Iraq seeks to regulate the financial sector in order to avoid the financing of terrorism and money laundering

[JenSoBlessed]

Im not sure if it was just a typo...but sure would be nice!

[Luigi1]

As of 31 May 2011, 1330 EST, CBI is still displaying the same exchange rate of ID1170 to $1.

Go Dinar.

[zaborniake]

As of 31 May 2011, 1330 EST, CBI is still displaying the same exchange rate of ID1170 to $1.

Go Dinar.

Those indicative rates are for May 30th. The newest rates haven't been posted.

[The Machine]

As of 31 May 2011, 1330 EST, CBI is still displaying the same exchange rate of ID1170 to $1.

Go Dinar.

This is very interesting because the CBI site still hasn't been updated for the rates ...... the CBI has been closed 3 hours now !!! oh wouldnt it be nice to wake up to an RV tomorrow

[Beachwalker]

I'm waiting to see what Okie, Tony, and Blaino will make of this one. Will they have the RV at $13.00? They've told us it already RV'd so this next wave ought to be outa' the park!

[cardinal sin]

On "another site", some translators have confirmed the article and the rate. I find it odd that with all the secrecy of an RV, a lowly reported spills the beans.

[teresa43]

I like that last sentence also. So what does this mean " IQD = 1.3 USD?

Thanks cbisinger!

i think so, they wont have printed it other wise plz plz plz be true

[cardinal sin]

bump

[teresa43]

Iraq seeks to regulate the financial sector in order to avoid the financing of terrorism and money laundering

الثلاثاء, 31 مايو 2011 Tuesday, May 31, 2011

بغداد - نصير الحسون BAGHDAD - Naseer goldfinch

Related Nodes: Related Nodes:

اختيار «الستوم» الفرنسية لإنشاء شبكة مترو في بغداد Select «Alstom» French to create a metro network in Baghdad

لا يزال القطاع المالي العراقي يعاني انفلاتاً نتيجة انعدام الرقابة وغياب قوانين تنظمه، خصوصاً التحويلات المالية إلى الخارج التي بلغت 30 بليون دولار عام 2010، بحسب المصرف المركزي العراقي. Financial sector is still suffering Iraqi Anflata as a result of lack of oversight and the absence of laws organized, especially remittances abroad, which amounted to $ 30 billion in 2010, according to Central Bank of Iraq. فبعد عام 2003، وجدت نسبة كبيرة من السيولة النقدية في العراق طريقها إلى خارج البلاد، خصوصاً دول الجوار، ولم تنجح أي جهة حكومية أو خاصة في تحديد حجم هذه الأموال. After 2003, and found a large proportion of cash in Iraq on its way out of the country, especially neighboring countries, did not work any governmental or private to determine the size of these funds. وبعد سيطرة الحكومة على المنافذ الرئيسة، وبسبب صعوبة نقل الأموال لتردي الأوضاع الأمنية على الطرق الخارجية، انتعش ما يُعرف بمكاتب التحويل الخارجي التي بدأت أعمالها في شكل طبيعي ومن دون أي موافقات أو قوانين أو رقابة. After the government's control over key ports, and because of the difficulty of transporting money to the deteriorating security situation on the roads, picked up what is known as foreign exchange offices, which began its work in the form of natural and without any approvals, laws or censorship.

يقول صاحب مكتب «الشمس للتحويل» ضياء محمد لـ «الحياة»، إن الجهات الرقابية على عمل مكاتب التحويل في معظم مدن العراق هي أمنية وليست مالية، كالمصرف المركزي أو وزارة المال أو الحكومات المحلية، بل هناك تقارير بالتحويلات يطلع عليها جهاز الاستخبارات في كل محافظة لمعرفة حجم الأرصدة التي تحول لبعض الأسماء للتأكد من عدم ارتباطهم بتمويل الإرهاب. Says the owner of «the sun for conversion» Diaa Mohamed told «life», the regulators on the work of office conversion in most cities in Iraq is security, not financial, Kalmsrv Central or the Finance Ministry or local governments, but there are reports of transfers the information of the intelligence service in each province To see the size of the balances that prevent some of the names to make sure that their association with the financing of terrorism. وأضاف: «نحن كمكاتب صغيرة، لا نحوّل مبالغ تزيد على 50 ألف دولار»، موضحاً أن عمل المكاتب في العراق نظّم عبر شركات التحويل المالي. He added: «We are a small office space, do not turn the money over 50 thousand dollars», pointing out that the work of the offices in Iraq through the systems of money transfer companies.

