Go to Comments
Iko Ward: Stop missing the forest for the trees. If one tree falls does the forest disappear? You think this world wide event is dependant on one man or one entity or one philosophy. Wake up!
Catalina: IKO, hate to put you on the spot...but any new intel?
Iko Ward: Sorry, had to take a call. Yes, the rate has been set in Iraq by the CBI and we are expecting confirmation any moment. What comes after an announcement of an internal rate by the CBI? Class dismissed.
Iko Ward: Every source out there hearing the same thing.
Jael: Yay!! IKO... Lets see we should look for rates on the Qi cards all over....PP funded...800's out....then us!!!
Snickers: I'm thinking the date the rate was set, and the date of the announcement of that, are two different things. Maybe they'll happen close to one another, but we don't know. Hopeful.
Tank: Now, don't get too excited yet, anything could happen....HAHA Forget that! Laugh and cry until your backs hurt! It's going down!
Wolfy: IKO-my cousin in Baghdad is saying it is done in Iraq--you say the same thing??? Thanks
Cool1967: wolfy is it RI or RV?
Wolfy: cool--im trying to find out
Rod: wolfy...you think we havent heard the announcement yet...to give the call centers time o people into them
Tank: Rod, I heard they needed two hours after it went live in Baghdad
Wolfy: well, all I know at this point is what my cousin said--he said it was done in Iraq - and that was all he knew at that time--soooo I am still waiting…. My cousin didnt know if RI or RV but he did say they had the rate set now--that was good enough for me
Malefic: GE, everyone. A little bank story from earlier today. Business associates have an LLC that owns IQD. They bank at WF(Atlanta). Last Nov. they were called to WF & swapped the IQD for an SKR at an agreed upon rate of $3.58. Their bank officer called today and said they expected to have funds in their account by the end of the month; didn't give a specific date. Sounds like things are definitely moving in the right direction.
BODI: HI NOHAVEC...SO HOW DID YOUR PI INVESTIGATION GO? WITH SMALL BANK GO
Nohavec: My dear friend asked me to be a PI to find out what was going on, so we drove out there and played "customer".
I posted all the info - lots of new employees, had 6 wait on me making a $50 new account, they openly talked about the currency, said they were glad I had dong, and when I left 6 of them said " good by Pat, see you soon" - no date was mentioned just instructions IF it went….
Bodi, keep in mind I've never been in that bank location, only drove by it. Also, Wells here has always been negative about it. AND, only 2 tellers normally, today 5…..
It is a 2 man small branch that norm is 2 cars or less - today over 20, packed, new employees, 5 tellers, extra management
Beamer: Delta from Franks group >>but indirectly the IMF is telling Iraq you have to show me a new rate by the end of February….now the I-TEAM is saying a similar thing…watch for something to come from the CBI on the Arabic side….IMO….if they are following the IMF game plan then we should see a rate by the end of this month
Acdc: On f26 call it is being reported 1-1 exchange with many celebrations. This Is what dr Clarke thought would be 1 st week of March than Rv after. He reported an update that that item has changed and Rv will be week or 3-1. Well the 1-1 had to happen. A strep necessary in methodical process of re entering into world ecomey. So imo we should here about shabbi before 2/22
Beamer: These systems are changing. And it’s already happening. All the alternatives and resources already exist >>https://www.sovereignman.com/podcast/dont-count-on-banks-and-governments-to-go-gentle-into-that-good-night-18659/
Skunkworks: Zimbabwean President Robert Mugabe wants 1.5 billion a year to feed his people because of "global warming". http://www.investors.com/politics/editorials/mugabe-first-to-u-n-trough-in-global-warming-shakedown/
Harvestime: This article is talking about the ceremony that Delta told us about at the CBI and they refer to it as a LAUNCH CEREMONY!!!!
Walkingstick: Strategic central bank
Author: Yasser incumbent 2/17/2016 0:00
Now the Iraqi Central Bank has set the main lines of the course of monetary policy for five years represented by firing strategic plan for the years 2016 - 2020, which had its opening ceremony of a high-level presence in the person of the President of the Iraqi parliament and the collection of the respective personnel in the banking sector who are the owners of the need for the central vision of the future with their activities.
Characterized by strategic clearly and transparently presenting perceptions of those in charge of the central bank in dealing with the economic situation as a whole, considering that money is the main driver for all economic actors and including the houses of capital participated in the launch ceremony means that they are aware with all requirements out of the grim financial crisis, and thus the central vacated discharged the responsibility of tripping for clarity Strutijeth.
