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tell em what Shab's says.....not some advisor, and the MOF has an agenda......in Iran's back pocket.
What else ya got?
I purchased in country....but several dealers will sell, Ali at DinarTrade is one.....
go ahead maybe they will be impressed ( not a fan of them wannabe gurus either).....who knows maybe you can convince them your an engineer.
I'll be the first to say you was right.....but a lop isn't going to happen.
Are you gonna be here after the RV happens?
hmmmmm....lot of opinion with no reasoning....imagine that.
U.S. Embassy: determined to make Iraq the "best" economic Powers
23/04/2010 13:29
Baghdad, 23 April (Akaniwz) - The commercial attache at the U.S. Embassy to Iraq, said Friday that the United States is determined to make Iraq a "best" countries economically.
Jean-Psoer in an interview told the Kurdistan News (Akaniwz) "The United States will adopt a comprehensive plan in coordination with the Iraqi government to make Iraq the best country, economically and commercially through the activation of investment projects and to invite American companies and private to the implementation of projects in Iraq."
He pointed out that "the withdrawal of U.S. troops from Iraq in 2011 limits will not affect at all the trends of the United States in the maturing of the economic project in the country and seek to support the infrastructure projects that I lost Iraq over the past years."
Psoer added that "there are more than 110 U.S. companies will come to Iraq following the formation of the next Iraqi government."
He pointed out that "The U.S. administration plans to approach the States requiring Iraq to give up part of the aim of opening the way for economic recovery in the country."
Psoer and that "the framework agreement (strategic) concluded by Iraq with the United States as an economic agreement as a distinct support Iraq economically in the Middle East."
Iraq had signed in June 30 of last year, an important agreement with the U.S. side urges the U.S. to support Iraq economically.
(Akaniwz c) m 23/04/2010
http://translate.google.com/translat...ate.google.com
http://en.aswataliraq.inf/?p=127953
No plans to make ID1000 = $1 – CBI
March 3, 2010 - 05:01:06
BAGHDAD / Aswat al-Iraq: There are no plans to make the exchange rate of ID1,000 equal to $1, Central Bank of Iraq (CBI) said on Wednesday.
“Iraq’s currency policies are far from such decisions,” the CBI said in a release received by Aswat al-Iraq news agency.
The CBI said that the current exchange rate, ID1,170 = $1, is balanced, stable, and can be preserved through Iraq’s foreign currency reservoir of $43 billion.
MH (P)/SR
http://en.aswataliraq.info/?p=127953
Structural Repair Mechanic? or Manual?
they date back to the 40's with comparable rates....tied to the Sterling.
Iraq's core inflation falls to 3.4% in February
MENAFN - 18/04/2010
(MENAFN) An official at the Central Bank of Iraq said that Iraq's core inflation, which excludes fuel consumption, continued to slow in February, dropping to an annual 3.4 percent rate in February from 3.7 percent in January, Reuters reported.
Subdued inflation allowed the bank to drop its key policy rate by 100 basis points to 6 percent this month, although the rate is largely symbolic in an economy emerging from war and still largely disconnected from the global financial system.
The central bank said when it cut the policy rate at the start of April that it hoped to encourage commercial banks to increase lending to boost economic growth in the broader economy.
http://www.menafn.com/qn_news_story_...yId=1093323076
What Causes An Appreciation In The Exchange Rate
By Richard Pettinger Platinum Quality Author
An appreciation in the Exchange rate can occur for various reasons. The most significant reasons include higher interest rates and lower inflation. An appreciation of the exchange rate can have a significant impact on a country's economic growth and inflation therefore it is important to understand what can cause an appreciation in the exchange rate.
1. Higher interest rates. If interest rates rise then it makes it more attractive to save money in UK banks and UK financial securities like bonds. Therefore this causes increased demand for sterling to deposit money in the UK. This is called "hot money flows" The higher demand for sterling causes an appreciation of the exchange rate. It is a significant factor because of the high volume of foreign exchange which is transferred between countries to take advantage of differences in interest rates.
2. Inflation Rates. If inflation in the UK is lower than elsewhere then it makes UK goods relatively more attractive. Therefore there is an increase in demand for UK exports and therefore higher demand for sterling this will cause an appreciation. This is a significant factor in the long term.
3. Speculation. A lot of exchange rate movements are due to speculation. If people think an exchange rate may increase in the future then they will buy now to try and make profit. Therefore this speculative buying causes significant fluctuations in the exchange rate. The attitude of foreign currency dealers to an economy is very important for determining the exchange rate.
4. Increase in competitiveness. This is related to lower inflation. If a country becomes more competitive because of increased labour productivity then there will be more demand for UK goods and the exchange rate.
5. Current Account Surplus. This means the value of imports (of goods and services) is less than the value of exports. Therefore more foreign currency is coming into the country than going out. (although it may be offset by a surplus on financial / capital account.
Ema-266..Ranger77....Phoenix.....Secretkey.....all the same person!
Kelly'sBlog is his significant other also.....Why all the name changes and conspiracy stuff?....think about it.
Finance Ministry to cooperate with Gulf banks
Tuesday, April 13th 2010 2:16 PM
Baghdad, April 13 (AKnews) - The Iraqi Finance Ministry is looking forward to combine the banks of the Iraqi government with the economically developed Gulf states", an official security source at the Finance Ministry said today.
"The economic ties with the developed Gulf states would support the Iraqi economy in the next stage, especially that Iraq has many economic problems," the Adviser of the Ministry, Zuhair Abbas, told the Independent National News agency of Kurdistan (AKnews).
He said the Ministry, in coordination with the Iraqi Central Bank and the Foriegn Ministry would hold continuous meetings to discuss the possible frameworks in the composition of combination with large banks in the Gulf States."
"The combination won't exceed banking and financial cooperation in addition to advices, and it is not considered a full combination, becausethe economic situation in Iraq differs from the economies of the other states."
Abbas said that "more than 6 Gulf banks expressed their wish to facilitate the process of combination to carry out money exchange between Iraq and those countries and the work of Gulf investors in Iraq."
"The most prominent problem in the subject is the difference in prices of Gulf currencies and the Iraqi currency, but serious attempts were exerted to resolve the problem as soon as possible," Abbas said.
Rn/SH (AKnews)
http://www.aknews.com/en/aknews/2/134941/
by that description I'd have to say CH-53E......
really?....what's my motive then?....
I do not support any dealer....never have never will, and I do not sell dinar.
the following was posted ‘elsewhere’ by a friend of mine. He has a good bit of time on his hands and is studying (perhaps to the level of obsession) the potential rate for RI/RV. Knowing your background, I submit this to you for appraisal and evaluation. Your insight would be greatly appreciated when you have the time…
(…the names have been changed to protect the innocent.)
