(Dinar Recaps Note: PIF's comments are in italics and all caps.)
WHAT A FABULOUS DAY THIS HAS BEEN RIGHT, MY LADIES AND PIF AND FRANK26 HAVE REALLY BEEN BUSY ON THESE PHONES AND WRAPPING ALL THIS UP FOR YOU GUYS. SO HERE WE GO..
WE SHOWED YOU BEFORE HOW THINGS WERE GOING GLOBALLY NOW IT SEEMS THE CENTRAL BANK HAS ITS ACT TOGETHER ALONG WITH THE GOI AND THE NECESSARY LAWS FINALLY! WE ARE SEEING HERE FUNDS MOVING INTERNATIONALLY AND WE ARE SEEING HERE WHAT WE BELIEVE TO BE THE CLOSEST THEY WILL EVER SHOW US (UNTIL THEY SHOW THE WORLD) THAT THEY HAVE REINSTATE THEIR RATE.
FOLLOW BELOW AND SEE FOR YOURSELVES. I THINK FOLKS THIS IS REALLY GOING TO BE A BIG WEEK. WE HAVE BEEN STEERING YOU HERE AND SHOWING YOU ALL THIS FOR WEEKS ALREADY AND NOW THEY ARE SAYING IT.
ENJOY YOUR ARTICLES WE WILL GIVE YOU MORE TOMORROW AND WHILE YOU CAN LET YOUR SPIRITS SOAR, PLEASE KEEP YOUR FEET ON THE GROUND UNTIL YOU LEAVE THE BANK…LOL..
LOVE TO ALL MY LADIES
WELL HERE WE GO WE JUST TALKED ABOUT THIS ON THE LAST POST. MORE FUNDS ARE MOVING FOR DEVELOPMENT, AND AGAIN THIS TIME WE ARE TALKING ABOUT BASEL 2 AND 3 AND THE IMPORTANCE OF CURRENT BANKING SECTOR BEING MORE EFFECTIVE FOR THE NEW PRIVATE BANKING SECTOR SO NOT TO GENERATE NEGATIVE EFFECTS WITH THE TRANSFER OF IRAQI ABROAD TO INVEST. SO WAIT THEY ARE SENDING 1 /10TH OF A PENNY ABROAD TO INVEST??? REALLY?! I DON’T THINK SO!
Assurances directing the movement of funds for development
Mokhtassan economic affairs stressed the importance of the advancement of the financial sector at a time of cash reserve upsurge continuously, arguing the importance of the development of the banking business and to enable the joints to be supportive to the stage of economic development sought by the country.
And stressed the competent affairs in the banking Samir Alnasiri the importance of strengthening foreign exchange reserves of Iraq and reserves of gold and maintain the dinar exchange rate and raise the credit rating and focus on attracting Alasttmarat.ofatt in an interview for the "morning" to the importance of activating the application of Basel Committee (2,3) and follow-up implementation with banks and focus on risk management and the application of what can be applied to the minimum capital requirements and the supervisory review process and market discipline.
The Basel Convention, the new third developed by the Basel Committee on Banking Supervision aims to enhance the hardness of the banking systems by addressing many of the defects revealed by the global financial crisis unveiled, which poses new standards for capital and debt and liquidity to strengthen the capacity of the banking sector in dealing with the pressures of economic and financial and improve risk management and increase transparency, and will contribute to significant financial stability and long-term growth.
either economic expert Tawfik Ali lost between in an interview for the "morning" that the role of the current banking sector requires to be more effective for the activities abused by the private sector, pointing out that cooperation between the beneficiary and public banks and mixed private and is required during the current phase, indicating that the imbalance in the relationship between these parties generate negative effects consequent transfer of Iraqi funds abroad to invest, operate and saved, either in the home owner of capital preferred Aktnazha rather than saved or invested, which the size of the role of the private sector for decades.
pointed to activate the role of the private banking sector and make it more effective in assigning economic sectors, stressing the importance of regulating the relationship between the central bank for the banks according to the vision can be taken from recent actual role in the processes of investment and development.
