various governorates for the damaged currency and subsequently compensated for a new currency, according to the central data in 2019.

However, this large monetary block is added to it at least 4 billion Iraqi dinars as counterfeit currency forged by mafias and gangs, according to the issuance and treasury department of the Central Bank, a year ago from now.

 

 

The department says, at the time, that Iraqi banks discover amounts of no less than 200 million dinars every month, while they receive deposits from citizens, explaining that the discovery of these amounts is individually for Iraqis who have fallen victim to receiving counterfeit currencies.

She adds, that the forged cash denominations are often for the fifty thousand dinars denomination and the 25 thousand dinar denomination, and to a lesser extent the 10,000 dinar denomination, pointing out that cash workers can easily detect counterfeit currencies, as the Iraqi currency has no less than 20 stamps, stamps and marks impossible. Counterfeiting, which are protections for currency against forgery

 

 

The new editions of the Iraqi currency now include new security additions such as paperboard, glossy and sealed transparent paper, which is difficult for the most skilled counterfeiters to imitate, and the coming months will witness the replacement of most of the large currency denominations such as the 10,000, 25,000 and 50,000 denominations with new prints.

How are things going now?

 

A member of the Parliamentary Finance Committee, said today, Tuesday, September 29, 2020, that there is a difficulty in counterfeiting the Iraqi financial currency, while noting that the mass of counterfeit money in the markets is known only through the Central Bank.

The committee member states that the Iraqi currency was printed before 1991 in Switzerland, and after the fall of the previous regime in 2003, its printing moved to the British Institute in London, indicating that the currency is printed according to international specifications that cannot be forged in any way, in addition to the financial cost of printing paper that increases For 1 cent, and it is not possible to forge it.

He points out that counterfeiting gangs are present in all countries of the world, and the issue of controlling them remains the responsibility of the competent security forces, pointing out that “the difficulty of knowing the mass of counterfeit money in the market is only through official statements issued by the Central Bank.

 

 

The last incident .. Where?

 

Earlier this September, the Basra Provincial Police Command announced the arrest of those accused of counterfeiting currency notes in Al-Zubair district, who were seized in their possession of counterfeit Iraqi currency and foreign currencies of the 50, 52 and 10 thousand dinars, amounting to 3 million and 830 thousand dinars, In addition to 1700 US dollars, 100 dollars denomination.

In previous years, the phenomenon of counterfeiting currency has spread in the local markets, which leads to losses for traders who are deceived by the counterfeit currency, and in recent years its severity has abated. The Ministry of Interior continues to arrest from time to time the counterfeiting gangs.

link

 

Edited September 29, 2020 by DinarThug

[DinarThug]

The Financial Committee "unifies" its position with a unified statement regarding the relationship of salary delay with the borrowing law

2020-09-29

 

 

 

 

Yes Iraq: Baghdad

 

After the contradiction and abundance of statements issued by members of the Finance Committee, regarding the delay in salaries for the month of September, and whether it was included in the lack of funds that the Ministry of Finance talked about, the committee issued a statement saying that the delay in salaries has nothing to do with the borrowing law.

 

According to the statement, the committee confirmed that the law on financing local borrowing has not reached Parliament until this moment, and that the law has nothing to do with delaying the release of state employees' salaries.

 

LINK 

[DinarThug]

LINK

Finance hears the good news of paying retirees

 

 

29th September, 2020

The Iraqi Ministry of Finance announced on Tuesday that the salaries of retirees will be paid for next October at the beginning of the same month.

The finance said in a statement received by Shafaq News, that "the National Pension Authority will disburse the retirement pension for the month of October 2020 at the beginning of the aforementioned month for civilian and military retirees, and through the official exchange channels (banks and electronic payment channels)."

 

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LINK

An agreement to transfer one trillion and 100 billion dinars to finance the salaries of retirees

 

 

 

09/29/2020 13:30:00

 

 

The Parliamentary Finance Committee announced an agreement to finance the salaries of retirees in the country.