وأكد الخبير الأول في المصرف المركزي العراقي مظهر محمد صالح لـ «الحياة» أن المصرف، أو أي جهة عراقية أخرى، لا تستطيع منع التحويلات الخارجية أو تقنين نظامها، إذ أن العراق ملتزم بقوانين صندوق النقد الدولي التي تنص على تحرير الحساب الجاري في نظام المدفوعات للشركات والأفراد. The first expert in the Iraqi Central Bank the appearance of Mohammed Saleh told «life» that the bank, or any other Iraqi, can not prevent foreign transfers or rationing system, as Iraq is committed to the laws of the International Monetary Fund, which provides free current account in the system of payments to companies and individuals. وأفاد بأن «لكل مواطن الحق في تحويل الأموال، شرط عدم تقاطعها مع تمويل الإرهاب وغسيل الأموال، ولذلك أضفنا شرطاً للتحويل متمثّلاً بطلب وثائق تبيّن أسباب التحويل للمبالغ التي تزيد على 50 ألف دولار». He stated that «every citizen the right to transfer funds, on condition that the intersection with the financing of terrorism and money laundering, so we added a condition for conversion represented by the request and the documents showing the reasons for the conversion of the amounts in excess of 50 thousand dollars».

مبيعات المصرف المركزي Central Bank Sales

وأكد أن المصرف يبيع وفي شكل يومي ما بين 150 مليون دولار و180 مليوناً، ويحوّل القطاع الخاص كل سنة نحو 35 بليون دولار، ما يمثل ثلثي عائدات النفط العراقي. He stressed that the bank sells in the form of daily between 150 million and $ 180 million, and prevents the private sector each year, about $ 35 billion, representing two thirds of the proceeds of Iraqi oil. وأفاد بأن من غير المعقول أن تكون كل التحويلات تهدف إلى تغطية تجارة خارجية، ما فرض على المصرف المركزي إضافة بند رقابي آخر يحتم مراجعة الهيئة العامة للضرائب عن المبالغ التي تزيد على 50 إلف دولار بهدف تنظيم عملية التحويل وملاحقة المتهربين من الضرائب. He reported that it is not plausible that all of the conversions are intended to cover foreign trade, the imposition of the Central Bank to add an item requires another regulatory review of the General Authority for taxes on amounts in excess of 50 thousand dollars for the organization of the conversion process and the pursuit of tax evaders. وكشف عن وجود أشخاص يحوّلون 100 مليون دولار، في حين أن إقرارهم الضريبي يشير عكس ذلك. He disclosed the presence of people turning $ 100 million, while they recognized that tax indicates otherwise.

وفي شأن نشاط مكاتب التحويل أكد مظهر أنها «تعتمد في عملها على المصرف المركزي لأنه مصدر العملات الأجنبية»، لافتاً إلى أن اقتصاد العراق ريعي ويعتمد على عائدات النفط التي تحول إلى «صندوق تنمية العراق» ثم إلى المصرف المركزي ليبيع هذه العملات ويغطي حاجة الموازنة. In regard to the activity office conversion confirmed the appearance of it «adopt in its work on the Central Bank as a source of foreign currency», pointing out that Iraq's economy, Rei, and dependent on oil revenues transferred to the «Development Fund for Iraq» and then to the Central Bank to sell those currencies covering the needs of the budget. وتابع أن سياسات المصرف ساهمت في استقرار السوق العراقية حتى بات الدينار العراقي من أفضل عملات المنطقة لأنه يساوي 1.3 دولار، ولهذا فإن إمكان التوسع في السوق مضمون خلال هذه المرحلة. He said the bank's policies have contributed to the stability of the Iraqi market, even the Iraqi dinar has become one of the best currencies in the region because it is equal to 1.3 U.S. dollars, therefore the possibility of expansion content in the market during this phase.

link http://translate.google.com/translate?hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=ar&tl=en&twu=1&u=http://international.daralhayat.com/internationalarticle/272519

why the chat room not talking about this?

