yota691 Posted April 20, 2022 Report Share Posted April 20, 2022 The Deputy Governor of the Bank talks about the moment of 2014. A terrifying collapse that we overcame with two measures 2022.04.20 - 09:54 Baghdad - people The Central Bank of Iraq revealed, on Wednesday, new details about the economic crisis in 2014 and the roles it took to control the situation and prevent its collapse. Ihsan al-Yasiri, Deputy Governor of the Central Bank, said in an interview with his colleague Karim Hammadi, followed by "Nass" (April 20, 2022): "The Central Bank did not print a new currency, it only printed 2014 securities." He explained, "We had a double suffocating; terrorist attacks and the oil crisis, and the central bank was faced with two options: the first, to stick to the known traditional roles, or to go to another option, which is to secure the operational requirements." He added, "In 2014, there was uncontrolled extravagance, billions were spent in incorrect paths, farmers demonstrated, unemployment became terrifying, and there was a housing crisis, and the Rafidain Bank was burdened with debts, and the citizen was returning the borrowed amount at an interest rate of 50%, and the critical issue was the payment of obligations. The state, therefore, the Central Bank launched two major initiatives in 2015: a small initiative of 1 trillion dinars for private banks, and the other initiative of 5 trillion dinars for specialized banks, and currently we have launched another trillion, the initiative of 5 trillion dinars increased to 9 trillion, all of our initiatives have reached 15 trillion dinars. He also stressed that "the central bank is prohibited from lending to the government, even the financial facilitation that was provided to banks to discount government transfers is called the secondary market." Among Al-Yasiri, "We did not buy the remittances directly, but they were submerged with government banks, and this is considered a legal trick because the state would have stopped and had the Central Bank not intervened, the economic situation would have been close to collapse," explaining, "In 2015 there were options to reduce salaries and disburse them for only 9 months from year, but the central bank intervened, and this is his duty.” Quote Link to comment Share on other sites More sharing options...
yota691 Posted April 20, 2022 Author Report Share Posted April 20, 2022 Central Bank: The housing industry is booming in Iraq 2022.04.20 - 12:12 Baghdad - people The Central Bank of Iraq confirmed, on Wednesday, the prosperity of the "housing industry in Iraq" while noting that there is an opportunity for every citizen to acquire a housing unit. Ihsan al-Yasiri, Deputy Governor of the Central Bank, said in an interview with our colleague Karim Hammadi, followed by “Nass” (April 20, 2022): “In the last quarter of 2021, we focused on the fact that buying homes outside residential complexes does not create an additive environment as it is in residential complexes.” "Now the housing industry is very booming," he asserted. He explained that "the Central Bank's initiative for the housing sector without interest is only an administrative commission taken once, and the rest of the sectors have a small interest rate that may reach 10% on the total amount." He explained that "the conditions of the Central Bank are considered harsh because the customer does not know the borrower from the Industrial Bank or other banks, so the bank makes every effort to correct its choice of the customer," noting that "there has become an opportunity for every citizen to acquire a housing unit." He added, "It was the Central Bank's initiative that shipped the great financial easing, which exceeded 15 trillion dinars." He pointed out that "in early 2022, we launched, after consultations, an initiative of 1 trillion dinars to finance electricity financing units from renewable energy." He also explained that "the state has contracted with international companies to provide electricity generating units in large areas." While he also pointed out, "there is an initiative of the Central Bank, 1 trillion private banks spend in all areas." 3 Quote Link to comment Share on other sites More sharing options...
yota691 Posted April 20, 2022 Author Report Share Posted April 20, 2022 Deputy Governor of the Central Bank: We have 70 private banks... Obstacles in developing the banking system 2022.04.20 - 00:24 Baghdad - people The Deputy Governor of the Central Bank, Ihsan Al-Yasiri, confirmed, on Tuesday, that there are several obstacles to developing the banking system in the country, pointing to the presence of the Central Bank's control over these private banks. Al-Yasiri said during his participation with colleague Karim Hammadi, and followed by “Nas” (April 19, 2022), that “the government system acquires 85 deposits and the public,” noting that “after the year 2003 we have a large number of banks, some of which are private, which are excellent and have reached To stages in digitization and the digital economy. He added, "We have supervision and an attempt to push some banks to be good and rise to the required level, as we focused on controlling the banks' behavior." He continued, "We have 70 private banks, more than half of the number are excellent, while the government has seven banks, namely: Al-Rasheed, Al-Iraqi Trade, Al-Rafidain, Al-Nahrain Bank, which is a model for Islamic banking, and the Housing Fund, while the Industrial Bank is doing well." Al-Yasiri stressed, “The enforcement of the law for loans confirms the existence of a guarantee for any dinar that is loaned, and the one who does not have an income from a fixed source must provide a guarantor - the cost of lending is very high, and when there is an interest of 8% on the loan, it is very expensive, but if the limits of risks increase, they may increase.” . He pointed out that "the Rafidain Bank granted loans to large institutions, and there is a loss of up to 6 trillion dinars in these loans due to the pressures of increasing the interest rate, but part of the risks of non-payment are avoided through them." Quote Link to comment Share on other sites More sharing options...
