Post From Dinar Updates Chat Room Excerpts & Highlights
Dinar Updates Saturday AM Chat 5-28-16
jd says():Is there any truth to the fact that if Iraq does not RV their currency they will not get the 15 billion dollar loan from the IMF?
da58 says to jd():nope - you're listening to bs out there.. lol
da58 says to jd():gm
wmawhite says to jd():Where is the "fact"? In order for it to be fact it would need to be true.
DIGIman1 says to jd():trying to stir up the room again eh?
da58 says():make my coffee a double....
DIGIman1 says to jd():i got a cure for that...
wmawhite says():I need a cup too.
da58 says():lol.. sheesh..
wmawhite says():I should have stated....." change the word fact to rumor".
rcookie says():SO....WE CAN ADD CBI BOARD MEMBER AHMED REHN...AND FINANCE COMMITTEE MEMBER TAMIMI TO THE GROWING DAILY LIST OF THOSE SPEAKING OUT AGAINST CURRENCY AUCTIONS AND CBI'S OVERSIGHT OF THE PARTICIPATING ENTITIES....
rcookie says():Central Bank attacking banking and financial companies parliamentary stresses: mostly owned by politicians
Author: ASJ, HH Editor: BK, HH 5.28.2016 11:36 Number of Views: 700 Long-Presse / Baghdad
CBI attacked on Saturday, banking companies and financial conversion, and accused her of using "forged documents and not to supplement the local market in hard currency," and with the Finance Committee in the House of Representatives confirmed that a lot of politicians have the majority of banking companies ", criticized the owners of companies and offices banking" method The central bank deal with it. "
He said the Board of the Central Bank board member Ahmed Rehn, said in an interview to the (long-Presse), "The role of the private sector and banking offices are still quite negative in the foreign exchange market,"
noting that "the private sector has been unable to supplement the local market an additional offer of foreign currency, whether through exports or attract foreign investment or otherwise, for the preoccupation with obtaining that currency for purposes not inconsistent with the interests of Iraq's economic stability. "
He called Rehn, to "make the banking partner of the Iraqi Central Bank in the foreign exchange market to become as a wholesale foreign currency similar to wholesalers for goods, to provide the needy with estimated taking into account the national interests of traders,
" revealing "non-possession, central bank data or information on how the currency move window sell the currency, or from other sources, the fact that the private sector offers him inaccurate information and false documents. "
The member of the board of the central bank, that "the central bank should not meet all requests for foreign currency because that is draining international reserves quickly," noting that there are "shops sell foreign currency and buy what requires the central bank scrutiny exchange companies between now and then."
Rehn stressed that "the number of exchange companies is very significant about can not be with him to the Directorate General for the banking and credit control in the CBI, the monitor," pointing out that "Iraq lacks a solid firms can monitor banking companies and to ensure its commitment to banking controls."
rcookie says():For her part, member of the Finance Committee in the House of Representatives Majida al-Tamimi, said in an interview to the (long-Presse), "The work of the exchange companies is limited to the transfer of funds abroad without taking into account the balance in the amount of foreign currency emerging and entering the country,"
attributed the reasons to "the fact that the local environment It is not encouraging for the survival of these funds inside Iraq, especially that most who have received funds legal or illegal manner, transformed them to invest abroad. "
He confirmed al-Tamimi, the "exchange companies did not contribute to the support of monetary policy or development operations inside Iraq, and the central bank not controlled by the only words without deeds, as is the case with the announcement of the provision of the dollar for those who wish to travel abroad for medical treatment or study."
Promised a member of the parliamentary finance committee, said: "Misfortune auction currency is still going on despite the drawbacks and the existence of alternatives through practical mechanisms for the dollar," revealing "certain to prove possession of many politicians and influential corporate banking information."
She called Tamimi, Prime Minister Haider al-Abadi, to "intervene to stop the auction of the currency," pointing out that "Abadi previously was chairman of the Finance Committee in Parliament and he knows already know the guts and cons auction currency and sweet effective to address the subject in order to serve the national economy."
She Tamimi, he "already suggested a sophisticated financial system, in which international experts, and submitted to the secretary of the prime minister, Abu Nofal barns, in November 2015 the past," Msttrdh "I have not received any response on the proposal so far."
