Canceling The Currency Auction, Reducing Borrowing, And “Isolating” The Central Bank’s Reserves ... The Most Important Thing For Hard Currency In The 2021 Budget !

[horsesoldier]

Just an observation so nobody get your knickers in a bunch: 18 years now an we’re still talking about the same dang things.

Okay, y’all go back to your regularly scheduled fun. 

[dinarham]

   

25 minutes ago, horsesoldier said:

Just an observation so nobody get your knickers in a bunch: 18 years now an we’re still talking about the same dang things.

Okay, y’all go back to your regularly scheduled fun. 

        We were pretty naive 18 years ago [sure hope I spelled that right} , and Iraq was a newly busted up country . There was corruption galore , fighting between factions , bad decisions made , Isis taking over most of the country , then more corruption . The payoff is worth waiting for . We've never been closer.

[Dinarrock]

1 hour ago, dinarham said:

   

        We were pretty naive 18 years ago [sure hope I spelled that right} , and Iraq was a newly busted up country . There was corruption galore , fighting between factions , bad decisions made , Isis taking over most of the country , then more corruption . The payoff is worth waiting for . We've never been closer.

I sure hope so because had invested only about 5k in Bitcoin back in 2011 I would be worth over 250 million dollars today...lol... hope I see even a 1/10th of that from this ridiculous dinar investment...lol

[shixjr]

1 hour ago, dinarham said:

There was corruption galore , fighting between factions , bad decisions made...   and that was just in my house!

 

[DinarThug]

Governmental banks acquire 80 percent of the volume of deposits

Thursday 04 March 2021

 

Baghdad: Haider al-Rubaie

 

 

The economic expert, Abdul-Hussein Al-Mandheri, emphasized the ability of the banking sector to meet all the requirements of the investment movement in the country, and while urging banks to follow the method of "pooled loans" to finance development projects, he indicated that the government banking sector accounts for more than 80 percent of the volume of deposits.

According to the Minister of Finance, Ali Abdul Amir Allawi, during a previous meeting organized by the Association of Banks, with all banks operating in Iraq to discuss mechanisms for developing that sector, according to the White Paper, the government seeks to “strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support projects. Investment in Iraq, explaining that the Ministry of Finance does not see any alternative but to strengthen the banking sector and push it forward}.

 

Project financing

 

Al-Mandhari said in a statement to «Al-Sabah» that government and private banks have many investment opportunities that they can finance from their own money and the money of depositors, especially government banks, as they acquire more than 80 percent of the volume of deposits, indicating that private banks can also finance major investment projects from Its money, or through the initiative of the central bank.

 

Pooled loans

 

 The banking economist believes that there is another way through which capital is collected from several banks to finance development projects, indicating that this method, called “pooled loans,” is important, but it has not happened yet, ”indicating at the same time that Islamic banks have The formula of "Islamic bonds" that can be presented to the public, including individuals, companies, and financial and investment institutions, with the aim of attracting a lot of funds to finance long-term development projects such as building hospitals, establishing universities, building residential or commercial complexes, or building a subway, etc., pointing out that this formula was included in Islamic Banking Law 43 of 2015.

 

Dry canal

 

Al-Mandhari explained that “all banks have the opportunity to participate in establishing the dry canal from Fao to Turkey to stimulate global trade movement between Asian and European countries, indicating that participation in that giant strategic project can benefit those banks, as well as achieve revenues. Great for Iraq and creating job opportunities for thousands of unemployed}.

LINK 

[RV MY DINAR 3USD]

7 hours ago, Dinarrock said:

I sure hope so because had invested only about 5k in Bitcoin back in 2011 I would be worth over 250 million dollars today...lol... hope I see even a 1/10th of that from this ridiculous dinar investment...lol

i sure hope if someone who had invested 5k in iqd in 2003, then hopefully, it will be worth 250 million dollars in the year of 20.....(?)

[DinarThug]

On 3/3/2021 at 10:21 AM, DinarThug said:

Parliament calls for the Finance Committee to expedite the submission of a proposed report on the Iraq Sovereign Fund Law

 

 

3/03/2021 18:34:32

 

 

The Presidency of the House of Representatives called on, on Wednesday, the Parliamentary Finance Committee to expedite the submission of its report on the proposed Iraq Sovereign Fund Law.
 

