Millionday News 11/06/15 Part 1 of 2
Welcome to dinarupdates.com for News Time with Millionday!!
Millionday: FIRST WHAT ARE WE WAITING ON THE INTERNATIONAL RATES TO CHANGE - RIGHT ?
Millionday: FIRST SENTENCE >>>>>>>>>>>Seminar on the central bank auction and determine the foreign exchange rate
Millionday: NOW HERE WE GO
Millionday: Governor of the Central Bank of Iraq Ali Mohsen Keywords announced that the nature of the Iraqi economy Reclining on oil resources, make the relationship between fiscal and monetary policy, including an interactive relationship necessitated by the nature of the revenue and expenditure of the pricing of the dollar.
Millionday: NOTE ---THE NECESSARY PRICING OF THE DOLLAR
Millionday: He pointed out that «Central» exercised important roles in this process, including the financing of the current expenditure of the public budget, with the dollar buying from the Ministry of Finance to cover the needs of the Iraqi dinar, in accordance with the allocations required in the general budget.
Millionday: NOTE -- THIS IS THE RELATIONSHIP OF THE FISCAL AND MONETARY POLICY -- WHOOOPOW --- AND THIS IS REQUIRED IN THIS BUDGET ---- THE PRICING OF THE US DOLLAR
Millionday: And contributes to «Central» also in finance imports of the commercial sector, while the dollar selling process means the withdrawal of the dinar from the local market, which will help the bank to curb money supply and reduce the resort to printing more currency.
Millionday: NOTE -- THE PRINTING OF THE NEW CURRENCY IS THE NEW SERIES -- THE US DOLLAR WILL BE USED TO REMOVE THE HIGH DENOMINATION OF THE DINAR
Millionday: He said at a seminar in «Institute of the progress of development policies», attended by experts and interested in the money sector of the economy, that «such activity is not essential for central banks in the world, it is very rare to have the central sales window, but
Millionday: because of the nature of the Iraqi economy, Central took over this task, while the task required to intervene when there is a disruption in the exchange rate, as in the European Union ».
Millionday: NOTE -- AS THEY DID IN THE EU -- CENTRAL BANK OF IRAQ IS ACTIVATING THE PROGRAM STEPS TO CHANGE THE DINAR TO THE LOWER DENOMINATION-- THIS IS THE STEP THAT IS BEING TAKEN BY CBI -- WHOOPOW
Millionday: He pointed to the issue of monetary reserves, which are still under discussion, and stressed that the reserve is the difference between what the central buys and sells. And over, it goes to the international reserves, and
Millionday: NOTE -- THE INTERNATIONAL RESERVES IN THE REMITTANCE SYSTEM IS APPLIED TO THE CALCULATION OF THE NEW RATES FOR INTERNATIONAL CURRENCY -- IN OTHER WORDS IT IS INCLUDED
Millionday: that the function of the reserve financing imports and other transfers and coverage, and the foreign currency reserve is the difference between the dollar sales of the Ministry of Finance to the Central Bank and the central bank sales to the private sector.
Millionday: NOTE -- AS WE CAN SEE HERE -- THE RESERVES WILL BACK THE PRICE AS SAID IN THIS SEMINAR -- THIS IS AN EXPLANATION FROM CBI
Millionday: And confirmed the existence of the adequacy of the reserve criteria, such as coverage of imports for a period of 6 months and cover the local currency and foreign debt.
Millionday: WHOOPOW -- THEY HAVE ENOUGH IN RESERVES TO ALLOW THEM TO GET ON THEIR FEET AND BACK THE SET EXCHANGE RATE
Millionday: He noted Keywords to the presence of important rules govern the process of selling the dollar to cover imports of personal and transfers of the private sector, including the Central Bank Law Article 28 and guidance of the International Monetary Fund economic system according to the Constitution, and anti-money laundering law.
Millionday: NOTE -- REMEMBER THAT THE DEMANDS TO IRAQ WAS SET BY THE IMF AND HAD TO BE FOLLOWED THROUGH WITH BY IRAQ FOR THE LOAN
Millionday: He pointed out the real solutions such as the purchase or sale simple unconditional, cash and futures, and to require banks to apply the principle «know your customer» and the application of anti-money laundering and terrorism financing law.
Millionday: He pointed to the devaluation of the Iraqi dinar by raising the dollar exchange rate of 10 percent to 1300 dinars to the dollar Options , what provides the general budget of 5 trillion dinars ($ 4.2 billion), or raise the dollar exchange rate of 20 percent to 1400 dinars, providing budget 9 trillion dinars.