Turn his banking company called (m. T) in an interview said to (long-Presse), "The banking companies to suffer so much from the central bank's trading and obstacles put through procedures routine complex," noting that "the central bank looks at the exchange companies about negative although many of them offer good services faster and better than any government bank or my family and high technology and ensure sure. "
rcookie says():Meanwhile, the owner of banking office called (u. P), in an interview said to (long-Presse), that "a lot of companies or exchange offices operate without leave and some are fake, although they are affecting the dinar exchange rate against the dollar, through smuggling currency, "adding that" the central bank action to reduce those negative phenomenon is very slow. "
He said his banking office, that "the central bank's procedures for granting practice for companies and banking offices mission and leave required to eliminate the phantom ones and reduce the smuggling of currency abroad to protect the national economy."
The Iraqi Central Bank announced recently taken several measures to regulate the work of the offices and corporate banking in Iraq and reduce the phenomenon of illegal activities that harm the national economy and raise the price of the dollar,
which opened the door presentation to the owners of banking companies to obtain official licenses to practice the profession, as well as the adoption of mechanisms new auction selling foreign currency to companies, raising the amount from 250 to 400 thousand dollars a condition to increase the company's shares.
Granting leave procedures include that the applicant must be experienced and the holder of a college degree for this work full-time and not convicted of a misdemeanor involving moral turpitude, and not least the company's capital for 500 million Iraqi dinars, as well as other conditions.
rcookie says():SO THEY ARE IDENTIFYING THE OBVIOUS...LACK OF CONTROLS TO MAINTAIN THE CURRENCY ISIDE THE BORDERS OF IRAQ....INTERESTING THAT TAMIMI BRINGS UP ABADIS EXPERIENCE OF AUCTIONS AND PROBLEMS WITH HIS TIME ON THE FINANCE COMMITTEE...
rcookie says():THEY POINT OUT THAT THE AUCTIONS HAVE CONTINUED IN SPITE OF ONGOING PROBLEMS AND FAILURE AND SHE CALLS ON ABADI TO STOP THE AUCTIONS BECAUSE HE IS AWARE OF PROS AND CONS OF THE AUCTIONS AND NEGATIVE IMPACT IT IS HAVING ON THE NATIONAL ECONOMY...
larrykn says to rcookie():if they stop auctions that would put pressure for them to revalue wouldn't it
rcookie says():AMAZINGLY SHE STATES THAT HE HAS BEEN PRESENTED WITH A SOPHISTICATED FINANCIAL SYSTEM PUT TOGETHER BY PANEL OF INT'L EXPERTS AND PRESENTED TO ABADIS SECRETARY ABU NOFAL BARNS IN NOVEMBER OF 2015!!!!!......AND HAS NOT REPLIED TO THE PROPOSAL AS YET.........WOW!!!
rcookie says():SHE STATES THAT SOME OF THE MECHANISMS PUT IN PLACE BY CBI ARE CUTTING OUT THE SMALLER BANKS BECAUSE OF NEGATIVE REVIEWS....SHE IS IN FOR SOME MIGHTY BIG DISAPPOINTMENT OFF OF THE REPORTS YESTERDAY (ILL POST NEXT)...
wmawhite says to rcookie():If we are hearing this now............we know that there has been a lot more talk about this going on behind the scences.
subgirl says to wmawhite():(y) yes!
dovi says to wmawhite():(y)
cricket22 says to wmawhite():I hope this will all be over with ASAP
rcookie says to wmawhite():AGREED!!....THIS IS ALMOST A DAILY ANTHEM!!...
dovi says to wmawhite():why would Abadi not be stopping the auctions per her remarks
wmawhite says to rcookie():IMO,..........as the IMF, MoF and CBI agreed to........"to move away from the MCPs".....the only way for that to happen is to reduce the auction to an absolute minimum.
wmawhite says to rcookie():and,.....in order to reduce the flow of USD into the local market is to instruct the Iraqi banks to start paying/settling the foreign remittances in IQD.
Carl_H says():great news!!!!!!!
rcookie says to wmawhite():REHN IS CALLING FOR THE CBI TO BE BANKING PARTNER OF FOREIGN EXCHANGE MARKET AS A WHOLESALER OF FOREIGN CURRENCY SIMILAR TO WHOLESALER OF GOODS...