DarkKnight
FRED’s Law of Energy/Currency Economics
Post FRED Today at 1:55 pm
FRED’s Law and Energy/Currency Economics
The last 3 months, I have been running numerous possible and viable mathematics calculations, on IMF REER and Exchange Rate Methodologies, use by International Banking and the IMF for valuations of currencies.
I want you to understand, that all methodologies are based on economics ‘Theory’. That is a fact, and is stated in the IMF document entitled “Real Estimated Exchange Rates” at the IMF.
Anyway, using numerous sources, including the IMF, CBI, CIA and GOI Ministry of Finance and Planning documents, and reports given by these agencies, I have ran many possible calculations on economics models, and have come up with some interesting data.
The estimates I have are consistent with and ERM at about $.20 to .36 as an initial rate, and can easily be driven to about 1.50 or higher, over the course of about a year or more, just as has been suggested in some recent articles, an opinions of some of the Ministers and MPs in Iraq.
I would say, further, that it is entirely possible, IF the IMF does not ‘Freeze’ the rate, it could go much much higher than 3.22, but would be temporary and very unstable at rates higher than that, unless they withdraw and reduce the currency supply back to significantly less than 6 Trillion IQD in circulation, which I believe is part of the ‘Plan of Action’, in the ‘Post DFI and agreement with the UN per Article VII and with the IMF per Article VIII agreements.
WILMA and I were up late last night and calculated a potential, and viable strategy, that I believe Iraq plans to use, in the ‘Process’ over the entirety of 2010 and part of 2011 to increase the value to the ‘Planned Rate’. {I do not know that rate, but could be post Saddam or Post War rates, ranging from 2.50 to 3.50, but could also be a plan to settle into ranges of the MOP feasability study and contract models, ranging from 1.13 to about the average of the British Pound, which was the traditional value, since about 1917.}
The methodology we discovered last night shows a potential starting value of this ‘Process’, at as much as .36 and would progress it’s way up, on a “1/2 to 2 1/2% banded Peg”, which if allowed to go unchecked or regulated or frozen…. could be driven as high as rates even over $10.
At this point, I want to ‘Bust’ a couple of 100% ‘Myths’, concerning the free market and low rates initially.
Many have said, often, “If Iraq comes in too low, the speculators would bankrupt the country, because they would drive the prices and value through the roof and Iraq could not recover from that.”
It is probably true that the Market and Foreign exchange, forex and other markets, would indeed, drive the value exponentially, if they come in low. However, it is 100% false, that Iraq would suffer from that. The fact is, that Iraq would profit greatly from that, just as would any other trader profits on the spreads, the more it moves, the more times that spread is made, by CBI and the GOI, just as would it be also true of the Forex marketers and brokers, (Exchange Bankers). The fact is this….. those values are not paid for by Iraq, but by the people using the currency, and they as well benefit from the values being driven up, with purchasing power given. The companies and other markets, benefit as well, because real value of labor and commodity is increased as the purchasing power is increased.
I would like to share with you some lessons in Economics, that is a bit more advanced, than Econ 101, Supply and Demand. It is a concept used by the power drivers of the world banking cartels and even the infamous Kabals, dating back to Mayor Amschel Rothchild, in Energy Economics, as shown in “Silent Weapons for Quiet Wars”
http://www.lawfulpath.com/ref/sw4qw/index.shtml
Now, if you dare to follow the theory of Energy Currency Economics and to understand the concept that Currency is Energy and Power, just as is Voltage and Amperage, I will tell you a mystery…..
FRED’s Rule: Money is Energy. Currency = Power.
FRED’s Law: “Energy produced into a state of oversupply, reduces the cost of power, because the cost of the power it takes to produce energy, is also reduced.”
What I am saying here is more simple than you may think. It basically proves, that an increase of money supply and purchasing strength,is not inflationary. It simply increases the production of more power at a lesser cost of the labor it requires to produce it.
In other words, it reduces the cost of the labor it takes to produce more money, by increasing the amount of things of value produced by that labor, meaning, the worker enjoys greater purchasing strength, per hour of labor, requiring more money= energy to be in circulation.
Here is what I am driving at concerning Iraq.
*In 1984, there was about 25 Billion IQD in circulation at the rate of $3.22 per Dinar…. about $80 Billion in purchasing strength.
Oil was about $15 per barrel.
**In 2010, there is about 23 Trillion IQD in circulation at .000865 per Dinar…. about $20 Billion in purchasing strength.
Oil is over $85 per barrel.
Here is where it gets really good…. (stay with me on this and you will understand why it is good that Iraq starts at a lower rate and progresses higher, than starting high and freezing the rate.)
OK…. we need to consider the following:
1. Assuming that the population of Iraq is the same as in 1984, which I imagine it is significantly higher, (which would increase demand for additional liquidity, that was $80 Billion);
2. Assuming oil production then was about the same as today, (which the estimated projections are significantly higher, and would also increase the projected purchasing strength of the M0, M1 and M2s);
3. Assuming the world demand and per capita income and volume of GDP is the same as 1984, (which is projected to be way over those rates, maybe as much as by 10 times and would also increase the demand for additional liquidity in the market);
4. Assuming World Demand for Iraqi commerce and money is the same as 1984, (which is absurd, it would increase exponentially and there will be additional demand for additional liquidity and increase the value if more is not added to circulation):
Now we can get to the good part.
Assuming 1-4 above without factoring in additional demand for more liquidity, all things in 1984 being equal to today, the current value of IQD in circulation is a minimum of 4 times undervalued. Todays rate = 1170/.000865. Multiply that by 4 = 292/.00346 (3.5/10ths of a cent.) Stay with me now…. lol
Oil is 85% of the Iraq economy, so it is safe to estimate, that the price of oil is a good determining factor of inflation by world economics compared to Iraq. Oil is currently projected at about 6 times that of prices in 1984. Multiply 292/.00346 x 6 = 49/.02 (2 cents)…. whippy! lol
Now, you can start considering those missing factors in items 1 – 4 above, and take a reasonable estimate of increasing the per capita income by a minimum of double, and redouble, that by the GDP, Reserves etc. and create a demand to liquidity ration, without yet factoring the outside world demand and arrive at $.04 and .08 per IQD.
Then factor in additional external market demands outside of Iraq by a minimum of double, and you now have a basis for $.16 per IQD.
Any reasonable economist, would predict, that those demands and market forces would easily create more than double that this year, and does not yet include the aspect of removing IQD from circulation. That would set a 2010 basis for and ERM at about $.32 or .33.