 

The committee said, "It has been agreed to transfer one trillion and 100 billion dinars to finance the salaries of retirees and distribute them on time."

 

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Finance: Paying the salaries of retirees early next October  LINK

[nannab]

Thank ya Thugs 

[DinarThug]

48 minutes ago, DinarThug said:

CNN.The World’s Foremost Authority On ‘Funny Money’!

Iraqi currency: 200 million “counterfeiters” a month!

 

13 minutes ago, nannab said:

Thank ya Thugs 

 

And I Think That The ‘Weegie Cartel’ May Have A Hand In This !  
 

 

      

[GreedyDinar07]

My question is, how in the hell are they going to revalue 40 to 45 Trillion Dinars at $1.13 or whatever the rate is going to be? Can anyone explain to me how this works? I thought there were  less dinar in circulation due to the auctions.

[DinarThug]

13 minutes ago, DinarThug said:

And I Think That The ‘Weegie Cartel’ May Have A Hand In This !  

Oh Crap - My Weegie Cartel ‘Distraction’ Didn’t Work !  

 

Quick - Somebody Throw Them Off With A ‘How The Hell Can They RV With All Of The Currency In Circulation’ Question...

 

     
 

Edited September 29, 2020 by DinarThug

[Half Crazy Runner]

1 hour ago, DinarThug said:

the coming months will witness the replacement of most of the large currency denominations such as the 10,000, 25,000 and 50,000 denominations with new prints.

And maybe with the zeros removed...?  

Edited September 29, 2020 by Half Crazy Runner

[DinarThug]

1 hour ago, Half Crazy Runner said:

And maybe with the zeros removed...?  

Btw, If U Need Somebody To Delete The ‘Zeros’ - Then Davis Is The Guy !  

 

Has Thong - Will Travel ...

 

     

[screwball]

2 hours ago, Half Crazy Runner said:

And maybe with the zeros removed...?  

i believe so

[dinarham]

C'mon ,mans and ladies . You would have to be a crazy fool to counterfeit Iraqi dinar . Buy the real thing, much cheaper,easier, and legal to boot . However , that may change once the dinar revalues . I just cruised dinar sellers websites ,and no dinar appear to be available for sale , even the 25k note ,the last holdout .  Treasurey Vault shows this srtange page that popped up when I catfished for one 25k note for sale . It said .... 25k note .. $50,00 -$149,900. Maybe nothin', maybe something 

[rvmydinar]

the article only mentions about printing a new currency of 10k, 25k, 50k denomination of bills, but it didn't say about the rate. actually investors only need to pay a close attention to the rate change cause investors will initially exchange dinar for dollars in the states, not one old dinar for one new dinar.  only the iraqi citizens will initially exchange one old dinar for one new dinar in iraq. the only question is who will make a decision about a rate change? a cbi and goi? IMF? the world bank?

[DinarThug]

An economist reveals the "facts" after the implementation of the "reduction" of the dinar against the dollar ... the value of the latter will reach 150 thousand per paper, and salaries will decrease!

2020-09-29

 

 

 

 

Yes Iraq - Baghdad

 

The Iraqi economic expert, Salama Sumaisem, revealed today, Tuesday, September 20, 2020, the facts that will happen if Iraq reduces the dinar currency against the dollar.

Sumaisem said in a blog post on the Twitter platform: If it is $ 100 = 120,000 dinars, it will become = 150,000 dinars, and therefore if your salary is 600,000 dinars, its value is 400,000 dinars.

And she added: This is called a decrease in real income at a time when money income remains constant, indicating that the amount of goods and services that you can obtain will decrease, that is, inflation.

Sumaisem explained: We do not have the price of the dollar raised, the dollar is flexible towards global and American events in particular, noting that in the Iraqi market it is subject to supply and demand when it is scarce in the market, its price rises against the dinar.