TAKING INTO ACCOUNT THE NATIONAL INTERESTS OF TRADERS AND REVEALS THE CBI DOESNT POSSESS ACCOUNTABILITY DATA OR MECHANISMS ON HOW CURRENCY MOVES THROUGH THE AUCTION WINDOW WHEN SOLD..OR FROM OTHER SOURCES AS THE PRIVATE SECTOR DELIVERS BOGUS DOCUMENTS & DATA...
wmawhite says to rcookie():Remember,.....I read on the IMF site and the exchange of foreign currencies are to reside within the local banks...........not at the CBI as the auctions are currently.
rcookie says to wmawhite():THIS IS EXACTLY WHY THE US ANNOUNCED YESTERDAY THAT THEY ARE COMING IN AND SETTING UP SHOP AT THE US EMBASSY AND DIRECTLY WORKING WITH CBI IN OVERSIGHT
AND AS 1ST STEP DROPPING THE NUMBER OF PARTICIPATING BANKS DOWN TO TEN AND FREEZING THE ACTIVITIES OF 300 BANKS AND FINANCIAL REMITTANCE CENTERS...
wmawhite says to wiley():What do you think of this information this morning?
wiley says to cricket22():The best I've heard . You guys Rook !!
Soonergirlie says():awesome news, decentralization of CBI activities
wmawhite says to rcookie():I am thinking about baking a cake this morning.........how about you?
slh5282 says():banking demand goes back to supply and demand thus control
KAT1 says to rcookie():Good Morning All, does the CBI close on Friday and Saturday because if the CBI is open then they stopped auctions this past Thursday. Thank you alll for your hard work getting up to date news for all of us here!!
rcookie says to wmawhite()::D
rcookie says to wmawhite():GIVE UP?
cricket22 says to rcookie():NO!!! I am leaving
dale says():Wmawhite, Rcookie : Geat news !!!
wmawhite says():Folks,....think about it......we know as fact, that back in December 2015....the IMF, CBI and Mof agreed to move away from the MCPs.....which are a result of the auctions. We see more effort to clean up the corruption at a lot of these banks.
wmawhite says():And why? why now?
wiley says to rcookie():I am so glad we have people like you & Mr. white that gives us the real info !! THANKS very much !!
wmawhite says():Because,.....IMO,.......the bulk of the foreign exchange activities will reside in the local banks,...not at the CBI,..in the near future.
slh5282 says):RCOOKIE, WMAWHITE== ARE THE MAJORITY OF THESE BANKS SMALL ORGANIZATIONS SOMEWHAT LIKE A RURAL BANK? IF THEY ARE CLOSING SOME 200+
rcookie says to slh5282():THEY ARE A MIXTURE...
KAT1 says():HELLO Good Morning All, does the CBI close on Friday and Saturday because if the CBI is open then they stopped auctions this past Thursday. Thank you alll for your hard work getting up to date news for all of us here!!
wmawhite says to slh5282():That is a great question for rcookie
wmawhite says to slh5282():I need more coffee.
slh5282 says():WELL THE ONLY THING I CAN SAY IS YOU GUYS HAVE BROUGHT SOME GREAT NEWS IN THE PAST DAY OR SO AND THIS MORNING.
I LIKE TO SEE THE EXCHANGE BETWEEN YOU GUYS AND YOUR IDEAS. YOU HAVE CONTACTS AND ABILITIES TO GET INFO WE DONT
rcookie says to slh5282():THAT IS WHAT TAMIMI IS WARNING AGAINST...MAKING OVERSIGHT RESTRICTIONS AND REGULATION SO RIGID..SQUEEZE LITTLE GUYS OUT WHO CANT COMPLY.....
OH WELL....THE SYSYTEM ISNT SUPPOSED TO EXIST TO ALLOW THESE IKLEGAL ACTIVITIES TO EXIST AND UNDERMINE ECONOMY AND CURRENCY...
wmawhite says to KAT1():IMO,........there will always be a need for some form of the auctions...............however, they will be greatly reduced...........BUT, can not reduce them until the CBI gives the green light to the banks to start paying those foreign bills (foreign remittances) in IQD.