yota691 Posted April 20, 2022 Author Report Share Posted April 20, 2022 Strict measures to control the behavior of banks The Central Bank reveals the amount of money in circulation: 80% of it is hoarded in homes for one reason 2022.04.20 - 01:12 Baghdad - people The Central Bank of Iraq revealed, on Wednesday, the volume of circulating funds, while indicating that 80% are stocked in homes due to the lack of high confidence in the citizen towards banks. Ihsan Al-Yasiri, Deputy Governor of the Central Bank, said in an interview with our colleague Karim Hammadi, followed by “Nass” (April 20, 2022): “We have 76 trillion dinars as a source of circulation, 20% of which are deposited in banks, and 80% of them are hoarded homes, and this is a deprivation for society.” . He added, "Hoarding money in homes, which is behind the mistrust of some citizens in banks, regardless of whether they are private or governmental, is a high risk, as these funds may be exposed to damage, burning or theft." And he stated, "The Central Bank has set strict standards to control the behavior of banks and we are witnessing a development in performance, knowing that the banks' control has 3 tracks, the first is improving performance, merging the bank, or withdrawing the bank's license if the reluctance continues." He said, "The government system acquires 85 deposits and the public," noting that "after 2003, we have a large number of banks, some of which are private, which are excellent and have reached stages in digitization and the digital economy." He added, "We have supervision and an attempt to push some banks to be good and rise to the required level, as we focused on controlling the banks' behavior." He continued, "We have 70 private banks, more than half of the number are excellent, while the government has seven banks, namely: Al-Rasheed, Al-Iraqi Trade, Al-Rafidain, Al-Nahrain Bank, which is a model for Islamic banking, and the Housing Fund, while the Industrial Bank is doing well." Al-Yasiri stressed that “the enforcement of the law for loans confirms the existence of a guarantee for any dinar that is loaned, and the one who does not have an income from a fixed source must provide a guarantor - the cost of lending is very high, and when there is an interest of 8% on the loan, it is considered very expensive, but if the limits of risks are increased, the risks may be increased.” interest rate increases. He pointed out that "the Rafidain Bank granted loans to large institutions, and there is a loss of up to 6 trillion dinars in these loans due to the pressures of increasing the interest rate, but part of the risks of non-payment are avoided through them." Quote Link to comment Share on other sites More sharing options...
yota691 Posted April 20, 2022 Author Report Share Posted April 20, 2022 The Central Bank reveals its reserves of the dollar Time: 04/19/2022 22:59:27 Reading: 4,290 times {Economic: Al Furat News} The Central Bank of Iraq revealed its reserves of foreign currency {dollar}. The Deputy Governor of the Bank, Ihsan Shamran, said in a televised statement this evening: "The reserves of the Central Bank of Iraq rose to 70 billion dollars, which is good news for Iraq and its obligations before the international monetary institutions," noting that "the government's balance is 6 billion dollars, and the good is much." 1 Quote Link to comment Share on other sites More sharing options...