[redsand]

There is no way a bad translation would actually place a decimal in a number. I hope it stands!

There is no way a bad translation would actually place a decimal in a number. I hope it stands!

[teresa43]

There is no way a bad translation would actually place a decimal in a number. I hope it stands!

There is no way a bad translation would actually place a decimal in a number. I hope it stands!

me too me too

[SmokinAce]

Not trying to get excitement flowing but if you reverse the 1.3 because Iraq is backwards anyway.. would it be 3.10 translated? Just asking. Anyone?

[SmokinAce]

Not trying to get excitement flowing but if you reverse the 1.3 because Iraq is backwards anyway.. would it be 3.10 translated? Just asking. Anyone?

Ok give negatives for asking a question... some of you people are childish .. put your helmet in and lick the Windows..

[mrmcwhipit]

Sounds like a lopster buster to me , but we will see

[Dalite]

Not trying to get excitement flowing but if you reverse the 1.3 because Iraq is backwards anyway.. would it be 3.10 translated? Just asking. Anyone?

Actually, you may be closer than you think.

If the combo of Iraq inflation and loss of value of the dollar pushed the program rate to 1300, from 1170, then the 1.30 would represent the dinar side of the equation, not the dollar side.

This is the only way I can see similarity in the numbers...

1300.00 shifted 3 decimal places left is 1.30 dinar to the Dollar

Unfortunately, this has to be accompanied with the dreaded 3 zero drop of the face value of the Dinar that some term as a LOP.

[DinarBam]

If this were an actual rate backed up by other factual information, would'nt you have heard from Adam???? Just saying that while interesting reading, it must not amount to much at this point IMO.

[Buckeye Pilot]

If this were an actual rate backed up by other factual information, would'nt you have heard from Adam???? Just saying that while interesting reading, it must not amount to much at this point IMO.

After all the BS we have suffered thru with all the Pumping Pimps, Im going to stay positive!! This rate makes COMPLETE SENSE not to high,,, not to low.

We can snuff out the "Lopsters" IF this can be bricked up a bit more.!

C,Mon Iraq....You can do this..............!!

[Dalite]

If this were an actual rate backed up by other factual information, would'nt you have heard from Adam???? Just saying that while interesting reading, it must not amount to much at this point IMO.

The rate that money is exchanged in Iraq is their issue until it is released to outside world.

I would think that once a rate and mechanism for trading at that rate is released that your question would have validity.

It may be months between the time Iraq restores local purchasing power before the rate is released for global trading.

[caz1104]

why the chat room not talking about this?

Chat room is more for recipes & Opah book club reviews than actual info. But hey i got a great chilli recipe from there last week-lol

[hoopdog]

Actually, you may be closer than you think.

If the combo of Iraq inflation and loss of value of the dollar pushed the program rate to 1300, from 1170, then the 1.30 would represent the dinar side of the equation, not the dollar side.

This is the only way I can see similarity in the numbers...

1300.00 shifted 3 decimal places left is 1.30 dinar to the Dollar

Unfortunately, this has to be accompanied with the dreaded 3 zero drop of the face value of the Dinar that some term as a LOP.

However the rate is not currently 1300 and the dreaded 3 zero drop is from the dinar and not the exchange rate. I realize you are really reaching here and trying to look at this from every possibly angle, but maybe if this has any truth to it at all, Iraq just decided that 1.30 is a number that would work for them at this point. Could that be possible? I was looking at the post that had the translation in it and I certainly don't speak or write their language, but wouldn't dollar be spelled the same way. About three paragraphs up from the bottom, they talk about 50 million dollars in a couple of different places and dollars is spelled with what looks like a couple of u's, however in the last sentence when talking about the rate of 1.3 dollars it is spelled with what looks like an L followed by 2 u's. Again, I don't know their language so I just want to be wrong about this and hope that the article is spot on. Just looks fishy to me. Excuse the typeo's, it's hard to type fast when your heart is beating 100 mph.