Now…. I would imagine, that the market forces are going to be significantly higher than these estimates, and they can remove currency from circulation, by up to 90% which would over the course of time, increase the buying power both of the overall supply but the individual IQD by 10 times. $3.20 to $3.30, but would take a series of increases over the coming months, in and ERM with a Banded Peg Mechanism, as was told by BARNEY’s friend, who also has the IMF contact who gave that intel last week!
different news sources but normally the same couple of people making the statements......odd how they contradict themselves so much.
just one of many articles we've seen over the last several years....no doubt we'll see another one contradicting this one shortly.
Still feel that is what will trans-spire.....smaller denoms then large denoms removed when they hit the bank.
Undersecretary of the Ministry of Planning: Delete the zeroes from the currency
11-04-2010
Baghdad / Orr News
Undersecretary, said the Ministry of Planning Mahdi Keywords that the implementation of the proposal to delete the zeroes from the currency from the Central Bank of Iraq fast and sudden decision would have serious implications on the consumer and the market.
And he said: "The proposal to delete the zeroes of the Iraqi currency if it is implemented in an abrupt manner and a quick decision would have serious implications on the consumer and the Iraqi market during the coming period." Indicating that he "should the Iraqi Central Bank to adopt the implementation of this proposal in a gradual and in turn so as not to be the effects of serious consequences of this resolution on the market and the consumer."
The effects of the proposal to delete zeros currency Central Bank of Iraq sensation Government bodies and economic development in Iraq regarding the extent of its implementation will soon affect the Iraqi currency in the current circumstances faced by the Iraqi economy in the increasing rates of unemployment and inflation.
Was Planning Minister Ali Baban, had confirmed in an earlier statement that "the proposal to delete the zeroes of the Iraqi currency will influence the symbolic and limited to the Iraqi economy and barely mentioned and not the great advantages," unlikely to be making such a decision during the current phase and before the formation of the new government.
Baban said that "the decision to delete the zeros of the coin will leave traces positive or negative impact on Iraqi economy," he said, adding that people's fears and anxiety of that proposal is not justified because the deletion of zeros will not have notable effects on the purchasing power of the Iraqi dinar, before denying that Central Bank of Iraq and a formal decision by deleting the zeros of the Iraqi currency current.
He stressed that issuing such a resolution is a matter of administrative process for administrative and political In the country to create a clear monetary policy and that this requires a study of contracts and construction projects that had not been completed yet.
http://translate.googleusercontent.c...TTcBR5Uhhykj0A
Many here have maintained that the CBI's 30 Trillion monetary base (money supply) cannot sustain a 1:1 revalue. I still say anything is possible with the Banking Cartel. I've done some research OFF-LINE (public library) and found the following -- According to the Fitzroy Dearborn Encyclopedia of Banking & Finance (tenth edition - Charles J. Woelfel) the following definitions were provided. Unfortunately this was obtained off-line (library), and you will have to do your diligence to obtain same information.
1- Swap Network - p.1102. A series of short-term, reciprocal credit lines in foreign currency operations. The swap network enables the Federal Reserve to exchange (swap) dollars for the currencies of 14 foreign nations through their central banks, up to previously agreed upon amounts. The Bank For International Settlements (BIS) is part of the swap network for the specified currencies it holds.
Any participant can initiate a swap drawing. Transactions are conducted through the Federal Reserve Bank of New York, which acts for the Federal Reserve System and the United States Treasury in foreign currency operations. As in domestic money market operations, the New York Fed acts under authorization and a directive from the Federal Open Market Committee (FOMC). It also consults closely with the U.S. Treasury on all operations.
2 - Open Market Operations - p.869. The purposes of open market operations may be summarized as follows:
1) to contract or expand the volume of excess reserves of members banks and thus affect the credit expansion power of member banks,
2) to influence the level of money rates through the quantitative effect upon bank excess reserves,
3) to provide orderly markets for government securities,
4) to influence the market for bills and commercial paper and levels of rediscounting and borrowing by member banks,
5) to exercise effect upon foreign exchange markets and international capital movements through the effects upon money rates.
3 - Monetary Base - p. 751. The liabilities of the Federal Reserve System are its currency and the deposits of member banks. The total of these two liabilities is called the monetary base. Changes in the MONETARY BASE, through an OPEN MARKET OPERATION, for example, are the FIRST step towards changes in the money supply.
So the dinar that is currently on the CBI's books as a "liability" may be "swapped" or interchanged with other member central banks or Federal Reserve agencies for "assets" such as (OTHER foreign curency, gold, silver, etc (OIL).) and thus affect "contraction" or "expansion" of the money supply as needed for that "particular" central bank -- also INCREASE or DECREASE reserves as desired.
from the same article....
Excess oil
The Iraqi banking expert Mohamed Kamel Hussein said that there was a perception among the Iraqi Central Bank to lift three zeros from the value of the dinar, by issuing a new currency to improve its value.
Mohamed Kamel Hussein (Al-Jazeera Net)
However, he believed that the lifting of the three zeros will not change anything because the factors affecting the exchange rate of the dinar against foreign currency depends on the surplus that is supplied by oil revenues.
40n trillion?.......the CBI was set up with 250 billion operating cost....talk about inflated numbers!!!!
prove the 40 trillion!!!!!!
Advisor: Iraq needs to regulate its economy to be a member in WTO
Monday, April 5th 2010 2:03 PM
Baghdad, April 5 (AKnews) - "Iraq needs a new study for its economic system to be a member in the World Trade Organization (WTO)," an official in the Iraqi Finance Ministry said today.
"The Iraqi committee gave its final results about the Iraqi acquisition of the membership in the World Trade," The Economic Advisor in the Finance Ministry, Abdul Alim Kadhim, told The Independent National News Agency of Kurdistan (AKnews)
"The Committee called for reducing the difference between the U.S. dollar and the Iraqi dinar, activate the role of the private sector, open the world markets in Iraq with customs on imported goods that commensurate with the economic laws applied in the country," he added
The Iraqi team to annex Iraq to the WTO was formed on December 13, 2004, and it presented a memorandum to join the organization on September 16, 2005. Iraq became an observer in the WTO on January 24, 2007, and the meetings of the first round of the Working Group began in 2007, followed by a second round in 2008, and the third and last round was in 2009.
"The organization called Iraq to pay half of its debts, in order to be a member in the WTO which will improve the economic and commercial situation in the country," Kadhim pointed out.
He stressed on the need of improving the Iraqi economy according to modern economic frameworks found at the present time among the economically developed countries.
The World Trade Organization WTO was formed according to Bretton Woods convection at the end of 1944 in the United States, accompanied by the formation of the International Monetary Fund and the World Bank.
It includes approximately 150 countries and has several functions that aim to remove the distortions found in the trade patterns between the States and the establishment of multilateral trading system more stable and more opened and has the ability to predict, in addition to addressing the customs and non customs barriers, as well as addressing the communication problems, building services, and address the matters pertaining to the international investment, and resolve the international trade disputes.