Then there is a real need to clarify the nature of the relationship approaching on the implementation of this strategy and it is essential that people with groping involved in their implementation of the direct relationship they arm the central bank and the banking sector of the task entrusted to them.
Now required to work on the dismantling of this strategy according to the required roles of all the arms in question to ensure the success of this strategy in achieving the goals required to achieve financial stability, meaning that they can be the entire banking sector in response to both the private Awaovernma to hedge and determine the effects of the crisis .althadi most prominent facing this strategy lies in the gap in the ownership of modern technology and the adoption of international standards in banking transactions between the private and government sectors, where the government sector remained late in the recruiting technology.
This challenge requires first to legislate unzip government banks link the Ministry of Finance and linked Bantrza and then restructured so they can be to compel it to its laws and instructions and then privatized and thus implement the strategic smoothly.
Therefore, we stress the importance of attention to the experts calls for the necessity of homogeneity of monetary and fiscal policy in order to respond to the crisis effectively so they can achieve basic financial stability in achieving the desired economic stability.
Walkingstick: The final accounts for the second year of the reign of al-Maliki reveal dispel 75 trillion dinars
Writings Tuesday , February 16, 2016 22:17 am
Eight years after the Iraqi parliament succeeded to reveal the details of the final accounts for 2007 for the second year in which Nuri al-Maliki served as prime minister since confirmed the loss of 75 trillion dinars does not know her fate.
The report also monitor the violation of the Ministry of Finance to grant cash advances totaling 5.522 trillion dinars without the presence of customize them based on special Council of Ministers decisions.
the report shows that foreign debt amounted to (50.201) billion dollars, while domestic borrowing reached under the treasury transfers (3.746) trillion dinars.
the report of the final accounts for 2007, the number of violations and financial irregularities recorded a lot of ministries, government departments, resulting in the loss of money and large sums of money. The report also monitor cash advances multibillion-dollar exchange rate.
The attention of the report, read by the House of Representatives at the meeting yesterday ,, that, "remarked the first time the separation of current and investment Almoisntin after it was built for previous years as well as to provide some government departments and financial statements for 2007 to the Ministry of Finance making the final accounts are incomplete. "
according to the report, the government departments that failed to submit their data, are: Ministry of Defence / military shops Directorate. The Ministry of Foreign Affairs / Research Service. Intelligence agency. The Ministry of Finance / Development Fund and bulletin announcements. The Ministry of Higher Education and Scientific Research / Diyala University, and the University of Yarmouk.
The report notes that "the application of the new government accounting system on the state accounts as of 01.01.2007 made it difficult to make comparisons with the corresponding previous year."
The report indicates the "continuation of the Ministry of financial grant advances without an allocation of a building on the private decisions of the Council of Ministers totaling (5.522) trillion dinars. "
the report also pointed out that" the external debt amounted to (50.201) billion dollars, while domestic borrowing amounted to under amounts own treasury vouchers, ( 3.746) trillion dinars. "
the report said that" the size of the total budget revenues amounted to (42.064) trillion dinars, while actual revenues amounted to $ (54.965) trillion dinars. " He said the "expenses, certified with the revised, was (53.672) trillion while actual spending total amounted to offset the year 2007 the amount of (39.308) trillion dinars."
The report notes the existence of a surplus in the 2007 budget amounted to (15.700) trillion dinars, while the surplus accumulated for the years 2003 - 2007 (about 52.060) trillion dinars.
and did the House of Representatives, in its meeting yesterday, read the report and discuss the final accounts of the Republic of Iraq for 2007, submitted by the Finance Committee, which considered that the investigation into some financial issues, including the final accounts, the prerogative integrity Commission.
the Commission emphasized, during the presentation of the report of the final accounts, that "the BSA statement illustrates the wrongfulness of conduct and how healthy behaviors, especially that have a significant impact on financial transactions." The Commission pointed out that "the districts said in a report of the final accounts for the year 2007 were obligated to submit their final accounts in 2008".
And the deputy Sarhan Slevana, a member of the Parliamentary Finance Committee, (range), that "nearly 75 trillion dinars missing as the report indicates the final accounts and is being searched for by the audit Bureau and the Finance Committee in the House of Representatives. "
He pointed Slevana that" the budget surplus for 2007 did not explain the regulators how it was spent by the previous government as well as having cash advances did not know the actors received, and therefore no longer this amounts to the Treasury in spite of eight years after the grant. "
on the other hand, says MP Razak mheibes, a member of the Commission on oil and parliamentary power, that" it is supposed to provide the final accounts with the federal budget not be sent after eight years. "
He mheibes , L (range), said, "Send the final accounts to parliament for a fee next year's budget," but he also said, "but what is happening now is contrary to the law and the Constitution."
