Two: Gold the best guarantee for the stability of exchange rates
[tlm724] first off I want to say it is awesome to keep seeing articles about this ! Iraq seems very proud of this as they should be ! they are showing us some of their "new" monetary policy here that the application of monetary policy tools of the central bank
[tlm724] this gold has multiple purposes so lets look at them
[tlm724] the best one is this:
[tlm724] active manner that would enhance the value of the currency *hallelujah*
[tlm724] and of course to maintain the stability
[tlm724] another reason is strengthening reserves monetary gold that is in line with the current stage to strengthen Iraq's economy
[tlm724] amount of gold purchased during the month of March, about 36 tons of high purity
[tlm724] that is on top of what they already had
[tlm724] He announced, at the time, the direct actions contracted to import them and then sell them through the banking system,
[tlm724] so a portion of the gold was meant to go up for sale
[tlm724] this procedure represents a monetary policy tools
[tlm724] he trusts the precious metal which items imported Central as guaranteed and standard specifications in addition to it's international origins is what makes gold imported from the Central is much better than that items imported gold traders
[tlm724] so the average citizen trusts the CBI more then they do the traders, its a quality thing
[lightingcslt] and for us too
[tlm724] when the people buy the gold they can use it as collateral for loans which stimulates the economy
[tlm724] lightingcslt yes !
[tlm724] now this next part is the best part imo
[lightingcslt] bring it
Meanwhile adviser said the Iraqi Institute for Economic Reform, Dr. Ahmed al-Husseini that the application of monetary policy tools to effectively reduce the dollarization of the economy.
pointing out that there is another instrument of monetary policy pursued by the central bank is setting up a basket of foreign currencies and reduce dependence on the dollar because the country is suffering from the dollarization of the economy.
added Husseini told (the morning): the basket as possible to contain the currency more stable than the dollar Kganah sterling or the euro or the Japanese yen and the Swiss franc and other currencies of the world economies to promote a strong cash reserve currencies along with a variety of gold and the dollar.
explained that the adoption of a basket of currencies prevent Iraq from fluctuations in world oil prices and work to prevent Kmusdh financial impact of these fluctuations on cash reserve generated from oil sales.
[tlm724] that the application of monetary policy tools to effectively reduce the dollarization of the economy.
[tlm724] that there is another instrument of monetary policy pursued by the central bank is setting up a basket of foreign currencies and reduce dependence on the dollar
[lightingcslt] the only better than that is an r/v
[tlm724] reduce dependence on the dollar
[tlm724] lightingcslt you are right there !
[tlm724] they are dedollarizing people !! This is almost the last step !!!
[lightingcslt] imo it is
[tlm724] This is them showing us their hand as far as currency reform within the framework of monetary reform !
[tlm724] Freaking awesome !!
[Shredd] Super article and again, this move to buy 36 tons of high purity gold is not for "business as usual" !
IMF: Iraq maintained the stability of its economy, despite the decline in oil prices and the budget deficit of 6%
[tlm724] noting that "the exchange rate has remained stable
[tlm724] The Chief of Mission of the International Fund in Iraq that "economic activity decree him to grow strongly during the year 2014 with an increase rate of GDP growth GDP of more than 6%
[tlm724] pointing out that "the need to reduce expenses set this in order to maintain the stability of the economic situation and to support economic projects big in the country which will maintain turn to social expenditures necessary
[tlm724] so the IMF is saying "the exchange rate has remained stable
[lightingcslt] tlm724 yes
[tlm724] so if the IMF is happy, well... !
Central Bank buys 36 tonnes of gold
[tlm724] lift the New Deal reserves of gold to 65.8 tons
[tlm724] I think the IMF is very happy about this !
[Cutter1] tlm724 yes indeed
Retirement Commission: Exchange pensions in accordance with the Uniform Code of next month retrospective
[tlm724] announced the retirement of public near to embrace the distribution of pensions according to the Unified Retirement Law passed by parliament recently
[tlm724] new in April next retroactively since the beginning of the the year 2014
[tlm724] they are going to be paying everyone in April Wink
Multiplicity of branches supports economic bank activity
[tlm724] these arts keep pointing out the failure of the banking system in Iraq, they are moving forward with the reform at the most critical stage, perfect timing imo