And she indicated: Therefore, the government is pumping more to bring down the price of the dollar, but now we already suffer from a great shortage of money, and the dollar in particular.

LINK

 

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What does the devaluation of the dinar mean against the dollar ... Salama Sumaisem

2020-09-29

 

 

 

Economist Salama Sumaisem wrote on Twitter:

What does the discount of dinar versus dollar mean?

If $ 100 = 120,000 dinars, it becomes = 150,000 dinars, and therefore if your salary is 600,000 dinars, its value is 400,000 dinars, this is called a decrease in real income, while the cash income remains constant ... the amount of goods and services that you can get will decrease..it is #inflation.

We do not have the price of the dollar raised, the dollar is flexible towards global and American events in particular, but in the Iraqi market it is subject to supply and demand when the market is scarce, its price rises against the dinar and therefore the government pumps more so that the price of the dollar falls ... But we are now already suffering from a great shortage of money and the dollar specifically

LINK

[DinarThug]

A member of Parliamentary Finance comments on the possibility of going to pay salaries every 45 days

 

 

1,901 Policy 09/29/2020 21:57

Baghdad Today - Baghdad 

 

The Finance Committee of the Iraqi Parliament confirmed, on Tuesday (September 29, 2020), that the draft budget law for 2020 has not reached the House of Representatives, until now, after the Iraqi government withdrew it from the Council, during the previous period, while revealing the truth about the tendency to pay salaries every 45 days.

Committee member Hanin Qaddo said, in an interview with (Baghdad Today), that "the 2020 budget bill did not reach us until now, and frankly, we do not know when it will arrive. When the government withdrew it, it did not give a specific date to return it."

Regarding the news about the government's tendency to pay the salaries of employees every 45 days, Qaddo indicated that "there is no official government approach in this regard, and we will not agree to such a trend," adding that "the delay in salaries is the responsibility of the Iraqi government, and we do not know the reason for this delay, and it should Be transparent with the people in this regard. "

Earlier, MP Muhammad Shi`a al-Sudani spoke about the reason for the government to withdraw the 2020 budget from Parliament, one day after it was sent.

"The government withdrew the budget law for the year 2020 to make amendments to it," Al-Sudani said in a post on Facebook, and followed him (Baghdad Today). 

He added, "As a result of the meeting of the three presidencies and political forces, it was found that the percentage of deficit in the 2020 budget is enormous without the government providing any economic reforms."

Al-Sudani continued, "The government relied on borrowing from the balance of the Central Bank," noting that "this process is considered dangerous and affects the country's financial situation."

On the 23rd of this month, the General Secretariat of the Council of Ministers announced the withdrawal of the 2020 budget bill from the House of Representatives. 

A document issued by the secretariat, addressed to the House of Representatives secretariat, stated: "We hope to withdraw the draft Federal Budget Law for the Republic of Iraq for the fiscal year 2020."

According to the document, its withdrawal came "for the purpose of making some amendments to the aforementioned bill." 

On Monday, the Ministry of Finance confirmed in a statement that it "assures citizens to work diligently to ensure that all government obligations are fulfilled and on time, and on top of those obligations are the salaries of state employees, retirees and social welfare."

The statement adds that "it is no secret to the Iraqi public opinion that the Ministry of Finance is making these efforts under exceptional circumstances and a financial crisis beyond the control of the government, represented by the sharp decline in oil imports, the Corona pandemic and its domestic and international effects, in a manner that exacerbated the shortage of liquidity available to the state, especially with Unplanned expansion in the number of employees over the past year. 

