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Don961: Central announces the sale of more than 174 million dollars through the auction
Economy , 2018/08/31 11:31
BAGHDAD, Iraq -
The central bank announced the sale of more than 174 million dollars through the special auction.
The Central Bank of Iraq witnessed during the auction today the sale and purchase of foreign currencies selling 174 million and 746 thousand dollars covered by the bank exchange rate basis amounted to 1190 dinars per dollar.
The distribution of the demand by 144 million and 596 thousand dollars in the form of remittances and credits, while the rest of the remaining amount of 30 million and 150 thousand dollars covered by the bank at an exchange rate of 1190 dinars per dollar.
While did not make any of the banks and financial transfer companies participating in the auction of any currency offers to sell the dollar.
The Central Bank is holding daily sessions for the sale and purchase of foreign currencies, except for official holidays which the bank stops these auctions. link
MilitiaMan: I would like to point out that the above appears to be telling us they held a special auction today. I am no expert on the auctions be sure. But, the pattern we have witnessed from time back (below) shows a clear pattern change to that of the above. Firstly they did one today on a holy day.. Not normal behavior, from what I recall.
They are in line with talking about foreign currencies with both articles. But, the above imo is excluding the USD and in fact they are not talking physical currency for the most part, as the largest portion is in the form of remittances and credits the other is in foreign currencies, i.e., electronically. Well with sanctions being imposed on Iran using the dollar, we can see they are curtailing the ability for that to happen as Abadi has been clear on the matter. However, they appear to still be buying and selling other Foreign Currencies and possibly within the local region.
As noted, they are excluding banks and financial transfer companies to sell the Dollar, thus, one might ask who gets remittances and or credits and for what purposes and in relatively large amounts? Contractors, etc.? Sure they fit, and as we know and we have been told the Auctions will cease to exist, as we have previously been used to.
This surely looks to now break that pattern and apparently suggests they stopped banks and financial transfer companies from selling the Dollar.. Or more simply may just have ceased the auctions like we have been waiting for.. They in recent past were using the money to boost banks balance sheets abroad.. Not the case here in the article above. We shall see. ~ MM
Sales of the central Iraqi go up 2.6 million dollars
28th May, 2018
Central Bank of Iraq sales of foreign currency on Monday, to 148.31 million dollars, compared to 145.76 million dollars yesterday auction , $ 2.55 million.
The Central Bank said in a statement that the exchange rate was 1190 dinars per dollar in the auction held with the participation of 33 banks and one company only for financial transfer.
The bank said the sales were the result of Tuesday's auction, showing total sales of $ 202.08 million.
The volume of funds sold to boost bank balances abroad was $ 146.61 million, while cash sales were estimated at $ 55.57 million.
The Central Bank said in a statement that the sale of the amounts transferred to the accounts of banks abroad is at the price of 1190 dinars per dollar, while the cash sale will be at the same price. LINK
MilitiaMan: The data below is going to show that the process of MRs is in the implementation phase and settlements and or payments for contracts, salaries, etc.. This was started in April 2018 real close.
They now tell us 08/30/2018 about 1 full quarter later that they are in the implementation phase. They are also talking about smaller notes and coins of late.
We were told that the IQD Currency was to be going Global on a Wednesday and we that that would have been weeks ago, however, they did not say which Wednesday now did they? Well the HCL is being paid per articles on 09/05/2018 which by the way is a Wednesday.
Note the Kurds tell us today they are not going to publish the salaries any more as they don't need to as they will be automatically paying them monthly electronically in the future. Ha, the auctions today spoke of remittances and credits... Fascinating timing..
Abadi spoke of a Basket of Currencies today.. The AMF is a basket of regional currencies. The ISX was also to be interlinked with the ESX through the AFE and we see "Booz Adam Hamilton" involved in the process. They do all sorts of high tech things and are leading edge! Getting oh! So very good.. Oh ya! I like this picture we are all apart while it is being painted.. imo ~ ~MM
FA (Final Article) #84
Arab Monetary Fund announces the establishment of a regional entity to settle payments between the 22 countries
2nd April, 2018
The Arab Monetary Fund (AMF) announced on Sunday that its board of directors has approved the establishment of an independent regional entity to settle payments among the 22 member states.
Arab countries have ended plans to set up an independent payment system across the region after high compliance costs and global banks have reduced their activities to undermine existing arrangements.
Correspondent banks currently handle most of the payments and settlements among Arab countries and act as agents for foreign institutions that have no actual presence in a country.
US and European banks' tightening in recent years has increased the cost of anti-money laundering, while some banks have moved out of the market to focus on more profitable sectors.
The fund did not specify a timing for the new mechanism to start, but Bank officials had earlier expected it to start operating in 2020. The capital of the new entity, backed by Arab banks, would be $ 100 million and owned by the Arab Monetary Fund.
The new entity aims to support the use of local currencies in the settlement process between Arab countries as well as major international currencies. LINK
«Arab Monetary» establishes the Arab clearing system
30/8/2018 12:00 am
Abu Dhabi / Morning follow up
The Arab Monetary Fund (ADF) headquarters in Abu Dhabi, the capital of the United Arab Emirates (UAE), was set up by the Board of Governors of the Fund. The Council decided to set up an Arab Monetary Fund (AMF) .
A statement issued by the Arab Monetary Fund (AMF) said that "a consulting services contract was signed with Booz Allen Hamilton to provide technical advice to the Fund to help fulfill the requirements of the implementation phase.
"The Arab clearing system aims at enhancing the use of the Arab currencies in clearing and settling Arab inter-payments, in addition to major international currencies, which helps to reduce the time and cost of clearing Arab financial transactions and enhancing Arab investments and trade."
He pointed out that "the system seeks to link with payment systems of the main trading partners of Arab countries.
It will also work on the development of clearing and settlement services of small payments, which will contribute to enhancing the financial coverage in the Arab countries, as well as studying the possibility of providing clearing and settlement services securities between the Arab countries, thus helping to link the Arab capital markets and enhance opportunities for financial integration Regional "level.
It should be noted that the Fund cooperates in the implementation phase with central banks and Arab monetary institutions, and with international financial institutions such as the IMF, the World Bank and the Bank for International Settlements. It also communicates with Arab financial and banking institutions as well as a number of strategic partners from financial and technical institutions. In this context, the Fund continues to work with the central banks of the Arab trading partners.
The statement was issued by the Director General and Chairman of the Board of Directors of the Arab Monetary Fund. Abdulrahman bin Abdullah Al-Humaidi, said: "The contract with Booz Allen Hamilton is a continuation of the design phase.
The company has provided consultancy services in its preparation, expressing confidence in the capabilities of the company to provide the required expertise to help in the success of implementation. A partnership with all parties, parties and institutions in the Arab region and the world, to contribute to the establishment of the Arab clearing system and to provide innovative services and products with high efficiency and cost appropriate.
Al-Humaidi also noted "the great support provided by the Board of Governors of the Central Banks and the Arab Monetary Institutions for this project. He also praised the support and support provided by the authorities in the UAE and their keenness to provide all the necessary inputs to complete the establishment and operation of the system.
For his services. " ink
Blinkster: Announcement No.(3776)
Sale Date - 2/9/2018 that performed on 30/8/2018
Total sale for the purpose of strengthen outside assets (Transfers and credits)
Total sale cash
Total sale amount
MilitiaMan: Good eye Blinkster! That covers the day before seating the GOI. ~ imo ~MM
Clare: Thank you Blinkster & MM...points to an important time-frame leading up to Sept. 5th....imo
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