Ocrush April 18th
Here are some articles Ocrush sent to me, I apologize if they have been posted and are duplicates Hopesway
I read an interesting article today from here: LINK
A better translation or a brief:
With each increase in the categories currency enters the economy in the midst of inflation. One way to control the high inflation is a monetary reform, combined with a change in monetary policy by replacing the old currency Pfiadtha high with new categories of currency even lower prices tend to decline.
Read More Link On Right
Read more: LINK
Here is the full article:
A. D. Mohamed Ibrahim El Saka
according to "CNN" announced the Finance Committee in the Iraqi Parliament that the central bank will begin in the current year by deleting three zeros from the local currency, in other words, that the unit of currency category thousand dinars from the old currency will be replaced dinar and only one of the new currency, and so on.
step oldest by Iraq intended to reform the system of local currency which is based on the use of currency denominations are too high, which leads to difficulties in dealing in special accounts transactions, as well as higher prices resulting from the use of monetary units of categories of high, which leads to decline in the exchange rate of the currency and declining purchasing power of the dinar significantly.
during periods of turmoil cash and declining public revenues of the state at a time when increasing the expenditures, resort states often to print more of its currency, leading to higher prices and the occurrence of high inflation, arise the need to currencies classes as high as a thousand and one hundred thousand and one million ... Etc..
With each increase in the categories currency enters the economy in the midst of inflation.
one of the means to control the high inflation is a monetary reform, combined with a change in monetary policy by replacing the old currency Pfiadtha high with new categories of currency even lower prices tend to decline.
But does he have on inflation? The answer is no, because the elimination of inflation required to follow the state moderate monetary policy
In conclusion, if the cbi did a LxP of its currency, inflation would destroy the country. They need to add value (change its monetary policy) to keep inflation low and make Iraq worthy to invest:))
The article below is telling us that the CBI is ready with any monetary changes to curb inflation:)) I hope this helps:) Also look out for the CBI making changes to the Rafiad and Rasheed Banks (hope the spelling is right loool.
They will start offering bonds again to get projects going. The third Islamic Bank to lookout for is the Mesopotamian Bank. This was established in Dec 2012 by Talabani. It was funded by the MoF and approved by the CBI.
This bank falls under there control to make sure all transactions are tranparent in and out of Iraq. This bank will also be able to open branches outside of Iraq..This bank should also see fundings by the CBI (Treasuries or Bonds).
Between skeptical and confident of it: experts: the massive Central Bank reserves will not work without exploitation of wise and independent
Baghdad (newsletter). There is no doubt that the national economy is surrounded by many potential challenges as declining oil sales or security tensions, but experts in finance and economy dissipated such fears two documents that the Central Bank has a large reserve of hard currency and gold being able to confront the mightiest economic shocks anticipated and curb inflation.
He said financial expert Samir Al-nasiri (News Agency): the Central Bank can maintain the stability of the national economy through its financial reserve, noting that the Central Bank’s reserves record over the past year 2012 top the Bank on Iraq and is 67 billion dollars, so there is no doubt the Central Bank’s capacity to deal with any economic fluctuations.
He said: despite our confidence in the Central Bank to control the stability of the market, but we pray that there is a rational exploitation of Central Bank reserve through autonomous monetary policy led by the Central Bank in accordance with the law.
Others questioned the possibility of the Central Bank of reserve units in maintaining the stability of the Iraqi economy, saying that you should count as economic reserve is oil and gas stocks.
Accordingly, the financial expert said Bassem Jamil Antoine (News Agency): the Central Bank of reserve funds went not equal oil exports for one year, indicating that the main possible reserve to protect the economy of Iraq is oil and gas stocks located in the ground. (they calculate what iraq is worth with there reserves, not the yearly sales...more reserves better rate)
The oil Ministry statistics indicate that oil reserves reached nearly 150 billion barrels of oil and 19 billion cubic meters of gas, up to February of this year, indicating that these precautions are big and bulky that protects the Iraqi economy and not the other.
According to statistics of the Central Bank of Iraq in August of last year, Iraq remains ranked 44 among the more than 115 State list gold holdings, ranked 52 among the more than 102 countries on a list of foreign currency account of the International Monetary Fund.
"experts in finance and economy dissipated such fears two documents"
These two documents are the audits done by the finance and economy experts on the CBI's holdings. They found them sufficient!! Cheers Diane and All:)) Ocrush April 18th #2
Here is the article of the Mesopotamian Bank that was established. Heads up for our Members and Mods!!
Iraq exported law establishing the "Islamic Bank Mesopotamia"
Monday, December 17, 1 / December 2012 13:45
Twilight News / issued the President of Iraq, Jalal Talabani, on Monday, law establishing the Bank of Mesopotamia Islamic number (95) for the year 2012 with a capital of 50 billion Iraqi dinars, indicating, that the task of the bank, the exercise aspects of banking activity in the inside and outside Iraq, and to carry out finance and investment in various projects and activities.
In Article first as in the statement issued by the Presidency of the Republic received "Twilight News", a copy of which "establishes a government bank called (Bank of Mesopotamia Islamic) be centered in Baghdad and linked to the Ministry of Finance, has the right to open branches and offices within the Republic of Iraq and outside the consent of the Iraqi Central Bank , "pointing out that" the Bank's corporate identity and a financially and administratively independent and represented by the Director-General or his nominee. "
The statement added that "the bank's capital (50,000,000,000) fifty billion Iraqi dinars paid from the public treasury of the state at one time in coordination with the Ministry of Finance," stressing that the bank "is designed to provide financial and banking services are consistent with the provisions of the Islamic Sharia and the development of the Iraqi economy."
The statement continued, that the bank is "practiced for its own account or for the expense of others inside or outside Iraq all aspects of banking activity known or developed and all the banking and investment business by various banking rules and norms accepted and not inconsistent with the provisions of Islamic Sharia."
The statement noted that among his "doing the work of the finance and investment in various projects and activities through the funding to proceed, speculation and Murabaha sale and other formulas and services that do not contravene the provisions of Islamic Sharia."
The statement said the reasons for the establishment of the bank, saying it was "for the purpose of expansion of economic activity, and increase the size of Islamic banking, and the desire of a large segment of citizens in access to banking services approval of Islamic law."
The statement added that from his works also "employ money that owners wish to invest with the rest of the resources available to the bank, and that under the system of speculation, and a bank in certain cases that the employment under a special agreement so."
The Iraqi government announced, in April of this year, for approval of the bill Bank Mesopotamia Islamic at the request of the Ministry of Finance, indicating that the Bank Board of the Sharia consists of 4 members from experienced and competent in Islamic jurisprudence and its assets.
It is said that in Iraq banks government representing the state two banks Rafidain and Rasheed, in addition to other banks, the most important, agricultural, cooperative and real estate, was established as the banks civil many since 2003, including the commercial bank and investment bank and the Islamic Bank and National Bank, as well as other banks updated.