The statement indicates that "to address this shortage of financial liquidity, the Iraqi government sought to obtain parliamentary legislation that would enable it to borrow internally and externally, and the funds available through internal borrowing amounting to 15 trillion Iraqi dinars were used until the end of last month to finance salaries and meet other basic expenses," Especially those related to health and security, while international loans were used only to finance development projects. " 

The ministry continues, "The Ministry of Finance is currently preparing a detailed road map for financing basic expenditures for the remaining three months of the current year. We will present it soon to the esteemed parliament. This plan will include increasing the ministry's ability to borrow internally, and once approved, it will enable us to start securing salaries." Fully governmental. "

The ministry clarifies that it is "proceeding with preparing the draft budget for 2021 in a manner that addresses the accumulated financial and economic challenges that burden the country," adding that "the circumstances the country is currently going through stress the urgent need for political and societal forces to come together, and to work together responsibly to achieve security and stability," To move Iraq towards the prosperity and development its patient people deserve. "

LINK 

[rvmydinar]

1 hour ago, DinarThug said:

An economist reveals the "facts" after the implementation of the "reduction" of the dinar against the dollar ... the value of the latter will reach 150 thousand per paper, and salaries will decrease!

2020-09-29

 

 

 

 

Yes Iraq - Baghdad

 

The Iraqi economic expert, Salama Sumaisem, revealed today, Tuesday, September 20, 2020, the facts that will happen if Iraq reduces the dinar currency against the dollar.

Sumaisem said in a blog post on the Twitter platform: If it is $ 100 = 120,000 dinars, it will become = 150,000 dinars, and therefore if your salary is 600,000 dinars, its value is 400,000 dinars.

And she added: This is called a decrease in real income at a time when money income remains constant, indicating that the amount of goods and services that you can obtain will decrease, that is, inflation.

 

LINK

 

 

let's see firstly= $100=120,000 , after that becomes=$100=150,000.  So $1=iqd 1,500. $1 / iqd1,500=0.0006667, then remove 3 zeros become=iqd 1= US$ 0.6666667.  If in the beginning the salary is iqd 600,000, then after removes 3 zeros, the salary becomes=0.6666667 x iqd 600,000=iqd 400,000.  Therefore the rate is going to be iqd 1=US$ 0,6. is it called a revaluation?

I hope I was wrong. 

 

 

[rvmydinar]

this is just an example. if I say if  $100=iqd 120,000, after that becomes $100=100,000. so $1= iqd 1,000. S1/iqd 1,000=0.001, then removes 3 zeros become =iqd 1= US$ 1.  If in the beginning the salary is iqd 600,000, then after removes 3 zeros, the salary becomes=$ 1 x iqd 600,000=iqd 600,000 and this means the salary remains the same , no reduction in the salary. therefore, if the goi and cbi don't want to reduce the salary ( the salary remains the same ), they should make $100= iqd 100,000.  and the rate is going to be iqd 1=US$ 1. isn't this called a win-win solution? the investors are happy when the rate $1=iqd 1 and the salary remains the same. is it called a revaluation?

[DinarThug]

LINK

Economist: Iraq is far from bankruptcy and has reserves

 

29th September 2020

Economist and financial expert Safwan Qusay denied, today, Tuesday, that Iraq is close to declaring bankruptcy, the comment came after the news spread in this regard after the books circulated between the Ministry of Finance and the House of Representatives.

Qusay, during his speech with the program "Al-Mubasher", affirmed that Iraq possesses large reserves at the level of the central bank, indicating that there is a major failure in the process of managing the financial policy. Prompting the government to pass a law on internal borrowing to get 15 trillion dinars.

The financial and economic expert suggested that the Ministry of Finance had continued spending during the past months on items outside of compensation for employees. I know that the government will drain domestic borrowing money very quickly, and he also called on the government to take advantage of the current situation and transform the economy in Iraq from total dependence on oil to making our economy diversify. 

[DinarThug]

LINK

The risk indicator is close to the monetary reserve of the Central Bank of Iraq

 

 

30th September, 2020

A member of the Parliamentary Finance Committee in Iraq, Ahmad Hama Rashid, stated that the size of the monetary reserve, whenever it decreases, weakens the Iraqi currency, adding that “this will lead to a gradual weakening of the currency’s price.”

