Millionday News 2/20/15 Part 1
Welcome to dinarupdates.com for News time with Millionday!!
Millionday: SO WE HAVE SOME GREAT NEWS TO LOOK AT TONIGHT AS I THOUGHT WE WOULD
Millionday: WE ARE GOING TO START WITH A HUGE WHOOPOW
Millionday: BRB WITH IT -- GET YOUR HATS
Millionday: NOTE - THE BEST PART IS THAT WE ARE FINALLY LOOKING AT REVEALS -- MEANING WHAT IS GOING TO HAPPEN
Millionday: revealed Governor of the Central Bank of Iraq on the Keywords that on Sunday 22 of this month, will stop work ERA Bank and the adoption of the banking system as being responsible for foreign remittances,
pointing to the direct preparation of a study to demonstrate the feasibility of removing zeros in this Almrahlh.oavad relationship, statement singled out the "morning", that "the central bank since I assumed responsibility for the work to bridge the gap in his dealings," noting that "it was the finalization of the new version and leave the old ways,
Millionday: NOTE -- THEY ARE BRIDGING THE GAP AND DOING A DIRECT PREPARATION OF THE STUDY TO MONITOR THE REMOVAL OF THE THREE ZEROS AND LEAVE THE OLD WAYS -- WHOOOPOW -- TOMORROW
Millionday: coupled with certain conditions can not remain governor at the central bank, which has the functions and the functions and activities of a large and important for the national economy. "
Governor of the Central Bank, explained that "It is not true that the central stays busy selling the currency like ATM daily",
stressing that "the transition to a new phase is to conduct foreign remittances through the banking system within the mechanism developed for it."
Millionday: NOTE -- HE DOES NOT WANT TO LEAVE HIS POSITION AND IS DENYING THAT HE HAS BEEN JUST SELLING US DOLLAR DAILY AND NOT HIS JOB –
THE TRANSITION OF THE NEW PHASE IS FOR FOREIGN REMITTANCES THROUGH THE BANKING SYSTEM -- AND THIS IS FOR THE MECHANISM WE HAVE READ IS PREPARED FOR IT
Millionday: NOTE - THIS IS ALL A STATEMENT FROM THE GOV OF CBI
Millionday: Keywords added that "All banks reported this mechanism", and as pointed out that "the Central no longer a party to the process of buying and selling the currency," revealed that "on Sunday will be the application of this mechanism."
And on the project to delete the zeros from the currency stated Keywords that "the project is still there "adding that he" has direct development of a study to demonstrate the feasibility of its application and to ensure the safety of its application procedures
".ofatt that" Central will take enough time in the implementation of this program, "pointing to" develop a plan for steps the project to delete the zeros ".
Millionday: NOTE -- ALL BANKS ARE READY AND HE IS PREPARED TO MONITOR THE ENTIRE POLICY- THE NEW ONE -- AND NO LONGER WILL THE AUCTIONS BE PART OF THIS –
THIS IS THE MARKET MECHANISM WE HAVE BEEN TOLD HAS BEEN PLANNED –
HE WILL AND THE EXPERTS WILL BE CHECKING THE REMOVAL OF THREE ZEROS TRANSITION AND THE STEPS TO COMPLETE IT -- AS IT WILL TAKE TIME TO BE COMPLETE
Millionday: On a related matter, A report issued by the Central Bank of Iraq, "morning" received a copy of it, for it is based on the provisions of the Iraqi Central Bank Act for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against foreign currency through the optimal use of foreign exchange resources to meet the needs of all
and not the central occupancy tasks which is at the heart of the work of the banking system and the relevant departments, with a commitment to the requirements of the Anti-Money Laundering Act and the Financing of Terrorism Central decided to new instructions issued in this regard.
Millionday: NOTE - IN THE MORNING THE ACTIVATION OF THE MONEY LAWS WILL BE DONE AND ALSO ALL THE STEPS DESIGNED TO MOVE FORWARD WITH THE EXCHANGE RATES
AND ITS STABILITY ALONG WITH FOREIGN EXCHANGE RESOURCES DESIGNED TO MEET THE NEEDS OF THE BANKING REFORM
Millionday: NOTE -- THIS MEANS THE 22ND OF FEB -- SUNDAY
Millionday: According to the statement, "The Central Bank of Iraq to strengthen banks balances wishing to do so at their correspondents abroad to finance permitted banking operations law and set out in detail in the attached list,
according to the appropriate indicators to ensure the stability of the exchange rate and trade finance and other operations. "
The statement added that "the banks are willing to strengthen their balances dollar deposit the equivalent in Iraqi dinars in their accounts of the type 216 before fifteen days from the date of submission guarantee coverage amounts equal to their requests,
to be not less than the amount required for a certain extent decided by the central bank ".albean continued that" the bank submit a written application to the Directorate General
Millionday: NOTE -- ALL PLANS THAT HAVE BEEN AGREED UPON IN THIS PHASE WITH THE INVOLVED INTERNATIONAL COMMUNITY WILL ALSO MOVE FORWARD AS PLANNED
Millionday: of investments which are required to strengthen the tally with its representatives abroad, attach a copy of the entry to strengthen the balance of his account in Iraqi dinars from type 216 equivalent amount to be converted,
that served with the request and subsequent reinforcement disclosure shows the details of the amounts used, which was converted to its customers.