Walkingstick: Tuesday, February 16, 2016 - 02:00
Dollar Pegged Countries Under Heavy Rate Strain
Only on the streets of cities like Cairo, Abuja or Tashkent can you gauge just how much pressure developing countries are under to ease controls on their currencies.
Individuals and businesses in five nations across Central Asia, the Middle East and Africa are paying anywhere from 4% to 136% more than official exchange rates to get their hands on dollars, according to a Bloomberg survey. So-called black markets flourish at times when there’s a shortage of greenbacks and are one indicator of how much a currency should be allowed to depreciate to reach its fair value.
Central banks that uphold pegs have been under strain after tumbling commodity prices and slowing global growth weakened currencies from Brazil to Russia by at least 19% in the past year. In the four months that followed China’s shock devaluation of the yuan in August, Kazakhstan, Argentina and Azerbaijan abandoned control of their exchange rates to boost competitiveness and avoid draining reserves.
“There is enormous pressure on some of the pegs in emerging markets, with the unofficial rate diverging significantly from the official one,” said Bernd Berg, an emerging-markets strategist at Societe Generale SA in London. “Countries like Nigeria are maintaining fixed exchange rates that are unsustainable. Once the pegs break, investors in the local currency face significant losses.”
In Argentina’s case, the move to a free float in December eliminated the 4.2-peso gap between the official and black market rates. In the months prior to the move, it cost as much as 50% more to buy the currency on the street than at the central bank rate.
That premium is similar to what currency vendors in Nigeria’s capital Abuja are charging for dollars now, while hawkers in Tashkent are demanding more than double to convert the Uzbeki soum. The cost to buy the US currency in unregulated trading in Egypt keeps rising even after the central bank devalued the pound three times last year.
The street rate “is a better reflection of where a market-based rate should be,” said Simon Quijano-Evans, the chief emerging-markets strategist at Commerzbank AG in London. It shows “how domestic participants and individuals really feel about their currencies,” he said.
The existence of a black market isn’t the only indicator that a country may be on the verge of changing currency policy. There wasn’t a parallel rate in Kazakhstan when the country relinquished control of the tenge to boost competitiveness for its goods in neighboring China and Russia.
Since Africa’s biggest crude producer started managing the naira at 197-199 per dollar in March 2015, oil prices tumbled more than 40%. Under these pressures, central bank reserves fell to $28 billion this month. Non-deliverable forwards predict the naira will drop another 30% from the official rate to 288 in 12 months, approaching the black market level that exceeds 300 per dollar.
Angola has been reducing the amount of foreign exchange it makes available to banks and businesses over the past two years to stem the drain on reserves that fell to the lowest levels since 2011 last year. The central bank let the kwanza depreciate 24% in 2015 and another 15% last month. But that may not be enough, with hawkers selling the currency at a premium of 136% to the official rate at 161 on Friday.
Egypt’s ability to defend the currency with reserves has been crippled since the so-called Arab Spring uprising five years ago triggered political instability, drove out foreign investors and curbed tourism, one of the country’s biggest sources of hard currency. The pound, which has fallen 26% since the end of 2010, is still under pressure as street vendors in Cairo charge 8.75 to buy dollars, compared with an official rate of 7.83.
A slowdown in China and a plunge in the currencies of Russia and Kazakhstan, Uzbekistan’s biggest export markets, are weighing on the Central Asian economy. While low external debt and “large” international reserves provide a cushion, Uzbekistan is likely to allow the soum to weaken at least 15% this year to restore competitiveness.
The black market rate of 5,950 in soum is more than double the official level at a record-low 2,837. The central bank let the exchange rate slide 13% in 2015, compared with drops of 20% for the ruble and 46% for the tenge.
This country of 8 million people borders Uzbekistan, Kyrgyzstan, China and Afghanistan in the heart of Central Asia. It relies on remittances from workers abroad. The Tajik currency dropped 25% last year and trades at 7.84 per dollar, compared with an unofficial rate of 8.15.
Short Url : http://financialtribune.com/articles/wo ... ate-strain
For comment section, please scroll down. Thank you.
This website uses marketing and tracking technologies. Opting out of this will opt you out of all cookies, except for those needed to run the website. Note that some products may not work as well without tracking cookies.Opt Out of Cookies