He also warned of possible damages to the Iraqi economy, as the bank’s reserves have been depleted. Central in the light of the need for Iraq to import leads to inflation is enormous.

It is noteworthy that the Committee expressed surprise at the release of the book by the Ministry of Finance calls for the enactment of laws to borrow to pay off the deficit in the salaries of employees, warning mortgaging the future of Iraq by relying on borrowing.

[DinarThug]

16 hours ago, DinarThug said:

An economist reveals the "facts" after the implementation of the "reduction" of the dinar against the dollar ... the value of the latter will reach 150 thousand per paper, and salaries will decrease!

2020-09-29

 

 

 

 

Yes Iraq - Baghdad

 

The Iraqi economic expert, Salama Sumaisem, revealed today, Tuesday, September 20, 2020, the facts that will happen if Iraq reduces the dinar currency against the dollar.

Sumaisem said in a blog post on the Twitter platform: If it is $ 100 = 120,000 dinars, it will become = 150,000 dinars, and therefore if your salary is 600,000 dinars, its value is 400,000 dinars.

And she added: This is called a decrease in real income at a time when money income remains constant, indicating that the amount of goods and services that you can obtain will decrease, that is, inflation.

Sumaisem explained: We do not have the price of the dollar raised, the dollar is flexible towards global and American events in particular, noting that in the Iraqi market it is subject to supply and demand when it is scarce in the market, its price rises against the dinar.

And she indicated: Therefore, the government is pumping more to bring down the price of the dollar, but now we already suffer from a great shortage of money, and the dollar in particular.

LINK

 

############

What does the devaluation of the dinar mean against the dollar ... Salama Sumaisem

2020-09-29

 

 

 

Economist Salama Sumaisem wrote on Twitter:

What does the discount of dinar versus dollar mean?

If $ 100 = 120,000 dinars, it becomes = 150,000 dinars, and therefore if your salary is 600,000 dinars, its value is 400,000 dinars, this is called a decrease in real income, while the cash income remains constant ... the amount of goods and services that you can get will decrease..it is #inflation.

We do not have the price of the dollar raised, the dollar is flexible towards global and American events in particular, but in the Iraqi market it is subject to supply and demand when the market is scarce, its price rises against the dinar and therefore the government pumps more so that the price of the dollar falls ... But we are now already suffering from a great shortage of money and the dollar specifically

LINK

 

Iraq: the government is compelled to "delete the zeros" from the dinar currency ... more than "3 scenarios" are expected that will affect salaries and living

2020-09-30

 

 

Yes Iraq - Baghdad

 

The economic expert, Salam Sumaisem, revealed that the government is now obliged to reduce the value of the Iraqi dinar against the dollar in order to obtain larger quantities of Iraqi money against the dollar without printing more and thus preserve the currency from collapsing.

Sumaisem said in a statement monitored by "Yis Iraq": that the printing of currency in the pre-2003 era was done without cover and in large quantities, and it was reduced without a balance, but today it can be reduced with a balance, indicating that this reduction increases the amount of exports because it pays people Those who import from abroad to the demand for local goods, which will lead to the devaluation of the currency and the demand for it becomes more.

Several countries resorted to writing off zeros of their currency, with the aim of restoring some confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value.

And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from the old currency.

In Iraq, it was proposed in 2014 to delete 3 zeros from the dinar, but in 2015 it was announced that a new denomination of 50 thousand dinars would be printed instead of deleting the numbers from the 1000 and 10 thousand dinars denominations. Sudan also removed two zeros from its currency in 2007.

And if Iran was the latest country to write off the zeros of its currency to restore confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value, then dozens of countries preceded it to measures of this kind that have exceeded the number of 70 since the mid-twentieth century.

Multiple studies indicate that cases of deleting zeros from currencies have exceeded 70 since 1960, including cases carried out by 19 countries that got rid of zeros from their currency at once, and 10 countries resorted to this step twice.

