Welcome to News Time with Millionday at dinarupdates.com Post By Rudie
Comments may be made at the end of Part 2 Thank You
[millionday] this was sent to me and it is also paired with formal orders by the Governor of CBI , Turki
[millionday] The head of the governor of the Iraqi Central Bank and the Agency Abdel Basset Turki a meeting of general managers in the bank and a number of departments, private banks , as well as members of the Association of Banks in non- governmental organizations in Iraq .
A source of (time ) yesterday ( that the meeting discussed the instructions for the sale and purchase of foreign currencies that have been working out from last Sunday ,
he said ( banks expressed their willingness to implement the instructions to enhance the value of the Iraqi dinar against foreign currencies and began procedures to implement those instructions in support of the national economy and the process of development ) . and remember that this is what you are invested in !!
Read More Link On Right
[millionday] whoooopow the last sentence was mine --
[millionday] end of report robin
[millionday] now let me summarize before ?`s
[millionday] this is the order to begin all steps to the banks to begin the steps given to them to raise the value of the dinar against all foreign currencies for exchange rates smile brb with more
[millionday] this was to begin yesterday
[DBJJ] Robinredhed ?
[DinarGroupie] Whoo hoo!
[Richard Incrocci] Whoooooopoooooow
[ROBINREDHED] DBJJ what is your question?
[DBJJ] And they can't do this with an artificial rate, correct?
[ROBINREDHED] millionday And they can't do this with an artificial rate, correct?
[traveler] willingness to implement the instructions to enhance the value of the Iraqi dinar against foreign currencies and began procedures to implement those instructions in support of the national economy and the process of development....would be the correct answer.
[millionday] no this is the call for the reality rate to be applied by all the banks -- they have to do the steps they have been given and this is the formal order for them to begin that process
[millionday] traveler i dont understand your question hun?
[DinarGroupie] Huge news!
[jjclark] Robinredhead ?
[traveler] wasn't a ?
[ROBINREDHED] jjclark what is your question
[jjclark] Was to begin. How long before we know if it actually did begin Sunday?
[ROBINREDHED] millionday Was to begin. How long before we know if it actually did begin Sunday?
[millionday] CBI ordered them to begin the process so they have to comply due to the banking laws
[ROBINREDHED] jjclark hang on she will be right back
[ROBINREDHED] millionday but do we have a timeline?
[millionday] i was not typing fast enough -- three pms telling me lol
[millionday] no timeline given of how long it will take or how many steps but the beginning would seem to be the raising of the rate against foreign currencies and the call will come that they are to exchange for redenomination as well
[jjclark] Thanks MD. not trying to be negative but just know they often discuss passing items but often never implement
[ROBINREDHED] ok, thank you, any more questions before we move on? to the next article/
[millionday] this is not something as in a law or anything -- this is an order given to all the banks like a fax that would come to all offices to now use #2 pencils -- nothing to pass in this one hun brb with more
[ROBINREDHED] ok, thx
[peppermint] millionday good explanation!
millionday] here we go -- in my very informed mind -- i would say that this is the first step in the order so -- the beginning -- so meaning my opinion --- smile
[millionday] President of the Association of private banks in Iraq, Nouri al-Wadih, Monday, launching an expanded workshop for civil and private banks in coordination with the Central Bank to discuss the latest developments change the exchange rate of the Iraqi dinar against the U.S. dollar in the local market.
[millionday] note -- this is a workshop
ROBINREDHED] so like a training/ ?
[snowdrift] Woohoooohhh!!!!That is exciting news tonight!!!
[DinarGroupie] Maybe like an in service?
[millionday] ROBINREDHED yes
lrojac] Hope this isn't modeled after AA's 12 Step Program* lol *
[millionday] the explanation and answering of any questions for the leaders of the banks and their part of the process etc -- here we go with the rest of report
[millionday] 'ROBINREDHED very
[millionday] Nouri said for "tomorrow's Press", "The main objective of this workshop is to identify the mechanisms of cooperation in accordance with the new regulations issued by the central and include private banks are required to deposit their capital with the central bank in the event of its desire to enter the auction of foreign currency which is evaluated by the central bank every day.
[millionday] note -- this is to keep the amount or establish the amount of required reserves due to the applied regulations
millionday] "The workshop will also discuss the design and planning of a clear policy to maintain the stability of the Iraqi dinar against foreign currencies and its impact on the value of the local currency,"
noting that "banks are semi-assembled on the importance of the launch of an extended conference in the near future to discuss developments in the financial sector of the Iraqi Central Bank The government and private banks operating in Iraq.
[millionday] note -- let me address this part
[millionday] the announcement that was made by the minister of planning to the citizens yesterday about the change that will show in the inflation rate due to the upcoming changes in the value of the dinar and the activation of the monetary policy will be addressed in this part of the work shop and
[millionday] the reason is that inflation comes from having too much money and not enough products to even cover the money in the country --- meaning it is inflated so ---
[ROBINREDHED] oil? not enough?
[millionday] this is the instructions of how to exchange or apply the not done typing yet -- smile
[millionday] excessive currency that the banks will have on the books so they can get the inflation to the reality rate as quick as possible
[millionday] ROBINREDHED not just oil -- everything for sale
[millionday] the reality value will be reflected by the value and the amount of cash and tender in the country
[ROBINREDHED] swan2013 what is your question?
[swan2013] With those types of workshops how long do they last. Days weeks ?
[millionday] the reserves are developed by the deposits of the banks -- auctions -- foreign exchange from travel and other trade from moving to the globe etc etc
[ROBINREDHED] millionday With those types of workshops how long do they last. Days weeks ?
[millionday] so the banks need to keep the reserve amount at an even amount as required to even calculate the stock values -- the loan (bank to bank) amounts available and international compliance as well --
[millionday] the work shop that is the later part will be to help them understand what to do with the correct rate and amounts etc -- i believe it is going to say days let me bring the rest and see -- maybe we have it in here – brb smile
[millionday] Nouri said that "the Association of Banks looked a few days ago with the Governor of the Central Bank and the Agency Abdel Basset Turki possibility of coordination between all the efforts in order to prevent the rise in the value of the dollar against the Iraqi dinar and caused it to stagger the Iraqi street.
[millionday] note -- this means making sure it is all done at the same time
millionday] end of that report robin
[ROBINREDHED] ok, are there any more questions?
[ROBINREDHED] millionday Okay, question: Am I understanding this is being the first trigger has been pulled to get the ball rolling?
[ROBINREDHED] millionday J realize you don't paste the article links, but is there any way that you can give me(PM or however) the link to that one telling the banks to get ready for a currency change?
[millionday] h-spot this will all be copied with it all when we are done by rudie and you can get it from here too when i am done
millionday] ROBINREDHED i dont understand -- does he mean that the workshop is what i said is first ?
[ROBINREDHED] millionday Sorry, I didn't word that sentence properly. I meant the orders that the CBI gave to the banks. Is that the first trigger to get going?
[millionday] ROBINREDHED i think that the regulations to be applied being ordered was a few days ago --
[millionday] i think that was the first trigger really and they would have known it is on its way if nothing changes
[millionday] all done? ok brb with more smile wow this is exciting