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Word for the day…
Iraqi Dinar/Dollar auction (most recent listing) 06-29-16
Currency Auctions Announcement No. 3231
This daily currency auction was held in the Central Bank of Iraq on the 06-29-2016
The results were as follows:
|Number of banks||30|
|Number of remittance companies||17|
|Auction price selling dinar / US$||1182|
|Auction price buying dinar / US$||—–|
|Amount sold at auction price (US$)||141,756,285|
|Amount purchased at Auction price (US$)||—–|
|Total offers for buying (US$)||141,756,285|
|Total offers for selling (US$)||—–|
One person with a belief is a social power equal to ninety-nine who have only interests. – John Stuart Mill
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Governor of the Central Bank’s (range): precautions at a good level
(conducted the meeting: Zahraa Hamid)
Maybe it raises talk in economic and financial affairs many Hjona the followers, he is the modern-related livelihood daily per capita and how to get the economy moving, which faces many pitfalls impede progress, including currency and dinar speculation Exchange at the price of the dollar and the auction currency that turned him raised a lot of doubts and questions, in addition to work civil and foreign banks and remittance, and how to get out of the financial crisis that has plagued Iraq, and even the recent international Monetary Fund loan with falling oil prices and its consequences, as the sole supplier, which had a negative impact on the central bank’s reserves amount of foreign currency, According to specialists may not the reserve covers three months import of Iraq.
All these and other files open the “long” in a private meeting with the governor of the Central Bank of Ali Ismail Keywords…
Continued at bottom (long read)…
P.S. BGG ~ I know this is a week old but it is TOO GOOD NOT TO PASS ON!!
Dinar Updates “The After Call” – LIVE!!
“Immediately following News Time!!”
6/29 – LIVE CALL w/Q&A!!
Breitling (Dinar Guru) – Question: “What effect does the Brexit have on the dinar world and our investment? ” The UK leaving the European Union has a lot to do with everything. If you’re an American it’s fantastic news. …How is Iraq going to add value to their currency? What do they keep reporting that says hey you need to take our currency seriously? Because what? They’re reducing the note count…supply times velocity… It means the biggest threat to the US dollar for competition wise was just crushed…the Euro-The European Union. How does that impact the currency that we’re invested in in Iraq? Iraq is all in for the US dollar. It is backed 100% by the US dollar. They believe in the US dollar. Their economy is built on the US dollar and the representation of that will be the dinar. What a remarkable thing that is.
Read More: http://www.dinarupdates.com/observer/
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rcookie (Dinar Guru) – SO…STATE OF LAW MP JAAFAR ASSERTS THAT THE ABADI REFORM PLAN WILL BE IMPLEMENTED AFTER EID AND NOTED… ”HE WILL WORK TO OPEN THE PROSPECTS FOR INVESTMENT AND SOLVING THE ECONOMIC & FINANCIAL PROBLEMS IN THE COUNTRY”…NUF SAID…[All coming together quickly…] AGREED …AND AT LIGHTNING SPEED!!.
Read More: http://www.dinarupdates.com/observer/
The Central Bank pulls a vacation of two companies, one to sell the dollar, “betrayed the trust”
Alsumaria News / Baghdad – Central Bank announced on Monday the withdrawal of two companies leave, attributing the cause Bmkhafatthma what he described as “serious” and the other for “cheating Secretariat”, while trade demanded the cancellation of granted them certificate of incorporation.
The bank said in a statement Alsumaria News received a copy of it, “decided to leave the company to withdraw across the Gulf, to mediate in the sale and purchase of foreign currency granted to them”, adding that “the company violated work rules and betrayed the trust”.
A slight increase in central bank sales to reach $ 115 million
The central bank is required to reduce dollar sales for citizens wishing to travel
He said the bank, that “the company contracted to transport the health of residents of Nineveh staff salaries in Erbil and acquired those salaries illegally,” noting that “the amount that is acquired it is 11 billion and 432 000 466 thousand dinars.”
He said the bank “also decided to withdraw leave tamarisk company to broker the buying and selling of foreign currency as a result of serious irregularities with the terms of the granting of leave in respect of doing foreign remittances to different capitals.”
He called the bank and the Ministry of Commerce to “cancel the certificate of incorporation granted by you to provide us with a book and write off the company name of your records and provide us with the minutes book and liquidation of endorsers.”
Founded CBI independent bank under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily buying and selling of foreign currencies, except for public holidays on which depends the Bank for these auctions.