According to a statement by the council’s media department, Al Furat News received a copy of it that “the first deputy president of the council, Hassan Karim Al-Kaabi, called during today's session the Finance Committee to expedite the presentation of its report on the proposal of the Iraq Sovereign Fund Law, which was presented by MPs Anam Al-Khuzaie and Naji Al-Saeedi, who obtained the s’upport and blessing of more than 90 deputies."

Al-Kaabi stressed that "the proposed law of the Iraq Sovereign Fund is very important and necessary as it represents a guarantee for future generations in light of the waste of public money and existing corruption."

 

###########

Al-Kaabi calls on the Finance Committee to expedite the submission of its report on the proposed Iraq Sovereign Fund Law  LINK 

 

LINK

Parliamentary committee warns of "significant exposure" to the budget and calls for the establishment of a sovereign fund (document)

 

 

4th March, 2021

On Thursday, the Committee to Monitor the Implementation of the Governmental Program and Strategic Planning warned of what it called "the large exposure to the public budget of oil revenues, while calling for the establishment of a sovereign fund.

Committee member Anaam Al-Khuzai said in a statement that Alsumaria News obtained a copy of, that she "warns of the large exposure of the public budget to oil revenues due to the periodic fluctuations of oil prices in world markets," indicating that "the Iraqi economy is periodically going through a severe financial crisis that paralyzes all economic sectors, generating A long economic recession."

Al-Khuzai referred to "the experiences of the Gulf countries in solving this dilemma years ago after the establishment of multi-purpose sovereign wealth funds and the success of these countries in coping with fluctuations in oil prices without their local economies being affected by external shocks."

In order to avoid oil price shocks and maintain revenue stability to protect economic activity, Al-Khuzaie called, according to the statement, to "start immediately establishing a multi-purpose sovereign fund in which the abundance of oil achieved due to the rise in market oil prices exceeds the price fixed in the federal budget, and includes three funds." 
 

The first means stability and maintains part of the oil financial abundance and is used to compensate for the decline in oil revenues in times of crisis to maintain the stability of revenues and to ensure comfortable financing of government expenditures.

She indicated, "The second fund is concerned with investment as it maintains a specific part of financial abundance, and the revenues of this fund are invested in securities guaranteed to ensure the rights of generations to depleted oil wealth." The annual burden of installments and interest on the external debt on public expenditures. This fund will be frozen after zero sovereign debt.

 

 

  

[DinarThug]

LINK

THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP TO DISCUSS THE VIEWS OF GLOBAL CARD SCHEMES ON BUNA PAYMENT SYSTEM

 

4th March, 2021

The workshop will also discuss the payment flows of the US Dollar through Buna

Industry Experts representing Visa Inc, MasterCard, and UnionPay will share valuable insights on cross-border payments transformational role

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

 

Abu Dhabi, 04 March 2021: The Arab Monetary Fund (AMF) holds today, Thursday March 4, 2021, a workshop to explore the views of global card schemes on cross-border payments as a driver to regional and global economic growth. In addition they will share their perception of how Buna (the cross-border payment system owned by the AMF) can play a key role in streamlining cross-border payments by acting as a bridge between the Arab region and the rest of the world. The workshop will also discuss different operational perspectives related to the payment flows in US Dollar through the Buna payment system, following the inclusion of the US Dollar as a settlement currency in Buna.

Industry Experts representing Visa, MasterCard, and UnionPay will share valuable insights on cross-border payments transformational role and the various aspects of cooperation between the different payment channels across the globe to unlock hidden opportunities and provide innovative and customized solutions. Moreover, valuable updates related to the usage of the US Dollar as a settlement currency will be presented by Buna executive team.

The workshop will host more than 200 senior officials representing Arab and international central banks along with various institutions from the financial, banking and payment sectors from the region and beyond, seeking for valuable information about Buna’s recent developments and future plans.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna’s payment system is designed to offer a diversified pool of cross-border payment services and innovative solutions that caters for the various needs of the region and different economic sectors. To strengthen our value proposition and provide additional payment instruments that can demonstrate the international dimension of Buna, we pursue our efforts to cooperate and build interoperability with leading players in the payment industry setting a fruitful cross-border connection between Buna and a diversified network of payment schemes and channels.”