SO WHAT ARE WE TALKING ABOUT HERE? THE QUESTION IS ASKED IN A NUT SHELL HOW ARE WE EXPORTING AND IMPORTING GOODS WITH A CURRENCY THAT HAS NO VALUE. AND HOW MANY DINAR AT THE CURRENT RATE NEED TO BE PRINTED TO PAY FOR ANYTHING. THEY ARE SAYING IT OUT LOUD RIGHT HERE THE CENTRAL BANK IN ITS DAILY AUCTIONS SELLS MOST OF THE CURRENCY IN THE FORM OF REMITTANCES AND EMPTY THE COVER OF HARD CURRENCY!
The value of the Iraqi dinar!
By: Walid Fadel al-Obeidi - 10-10-2014 | (Voice of Iraq) |
Do you know the concerned Ministry of Finance and the Central Bank amounts of liquid funds traded in the market by categories of paper currency cash from 250 dinars to the very category of 25,000 twenty-five thousand dinars, with the amount of damaged and the proportion of counterfeit currency, including every province ???????? ...... .
The reason for asking this question is two things:
The first: that the country repellent competencies and suffers from crises constantly and the amount of local currency have no value in any international exchange or market currency for the state close, which means impaired and their purchasing power and the presence of a trader artificially and is a real addition to the lack of small denominations of the currency, forcing citizens to trade incumbent the value of the (250 dinars) and knew that all workers in the field of trade in particular.
Second: There are no local industry provides the country's hard currency can be retained with the exception of the oil we import everything, even terrorism, and this requires us to expenses and costs, which reduces confidence in the currency of the Iraqi dinar.
Add to that the 98% of oil money cover other expenses of the ministries of the rest, which indicates that only 2% is the revenue comes from fines and levies simple and this itself is poor management and planning, and a waste of public money and human resources that the country under the dome.
Do inquired value of the Iraqi dinar currently real?
Since we Anovr dinars nor dirhams virtue episode of globalization, which requires us to import everything and consumption of anything on the market, it means that the central bank in its daily auction sells most of the currency in the form of remittances and external emptied the treasury of their cover in hard currency, which could be available if moved Industry and agriculture and keep the citizen portion of his earnings as a result of the profit margin available.
As the Iraqi currency fragile does not possess the power of hard currency, it is not good to immerse in the competition of supply and demand in a basket of currencies they consider commodities applicable to them all the laws of profit and loss and lost a lot of its value and its purchasing power they damage per capita income and reflected negatively on the movement of supply and demand and is known logically that the prevalence of reduces the value of the thing.
Iraq is a state non-manufactured or, leaders in agricultural production hence it is very important that the government is seeking to raise the value of the Iraqi dinar against other currencies in order to ensure the citizen PPC for Mad imported and insurance needs good compared to the current value, which overwhelmed and not being able to complete the securing basic needs are subsistence .
We suggest that the state controls the currency market in order to revive the value of the Iraqi dinar, which in turn will be reflected on the meaning of citizenship and the nation and a sense of individual responsibility towards him.
WOW!!! SO LET’S READ THIS AGAIN AND AGAIN UNTIL WE UNDERSTAND IT! WE SHOULD ADOPT TRANSPARENCY RIGHT? OK WELL LET’S START AT THE END WITH WHERE IN HORSE FEATHERS DID 77 TRILLION DINARS COME FROM, HOW ABOUT 228 TRILLION…OH NO NO NO!! I THEY ARE PRACTICALLY TELLING US THAT THEY HAVE ADOPTED THE OLD RATE. LET’S DO MATH 101…READY AT THE REINSTATED RATE 77 TRILLION IS NOW 25.666 BILLION, THAT SOUNDS MORE LOGICAL IN THE FORM OF ADVANCES AND HOW ABOUT 228 TRILLION IN PROJECTS IS NOW 75.6 BILLION FOR 6000 PROJECTS MAKES BETTER SENSE.