"He pointed out that the central" applies the principle of "know your customer" for the purpose of legal and banking safety of special procedures Bmstryate and sales of foreign Various applications currency ensure and the observer compliance department of internal control and the unity of money laundering at the bank to play its role in this area and to report any suspicious transaction it. "
Millionday: NOTE -- THEY ARE ACTIVATING ALL TRAINING THAT HAS BEEN DONE IN THE BANKS TO ENSURE THAT THEY ARE WATCHING THEIR CUSTOMERS AND ALSO MAINTAINING COMPLIANCE AS THEY HAVE BEEN TAUGHT
Millionday: It pointed out that the bank "retains disclose accounts with correspondents showing the account movement and uses of funds transferred by the central bank."
The statement noted that "the banks are sending statements, details of the amounts transferred in foreign currency by the Central Bank of Iraq and their use to the Directorate General of banking and credit control."
Millionday: NOTE -- THEY ARE COMPLYING WITH ORDERS GIVEN TO KEEP UP WITH ALL FUNDS AND THE ACTIVITIES THAT ARE MOVING FUNDS WITHIN THE COUNTRY AND OUT
Millionday: and that "the sale of the dollar to strengthen the balance abroad for the purposes of all by 1187 dinars per dollar, and the price cash sales shall be 1190 Iraqi dinars per dollar, "
pointing out that the work" continues to Ptalimatna own cash sale through the Department of window buying and selling foreign currency,
are not required to provide lists of the names of the buyer dollar in cash, and reserves the vendors 'banks and companies' disclosures detailed the names of buyers and documents enhanced so and regulated by the Central Bank of the field. "
Millionday: NOTE -- THEY HAVE TO ALSO AUDIT THE AMOUNTS THEY HAVE IN BANK ACCOUNTS AS IN THE DFI AND ALL OTHER MONIES THEY HAVE HELD IN BANKS OUTSIDE OF IRAQ
Millionday: handles the Directorate General of banking and credit control, according to the statement, following up the implementation of banks to the instructions in the event of any irregularities exposed the bank to the sanctions set forth in applicable laws and regulations. "
Central detect and put a plan with the banks for "capacity building and to create possibilities for expansion in the documentary credits in the banking practice of foreign trade, "null and void" all previous instructions that are inconsistent with these instructions.
Millionday: SO ALL PAST INSTRUCTIONS CONCERNING THE IRAQI DINAR ARE GOING TO BE "NULL AND VOID" THAT WERE PUT IN PLACE DURING SANCTIONS –
AND ALL LAWS THAT GO AGAINST THE NEW POLICIES AND BANKING WILL BE MONITORED AND OF COURSE REMOVED OR AMENDED ON THE SPOT DURING THIS MONITORING OF ALL MECHANISMS PUT IN PLACE FOR THIS NEW PHASE OF ECONOMIC CHANGE FOR IRAQ
TrueDinar: So all this means is that Monday we have a great chance to go to the bank and cash in?
Millionday: THIS MEANS WE STILL DONT HAVE A DATE OR RATE BUT CBI IS MAKING HUGE CHANGES THAT THEY HAVE BEEN WORKING ON FOR THEIR REFORMS
AND WE SHALL SEE WHAT COMES OF THIS AND WHAT IMPACT IT HAS TO ALL THE VALUES OF THE IRAQI DINAR DUE TO THIS CHANGE
H-Spot: kinda the same question i guess..In your opinion, is this saying what I think everyone is hoping it is saying…in the beginning of the report?
Millionday: OH BOY -- I AM IN THE BOAT PADDLING WITH YA HUN
carpet: so they say it will take time to delete the zeros in your opinion do you think days weeks or?
Millionday: NO I THINK THAT MEANS FOR THE PROCESS TO BE COMPLETE -- FROM BEGINNING TO END
MGM: So according to this, if Im reading it right, tomorrow should be the last auction correct?
Millionday: YES ACCORDING TO THIS THAT IS THE FIRST SIGN WE SHOULD SEE -- NO MORE AUCTIONS
Craveman: Would you agree we will never have a date? Only a rate right?
Millionday: I WOULD AGREE THAT IT WOULD JUST SHOW AND NO DATE WILL EVER BE GIVEN AHEAD OF TIME -- YES
mcpreacher: so.. I am confused by the translation etc. does this mean that RV could happen at any time, maybe on publication of budget Sunday,--- or does the deletion of zeros refer to the RV, and is something that will still take much time in preparation?
Millionday: YES THIS MEANS THAT THEY COULD BE SETTING THE INTERNATIONAL RATES AND THE NEW PURCHASING POWER FOR THE DINAR AS WELL PER THE GLOBAL PRICING INDEX
AND ALSO ACTIVATE ALL INTERNATIONAL BANKING AND TRADE MECHANISMS AS THEY GO –
WE JUST DONT KNOW AND HAVE TO WAIT AND SEE BUT I HAVE TO SAY -- THIS IS VERY EXCITING
H-Spot: you may have just answered it there, but don't they have to have a rate to delete the zeros?
Millionday: THE REMOBVAL OF THE THREE ZERO CURRENCY WOULD BE A RESULT OF NOT NEEDING THE LARGER DENOMINATIONS
H-Spot: yes, therefore a higher value
Comments may be made at the end of Part 2 Thank You