yota691 Posted November 2, 2021 Report Share Posted November 2, 2021 Tuesday November 2, 2021 | 08:43 AM | Number of readings: 272 Economist: The control of the powerful over the currency auction prevents the dollar price from changing Economist Wissam Al-Tamimi said, on Tuesday, that the influence of the influential on the currency auction will prevent the dollar exchange rate from changing, pointing out that most private banks are affiliated with influential political parties that stand in front of the exchange rate change. Al-Tamimi said that "the parties that control the currency auction have made great gains after the rise in the dollar exchange rate, especially since most of them have large commodities and goods placed in stores, and therefore they made profits after buying them at the old price as well as benefiting from their returns in the currency auction." He added that "the influential will stand a stumbling block in the event that the dollar exchange rate is reduced in the budget, as most of their banks are working to earn profits from the currency auction, and any reduction that may occur will cause great losses for them." Al-Tamimi explained, "The recovery of the oil market and the entry of large amounts of hard currency into Iraq will contribute to increasing the incomes of workers in the currency auction, which will push them to stand in front of any attempt by the government to reduce the dollar price in the next stage, and it is likely to keep the exchange rate at its current status or a slight increase in next year's budget 8 1 1 Quote Link to comment Share on other sites More sharing options...
jake21 Posted November 2, 2021 Report Share Posted November 2, 2021 Well, there you go. Till they get rid of the auctions no RV/RI. 1 1 4 Quote Link to comment Share on other sites More sharing options...
jake21 Posted November 2, 2021 Report Share Posted November 2, 2021 I know it's an opinion piece but that's been the thought all along they must stop the auctions, PERIOD! 2 Quote Link to comment Share on other sites More sharing options...
Half Crazy Runner Posted November 2, 2021 Report Share Posted November 2, 2021 1 hour ago, yota691 said: the influence of the influential In other words, the corrupt and powerful… 3 Quote Link to comment Share on other sites More sharing options...
Popular Post Laid Back Posted November 2, 2021 Popular Post Report Share Posted November 2, 2021 The central bank of Iraq is on charge of monetary policy, (not the private banks or influential political parties). Since the CBI introduced the new set of instructions, the daily auctions when down about $100 million dollars a day. Al-kazemi government continues moving forward with the reforms project aka White Papers. The reform of the banking system is part of the White papers second Axis. - (Achieving macroeconomic reforms according to strategic principles, giving priority to productive economic sectors, and creation of sustainable employment opportunities) (a) Banking sector Objective: The reform of this sector aims to “reform government banks towards working according to commercial standards, reduce their hegemony over the banking sector and pave the way for private banks to ensure the development of the sector and take its role as a lever for the Iraqi economy, end the role of government banks as an arm to finance government spending, return to the independence of these banks from the Ministry of Finance and restore people's confidence in the sector Banking in general”, through the following steps 1) Addressing the level of capital of all government banks and organizing the process of increasing their capital, if necessary 2) Establishing and activating the basic banking system in the Rafidain and Rasheed banks, and continuing with the steps previously taken towards restructuring these two banks after conducting a full financial review by international auditing companies 3) Appointing an international law firm to conduct a full audit of the international legal position of Al-Rafidain and Rasheed banks in order to return them to international dealings 4) Reconsidering the Industrial Bank Law and increasing its capital in order to expand its business base and present it as a model for reforming other government banks 5) Accelerate the development of electronic banking and mobile banking services to become the primary means of the payments system to encourage more access to traditional banking services and enhance financial inclusion. 6) Strengthening the ability of the Central Bank to perform its supervisory functions and enabling it to effectively supervise and regulate the banking sector, including the power of forced merger of low-performing banks 7) Implementing a deposit insurance system in order to enhance the confidence of depositors in the private banking sector 8- Complete the application of international accounting systems in all banks to improve their transparency practices and according to the Central Bank's instructions in this regard 9) Providing an appropriate environment to encourage private banks to lend a stimulus to the economy and move away from focusing on generating revenues through the issuance of guarantees, the currency window and other fees. 10) Adopting market mechanisms in determining the interest rate and profits for the Iraqi financial markets. Go Iraq Go White Papers Go development Go open market economy Go purchasing power 2 7 8 5 Quote Link to comment Share on other sites More sharing options...
Popular Post Carrello Posted November 2, 2021 Popular Post Report Share Posted November 2, 2021 Once again, Laid Back, you document factual, insightful, researched information, rather than expressing uneducated, emotional flap. Thank you. 6 2 8 3 Quote Link to comment Share on other sites More sharing options...