Mehdi added: “Buna has previously announced full readiness to provide its growing network of participants with the capacity to execute cross-border payments in US Dollar in cooperation with JP Morgan, as the Buna’s settlement bank for the US Dollar. During this workshop, we will be marking the smooth process that will enable participant banks to send and receive payments in US Dollar through their Buna account in an efficient, compliant, safe and cost-effective method.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.

[DinarThug]

LINK

The Central Bank of Iraq sales recorded an increase in the currency auction

 

11th March, 2021

The Iraqi Central Bank's hard currency sales increased, on Thursday, by 15 percent, to reach $ 78 million.

The correspondent of Shafaq News Agency stated that the Central Bank of Iraq witnessed during its auction for the sale and purchase of foreign currencies today an increase in sales by 15.45 percent to reach 78 million and 970 thousand dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar, compared to Tuesday, where sales reached 68 million and 40 thousand and 250 dollars.

The purchases amounting to 78 million and 970 thousand dollars went to strengthen the balances abroad in the form of transfers and credits, while the banks did not purchase any dollars in cash.

Our correspondent indicated that 12 banks have met the requests to enhance the assets abroad.

[Laid Back]

Usually in emerging economies banks strengthen their assets abroad.

 

The Banks are getting ready for an open market economy

 

Go CBI

Go banking system

Go international

Go open market economy  

[screwball]

80% deposits in government banks and 70% of cash hoarded in homes? Houston we have a problem! Rv fix that problem!

[DinarThug]

19 hours ago, Laid Back said:

Go CBI

Go banking system

Go open market economy

Go This Little Iraqi Went To Open Market !

 

Go This Little Iraqi Stayed Home !

 

Go This Little Iraqi Had Goats Meat ...   

 

Go This Little Iraqi Went RVee Vee Vee - All The Way To The Frickin’ “Piggy Bank” ...
 

     

[Jaygo]

15 minutes ago, DinarThug said:

Go This Little Iraqi Went To Open Market !

 

Go This Little Iraqi Stayed Home !

 

Go This Little Iraqi Had Goats Meat ...   

 

Go This Little Iraqi Went RVee Vee Vee - All The Way To The Frickin’ “Piggy Bank” ...
 

     

😂

[DinarThug]

52 minutes ago, Jaygo said:

‘Go This Little Iraqi Had Goats Meat ...’

 

😂

 

CNN - Ur Source For Super Sophisticated High Quality ‘Nursery Rhyme’ Entertainment !  

 

 

Also Available For Birthdays And White House Press Briefings ...

 

      

[cws]

4 hours ago, DinarThug said:

 

CNN - Ur Source For Super Sophisticated High Quality ‘Nursery Rhyme’ Entertainment !  

 

 

Also Available For Birthdays And White House Press Briefings ...

 

      

Is that circle back??

[DinarThug]

LINK

The Central Bank reveals the size of Iraq's foreign currency reserves

 

16th March, 2021

The Central Bank of Iraq revealed, on Tuesday, that its total foreign currency reserves amount to approximately 56 billion dollars, stressing that it maintains the stability of exchange rates in the markets through the use of its various monetary tools.
 
An official source at the Central Bank said in an interview with the official newspaper, that "foreign reserves are still within the limits of sufficiency," noting that "the total foreign reserves decreased by about 20% during the year 2020." 
 

The source pointed out that "gold holdings are approximately $ 5,703 million, and there are no plans to increase investment in gold in light of the continuing impact of the crisis," explaining that "the Chinese yuan currency is one of the currencies invested in foreign reserves."

The source pointed out, "The Central Bank of Iraq maintains the stability of exchange rates in the markets by exploiting its various monetary tools, the most important of which is the foreign currency sale window that aims to finance imports of goods and services, in accordance with the provisions of the Iraqi Central Bank Law No. 56 of 2004 in Article 28 / b (Simple, unconditional buying and selling of foreign currency), in a manner that maintains acceptable rates of inflation.

The source attributed the reason for the decline in the price of the dollar in the markets, especially last month, from the price specified in the bank, by saying that “the exchange rate of the US dollar in the local markets retreated from the approved official selling price after the price change by the bank at the end of December The year 2020 is due to the fact that the change in the exchange rate initially formed a shock to the local market, which required an adjustment period to make the settlements that took place between each of the merchants (wholesale, retail, and singular) and the settlements of wholesalers with banks, where imports decreased to severe levels, and consequently.
Reduced demand for foreign currency." 