Read More: http://www.dinarupdates.com/showthread.php?36376-CBI-pulls-a-vacation-of-two-companies-one-to-sell-the-dollar-quot-betrayed-the-trust-quot
rcookie (Dinar Guru) – IN ADDITION TO THE PERFORMANCE REVIEWS THAT IRAQ GOES THROUGH TOWARD THEIR SMP PERFORMANCE AND GOALS…REMEMBER WHAT OTHER REVIEW THEY PARTICIPATE IN AND THE INTERVAL…Article IV Consultation…Iraq is on the standard 12-month consultation cycle. The last Article IV consultation was concluded on July 29, 2015…SO WHAT DOES THIS TELL US…IF THE SMP THAT QUALIFIED THEM TO RECEIVE THIS 18 BILLION SBA ENDS IN 2016… [IS THIS THEIR LAST ONE?] TELL EM WHAT HES WON JOHNNNY! THINK OF IRAQ AS HAVING GONE AND GRADUATED FROM UNDERGRAD SCHOOL…GONE ON AND GOTTEN THEIR MASTERS…WENT FURTHER AND EARNED THEIR PHD…AND NOW HAVE TO GO OUT INTO THE GLOBAL MARKET AND APPLY WHAT THEY HAVE LEARNED! [post 2 of 2]
Read More: http://www.dinarupdates.com/observer/
For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…
Governor of the Central Bank’s (range): precautions at a good level (Alak interview)…
Conflicts in the reserve figures of foreign currency
Question: What are the plans for the central bank if the bank reserves continued to decline to the low limits do not cover even three months import to Iraq, how much is the amount of the reserve now due to the large ado about it?
Keywords: Of foreign precautions now $ 53 billion, a figure that changed daily according to what takes us back from the Ministry of Finance, and this level within our accounts and the accounts of the International Monetary Fund last refers to the adequacy of the reserve in accordance with the international standard of the existence of foreign currency reserves cover the size of the local currency.
Question: We also reserve the highest level, which means that the foreign currency that we have more than the local currency.
Keywords: The high or low reserves caused by factors beyond the will or control of the central bank, as the reserve is influenced by two factors basic elements, namely the amount of dollar given to the Central Bank, which is the source of the sale of oil and what you get and the Ministry of Finance of the petrodollars they sell to the central bank to get against which the dinars to cover its expenses.
Keywords: The second factor is the demand for the dollar, and its source is the basis of the state that ultimately turn out to demand for the dollar, as the majority of materials and goods imported expenses.
Keywords: And those beyond the bank’s control factors are determined by the level of reserve.
Keywords: The pressure and influence is increasing on the reserve when the issue of the state budget deficit being covered by vouchers or bonds the central bank bought, which means that the bank will issue cash for the government without that there is a cover of foreign currency for the government, and this version you spend the last turn the demand for imports in dollars which means reduce the reserve, so the House of Representatives and the government are responsible for the decline in reserve when the budget deficit have published. It is unfortunate that this fact is not understood by many.
Keywords: It is strange that some of the states members of the House of Representatives or the government that the central bank is responsible for the decline in reserves without paying attention to the reason that caused them, and not by the Central Bank or his policies.
The reasons for borrowing from abroad and future implications
Question: if it’s good enough reserves and in accordance with the international standard, so why borrow from abroad if?
Keywords: Borrowing from the IMF is very important for Iraq and open the way for us to get the facilities, loans and support of international organizations and major states, also strengthens the Iraq Center externally in terms of financial transactions.
Question: Can Rafidain and Rasheed Zbonin that presidents be at the central bank auction of foreign currency?
Question: Why refrain for many years of active participation and leave the monopolists of the private sector to be the primary actor in the auction?
Keywords: The central bank opens the process of selling the dollar to public and private banks alike, lack of bank entry Rafidain and Rasheed on a larger scale in the process, due to Khchithma the exposure of foreign transfers to confiscate transfers due to external claims old debts, but now having taken action to solve We hope that this problem Atkmen two banks from exercising their operations without reservation or fear, and from our side and Nhvzhma encourage them to expand their dealings in dollars to achieve the principle of competition Tnfna much.
Question: Why is not modified in force Banking Act to the authority of the coalition No. 94 of 2004, as the central bank can generate the forced merger of banks, rather than persuasion literary merger, especially since the banking market needs a strong decisions to integrate more than one banking institution to avoid landslides and protect the banking financial system in Iraq?.
Keywords: Conducted in accordance with scope for modifying the Banking Act referred to, and is now in the final stages of the legislation, and that the new law, and certainly taking into consideration the best international practices and experiences large and developments in the banking and financial sector.
Question: Is the central bank was able to rescue the financial situation of Iraq (public finances) during the years of oil revenues has worsened since 2014? What are effective policy adopted by the central bank as a savior of public finance that?
Keywords: Yes, the Central Bank has played a major role in the face of the financial crisis that hit the financial situation of the country, during the last period and the present, and it was the lifeboat of the overall situation and not just the financial situation, because the financial resources of the government were not sufficient to cover even salaries, we have to imagine the situation if failed state to pay the salaries of millions of employees, so the total amount financed by the Central Bank of the public treasury would arrive at the end of this year to more than 20 trillion dinars through his purchase of treasury transfers from the secondary market, as the central bank provides support and counseling in aspects the other, in order to cope with the financial and economic challenges.
Question: How faced monetary policy of the Central Bank of the problem of unemployment and stagnation among Iraqis, especially since the bank’s target, according to law is to stabilize prices and to fight unemployment?