Laid Back Posted November 2, 2021 Report Share Posted November 2, 2021 28 minutes ago, Carrello said: Once again, Laid Back, you document factual, insightful, researched information, rather than expressing uneducated, emotional flap. Thank you. Carrello, Once again, thank you my friend. 2 5 Quote Link to comment Share on other sites More sharing options...
Donziman Posted November 2, 2021 Report Share Posted November 2, 2021 Laid back. I respect your knowledge of how the SYSTEM is set up to minimize political influence but, in reality the big political people in power appoint the leaders of the CBI. Let's not forget the closest we have ever been to the RV is when Shabibi was the CBI chief back about 2011. Maliki was making a killing at the auction and didn't want an RV Soo what did he do?? He issued an arrest warrant for the guy while he was out of the country insuring he could not return. Then he put his own puppet in as the leader of the CBI. So who is in control on paper is NOT really in control... 1 1 5 Quote Link to comment Share on other sites More sharing options...
jake21 Posted November 2, 2021 Report Share Posted November 2, 2021 (edited) Ok Carrello, We'll see. Let's talk months from now when the auctions are still there and we have no RV Edited November 2, 2021 by jake21 Quote Link to comment Share on other sites More sharing options...
southbeach Posted November 2, 2021 Report Share Posted November 2, 2021 7 hours ago, Carrello said: Once again, Laid Back, you document factual, insightful, researched information, rather than expressing uneducated, emotional flap. Thank you. Gotta give it to you Carrello on that one! 1 2 1 Quote Link to comment Share on other sites More sharing options...
Carrello Posted November 3, 2021 Report Share Posted November 3, 2021 2 hours ago, jake21 said: Ok Carrello, We'll see. Let's talk months from now when the auctions are still there and we have no RV Jake, specifically, how many months are you referencing? I need a number so I can put it in my "reminder" calendar. 3 1 Quote Link to comment Share on other sites More sharing options...
jake21 Posted November 3, 2021 Report Share Posted November 3, 2021 let's talk somewhere in 2022 Quote Link to comment Share on other sites More sharing options...
md11fr8dawg Posted November 3, 2021 Report Share Posted November 3, 2021 4 minutes ago, jake21 said: let's talk somewhere in 2022 Let's NOT!!! 1 2 Quote Link to comment Share on other sites More sharing options...
Carrello Posted November 3, 2021 Report Share Posted November 3, 2021 10 hours ago, jake21 said: let's talk somewhere in 2022 If you would like to talk after the 1st quarter, call me anytime. Don't forget to add 1 before my number. 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted November 3, 2021 Author Report Share Posted November 3, 2021 Economist: The Control Of The Powerful Over The Currency Auction Prevents The Dollar Price From Changing LAST UPDATE 11/01/2021 | 11:44 PM Information / Baghdad… The economic expert Wissam Al-Tamimi said, on Tuesday, that the influential people’s control of the currency auction will prevent the dollar exchange rate from changing, pointing out that most private banks are affiliated with influential political parties that stand in front of the exchange rate change. Al-Tamimi said in a statement to "Al-Maalouma", that "the parties controlling the currency sale auction achieved great gains after the rise in the exchange rate of the dollar, especially since most of them own large commodities and goods placed in stores, and therefore they achieved profits after purchasing them at the old price, as well as benefiting from their returns in coin auction. He added that "the influential will stand a stumbling block in the event that the dollar exchange rate is reduced in the budget, as most of their banks are working to earn profits from the currency auction, and any reduction that may occur will cause great losses for them." Al-Tamimi explained, "The recovery of the oil market and the entry of large amounts of hard currency into Iraq will contribute to increasing the incomes of workers in the currency auction, which will push them to stand in front of any attempt by the government to reduce the dollar price in the next stage, and it is likely to keep the exchange rate at its current status or a slight increase in budget for next year. finished/ 25 n 4 1 Quote Link to comment Share on other sites More sharing options...