Invitations to the adoption of transparency in the financial rules
BAGHDAD morning escalate days after the last calls to follow the principle of disclosure and transparency of financial rule in Iraq and the application of laws in this area in a scientific manner and methodology, which called on the government headed by Prime Minister Dr Haider Abadi to adopt provisions in its program to overcome this international concepts in financial management system to mobilize money and direct it to the resources needed, especially that some citizens do not trust the work of the organs of Finance and Banking, both in the public sector or private, so it tends Most of them to keep their money at home or in special funds, while retains the lowest rate with their money in banks, and these are called phenomenon of "compactness banking", so that lead to the achievement of high liquidity in banks without investment and the creation of appropriate credit to her, especially as the proportion of credit in the financing of development in Iraq does not exceed 3 to 4 percent, while that of other countries beyond the 90 to 100 %
Financial Dr. Majid picture confirms the "morning", that "the basic problem is that there is no statistically integrated financial rule in Iraq, especially given that Iraq's imports Other non-oil blurry so far," he said, adding the picture that there is no disclosure of the amounts spent during the year 2014 different directions and do not reveal the accounts and the lack of final accounts integrated for the past years, as there is no detection of cash flow nor the money that entered Iraq or spent and how it was covered.
also pointed out that there are many issues unresolved, according to the budget year 2014, including the amount of 77 trillion dinars in the form of advances, and there are more than 6000 project worth 228 trillion dinars not been completed and settled, so the financial base of Iraq's unclear what is not resolved all these problems and come to the actual truth of Iraq's money.
therefore confirms the importance of providing the tasks at hand and how to response, and this is what came with the program of the new government, which indicates the seriousness of the application on the ground, despite the obstacles, especially given that the money available and the need to direct them to the right path.
OK HERE YOU HAVE THE LAST AND FINAL STEP!! CONSIDERABLE PROGRESS REFORMING THE BANKING SYSTEM TO MAKE WAY TO LAUNCH SERVICES TO COMMENSURATE WITH THE REQUIREMENTS OF THE MARKET ECONOMY! ORGANIZATIONAL AND OPERATIONAL RELATIONSHIPS AND COOPERATION OF THE INTERNATIONAL BANKING!! WOW!! FINALLY. WE HAVE WATCHING THIS SINCE WE DISCOVERED THE POOL BALL SITE DO YOU REMEMBER? THE CLASSES IN LEBANON THEY WERE ATTENDING WITH THE WORLD BANK, THE WORK SHOPS DO YOU REMEMBER THE EMPLOYMENT ADDS THEY HAD FOR NEW TALENT IN THE FINANCIAL PAPERS, AND NOW THEY ARE READY TO ACTIVATE, JUST FANTASTIC!
Central tends to activate cooperation with the world
BAGHDAD Shokran Fatlawi
said Director General of Statistics and research at the Central Bank of Iraq that the central made considerable progress in reforming the banking system through the provision of legislative environment suitable for the development of its business and make way for the launch of its services commensurate with the requirements of the market economy and the provision of banking services to investors Iraqis and foreigners, especially that the country's future to activate the cooperation of the international banking to serve the requirements of development anticipated in the Iraqi economy, which is guaranteed by the government program of the new.
technical requirements and between Walid Idi Abdul Nabi, in his speech for the "morning" that create technical requirements help to practice his works and make payments and services its customers with ease as well as ordinances control commensurate with the regulatory standards of international and in accordance with the best practices used in the central banks of advanced accompanied keep him out of the money is clean and finding institutions chock him to provide services is fast and safe and sophisticated.
payments system and said Idi that the banking system will see during the next developments in concrete at the organizational and operational relationships and cooperation of the international banking to serve the requirements of the development of the upcoming stressing quest central to the development of the payments system through the project of Payment retail and managing national distributor (National Switch) as well as seeking to revive the Centre for Banking Studies, pointing out that the central and since the year 2013 to prepare courses and training programs, workshops and lectures Chirfah and Finance , and administrative, economic, and information technology, and the development of language indicating that the number was (47) cycle and participation (1149), an employee of the employees of the central bank and the government and private banks. credit information and noted the Director-General of Statistics and Research
at the Central Bank to the determination of the central activating system, the exchange of credit information, similar to neighboring countries, pointing to the formation of a working group for the experience of the Bank of Lebanon and the preparation of the necessary instructions to this effect, revealing a group of companies specialized advanced to the completion of this project was chosen as one for this purpose, referring to compel central banks approved the acquisition of the banking systems overall order to complete the calculations quickly and accurately and confidential. He noted obtaining more than 40 foreign banks and branches on this system leaving only government banks and some small private banks, which began studying the offers and contracted out, he said.