[ROBINREDHED] when MD is ready for questions I dont understand this part if she could explain it to me.. possibility of linking it to the outside world and moving the national economy with the world price of the dollar... the world price of the dollar is confusing me.
[millionday] the world price of the dollar would mean that the reality of how that compares to the iqd -- as in USD/IQD -- it will be paired with the usd
[carpet] so right now its only for Iraq exchange kinda confused
[millionday] and they will have to go by the world prices of oil and gold etc as we knew --- so this is huge huge
Read More Link On Right
millionday] carpet it means that the citizens can come there now and the very near future as they hook to the world -- it will serve for businesses and global investors and where the isx does part of their business
[millionday] i would guess -- with this announcement being out there -- it is not long at all -- people spend every minute of everyday working the currency market
[Richard Incrocci] How does Maliki and his propaganda for a 3rd term play into this and his ultimate control over the release, if he is in total control?
[rod86018] I think it also says, that the ISX is ready, but the GOI is intentionally delaying this, so get out of the way....
[millionday] he has no control any longer with this announcement -- it shows that they are moving forward
[Richard Incrocci] So regardless of what Maliki says they are moving forward with a rate change?
[millionday] rod86018 it will not be tolerated
[millionday] Richard Incrocci yes it will not be held up by him or so called laws -- they said they are ready - smile
[slh5282] Millionday, with the opening of the markets, there has to be a reality rate and like you said one that is linked to oil, gold, and all other resources, How long can they run with out bringing a rate to is linked to the value of their currency?
[Richard Incrocci] Does Maliki even have control over the rate?
[millionday] this is so very exciting -- believe me -- we know this is exciting
[millionday] slh5282 up to the moment they activate this joining of the london exchange
[slh5282] How can they trade on the market with no rate or the current rate
[millionday] as they have announced it the market is vulnerable so it wont be long -- it cant be
[millionday] slh5282 they are and have been trading within the country -- they can not outside the country without a reality rate due to oil gold the usd and metals set by the global pricing
[millionday] they will set a rate that is their reality rate when they hook to the global market -- london exchange - them announcing this shows us that it is very soon
[jimplants] Dont forget their involvement with the bis they cant play games
[slh5282] so the rate change can't be long in the shadows!
[millionday] or they would be wiped out of currency -- correct
[millionday] yes very -- and jim you are right -- they are internationally compliant and also have received their credit rating which is what they needed to go global - ok brb with more
[millionday] i forgot one very important part -- whooooopow smile brb with more
[jjclark] I don't understand the being in operation for 9 mos already and yes, AMEN
[millionday] jjclark in country setting it up
[millionday] Announced the Information Office of the Vice Sherwan Waeli for he was collecting a number of signatures of members sat House of Representatives for the purpose of inclusion of the budget law in the session today.
In a press statement to his press office: that Wa'ili confirmed that a quorum is available in today's session, which includes only one paragraph is the retirement law and the importance of law our budget to collect a number of signatures of members to be included for the first reading in Gelssah this day and we will give the list to the Presidency of the Council of Representatives after the break
[millionday] so they are agreeing on the budget by signing -- this is great and agreement is shocking -- this is very interesting so dont think it is bad news until you read it all
[millionday] here we go >>>>>>>> Accused the General Authority for the North Bank for Finance and Investment, on Sunday, the CBI not to meet the needs of the Iraqi market of hard currency over the past five months and the transfer of that rests with the private banks,
while confirming that Iraq needs to pump nearly 300 million dollars in the market daily to meet the needs of the currency in the currency when he criticized the central bank promised to these statements as an attack upon and "stems from ignorance and lack of knowledge of monetary policy.
[millionday] note -- this is the IMF stating that Iraq doesnt have enough cash and lets read why -- smile
[millionday] The head of the board of directors of the North Bank and the Investment and Finance Nawzad Daoud dry in an interview to the (long-Presse), "The Central Bank of Iraq has failed to meet the needs of the Iraqi market of hard currency for more than five months,"
noting that "more than optimum needs met by local banks as great upheaval happening between merchants and banks. Between dry and that "a large part of politicians and central bank officials contend that the needs of Iraq's hard currency ranging from 85 to 90 million dollars per day, but in fact the market need to more than 250 and up to 300 million dollars a day.