Venezuela, Brazil, Argentina, and Bolivia The Iranian decision comes at a time of great deterioration of the riyal, as a main result of the severe sanctions applied by the administration of US President Donald Trump, which have found deep resonance in Venezuela, which is also subject to harsh sanctions. In the first stage of a recovery plan launched by President Nicolas Maduro, to issue the sovereign bolivar by deleting 5 zeros from the old currency.

As for Brazil, between 1930 and the beginning of the twentieth century, it got rid of 18 zeros in 6 batches, the most prominent of which was in 1993, when it suffered severely from the acceleration of inflation to the level of 2000% and eliminated 3 zeros.

Also, the recurring economic deterioration in Argentina led its authorities to take decisions to write off zeros from its currency 4 times.

Bolivia also got rid of zeros twice. Turkey, Iraq and Sudan replaced Turkey the old currency by canceling 6 zeros starting in 2005 with a decision issued in 2004, so that one million pounds became equal to one lira, and it was withdrawn from circulation, and instead new currencies without zeros were introduced in the name of "New Lira" before the name " The lira ”separately, and it gave citizens 10 years to exchange their old currencies for the new currency from the headquarters of the Central Bank.

Zimbabwe This country deleted 3 zeros from its currency in 2003, and after only about 6 years had passed, it decided to cut 12 zeros, which practically means that every trillion Zimbabwean dollars became equivalent at that time to one Zimbabwean dollar!

Former Yugoslavia, Serbia crossed zeros in 5 batches, while the Netherlands deleted 4 zeros from its currency after it issued in 1960 paper currencies with very large numbers, and Ukraine resorted to deleting zeros 3 times, as did Russia, Poland, South Korea and Ghana.

LINK 

[DinarThug]

After the availability of 3 lenders ... Positive news about the salaries of September

 

 

6,407 Policy 09/30/2020 17:31 amm 

Baghdad today - Baghdad 
 

A member of the Parliamentary Finance Committee, Representative Faisal Al-Issawi, confirmed today, Wednesday, that the salaries of the month of September for Iraqi employees will be paid before approving the budget or borrowing. 

Al-Issawi told (Baghdad Today), "The Iraqi state is obligated to provide the salaries of its employees in all cases, but it needs legal cover for borrowing, whether internally or externally." Budget for the remainder of the months of 2020 to ensure payment of the salaries of employees and retirees and the rest of the other expenses. "

Al-Issawi added, "So far, we have not received the budget law, but it is expected that it will arrive today or tomorrow, and we will begin its legislative procedures next week to resolve it," stressing, "The need for more than a week to vote on its paragraphs after the discussion has been resolved, but in any case the salaries of employees will be paid for the month of September. "This will happen before the law is passed, but it will be difficult in the coming months without borrowing."

Al-Issawi pointed out that "there are internal lenders, which are the private and government banks, the retirement fund and the central bank, but dealing with them requires legal cover."

On Monday, (September 28, 2020), the Ministry of Finance issued a statement regarding the provision of salaries for employees and their delays, while affirming its commitment to work to secure the salaries of employees and retirees and social care.

The ministry said in its statement, which it received (Baghdad Today), a copy of it that it "assures the honorable citizens that it works diligently to ensure that all government obligations are fulfilled at their specified times, and on top of those obligations are the salaries of state employees, retirees and social welfare." 