It also aims to expand the exchange of goods through the reduction of customs and opening world markets for goods and services (except oil).
The organization doesn't belong to the United Nations system, and it depends on negotiating mechanisms based on business partnerships and not on voting in the decision-making. Thus it sometimes succeeds and sometimes fails in its negotiations and it tries to impose the liberalization on trade policies of member countries, and to stay away from governmental intervention in the private sector.
food for thought by vincenix on IIF.....
This is an important concept because the value of a particular currency may be defined by the value of what the currency can be exchanged for, instead of the usual underlying economic indicators.
The complete discussion was rather lengthy so here's the executive summary of how the exchange should work with iqd owned by a us speculator:
(1) iqd is released internationally with an exchange rate of $1 usd = 1 iqd
(2) iqd is exchanged by mr. & mrs. X at bank y. Their exchange value is credited to their designated financial account, bank y forwards the iqd currency to the federal reserve and bank y's account is credited at the bank private exchange rate. Yes, the banks will have a private rate and then they will add their profit spread to come up with their public rate. By law this bank spread could be as high as 8%, but it will be a competitive marketplace and the banks know investors will shop around. There is a possibility that there might even be a three rate structure (i.e. Treasury rate - bank private rate - bank public rate) imposed, but he had no input on that subject.
(3) the federal reserve adds the value of the exchanged iqd to their foreign currency reserve accounts and destroys the actual physical currency under agreement with the cbi, which serves to reduce the total iqd physical currency in circulation. This build up of the foreign currency reserve accounts serves to strengthen the usd in the marketplace, because heretofore the us has never held significant foreign currency reserves, because there wasn't any country whose currency was perceived as being equal to or stronger than the usd. The iqd with it's commodity (oil+others) base, potential for agriculture growth and aggressive private development growth, has the capability to become the most valuable currency in the world in the 10 years after it's revaluation and approval as an internationally recognized currency. Other countries have lots of oil, but they can't feed themselves, they operate under a monarchy or religious tribunal and they have no private development system in place.
(4) mr. & mrs. X tithe to their church, local charity etc. Which stimulates activity in that sector. They pay off their debts, making currency available for re-lending by their creditors. They buy a new house and car which stimulates their local economy and set up a conservative investment portfolio which adds capital to the investment markets. They also pay their estimated taxes which increases the cash flow to the us treasury.
(5) the federal reserve under a controlled redemption plan supervised by the imf, will use it's foreign currency reserve iqd account to buy oil for the national strategic reserve, dod reserves, other country reserves as part of international support agreements or resell it to private oil companies etc.
This gives the federal reserve a powerful market force capability to control the supply/price of imported oil which has far-reaching economic and national security implications.
The economics of this scenario look like this, using the exchange of a 10,000 iqd note with a two-tier 2% bank exchange spread as an example:
(1) mr. & mrs. X get $9,800 credited to their non-interest bearing checking account.
(2) bank y gets a $10,000 credit to its federal reserve account, and by adding the $200 profit to their capital account, allows them to increase their lending cap by $2,000 under the 10% fractional banking model.
(3) the treasury gets $3,500 in estimated taxes in the quarter after the exchange, because mr. & mrs. X are now in the "rich" category and get to enjoy the 35% tax bracket. This lowers the net cost of the iqd exchange to the us financial system to $6,500 usd (i.e. $10,000 out - $3,500 in).
(4) the fed's designated agent, at some point, orders $10,000 worth of oil from iraq. Payment will consist of a 10,000 transfer from the fed's foreign currency reserve iqd account to the iraq oil payment account at the cbi. Even though the world spot price of oil is defined in terms of usd, the actual transaction may take place in any internationally recognized currency agreed to by the parties. For example, iran only accepts yen from japan for their oil orders, because they don't want usd in their foreign currency reserves.
(5) the $10,000 order is filled with 200 barrels of oil based on the spot price on the date of the sale (for this example we used a $50 usd spot price). What does it cost iraq to produce the oil to fill this order? Well they have negotiated productions agreements for $1.50 usd/barrel. From that price $.50 usd goes to the national iraqi oil company who is the partner in the field the oil came from. Out of the remaining $1.00 the other oil field partners have to pay the iraq government a profit tax of $.35 usd (35%). The net cost to iraq to produce a barrel of oil used in this scenario is $.65 usd. (i.e. $1.50 - .50 - .35)
(6) the transaction is completed with the federal reserve exchanging foreign reserve credits which are equal to 10,000 iqd (which had a net acquisition cost of $6,500 usd) for 200 barrels of oil (which has a net cost to produce of $130 usd.
Simply put, it cost iraq $130 usd from their foreign currency reserve accounts to redeem the value of 10,000 iqd, which goes into their operating accounts. At the same time the us got $10,000 worth of oil for a net cost of $6,500. That's how it was originally planned for iraq to rv at 1 iqd = 1 usd, with the variable being the political element (i.e. Un sanctions, goi actions, imf actions, world bank actions etc.)
now let's really stir the pot by:
(a) having the dfi ($280+ billion usd) plus other frozen assets (estimated at $100 billion) turned back to iraq and added to their foreign currency reserve, bringing it up to $430+ billion usd.
(b) then change the current fractional iqd reserve requirements of 100% to 15%. That just raised the total potential money supply value to $2.8 trillion (430 billion/ 15), while at the same time the total physical iqd in circulation is being reduced by removing the large bills with the 3 zeros.
(c) also execute the plan iraq announced to increase oil production from 2+ million barrels/day to 10 million barrels/day with the resulting revenues flowing directly to the iraq treasury.
(d) to add a little more intrigue have the cbi continue to use it's sales window to market oil futures and forex contracts. They have shown they can generate significant cash flow in the private market, think of their impact in public markets.
We leave it to your analytical ability to determine how high of an rv exchange rate iraq can really support. There is strong political pressure to set the initial rate at $3.22 usd = 1 iqd, so it can be proclaimed that iraq has moved back into the international community of nations and has re-established it's currency at the internationally traded rate in effect before saddam invaded kuwait in 1990.
Opening of the first center for the smart card to pay the salaries of retirees outside banks
Monday, April 05, 2010
Opened in Baghdad, Sunday, the first center to provide the smart card, which contribute to the payment of pensions, the disabled and military outside the State-owned banks, where the Director, Bank of Iraq, the card will serve the citizen and reduce suffering, and they contributed in the detection of 71 thousand new cases over public money .
The head of Bank of Iraq Abdul-Hussein al-Yasiri during the opening ceremony that the work with an electronic system began in mid-June of 2007, as has been done ????? ? 250 thousand cards so far, indicating that the project is one of the important achievements of the Bank of Mesopotamia and the company smart card, because it will save effort on the citizen and reduce the long-suffering stand Btuaber receiving salary, allowing him to withdraw his dues even during the holidays.