Millionday: He said that the reduction option easy, but it does not help in the reform of the structural problems, and the devaluation Local useful for exporting countries to activate the export.
He added that «Iraq importing country, and to reduce the currency hurt the purchasing power of citizens with limited income.
Millionday: NOTE -- THE CHANGE AS WE WERE TOLD IN THE SPEECH BY ABADI THAT THE REMOVAL OF THE THREE ZERO CURRENCY WAS GOING TO HAPPEN WHEN THE PRICES WERE APPLIED –
OBVIOUSLY THIS HAS TO DO WITH THE IMPACT TO THE CITIZENS -- IT WOULD BE IMPOSSIBLE FOR THE TWO NOT TO GO HAND IN HAND
Millionday: The «can taxes play an important role in the finance, justice and balance without compromising the slide limited income, as can achieve economic goals and social and financial».
Millionday: NOTE -- THE TAXES WILL OF COURSE BE APPLIED TO GOV BENEFITS ETC DUE TO LACK OF THE PAY IN MOST COUNTRIES HAVE BEEN PAID INTO
Millionday: The head of the «Institute of the progress of development policies» and former Minister of Planning Mahdi Al-Hafiz, pointed out that the national need not require the continuation of the so-called dollar auction, organized by the «Central», but must be handled freely and without restrictions.
Millionday: NOTE -- REMEMBER THAT 91 DAYS WAS THE LIMIT TO REACH THE GOAL THAT THEY HAD SET -- SO THE AUCTIONS WILL BE CHANGED
Millionday: And it calls for counter-opinion to uphold the auctions and to provide the necessary facilities for the conduct of this operation, and we must stop at the experiences of neighboring countries and operations.
Millionday: NOTE -- THERE IS MORE THAN ONE REASON TO STOP THE AUCTIONS OBVIOUSLY DUE TO THE OUTCOME THEY HAVE SEEN IN THE REGION ETC
Millionday: He asked Hafiz for the exchange rate, which raises problematic several, he said, «How can that half of the process required to determine the exchange rate, and is related to the economic and financial situation of the state»?
Millionday: Turning economist Ahmed Alobreha to points concerning the path expected of the Iraqi economy, pointing to the difficulty of reducing the demand sector Special for foreign currency in the current scope of the exchange rate and income levels.
Millionday: NOTE -- THEY ARE RECOGNIZING THE DIFFICULT STEP OF REDUCING THE DEMAND FOR THE US DOLLAR
Millionday: He added that the national economy is a lack of diversified production base that can supplement the national market alternatives to imports of goods and services, adds restrictions and weakens the effectiveness of efforts to address the problem of policies.
Millionday: NOTE -- OBVIOUSLY ALL NEW POLICIES AND REFORMS WILL HAVE TO BE WATCHED TO GIVE THE BEST RESULT AND ALSO TO BE THE MOST EFFECTIVE
Millionday: He pointed out that «the private sector was unable to contribute to the display of foreign currency, as well as government non-oil sector, and foreign investment policy did not succeed in adding a tributary albeit in a limited form.
Millionday: Iraq has faced interest on the loans in the international market can not afford the prices, and as a result of crude oil remains the only source of foreign currency, and must be serious and responsible move towards real economic development to pay a danger for Iraq.
Millionday: SO AS WE SEE HERE ---- IRAQ CAN NOT MOVE FORWARD DUE TO PRICES WITH THE BONDS AND THE OIL IS ALL THAT WAS LEFT TO BRING IN THE SUPPLY OF THE US DOLLAR ----
SO THE ANSWER IS TO MOVE TOWARDS REAL ECONOMIC DEVELOPMENT
Millionday: IMO THIS MEANS >>>>>>>>>>>>>>> Friday, November 6, 2015
Iraq Exchange Rate:
Seminar on the central bank auction and determine the foreign exchange rate ---
THAT IS THE TITLE -- WHOOPOW
sassy: why would they tell all of this? Always thought they would keep it hush hush
Millionday: I DONT KNOW
quicktolegit96: in your opinion do they only have one thing left to do...
Millionday: IMO -- THIS COULD HAPPEN AT ANYTIME
7shiela: I think you just answered my ? I was going to ask if this means we're at the end of the line and we'll get a rate now?
Comments may be made at the end of Part 2 Thank You