The statement added: "It is not a secret for the Iraqi public opinion that the ministry is making these efforts under exceptional circumstances and a financial crisis beyond the control of the government, represented by the sharp decline in oil imports, the Corona pandemic and its domestic and international effects, in a manner that exacerbated the shortage of liquidity available to the state, especially with the expansion Unplanned numbers of employees over the past year 

He continued: "To address this lack of financial liquidity, the Iraqi government sought to obtain parliamentary legislation that would enable it to borrow internally and externally, and the funds available through internal borrowing amounting to 15 trillion Iraqi dinars were used until the end of last month to finance salaries and meet other basic expenses, especially what It relates to health and security, while international loans are used to finance development projects. "

The statement indicated that "the Ministry of Finance is currently preparing a detailed road map to finance basic expenditures for the remaining three months of the current year. We will present it soon to the esteemed parliament, and this plan will include increasing the ministry's ability to borrow internally, and once approved, it will enable us to start." By fully securing government salaries. "

He explained that "the ministry is preparing for the 2021 budget draft in a manner that addresses the accumulated financial and economic challenges that burden the country," noting that "the circumstances the country is currently going through stress the urgent need for political and societal forces to come together, and to work together responsibly to achieve security and stability." And moving Iraq towards what its patient people deserve in terms of prosperity and development. "

LINK

[DinarThug]

On 9/29/2020 at 6:47 AM, DinarThug said:

The Central Bank participates in two Arab meetings for the Arab Monetary Fund and financing Arab trade

 

29th September, 2020

The Central Bank of Iraq participated, on Tuesday, in the meetings of the Board of Directors of the Arab Monetary Fund and the Board of Directors of the Arab Trade Finance Program, separately

A Central Bank statement received by Al-Eqtisad News stated that during the meeting with the member states of the Arab Monetary Fund’s board of directors, the bank discussed issues that support system" rel="">support joint Arab action, most notably the “Arab Payments and Clearing System” built ”and its importance in facilitating inter-Arab payments and financial transfers

The statement added that the meetings of the Board of Directors of the Arab Trade Finance Program included discussions on mechanisms to re-prioritize funding for the national agencies organizing the program and in a manner that helps mitigate the effects of the Corona pandemic on Arab trade

########

LINK

He called for intensifying efforts ... The Central Bank participates in two Arab meetings

 

The Central Bank of Iraq participated separately in the meetings of the Board of Directors of the Arab Monetary Fund and the Board of Directors of the Arab Trade Financing Program. Where the bank discussed with members of the Fund Board states of the Arab Monetary topics to support the joint Arab action, most notably the "payments system of the Arab and clearing "structures" and its importance in facilitating payments and financial transfers of inter - Arab."

 

While the meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms for re-arranging funding priorities for the national agencies organizing the program, in a manner that helps mitigate the effects of the Corona pandemic on Arab trade.

 

The Central Bank of Iraq

information Office 

2020/9/29

 

The Central Bank is discussing with the Board of the Arab Monetary Fund the payment system

Tuesday 29th September 2020 - 12:16

LINK 

[DinarThug]

An American report: American forces will intervene if the Al-Kazemi government is close to collapse

 

 An American report: American forces will intervene if the Al-Kazemi government is close to collapse

•  29-07-2020
•  Iraq News / Report

Gilgamesh Press / Follow 

 

A report published by the American political analysis website, Response State Craft, stated that the Iraqi government is in its most fragile stage since 2003, as Iraqi Prime Minister Mustafa Al-Kazemi faces a formidable set of threats, while hinting at Washington's military intervention to stabilize Al-Kazemi's rule.

The report stated, "If the Al-Kazemi government is close to collapse in the coming weeks or months, Washington will face a difficult choice either to save it or let it fall," noting that "the current US policy of the civilian government in Baghdad is to provide support."

He explained that "the number of American forces in Iraq is about 5,200 soldiers, sufficient to secure the government center in Baghdad and maintain the physical presence and administration of Kazemi even if the real political power is located elsewhere."

He added, "In such a scenario, more American forces are likely to return to Iraq if the current unit is used to maintain the government in the face of threats, which undoubtedly leads to a series of bloody confrontations that may resemble the days of the American occupation." If the Kazemi government is allowed to fall, Iraq will likely witness the kind of chaos that has engulfed Libya in recent years.