He explained that the system will Yasiri in the face of corruption, abuse of public funds, was discovered 71 thousand people receive more than one month salary and a lot of billions of dinars were going to the wrong people.
I assure Yasiri, the card is used for 250 missions to deal with, including 83 process for financial, monetary and other functions for social purposes as is the secretary and a passport and personal identification and logistic purposes as well.
LINK
http://radionawa.com/(X(1)A(-u9w4VoLywEkAAAAMTVhNWI1ZjctNDU1ZS00ZDBlLWFiOWQtYWRkODJkMWUxYWQ5vEm9BtFEOwW2eq-0FE5CQbS7T7w1))/ar/NewsDetailN.aspx?id=7650&LinkID=155&AspxAutoDetectCookieSupport=1
Economic adviser: "The government did not complete a draft of economic reform, the l
Said Salah al-Quraishi, an economic advisor to Prime Minister Nuri al-Maliki that "the government had not yet completed the project of economic reform, fully the failure of the UN mission," UNAMI, "with the government smoothly or according to legal frameworks."
Qureshi added that "the law of economic reform project, which aims to integrate the Iraqi economy to the global economy, is subject to many interpretations and explanations, as it is intertwined with the previous laws, which pose an obstacle to economic development in the country."
Referring to the "joint commission between Iraq and the UN mission in Iraq," UNAMI, "did not meet only three times, were not presented during the meetings of any issues of concern to the Iraqi economy
http://www.radiodijla.com/cgi-bin/ne...?id=2010-04-05
Central Bank of Iraq stresses the need to organize the work of brokerage firms
05/04/2010 17:41
Baghdad, 5 April (Akaniwz) stressed an official source at the Iraqi Central Bank on Monday, the necessity of activating the law regulating the work of financial intermediation between the markets and banks and investment companies.
A financial advisor at the Central Bank Abdallah al-Shami, told the Kurdistan News (Akaniwz) announced today that "The next phase will be sensitive and accurate financial support to the existence of foreign investment companies in the country in which it requested cancellation of financial intermediaries that are not supported."
Shami said that "the Iraqi market for securities with the task of granting leave for financial companies approved with effective presence in the field of financial and trade in the country."
He continued, saying that "part of the companies fear the investment projects is the lack of clarity of the banking system in Iraq and the spread of illegal operators do not have legal permits to work."
had signed the Convention in 2005 to regulate the economic agreements between the countries of the world at the level of the electronic trading of money entering and leaving the country.
The industrial sector witnessed a substantial rise in volume (40%) of the total trading volume for the Iraq Stock Exchange this week.
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Iraq government flays central bank on forex sales
Monday, 5 Apr. 2010
7.09 PM Dubai Time
Iraq government flays top bank on forex sales
By Reuters
Published Monday, April 05, 2010
Iraq government flays top bank on forex sales. (SUPPLIED)
Iraq's Finance Ministry has criticised the central bank for allegedly failing to check foreign exchange sales, but the bank rejected the charges as politically motivated following elections.
In a rare public squabble, the ministry said Central Bank of Iraq figures for daily sales of $021 million in foreign exchange to import commodities and food did not match amounts imported.
"This calls for additional efforts to know the real amounts allocated to import foodstuffs and commodities, where the Central Bank of Iraq and private banks are responsible for making such checks," the ministry said in a Thursday statement.
The ministry's customs unit made its findings after verifying data with the audit office, it said.
However, the central bank said the complaint had "suspicious motives" that clashed with the audit office's usual neutrality.
"What is going on reflects a deliberate politicisation that takes advantage of the political transition the country is going through to bring on economic upheaval," it said in a Saturday statement.
The central bank did not elaborate on alleged political interference.
Iraq is facing a lengthy period of political horse-trading to form a government after March 7 elections failed to produce a clear winner.
The central bank, Finance Ministry and audit office have separate political roots.
The ministry is controlled by the government, parliament controls the audit agency and the central bank is independent.
Iraqis had hoped that last month's vote would stabilise the country after years of war.
A cross-sectarian coalition led by former Prime Minister Iyad Allawi won two seats more than the mostly Shi'ite Muslim State of Law bloc headed by Prime Minister Nuri Al Maliki.
http://www.business24-7.ae/banking-f...04-05-1.102819
Political first : The Central Bank denies the deletion of zeros from currency
BAGHDAD - morning
Iraq's central bank denied the rumors in some media on the intention to delete the three zeros from the dinar at the present time. The chancellor said the Bank the appearance of Dr. Mohamed Saleh to the editor of "Al-Sabah economic":
The Central Bank is proceeding with the development strategy for the reform of management system of currency and payment system, stressing that the current will not see a raise zeros from the national currency, but Bank is to examine procedures that facilitate the implementation of this mechanism does not affect the stability of the market.
Saleh disclosed that the central bank will announce on this procedure before time to give citizens the opportunity to organize their situation before the operation, adding that such measures will depend on the extent to which security and economic stability. and most likely that the parties embark on speculative currency and prices are behind the firing of such rumors and promoted in the media.
Press release issued by the Central Bank of Iraq
And handled the media format to a press release issued by the Ministry of Finance based on information
Office of Financial Supervision, explaining that the numbers of import of goods and cargo entering the country through the customs, to coincide with the sales of auction of foreign currency at the central bank and the above statement carries the responsibility of the Central Bank and commercial banks, all including banks, the government itself and affiliated to the Ministry of Finance and would like the Central Bank in this regard to clarify the following: -
The Microcredit T are building a path of stability in this transitional phase and difficult experienced by Iraq sought to provide a stable climate that attracts growth began Baktall cash becomes today a strong and solid at every fair-minded people of our people, stressing the following:
First: The auction of foreign currency and means of indirect monetary policy impact on the cash basis of the country in order to control overall spending, or demand generated by current expenditures, particularly the general budget and inflationary pressures them, as they lead the auction three objectives:
1 - It is a tool of central bank intervention in the exchange market to stabilize the value of the dinar
By the Iraqi defense of the equilibrium exchange rate, which reflected positively on the overall level
Prices, especially of goods produced and imported production inputs and strengthen the export base
This is actually scored, after they entered the country in price levels is such that a stable inflation
. Fundamentally there is no% v infected at the present time 6% after it increased the annual rates of 34
2 - as a means Ltt ud indirect tools of monetary policy in the management of liquidity and control over the economy Mnasebha, is a case of the application of open market operations
Required a continuous basis to achieve balance in the money market and strengthen the prospects for stability
Where the financial.
3 - It is an important source of financing private sector trade of goods and services needed by the market
Iraqi and funded essential.