[millionday] read what they are confused about >>>>>>>>>>>>>> The dry that "these words did not come without documents or evidence," explaining that "most citizens of the Iraqi dinar currency replacing the dollar and signs of this one need to market the dollar.
The President of the Board of Directors of Bank of the North, which is one of the largest Iraqi private banks to "shorten the central bank to provide hard currency and lack of commitment by the government policy of free market happen confusion in the market,"
but he added, "but we are a source of merit in terms of saving money for our resources, high of deposits and financial strength in this field.
[millionday] note -- this is confusion that has stemmed from going to only dinar and to the free market economy --
[millionday] response>>>>>>>>> Promised dry that "the actions the central bank was probably coming after a wave of political pressure and media,"
stressing that "private banks are not in need of financial support from the government but they need moral support and to maintain its integrity banking and open the doors to them to deal with foreign banks better
The deputies, politicians and economists accused the Central Bank of Iraq over the past months to burn "an average of four billion dollars a month in an auction of hard currency for the benefit of ten banks,
most of them with capital Gulf, buy a day most of the claims of the central bank's hard currency and make a profit on the overcharge up to 6% including them control of the Iraqi economy.
[millionday] note -- understand they are verifying that they are activating the monetary policy and the work with the move to reform and international banking
[millionday] For his part, said a member of the inspection department at the Directorate General for banking and credit control in the Central Bank of Ali Mahmoud said in an interview to the (long-Presse) that "the opinion of the North Bank policy of the central bank serves as a launching an attack on the bank,"
noting that "the reasons for this campaign is the lack of understanding monetary policy and what is known about monetary policy. Mahmoud added that "in recent years after 2003 were given to private banks complete freedom after the lifting of the benefits and the emancipation of commissions and these things are positive things for these banks.
[millionday] note -- there are many changes that are taking place -- we can expect confusion but also understand this means that the IMF is there making sure they already
[millionday] He said Mahmoud, "but that some shareholders bankers ignorant just looking for a profit without the knowledge of the rest of the things,"
and accused them of being "think profit pure without thinking about the risks to banks," noting that "the role of the central bank is to reduce these risks and to follow the monetary policy and its path forward or retreat.
[millionday] last part >> need greater efforts by the central bank to revise monetary policy tools and strengthen banking supervision, and to accelerate the restructuring of the banking system.
He called on the International Monetary Fund Central Bank of Iraq to "take measures towards a gradual liberalization of foreign exchange offer through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year.
UNFPA emphasized that "the establishment of a banking system nationalist requires the abandonment of the current model, which is controlled by the weak banks owned by the state, which enjoys preferential treatment distinguish them from private banks," calling on Iraq to do to strengthen its institutions of public finances to ensure efficiency and transparency in the use of oil revenues.
millionday] so they are saying get yourself together and only pay attention to the new policy and in a hurry -- wow have we seen some good news or what -- whoooop whoop
[slh5282] I was just doing some figuring at the rate change if at 3-1 they would be at 270 or at 3.5-1 they would exceed the requirements by 15 million
[slh5282] is that what they are saying or they still need the dollar as a reserve?
[millionday] the thing is that they are not going to be using just cash -- so it will be more modern than they have had in the past -- there is much more ability in international banking
[millionday] they actually make money by overnight loans and are only required to have a % of what is deposited at any given time -- hence the fear of a bank run
[millionday] the market will make up for what is moved and held etc
[carpet] I'm still stuck on a RI not RV but only my opinion
[millionday] the market will make up for what is moved and held etc
[sheila3] millionday you said very soon,as in this month you think?
[millionday] the ri would bring it the rate is was in the 80`s is what saleh announced and i dont have a problem with that at all -- smile
[millionday] either way -- the rate will be set at a reality rate for iraq and the market exchange and investments
[tbob] sheila3 this coming soon*
[ROBINREDHED] 3.22 -- is ri
millionday] the export of oil has to be at a global price if they want to be internationally recognized and export etc in the global market -- let me look around brb - ok with what i see we have seen enough
[millionday] lets call it a night and use our smile to keep us warm
ROBINREDHED] http://dinarupdates.com/ ··· bserver/
[ROBINREDHED] http://www.dinarupdates. ··· om/blog/