6ly410 Posted April 20, 2022 Report Share Posted April 20, 2022 SULAIMANI — The Iraqi national reserve currency has reached 70m dollars as the price of oil has been soaring, according to the deputy governor of Iraq's Central Bank. Ehsan Yasri told Al-Iraqiya TV station that the central bank is ramping up its efforts to support the local economy. He said that the bank's economic initiatives had reached 15 trillion dinars (10.27b dollars). He added that the government-controlled banks handle 85 per cent of transactions among businesses and individuals. Yasri said that there are 70 banks in Iraq, seven of which are government-run banks. Crude oil prices reached decades high in March when a barrel topped 130 dollars due to the Russia Ukraine conflicts. Iraq largely depends on its oil revenue. In February, the Iraqi Oil Ministry said last year's oil revenue was about 84 billion dollars. (NRT Digital Media) 2 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted April 20, 2022 Report Share Posted April 20, 2022 " a terrifying collapse " I'm sure the citizens would classify the past decades as such. 4 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted April 21, 2022 Author Report Share Posted April 21, 2022 The Central Bank of Iraq achieves the highest percentage of hard currency reserves since 2014 Expenditures Economy News - Special The Deputy Governor of the Central Bank, Ihsan Shamran, confirmed that the foreign reserves of the bank exceeded the $70 billion barrier, in a large number that the bank has not seen for years. Shamran told "Economy News" that "the Iraqi cash reserves in the Central Bank exceeded the limits of 70 billion dollars, a number that Iraq has not witnessed for years," noting that "Iraq currently possesses an excellent amount of gold, as well as an advanced classification among the countries of the world in the percentage of possession Metal". He added, "If the money flowing into the Central Bank exceeds what comes out through the currency sale window, the reserve ratio will accumulate in a way that reflects positively on economic life in Iraq and maintains its sustainability." Regarding the Central Bank’s initiatives, Shamran stressed that “the security and economic challenges and the accompanying drop in global oil prices and the weakness of Iraqi finances in 2014 called on the Central Bank to launch initiatives worth more than 15 trillion Iraqi dinars, including a 5 trillion investment for the specialized sector.” He continued, "The middle of 2021 witnessed the Central Bank, in coordination with the Ministry of Environment, the Central Agency for Standardization and Quality Control, and the Ministry of Electricity, to launch an initiative to finance the purchase of solar power generation units," noting that "the initiative was launched in early 2022 with a value of one trillion Iraqis." He considered that "the amount of funding is the largest in Iraq and the region in this type of initiative," noting that it "targets the production of clean energy for family use, factories, housing and construction sector." Views 206 Date Added 04/20/2022 3 Quote Link to comment Share on other sites More sharing options...
ronscarpa Posted April 21, 2022 Report Share Posted April 21, 2022 CENTRAL BANK: HALF OF THE BANKS IN IRAQ ARE WITHIN THE EXCELLENT LEVEL Tuesday, 19 April 2022 10:22 PM - Baghdad / National News Center Today, Tuesday, Deputy Governor of the Central Bank, Ihsan Al-Yasiri, confirmed that there are more than 70 banks, only 7 of which are governmental. Al-Yasiri said, in a televised program affiliated with the National News Center, that "the government banking sector used to account for 85% of the deposits of institutions and the public, and that there are more than 70 banks, only 7 of which are governmental, and only half of them can be classified within the excellent level." He added, "One of the functions of the Central Bank is to monitor the banking sector." https://nnciraq.com/122541/ 2 3 1 Quote Link to comment Share on other sites More sharing options...
Popular Post Laid Back Posted April 21, 2022 Popular Post Report Share Posted April 21, 2022 “We have 76 trillion dinars as a source of circulation, 20% of which are deposited in banks, and 80% of them are hoarded homes, and this is a deprivation for society.” “The Deputy Governor of the Central Bank, Ihsan Shamran, confirmed that the foreign reserves of the bank exceeded the $70 billion barrier, in a large number that the bank has not seen for years.” Money in circulation 76 trillion IQD / 1460 = $52 billion dollars 20% deposited in banks = 15.2 trillion IQD 80% chunky cash hoarded in homes = 60.8 trillion IQD Foreign currency reserves $70 billion dollars Foreign currency reserves $70 billion dollars / Money in circulation $52 billion dollars = $1.34 They can cover monetary mass by 134% Its difficult for me to believe that there is 76 trillion IQD in circulation and 60 trillion IQD in chunky cash hoarded in homes, specially after a 22% devaluation a year ago. One thing I know about Arabs they are not stupid about money. 2 2 6 8 Quote Link to comment Share on other sites More sharing options...