Second: Although the sales of foreign currency in the auction in question is not limited to the financing of a T Seradalsla and goods and proceed as well as to import paragraph wide range of services that can not for the records of customs demonstrate in addition to the domestic demand for foreign currency investments by the banks in that currency by 20% of their capital within the regulations, regulatory
And regulatory acts adopted, the n of your CBI confirms that the monetary policy adopted in the conduct of an auction of foreign currency is not directly responsible for all business activities of import of goods and services outside the scope of funding.
Third: that the functions of the central bank oversight in the management of an auction of foreign currency Tnhs t in the fight against economic crimes is strictly related to combating money-a of money, money, crime and terrorism and not the Central Bank other important in generating a hostile environment of economic freedom, including free e j to convert the outside environment that breeds stability Economic enshrined in the Constitution that were deprived in the country over more than forty years and Makhalafth of catastrophic consequences on the lives of Iraqi society and the individual and encouraged the flight of capital across national channels mysterious repression.
Fourth: Central Bank of Iraq and to the extent that monitors the movement of financial flows within the country and out, he finds the economic phenomena of natural help maintain the financial system fixed based on market competition and generates at the same time integrated m Rguba in the financial market International, open and wide in banking with the world. In spite of that, the funds and flows should be to Atafee deepening of surveillance and the disclosure that the movements of the funds are legitimate legal and does not contravene the law against money laundering and money, crime and terrorism, or even evasion of forms other obligations with the government authorities Kolajhzp tax, financial or Mkhalvpaltalimat and regulations, regulatory issued by the Central Bank of Iraq, which is also determined, for example, amounts Astosmaralmassarv its money abroad, which represents another form of the flow of local capital out of the country.
Fifth: that any restriction of these outflows not only helps to generate a black market suspicious
At the same time encourage the phenomenon of capital flight abroad, but through illegal channels and other channels of non-bank mysterious. It is demeaning
In all cases of direct oversight capacity increases at the same time the cost and burden
Indirect regulatory processes. As well as generating financial environment weakens the negative climate
Foreign investment in Iraq to encourage the flow of t to misuse of foreign funds into the inside
And integration with the international financial system and intersect with at least the principles that came out
. A Guenon Investment No. 13 of 2006 to provide a ISV CBI intervention of the mystery of his policies aimed at economic stabilization and accelerate Altnm are and improve the chances of a market economy, he finds the report of the Audit Court was referring to the statement of the Ministry of Finance motivated biased neutral regulatory
We promised from the Office of the said since its inception reflects Tse a Q deliberately taking advantage of the transitional period the current political for the country to make waves economic purposes unknown lead to hit the economic stability achieved by monetary policy and the successes attendant over the past years and the introduction of the country in economic chaos for Athmd consequences.
Central Bank of Iraq
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Baghdad, April 3
bad link Don.....google translate don't work most the time.
Maliki's salary equivalent to the salaries of six thousand two hundred Iraqi civil servants and weak salary Obama
(Voice of Iraq) - 04/04/2010
(Voice of Iraq) -
By the center today - the entire country
Dealing with most of the Iraqi press the issue of elections and alliances taking place between the blocks winning, but the administrative corruption taking reads the headlines because of the poor humanitarian situation, which showed that two thirds of the Iraqi people to live the level of the poverty line while growing up the rulers of the Green Zone, the advantages that the disposal of the State Treasury, led by a commercial bank dating its ownership to Ahmed Chalabi.
Iraqi funds
In an editorial in 'Union' Mohamed Al-Mallah: Do you know where Iraq's money? TBI Trade Bank of Iraq
It said: Did you know that the Bank of TBI, which is an abbreviation of Trade Bank of Iraq Trade Bank of Iraq, which contains all the money the Iraqi government and oil revenue from the Company (SOMO) of Iraqi oil marketing company.
As well as all payments of contracts and the Ministry of Commerce (payments ration) and also any contract for the processing of the state or the establishment or reconstruction must have an account from this bank does not accept any offer for a State only a letter of guarantee or letter of the proper execution of this bank and contains the funds function of donor and money unit reconstruction of Iraq, which is linked to (Citibank) (Citibank) and Pocket Morkn American and manages all financial transactions and commissions of the Iraqi state ..
Did you know that the budget of the Electoral Commission for elections in Iraq appreciates the open and has no financial ceiling ô. My uncle worked and play omitted ô Did you know that it is not independent, and nothing is tracking the government.
Did you know that Iraq's budget for 2010 amounted to 72.4 billion dollars, equivalent to the budget of four countries is the combination of Syria's 16 billion and Jordan 7.6 billion, Lebanon 6.2 billion and Egypt, 36.5 billion without a disability, Egypt, which has a population of nearly 70 million people. It is worth mentioning that Iraq's budget year 2003, Bremer announced by the ruling amounted to 6.1 billion dollars.
Did you know that Iraq has borrowed days before the 250 billion dollars from the Central Bank to cover the deficit budget, according to claim Mr. Baqir Jabr, Minister of Finance of 5.5 billion dollars and had already borrowed one month ago, 5.5 billion dollars to bridge a deficit of 5.5 billion dollars will be borrowed at the end of this month third of this year, 36.6 billion dollars from Japan to fill the same helplessness I, II and III, which is the same as 5.5 billion dollars ô. Ajeeb this deficit was concluded My uncle ô Adztamona ..
Did you know that the sum of the four budgets approved by the House of Representatives during the four years of the Maliki government amounted to 311 billion dollars.
And disbursement of budget Kurdistan region 17 'and only spent on ministries, governorates and the Iraqi government 222 billion dollars, according to U.S. Department of Agriculture, electricity, oil, trade, irrigation, health, municipalities, higher education, education and even to share the ration I wonder where I went the 36 billion dollars the rest?
It was not clear where spent! Did you know that over the past four years devoted to the Oil Ministry, led by Minister gallant Hussain al-Shahristani 18.6 billion dollars and strange than that the ministry did not drill one well in Iraq during this period and that all fields that are drilled before that time. Wondrous things weird issue ..
Did you know that the cost of 1 megawatt of electricity in the global market mounted and ready to reach 879 thousand dollars and that the Ministry of Electricity that failed to provide electricity during the four years under the leadership of Karim Wahid, Minister of Electricity secured only 650 megawatt has received a budget from the Parliament is estimated at 11.8 billion dollars .
Where the money went, "O Karim Wahid? 'And the people does not have electricity. Did you know that there are 4 billion rounded at the Ministry of Finance for four years in a row shift from year to year, after which no one knows where you spent! Where you spent Baqir Jabr.