[Kimberlye]

However the rate is not currently 1300 and the dreaded 3 zero drop is from the dinar and not the exchange rate. I realize you are really reaching here and trying to look at this from every possibly angle, but maybe if this has any truth to it at all, Iraq just decided that 1.30 is a number that would work for them at this point. Could that be possible? I was looking at the post that had the translation in it and I certainly don't speak or write their language, but wouldn't dollar be spelled the same way. About three paragraphs up from the bottom, they talk about 50 million dollars in a couple of different places and dollars is spelled with what looks like a couple of u's, however in the last sentence when talking about the rate of 1.3 dollars it is spelled with what looks like an L followed by 2 u's. Again, I don't know their language so I just want to be wrong about this and hope that the article is spot on. Just looks fishy to me. Excuse the typeo's, it's hard to type fast when your heart is beating 100 mph.

Yes, I can relate. I'm having a hard time concentrating on my work. My first instinct was someone with a bad sense of humor "created" this just to fool all of us. I wish I knew myself how to validate this or even decipher what it could possibly mean, but I don't, so I'm hitting the refresh every minute just waiting for someone to confirm or debunk this. It doesn't make sense to me that Iraq would let something like this out of the bag and then revalue at a later date, due to the "Big Dogs" possibly jumping in and buying up the dinar. My brother is a contractor in Iraq, but he's sleeping, and I'm about to wake him up.

Okay....... breath, Kim.......

[mrsonnyr]

Is it possible? I don't know... but look at the bottom! Doesn't seem to matter which you believe, lop or no lop. This seems pretty clear!!!

I also recall some folks saying that it would be VERY possible that IF the rate was agreed upon, that it was

very likely to eventually be leaked, either intentionally or accidentally. Here's a bit more to consider.

Sooooo...In the interest of remaining grounded, does anybody remember aprox how long it took Kuwait to get out lower denom bills, or did they stay with the larger bills, I can't remember? Is it possible, this is the agreed rate, when officialy announced, and they can implement the plan quickly in distributing smaller denoms within a few days (seems it's been said that the smaller denoms ARE ALREADY PRINTED and waiting on pallets?) Don't know if that's fact or not. As I recall, the RV occurred in Kuwait but it took about 10 days for it to show up worldwide. Would that not give them enough time to distribute the lower denoms.

All that being said, this would improve Iraq's lifestyle AND accomplish what the US and other countries desperately need.

Just asking, makes sense to me IMHO

GoooooooooooRV!!!

[mrsonnyr]

If this were an actual rate backed up by other factual information, would'nt you have heard from Adam???? Just saying that while interesting reading, it must not amount to much at this point IMO.

I'm quite sure that Adam will make DAMN sure of this before any announcement.

I also believe it may be possible this was leaked, maybe already agreed upon but NOT announced.

Kuwait revalued but wasn't on the worldwide scene for about 10 days, as I recall.

My motto, "Be excited, but stay grounded"

GooooooooooooRV!!!

[Luigi1]

Do the math...After they LOP off 3 zeros, your million ID become 1,000 ID, then multiplied by 1.3. You just made $1.300 off of your $1.100 original investment or $200 per million ID.

[mrsonnyr]

My opinion is exactly that...an opinion. But seems to me that wouldn't immediately fix the US's problems ie. Geithner's and Obama's

claim of an unprecedented influx into US Treasury by mid year. It also wouldn't pay the US back, or profit from, giving Iraq their Independance!

We certainly did not go in, with $1 trillion + in cost AND thousands of soldier's lives, for little or no return (ROI)

Again, Just My Opinion. That being said, if it did only revalue at that low rate (as some have suggested), on the onset,

it certainly would increase or RV again in short order, to come up to the level Pre Sadaam, as has been said even by Maliki.

May take longer to get where we want to be, but Oh Well.

At least it's a start and now on the worldwide scene as a tradeable currency. Won't stay low for long.

JMHO GooooooooooooooRV Whatever rate!!!