"The idea of letting Iraq turn toward chaos without a strong American effort to stop it will be considered immoral by many," he said. But Washington must be prepared to refrain from further intervention in Iraq, however, as supporting any civilian government in Iraq with US forces at this stage means returning to the occupation quagmire. Moreover, no civilian government has much hope of remaining in Iraq, with or without US support, as the power dynamics leaving Kazemi at the present time extremely weak exceed Washington's ability to change.

The report stated that “if such a crisis appeared between now and next January during the Trump period, the American intervention mechanism in the Middle East will work effectively, through a familiar routine of air strikes, deployment of forces and the like, as Washington arrives in reverse to save the failed regime that worked. Hard to create it. ”

LINK

[DinarThug]

 

[DinarThug]

LINK

Islamic banking and the prospective role

 

 

1st October, 2020

 

The development of the banking sector in any country is often linked with the development of the real economic sector in that country in a negative feedback relationship, as the growth of one enhances the growth of the other sector

Despite what some believe that the rapid development of the financial sector in general has become a generator of financial crises, we find that banks are still a driver for advanced economies even in light of the global financial crises, but with an urgent need for more regulation and supervision of the banking sector, which is one of the lessons produced by these crises

In this context, some opinions and calls emerged that see that Islamic banks were the most prominent survivor of the financial crises (compared to commercial banks) as a result of the nature of the work of these banks that are identical with the real economy and then are associated with the up and down trend of its commercial cycle so that the (Islamic) bank and its customers can bear Shared investment results in accordance with the rule of sheep in fines, which is the cornerstone of the work of these banks

The beginning of the Islamic banking business in Iraq was with the establishment of the Iraqi Islamic Bank for Investment in 1993, after which the work of these banks developed and their number increased, especially after the legislation of the Islamic Banking Law No. (43) for the year 2015, as their number today reached thirty-one banks, which constitute (40) Percent) of the total number of banks in Iraq with a capital of nearly seven trillion dinars, and this increase comes in line with the great development witnessed by Islamic banking at the international level, as we find that many international traditional banks have worked to open Islamic windows to simulate the increasing demand for this type of products

It is expected that Islamic banks in Iraq will have an important developmental role, especially with the great capabilities available to these banks on the one hand, and the governmental economic reforms aimed at stimulating the real sector to diversify the Iraqi economy and reduce dependence on oil on the other hand, which coincided with preparing a paper for banking reform in the bank. The Iraqi Central Bank, however, this expected role of these banks remains dependent on their ability to overcome the challenges they face, whether in the field of quickly gaining practical experience or in the field of ability to compete with traditional banks and then the extent of their ability to win the confidence of the public

[DinarThug]

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Oil maintains gains above $ 40 after US crude inventories shrank

 

 

1st October, 2020

 

Oil maintained its gains above $ 40 a barrel on Thursday, after a sudden drop in US crude inventories and the dollar's weakness exceeded worsening demand expectations

The Energy Information Administration stated that US crude stocks fell by about two million barrels last week to their lowest level since April, and distillate stocks recorded a sudden drop

Although crude oil has now returned in the same range it was in the past few months, demand is still weak as some European governments re-impose lockdown measures to curb the emerging Corona virus, while in the United States it is not certain whether there will be more. Of financial incentives before the election

“Demand remains steady at levels well below 2019, which means that prices are unlikely to move higher in this environment,” said Geoffrey Haley, chief market analyst at Oanda Asia Pacific. He said concern about lower consumption in Europe due to movement restrictions also weakens sentiment

US West Texas crude for November delivery fell 0.1% to $ 40.17 on the New York Mercantile Exchange at 5 am GMT, after rising 2.4% yesterday

Brent crude settled at $ 42.29 on the ICE Futures Exchange, after rising 1.8% in the previous session

There is also downward pressure in prices from the supply side, with the return of Libyan production. The North African country now pumps around 300,000 barrels per day, up from 80,000 at the start of September. Meanwhile, in a rare positive sign for oil prices, a strike in Norway's largest oil field could disrupt more than a quarter of the country's crude oil production