Did you know that a farmer's trade minister ousted in Maliki's government, which fled to the UAE or fled as accurately express it takes a commission from his brother 40 dollars for each ton of sugar contract with Iraqi Ministry of Trade (specially for the share of supply), and if you include every contract signed with the Ministry of Commerce to 100 thousand tons on the average measure of the rest of the contracts means that he gets 4 million dollars for each contract .. Do not be sad commission is now 60 dollars.
Do you know how much is the salary of Mr. Nuri al-Maliki Prime Minister of Iraq is 2 million dollars a month .. Note that the salary of the President of the United States of America's richest and largest country in the world is 48 thousand dollars to President Obama as a monthly magazine 'L'Express', French President Sarkozy's salary is 29,331 euros per month.
And receive German Chancellor Angela Merkel 23000 euros a month either British Prime Minister Gordon Brown fifties worth 22500 EUROS per month, this means that the salary of Nuri al-Maliki equivalent of more than Obama's salary in three years. Written Community poor ..
Did you know that Iraq's budget would amount to 300 billion dollars in 2020, oil revenues will come from the licensing round for drilling and exploiting oil wells and increasing production capacity of oil fields and improve oil production by foreign firms that have signed contracts with the Oil Ministry, which will begin to harvest the fruit of Iraq
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Central Bank of the lack of an intention to raise three zeroes from the Iraqi currency
April 4, 2010 · Posted in NEWS · Comment
03 April, 2010 ????? – ?????
Huda – Baghdad
Asptad Central Bank of Iraq that are currently raising three zeros from the Iraqi currency to reduce inflation suffered by the Iraqi economy.
And Central Bank President Shabibi there rational solutions to be adopted by the World Bank and the Finance Ministry to reduce inflation gripping the country, pointing out that inflation was due to the misuse of funds by some of the important governmental institutions.
Shabibi said that the process of deleting the zeroes at the current currency degenerate put the Iraqi dinar, as it would lead to a reduction in the level of selling the U.S. dollar more than it is now
Conscious / Central Bank of Iraq opens DIFC Week by 124 million dollars
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??? / ????? / ? .? Conscious / Baghdad / m. A
4/4/2010 1:12pm 4/4/2010 1:12 pm
Was opened by the Central Bank of Iraq on Sunday First session of the fourteenth week of the financial buying and selling foreign currency and the dollar standard Demand for the dollar sales of 124 ? 151 thousand dollars and a stable exchange rate was 1170 dinars per dollar.
The Information Office of the Bank's bulletin received (Agency Iraqi media / INA) copy them to the total sales of the bank ranged between 6 ????? ? 610 thousand dollars MM shot the bank for cash at a stable exchange rate was 1183 dinars per dollar, including the commission the bank amounting to 13 dinars per dollar .
And amounts transferred out of the country reached 117 Dollars in cash and bank shot at a stable conversion reached 1173 dinars per dollar, including the commission the bank's 3 dinars per dollar.
Did not make the 15 banks participating in the auction of any offers to buy Dollar, noting that the CBI Itqdy commission amount (13) dinars per dollar with a discount (8) dinars per. Dollars from the amounts purchased.
. The central bank held five meetings during the Iraqi week of financial support for the sale and purchase of foreign currencies and the dollar.
? / ? .? T / g. W
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Known monetary policy pursued by the central bank was successful by international
????? Hussein star
. Known that the monetary policy pursued by the central bank was successful by all standards and in accordance with international standards and recognized international experts and directory administration of Iraq, proper management of cash without being influenced by the great global financial crisis and reduce inflation and to work on a new plan to open up to global markets and local markets of a desire to open ports to the markets Local to compete in the national currency auctions.
. That what we want through this introduction that private banks in Iraq, disclosed to her development and therefore it is time to rely on building strategies to expand lending to the Iraqi private sector in addition to the potential signal to the development and entry to the housing sector even though the initiatives of the reconstruction of partial homes and helped to transform the housing of the building horizontal to vertical and thus open new doors to move the Iraqi market.
. Add to this that the banking sector needs to prepare to step the Iraqi Central Bank to open up to the auction of foreign currencies and develop the role of the private sector by opening stations or private stock exchanges outside the Department of the Central Bank but within the regulations Ala_ak_ip and regulations in force, thus creating the field of new competition among banks for the activation and the expansion of their instruments banking, we also note that the wheel of the tools of electronic banking is still in the beginning of the road in particular (Mr Card and Visa Card), for example, the reason that the banks are still so far did not make the customer better, which accepts the acquisition of a unique service such and thereby increase the demand for this service .
??? Today the banking sector still plays an influential role in bringing his new role instead of the old role-imposed internal environment but to the will of the votes .
. Will will step up to the ranks of regional banks in Egypt and the United Arab Emirates, Lebanon, or whether we will suffer from the rule of circumstances or situation immeasurability title objection to the flow of private funds to banks in order to stimulate sectors of the local market.
http://www.alsabaah.com/paper.php?source=akbar&page=24
Iraqi private banks between the expectations of bankruptcy and development requirements
2010-04-04 10:59:46
BAGHDAD (Iba) / report / .. Comments sparked Undersecretary of the Ministry of Finance and expectations of the Fadel Prophet bankruptcy of a number of private banks, questions about the role of these banks in the Iraqi economy in the light of the reality of work now.
Businessmen have expressed resentment at the way they handle these banks with regard to loans, noting that they are the banks most have is to get the amounts of interest earned from loans, at a time procrastinating in the process of handing the funds deposited with it when the clouds, under various pretexts.
The Ministry of Finance for its part decided to put more stringent controls on banks because they were not its anticipated role in the economic movement in Iraq.
He said Undersecretary Fadel prophet to "the opening of a large number of private banks in a relatively short time, but you can not play its supposed to which led to the occurrence of some of the problems," expected, "the bankruptcy of a number of them."
He said the Prophet that "the Iraqi government and the Ministry of Finance and economists, the Iraqis agreed on the need to put more conditions placed on the banks operating as well as the procedures for the establishment of private banks in the future," adding that "The ministry decided to help these banks to play a role in economic activity and reconstruction in Iraq, and promised aid significantly in the future, but since it failed to perform its role, the ministry was forced to reverse the decision to help her. "
Owners of private banks for their part expressed their criticism of the Prophet's statements Fadel and called for a meeting to discuss the potential implications of these statements.
The head of the Association of Iraqi private banks Fouad al-Hassani told a news briefing, that the statements of the Prophet ignored the size of the investment made by banks generously to modernize their development and use of advanced communications in their work to complete the transactions banking, in addition to the activity of large-volume transactions, offshore banking and increase its branches in the governorates of Iraqi exceeded 500.
He explained that he had asked the CBI to express his opinion on the view of the Undersecretary of the Ministry of Finance of the views intersect with calendar «Central» as the sectoral and under the Global System CAMELS, which won a number of banks to degrees ranging from very good and good.