Dinarrock Posted April 21, 2022 Report Share Posted April 21, 2022 (edited) 1 hour ago, Laid Back said: “We have 76 trillion dinars as a source of circulation, 20% of which are deposited in banks, and 80% of them are hoarded homes, and this is a deprivation for society.” “The Deputy Governor of the Central Bank, Ihsan Shamran, confirmed that the foreign reserves of the bank exceeded the $70 billion barrier, in a large number that the bank has not seen for years.” Money in circulation 76 trillion IQD / 1460 = $52 billion dollars 20% deposited in banks = 15.2 trillion IQD 80% chunky cash hoarded in homes = 60.8 trillion IQD Foreign currency reserves $70 billion dollars Foreign currency reserves $70 billion dollars / Money in circulation $52 billion dollars = $1.34 They can cover monetary mass by 134% Its difficult for me to believe that there is 76 trillion IQD in circulation and 60 trillion IQD in chunky cash hoarded in homes, specially after a 22% devaluation a year ago. One thing I know about Arabs they are not stupid about money. Great analysis LB, I love your math, however the article is absolute wrong with one respect that 76 Trillion is the total printed of which they don’t know how much of those is OUTSIDE of Iraq!! The banks have also done currency swaps for dinar, so there is no way even close they have 60 Trillion in mattress money that’s an absolute lie!! We have also seen they have had to print a little more dinar recently because the liquidity in the market place is extremely down. The reason it’s down IMO is because again they have been purposely removing as much dinar out of the market as possible because they do want to revalue it! Buy with the delay in the idiot government it has caused this issue! Lastly, when Iraq does revalue they only have to account and back up what’s in circulation INSIDE of Iraq period!! They do not have to cover what we hold as our currency when we exchange at our banks will never go back to Iraq! The currency goes into our coffers at our treasury to be held. If anyone does not believe this then you should sell all of your dinar ASAP!! This is how it will work there is no other way or you should not have invested in Iraq not knowing what when or how the currency will revalue or be reinstated!!! I actually think this is extremely positive for them to put this out there trying to fool most of the sheep we seem to have in the world. For the well educated though personally this is great news!! Now watch Kraperoni jump all over this like the clueless sheep he is..lol Edited April 21, 2022 by Dinarrock 1 4 11 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted April 21, 2022 Report Share Posted April 21, 2022 Dear CBI Deputy Governor, perhaps you're not aware of this tiny detail: my bank account is STILL waiting to be at the EXCELLENT level. Hope this clears up any confusion. 3 Quote Link to comment Share on other sites More sharing options...
Laid Back Posted April 21, 2022 Report Share Posted April 21, 2022 3 hours ago, Dinarrock said: Great analysis LB, I love your math, however the article is absolute wrong with one respect that 76 Trillion is the total printed of which they don’t know how much of those is OUTSIDE of Iraq!! The banks have also done currency swaps for dinar, so there is no way even close they have 60 Trillion in mattress money that’s an absolute lie!! We have also seen they have had to print a little more dinar recently because the liquidity in the market place is extremely down. The reason it’s down IMO is because again they have been purposely removing as much dinar out of the market as possible because they do want to revalue it! Buy with the delay in the idiot government it has caused this issue! Lastly, when Iraq does revalue they only have to account and back up what’s in circulation INSIDE of Iraq period!! They do not have to cover what we hold as our currency when we exchange at our banks will never go back to Iraq! The currency goes into our coffers at our treasury to be held. If anyone does not believe this then you should sell all of your dinar ASAP!! This is how it will work there is no other way or you should not have invested in Iraq not knowing what when or how the currency will revalue or be reinstated!!! I actually think this is extremely positive for them to put this out there trying to fool most of the sheep we seem to have in the world. For the well educated though personally this is great news!! Now watch Kraperoni jump all over this like the clueless sheep he is..lol Thanks for your input Dinarrock, I totally agree with you comment. They didn’t fooled US 👍🏼😀 5 3 Quote Link to comment Share on other sites More sharing options...
Theseus Posted April 22, 2022 Report Share Posted April 22, 2022 (edited) 10 hours ago, Laid Back said: “We have 76 trillion dinars as a source of circulation, 20% of which are deposited in banks, and 80% of them are hoarded homes, and this is a deprivation for society.” “The Deputy Governor of the Central Bank, Ihsan Shamran, confirmed that the foreign reserves of the bank exceeded the $70 billion barrier, in a large number that the bank has not seen for years.” Money in circulation 76 trillion IQD / 1460 = $52 billion dollars 20% deposited in banks = 15.2 trillion IQD 80% chunky cash hoarded in homes = 60.8 trillion IQD Foreign currency reserves $70 billion dollars Foreign currency reserves $70 billion dollars / Money in circulation $52 billion dollars = $1.34 They can cover monetary mass by 134% Its difficult for me to believe that there is 76 trillion IQD in circulation and 60 trillion IQD in chunky cash hoarded in homes, specially after a 22% devaluation a year ago. One thing I know about Arabs they are not stupid about money. And if you go with Shabibi's number of 1.16 that is 86.6% (1.16/1.34=0.866) of the maximum coverage Iraq can afford. Funny how that number 0.86 comes up time and time again. Edited April 22, 2022 by Theseus 2 1 3 3 Quote Link to comment Share on other sites More sharing options...
