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The governor of the central bank intends to raise the signature of the relationship from the currency: it costs the state 50 million dollars


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The governor of the central bank intends to raise the signature of the relationship from the currency: it costs the state 50 million dollars

9/29/2020

:rake:

 

The governor of the central bank intends to raise the signature of the relationship from the currency: it costs the state 50 million dollars

 

A responsible source revealed directives issued by the new central bank governor, Mustafa Ghaleb Makhaif, the book to reprint the currency with the aim of raising the signature of his predecessor, Ali Ismail Al-Alaq, who put his name in addition to his signature on the new and old categories.


 The source expected that the process of replacing the 39 trillion dinars would cost about 40-50 million dollars, expressing his surprise at such a trend at a time when the country is facing a severe liquidity crisis that threatens monthly salary payments.


 The former Central Bank Governor, Ali Ismail Al-Alaq, decided to put his name in addition to his official signature on the Iraqi currency, including

the new 50 thousand dinars, contrary to what is known in the history of the Iraqi currency, which is satisfied with the signature of the central bank governor only.


 Al-Alaq’s decision sparked widespread controversy, prompting parliamentary bodies to file a lawsuit against the Central Bank, in which the head of the legal department at the time, Mustafa Ghaleb, represented him.


 The high-level source confirms, in an interview with "Iraqi 24", who refused to reveal his name, that "the governor of the Central Bank decided that currency exchange be the first decision he takes," considering that "the decision is not economically feasible and that it aims to raise the signature and name of Ali Alaq from the monetary block only. 


 The governor of the Central Bank stressed, in his first meeting with the bank’s board of directors on September 22, the importance of following the context of the official signature on the exported currency, and not using the signature with the name drawing that was previously approved by the committee at a previous meeting.


 The source adds by noting that "this measure will cost the Iraqi treasury between 40-50 million dollars," noting that "there is a cash block estimated at 39 trillion dinars that must be changed."


 The source added, "There is astonishment at this measure that the governor of the central bank intends to implement in light of the presence of more urgent priorities and the need to focus on monetary policy, managing inflation and controlling its indicators," noting that "the current central bank governor used to occupy the director of the legal department of the central bank and pleaded. And defending the decision on the relationship put his name and signature on the currency. " He asked, "Is the purpose of the decision for the new governor to put his personal signature and perhaps his name instead of his predecessor, just to immortalize himself?"


 On September 14, Prime Minister Mustafa Al-Kazemi assigned Mustafa Ghaleb Mekhaif the book with the task of managing the Central Bank, succeeding Ali Al-Alaq, who asked to be referred to retirement. The decision sparked a wave of dissatisfaction among the staff of the Central Bank, given that the new governor does not have a background in financial and banking sciences.


 

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Al-Rafidain announces that he will continue to open accounts for citizens

 1st October, 2020

 Al-Rafidain Bank announced, on Thursday, that it will continue to open accounts for citizens and other segments to deposit their money in the bank

The bank’s media office said in a statement received by "Al-Eqtisad News", that "the bank continues to open accounts (savings and current) for citizens and deposit their money in exchange for interest

The bank called on citizens to "visit bank branches for the purpose of viewing special instructions and placing their money in the bank and not hoarding it in homes in light of the positive benefits set by the bank in return for that

 

8 hours ago, DWS112 said:

The governor of the central bank intends to raise the signature of the relationship from the currency: it costs the state 50 million dollars

9/29/2020

:rake:

 

The governor of the central bank intends to raise the signature of the relationship from the currency: it costs the state 50 million dollars

 

A responsible source revealed directives issued by the new central bank governor, Mustafa Ghaleb Makhaif, the book to reprint the currency with the aim of raising the signature of his predecessor, Ali Ismail Al-Alaq, who put his name in addition to his signature on the new and old categories.


 The source expected that the process of replacing the 39 trillion dinars would cost about 40-50 million dollars, expressing his surprise at such a trend at a time when the country is facing a severe liquidity crisis that threatens monthly salary payments.


 The former Central Bank Governor, Ali Ismail Al-Alaq, decided to put his name in addition to his official signature on the Iraqi currency, including

the new 50 thousand dinars, contrary to what is known in the history of the Iraqi currency, which is satisfied with the signature of the central bank governor only.


 Al-Alaq’s decision sparked widespread controversy, prompting parliamentary bodies to file a lawsuit against the Central Bank, in which the head of the legal department at the time, Mustafa Ghaleb, represented him.


 The high-level source confirms, in an interview with "Iraqi 24", who refused to reveal his name, that "the governor of the Central Bank decided that currency exchange be the first decision he takes," considering that "the decision is not economically feasible and that it aims to raise the signature and name of Ali Alaq from the monetary block only. 


 The governor of the Central Bank stressed, in his first meeting with the bank’s board of directors on September 22, the importance of following the context of the official signature on the exported currency, and not using the signature with the name drawing that was previously approved by the committee at a previous meeting.


 The source adds by noting that "this measure will cost the Iraqi treasury between 40-50 million dollars," noting that "there is a cash block estimated at 39 trillion dinars that must be changed."


 The source added, "There is astonishment at this measure that the governor of the central bank intends to implement in light of the presence of more urgent priorities and the need to focus on monetary policy, managing inflation and controlling its indicators," noting that "the current central bank governor used to occupy the director of the legal department of the central bank and pleaded. And defending the decision on the relationship put his name and signature on the currency. " He asked, "Is the purpose of the decision for the new governor to put his personal signature and perhaps his name instead of his predecessor, just to immortalize himself?"


 On September 14, Prime Minister Mustafa Al-Kazemi assigned Mustafa Ghaleb Mekhaif the book with the task of managing the Central Bank, succeeding Ali Al-Alaq, who asked to be referred to retirement. The decision sparked a wave of dissatisfaction among the staff of the Central Bank, given that the new governor does not have a background in financial and banking sciences.


 

I am sorry if I bring these 2 articles together because I am trying to connect the dot between these 2 articles. the first article is talking about how the bank is asking the iraq citizens to deposit thie money instead of hiding them under the matress. and the second article is talking about printing a new currency with putting  The former Central Bank Governor' s name, Ali Ismail Al-Alaq,in addition to his official signature on the Iraqi currency. I suspect these 2 articles are related.  from these 2 articles, it tells me this is a sign of rv because the bank asks the citizens to deposit all of their old dinar in the bank. After that, in return, the iraqi citizens can withdraw the new lower denomination of bills that already put former Central Bank Governor' s name, Ali Ismail Al-Alaq,in addition to his official signature. is this possible? is this a sign of rv? But I am not going to get excited yet until I see the new lower denominations of bills with my both eyes.

 

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It sounds like Alak was going to issue high denoms with his signature on them and keep the auction going to continue stealing and financing terrorism  
In order for the new governor to RV the currency, he had to scrap Alaks order.  

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1 hour ago, gregp said:

It sounds like Alak was going to issue high denoms with his signature on them and keep the auction going to continue stealing and financing terrorism  
In order for the new governor to RV the currency, he had to scrap Alaks order.  

Makes sense, thanks gregp.

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Raising his name from the currency means removing it, just like they are going to raise the three zeros from the currency! I can't see them spending that kind of money just to remove the Alak's printed name from the currency without removing the 3 zeros also. This could be what we are waiting for! IMO

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