Director of the Association, noting the Iraqi banks Abdul Aziz Hassoun that there are talks taking place in the Commonwealth of Iraqi banks to examine the views of specialists with regard to the decision of the central bank has raised capital of banks to 250 billion dinars progressively over the next three years.
Hassoun said that the Association has urged private banks to merge to form a high capital to strengthen their capacity to work, pointing out that the story was "up to the banks and their capabilities."
Rep. outgoing Abd al-Hadi al-Hassani, said in a statement to the independent press (Iba), the reality experienced by the private banks in Iraq needs foreign expertise to support and opening the door to investments in the sector. He explained that limit the action to swap money with money weakens Kablyatea development.
Hasani said that the most prominent functions that must be characterized by the private banks is the possibility of financing of investment projects is missing at the moment despite the obvious expansion in the establishment of banks, both conventional or Islamic.
The central bank had decided during the month of last March to raise capital of banks to 250 billion dinars gradually over the next three years, which caused lower rates of prices of banks in the Iraqi market for securities because of lack of liquidity, especially since most of the banks with a capital of 50 billion dinars have been Under the decree, raising their capital to 100 billion dinars during the next year.
The question that remains on the table in front of departments, private banks, would it be treated on the basis of what exists now and which proved to be ineffective, including making it a burden on the Iraqi economy, which led to a disgruntled dealers with them, whether citizens or businesses, or they will work seriously to develop their dealings bank to match the size of investment required in Iraq now.
Ministry of Finance, the Central Bank threw the ball in the yard of private banks, to await its action.
http://www.ipairaq.com/index.php?nam...onomy&id=23338
The Central Bank "regretted" the intervention of the Ministry of Finance in its policy "to achieve economic stability"
3/4/2010 - 23:02
BAGHDAD / Aswat al-Iraq: The Central Bank said in a statement on Saturday, expressed regret for "the intervention of the Ministry of Finance in his efforts to achieve economic stability and strengthen the market economy", noting that the report of the Audit Court, which relied upon the ministry involves the "motives biased" and reflects "politicized deliberately to stir up economic storms hit the economic stability achieved by the monetary policy of the bank.
A statement from the bank, which received the agency (Voices of Iraq) a copy of the Central Bank of Iraq, "regretted the intervention of the mystery of the policies to achieve economic stability and accelerate development and improve the chances of a market economy and that he finds in the report of the Audit Court, which referred to the statement of the Ministry of Finance motivated biased neutral control we have come from the Office of the said since its inception and reflects the politicized deliberately taking advantage of the transition period with the current political for the country to make waves economic purposes unknown lead to beat the economic stability achieved by monetary policy and the successes attendant over the past years and the introduction of the country in economic chaos, ominous. "
The statement said that his strategy to build a path of stability in this transitional phase and difficult over the Iraq "sought to provide a stable environment to attract growth from Baktall cash becomes today a strong and solid at every fair-minded people of our people", stressing in this regard that the auction of foreign currency organized by "one of the policy instruments of indirect monetary impact on cash basis for the country in order to control the application or the total expenditure generated by current expenditures, especially the public budget and the face of inflationary pressures by as they lead the auction three goals," indicating that the first is that "tool intervention of the Bank Central in the exchange market to stabilize the value of the Iraqi dinar by defending the exchange rate equilibrium, which reflected positively on the general level of prices, especially for goods produced and imported production inputs and strengthen the export base, and this is what has already been achieved after the country entered in the price levels stable is by inflation, the foundation does not only 6% at the present time has increased the annual rates of 34%. "
And second, according to the statement is to "as a means for the application of indirect tools of monetary policy in the management of liquidity, the economy and control Mnasebha, is a case of the application of open market operations required a continuous basis to achieve balance in the money market and strengthen the opportunities for financial stability."
The third statement also quoted, "It is an important source of financing private sector trade of goods and services needed by the Iraqi market, a key financier for it."
The statement also stated that although the sales of foreign currency in the auction in question "is not confined to finance the import of goods and proceed as well as to import paragraph wide range of services that can not be records of customs show plus domestic demand for foreign currency and investment banks in that currency by 20 % of their capital within the regulations, regulatory approved, the Iraqi Central Bank confirms that the Monetary Policy adopted in the conduct of an auction of foreign currency is not directly responsible for the activities of the import trade of all goods and services outside the scope of financing, "and that the functions of the central bank oversight in the management of an auction of foreign currency "confined in the fight against economic crimes is strictly related to combating money laundering and funding crime and terrorism, not the Central Bank is another important to create an environment hostile to economic freedom, including freedom to convert the outside environment, generating economic stability guaranteed by the Constitution and that it was denied the country over more than forty years and the legacy of catastrophic consequences on the lives of Iraqi society and the individual and encouraged the flight of capital across national channels mysterious repressive. "
The Central Bank of Iraq in its statement that, to the extent that monitors the movement of financial flows coming into the country and out of it "finds the economic phenomena of natural help maintain the financial system fixed on the basis of competition in the market and generates at the same time integration is desirable in the financial market International, open and wide in banking with the world and in spite of, those funds and flows should not be exempt from the deepening of surveillance and detection that the movements of such funds are legitimate legal and does not contravene the law against money laundering, money, crime and terrorism, or even evasion of other commitments to government authorities Kalojhzp tax, financial or contravention of instructions and regulations issued by the regulatory Central Bank of Iraq, which is also determined, for example, amounts of investment banks to foreign assets, which represent another form of the flow of domestic capital outside the country. "
The central bank said in the statement that any restriction of these outflows, "not only helps to generate a black market suspicious encouraged at the same time the phenomenon of capital flight abroad, but through illegal channels and other channels of the mysterious non-bank, which is reduced in all cases the ability direct control over at the same time the cost of operations and the burden of indirect control. As well as generating financial environment weakens the negative climate for foreign investment in Iraq to encourage the flow of foreign capital inflows and integration with the international financial system and intersect at least with the principles enshrined in the Investment Law No. 13 of 2006. "
The media were handled recently issued a press release issued by the Ministry of Finance based on the information of Supreme Audit shows that the numbers of import of commodities and goods entering the country through the customs, do not match with the sales of auction of foreign currency at the Central Bank of Iraq, has carried the statement the central bank and commercial banks all banks, including the government itself and of the Ministry of Finance, is responsible for it.
http://ar.aswataliraq.info/?p=214135
something like that.....the MOF has stated that new currency (lower denom's?) would be introduced the exchange rate raised...then I believe the large denom's will be removed by either exchange for lower or kept by the Banks when they come through.
Much like the US with the 500, 1k and 10k notes that we used to have.
dropping interest rates are a sign of a strong economy....NOT a precursor to a lop.