Half Crazy Runner Posted April 22, 2022 Report Share Posted April 22, 2022 10 hours ago, Theseus said: And if you go with Shabibi's number of 1.16 that is 86.6% (1.16/1.34=0.866) of the maximum coverage Iraq can afford. Funny how that number 0.86 comes up time and time again. 👍🏻 I’ve been thinking .83¢ for several years now… It’s sad that what they can do and what they will do are two very different things. 4 Quote Link to comment Share on other sites More sharing options...
jg1 Posted April 22, 2022 Report Share Posted April 22, 2022 24 minutes ago, Half Crazy Runner said: 👍🏻 I’ve been thinking .83¢ for several years now… It’s sad that what they can do and what they will do are two very different things. Same here in the United states. 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted April 22, 2022 Author Report Share Posted April 22, 2022 The Central Bank of Iraq: The cash reserve has risen to more than $70 billion APRIL 21, 2022 23 1 MINUTE READING The Deputy Governor of the Central Bank of Iraq, Ihsan Al-Yasiri, revealed that the cash reserve with the Central Bank had risen to more than $70 billion. Al-Yasiri said that the government has a surplus of more than 6 billion dollars, noting that the initiatives of the Central Bank to support the economic sectors amounted to 15 trillion dinars. Al-Yasiri added that one of the functions of the Central Bank is to monitor the banking sector, indicating that the government banking sector used to account for 85% of the deposits of institutions and the public. The Deputy Governor of the Central Bank confirmed that the Central Bank's initiative for the housing sector is interest-free and the rest of the sectors in varying proportions, indicating that more than 46 trillion dinars are central bank loans to the Ministry of Finance. He continued, "The 5 trillion initiative has reached 9 trillion dinars, and all our initiatives have reached 15 trillion dinars. Building loans to citizens are without interest." Al-Yasiri explained that the risks of banks in loans increase by 30-40%, indicating that the interest rate rises with the increase in risks. 1 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted April 25, 2022 Author Report Share Posted April 25, 2022 What does high foreign exchange reserve mean? Monday 25 April 2022 80 Baghdad: Mustafa Al-Hashemi It represents the literal meaning of foreign exchange reserves, deposits and bonds of foreign currency only, which are held by central banks and monetary authorities, and trades in the common use of foreign exchange and gold, and reserve positions for the Special Drawing Rights and the International Monetary Fund, so what does it mean to rise with the Central Bank of Iraq, which announced, A few days ago, his cash reserve amounted to 70 billion dollar?. The Deputy Governor of the Central Bank, Ihsan Al-Yasiri, revealed that the bank's cash reserves had risen to more than 70 billion riyals dollar. The high foreign exchange cash reserve at the Central Bank of Iraq means that there is no shortage of foreign exchange liquidity, which the country possesses, and that all international obligations and dues are paid on time, which also means its importance in Iraq obtaining a higher global credit rating whenever Increased amount of foreign exchange reserve in the central bank. Al-Yasiri said, in a press statement, "The government has a surplus of more than 6 billion dollars, indicating that the initiatives of the Central Bank to support the economic sectors amounted to 15 trillion dinars." He explained, “One of the functions of the Central Bank is to monitor the banking sector,” noting that “the government banking sector used to acquire 85% of the deposits of institutions and the public,” stressing that “the Central initiative for the housing sector is without interest and the rest of the sectors in varying proportions, indicating that more From 46 trillion dinars central bank loans to the Ministry of Finance.” And he added, "The 5 trillion initiative has reached 9 trillion dinars, and all our initiatives have reached 15 trillion dinars. Building loans to citizens are without interest." And he indicated, "Banks' risks in loans increase by 30 to 40 percent, indicating that the interest rate rises with an increase." Risks". The amount of foreign exchange reserves can change when the central bank applies a certain monetary policy, and the bank, which implements a fixed exchange rate policy, may face a certain situation, where supply and demand push the value of the currency to fall or rise (increase or decrease in demand for the currency would raise the worth or lacking). Specialists believe that the foreign exchange reserve is an important indicator to determine the ability to repay foreign debts and defend the local currency, and is used to determine the credit ratings of countries. On the other hand, other government funds that count as liquid assets that can be used to meet debt in times of crisis include stabilization funds, also known as sovereign wealth funds. Norway and the Arab Gulf states are at the top of the list, and the Emirates Fund with a value of $ 1.3 trillion and the Abu Dhabi Investment Authority is in second place after China. Singapore also has strong government funds that include Temasek Holdings and the Government of Singapore Investments (GIC). India also plans to set up its own investment company from its cash reserves the alien. 1 Quote Link to comment Share on other sites More sharing options...
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