###############
How much is the size of Iraq's cash reserve of foreign currency?  LINK

[DinarThug]

LINK

Economist: The corruption of the currency auction is behind the failure to demand a decrease in the dollar exchange rate

 

 

09:20 - 18/03/2021

 

 

The economic expert, Ihssan Al-Kinani, said that corruption in the currency auction made politicians shirk their supervisory duties and throw the ball into the government's court about controlling the exchange rate of the dollar against the Iraqi dinar.

Al-Kinani said to / the information /, that "most of the private banks are affiliated with political parties and parties that finance their projects in and outside Iraq, and attract money through an auction selling the currency."

He added that "the silence of the deputies about the demand to reduce the exchange rate of the dollar against the dinar, in order to preserve their earnings in the currency auction, which has become a window for financial corruption and serving the interests of the political class."

He indicated that "most politicians and MPs have shirked their responsibilities regarding what the government is doing about the siege of the people after reducing the value of the dinar, and they emphasized that the issue of reducing or raising the price of the currency depends on the government only, at a time when Parliament has absolute power over the government to reject or accept any decision it takes." 

[Officiallytook]

On 3/3/2021 at 1:10 PM, horsesoldier said:

Just an observation so nobody get your knickers in a bunch: 18 years now an we’re still talking about the same dang things.

Okay, y’all go back to your regularly scheduled fun. 

😅😅😅

[DinarThug]

Deputy for the Economic Committee: The exchange rate will not stop rising .. the dinar will collapse if we do not find solutions

 

732 Policy 2021/03/18 20:45 

Baghdad Today - Follow-up   
 

A member of the Economic Committee in the House of Representatives, Abdullah Kharbit, warned of the continued decline in the value of the Iraqi dinar, in the absence of economic solutions to the current crisis. 

"The decline in the value of the Iraqi dinar has been expected since 2018, and today it has reached 1470 dinars against the dollar, and it will not stop at this number," Abdullah Kharbit said, in a televised interview that she followed (Baghdad Today). 

Kharbit added, "Changing the exchange rate is not within the authority of Parliament," noting that "the Iraqi exchange rate is very exaggerated, especially since local production is nothing in the country, with the dinar remaining stable for years." 

A member of the Economic Committee in Parliament continued, "The collapse of the Iraqi dinar will continue if we do not find economic solutions to the current crisis," he said. 

And the economist, Safwan Qusay, believed, earlier, that the rise in the value of the dollar against global currencies would not affect the Iraqi local currency directly. 

Qusay said in an interview with (Baghdad Today), "The process of raising the value of the dollar compared to other global currencies casts a shadow over all currencies, as well as commodities that are valued in dollars, but certainly the process of its reflection is not directly on local currencies, but global currencies will be affected." Directly. "

He added that "the recent stimulus process of the American economy by launching more than one trillion and 900 billion dollars to stimulate the American industrial sectors led to an increase in the demand for the dollar, and thus this was reflected in the value of other currencies." 

And that "the Iraqi dinar maintains its balance at the present time, given that the Central Bank is pumping the dollar at a fixed rate of 1450 Iraqi dinars, I do not think that it will witness a decrease less than that," pointing out that "the central bank still has the ability to control the price but certainly increase the value The dollar leads to a decrease in the value of oil prices and is definitely reflected in the revenues of the Ministry of Finance, but not at the present time. " 

The Iraqi local markets in Baghdad and other governorates were disrupted after the devaluation of the currency and the change of the exchange rate of the dinar against the dollar in the draft budget of 2021, which included the new exchange rate.

LINK

LINK

[RV MY DINAR 3USD]

18 minutes ago, DinarThug said:

Deputy for the Economic Committee: The exchange rate will not stop rising .. the dinar will collapse if we do not find solutions

solutions? the only solution is rv your iqd at 1:1. problem solved. what are the cbi, goi, and minister of finance thinking in their brains? i already give you the solution which is rv your iqd at 1:1, and what you have to do now is just rv your iqd at 1:1.and never think too long to find the solution. now, it is up to you whether you want to rv your iqd at 1:1 or not.