Popular Post Laid Back Posted November 3, 2021 Popular Post Report Share Posted November 3, 2021 21 hours ago, Donziman said: Laid back. I respect your knowledge of how the SYSTEM is set up to minimize political influence but, in reality the big political people in power appoint the leaders of the CBI. Let's not forget the closest we have ever been to the RV is when Shabibi was the CBI chief back about 2011. Maliki was making a killing at the auction and didn't want an RV Soo what did he do?? He issued an arrest warrant for the guy while he was out of the country insuring he could not return. Then he put his own puppet in as the leader of the CBI. So who is in control on paper is NOT really in control... Donziman, thanks for your input. Kazemi government is totally different than Maliki government. The White papers or reform project is changing everything inside Iraq. Sadr, the winner of the elections support Al-kazemi and his reform project In my almost 12 years in this investment, I have never seen so much accomplished by iraq. 4 3 5 6 Quote Link to comment Share on other sites More sharing options...
GreedyDinar07 Posted November 3, 2021 Report Share Posted November 3, 2021 Laidback, are you 100 percent sure Al-khezemi will be the PM?? 1 1 Quote Link to comment Share on other sites More sharing options...
Laid Back Posted November 3, 2021 Report Share Posted November 3, 2021 7 minutes ago, GreedyDinar07 said: Laidback, are you 100 percent sure Al-khezemi will be the PM?? GD07, not a 100% but Al-Sadr support the reform project and he won the majority of seats in parliament. 5 Quote Link to comment Share on other sites More sharing options...
GreedyDinar07 Posted November 3, 2021 Report Share Posted November 3, 2021 Ok ..... I don’t see how you can remain positive but it helps around here I will be glad when they just get it over with... 1 2 2 1 Quote Link to comment Share on other sites More sharing options...
Carrello Posted November 3, 2021 Report Share Posted November 3, 2021 8 minutes ago, GreedyDinar07 said: Ok ..... I don’t see how you can remain positive but it helps around here I will be glad when they just get it over with... Just as Laid Back implied, we have never been in a better place. It is beyond me that you cannot be positive. Again, after 1Q 2022 I'll be in a bistro. Dial 1 first to contact me at my regular phone number. 1 4 2 Quote Link to comment Share on other sites More sharing options...
NWGUY Posted November 3, 2021 Report Share Posted November 3, 2021 53 minutes ago, Carrello said: Just as Laid Back implied, we have never been in a better place. It is beyond me that you cannot be positive. Again, after 1Q 2022 I'll be in a bistro. Dial 1 first to contact me at my regular phone number. My money is on Carrello & Laidback! Been a fan of both of them for a lot of years....listen and learn from them my friends! 1 1 3 Quote Link to comment Share on other sites More sharing options...
Rochester Posted November 3, 2021 Report Share Posted November 3, 2021 On 11/2/2021 at 10:26 AM, Carrello said: Once again, Laid Back, you document factual, insightful, researched information, rather than expressing uneducated, emotional flap. Thank you. Your comment is very true Carrello, but here is what it does not say: While everything Laid Back says is true, it is also true that "factual, insightful, researched" things are *necessary but not sufficient*, to move this thing forward. Here comes the uneducated emotional but true things: This is all about political plays, blood and guts and political rivalry for power. To end up, with that football making a touchdown those few final yards, will be a political play. My guess is it's the Sadrists who have enough power now, will do the trick. I've read in the past, they are populist, want to increase the economic power of the masses...their political base. So, far as I understand it, they are less controlled by the Iraqi elites. This thing could have RVd years ago. Why didn't it? Lots of reasons, one of which is greedy elites in Iraq. How to change that? Give populists political power. That just happened. 3 1 Quote Link to comment Share on other sites More sharing options...
GreedyDinar07 Posted November 3, 2021 Report Share Posted November 3, 2021 Well I hope all four of you guys are right because ole Greedy here is on his last leg with these clowns.... 2 1 Quote Link to comment Share on other sites More sharing options...
Longtimelurker Posted November 3, 2021 Report Share Posted November 3, 2021 If the Central Banks are responsible for global financial crimes and are being decommissioned throughout the world, im not so sure the CBI will have anything to do with what will take place.. I think we are waiting on a much larger global operation to take place.. just my thoughts.. 2 Quote Link to comment Share on other sites More sharing options...
haden'sdad Posted November 3, 2021 Report Share Posted November 3, 2021 Jmo, I think we are in a really good place. Kuwait is almost paid. Sadr won. He's a nationalist. Go HCL. He shoud keep Kazemi. Keep in mind he doesn't want the US or Iran meddling in Iraqi affairs. I'm sure he's trying to find out who he can trust. The CBI is just doing their thing. Alot of politicians are out when they change to the new parliament. He's definitely not a fan of Maliki. I like where we are at going into 2022. There's your update. 🙏 🤞 2 3 4 Quote Link to comment Share on other sites More sharing options...
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