Keywords: Central Bank contributes to reduce unemployment by stimulating economic activity by keeping the general level of prices and the reduction of the rate of inflation by stimulating and facilitating lending, credit and structural benefits operations, so the central bank initiative to allocate 6 trillion dinars for lending to private sector projects, pour into the mainstream to achieve this goal, which is active sectors and achieve operating.
Program the “six trillion” goal to promote the private sector may not be achieved
Question: If you consider the “six trillion” program that Sakarzha Bank to the public one of these processors. Are there other steps to achieve the stability that encourages economic growth in the gross domestic income, or?
Keywords: Yes, the 6 trillion initiative, the first of its kind and size are in the history of Iraq, where we found As sensors of the economic situation that the only way for the advancement of economic reality is to stimulate the production of industrial and agricultural sectors through lending and support the private sector, because we have noticed not turned slogans and national strategies to support the sector private and diversify the productive base to a supportive and stimulating practical plans, as the central bank notes through its coverage of the demand for the dollar for the purposes of import, dumping policy by importing the simplest materials and goods that could be produced within the country to run the citizen and maintain foreign at the same currency.
Question: But how do you achieve the goal of this initiative in light of the current situation, where there is no protection, control or even activate the laws?
Keywords: Note this accurate and essential, and we have stated when The launch initiative that its success depends on the product to activate the protection, consumer protection and anti-dumping policy and the application of customs duties and quality control laws, it is without all this you can not expect effective results for this initiative.
Question: with the current state of border ports, you can apply that already?
Keywords: It is regrettable that the situation of border outlets is one of the large and chronic challenges, a situation that receive its disadvantages and corruption serious risks to the country, and those risks are not only an important and substantial financial resources, but also economic, health, environmental and security risks of loss we must pay attention to her, and there were attempts since many years to correct the conditions of those ports, but they all failed, and we confirmed that we are in years and we continue to emphasize the need for the use of specialized international companies to take over the organization and management of these ports.
Question: Is there political actors dominate invisibly on the banks requests for foreign currency, including the parliamentary forces very window? ..
Keywords: This is a modern trader, and as they say, these are the cause of the destruction of Iraq and the smuggling of funds through the auction?
Keywords: Confirm the position of responsibility absence of interference from anyone or from any point in the issue of determining the total dollar sales, or at banks and companies level, Defining it is by the high-level committee of the Central Bank, including the deputy governor and directors of two and a cadre ahead meets daily to determine that based on several objective factors.
Keywords: Currently we finished the development of consistent standards which is determined by a certain degree for each bank or transform the company, including the commitment of the bank or the company’s anti-money laundering and terrorism financing and the rules and regulations associated with that law, until we get in the end to the application of an electronic program implements sales automatically operations in light of the degree of banking and corporate commitment to those standards, rules and instructions.
Question: Is it possible closure of branches of foreign banks in violation of the law of the central bank and banking law? Is it already been done? Especially since there are, as they say, many irregularities among those banks, and how many branches of those banks and a number of private banks?
Keywords: Yes, the central bank instructions apply to all banks licensed by the Bank, and branches of foreign banks licensed by us as well, so they are subject to subject his local banks in terms of penalties and procedures regarding irregularities and including the withdrawal of the offending branch license.
Question: Is it really been withdrawn vacation one of these branches?
Keywords: No, it did not happen during the period in which the Central Bank assumed.
Question: but we hear that there are irregularities and excesses of many of those banks.
Keywords: This information is not accurate because the branches of the banks that we are the branches of a very large, mostly banks, and has an international classification Advanced, and that these branches subject to Rkabtna and regulated by the Central Bank in the State of the headquarters of the Bank and control headquarters and the president himself as belonging to him.
Primitive and fails in the performance of government banks
Question: There is a clear failure in the banking sector as a working old systems and mechanisms and sees specialists said that one of the reasons for the decline of the investment process in the country, the fact that foreign investors looking for a safe and advanced banking environment to facilitate its work and fast delivery and keep his money?
Keywords: Yes, it is regrettable that the banking sector we have is still in its infancy, far from the optimum international practices, and the use of the latest and best technology into the work, and the majority of the appropriate degree of fairness and transparency and governance are not available, and far from the application of the rules of compliance and risk management and compliance requirements of the rules anti-money laundering, and that most of the private banks, was founded a few years ago, in exceptional circumstances and in front of exceptional challenges also making it plagues on marginal activities to achieve a quick profit, such as selling the dollar, it has been dominated by their governing bodies are managed and harnessed to their own interests, so we have a long important to correct these situation, you will see the results during the year.
Question: But the problem is what we observe in the situation of State-owned banks private bank Rafidain and Rasheed in terms of the level of performance, organization and services is very low, even simple drag and deposit operations take place in a complex and slow?
Keywords: I agree with you in this matter Valmsrfan backward greatly across Angtallma about the world and what happened from the tremendous developments in the banking business, was a plan to restructure the two banks since 2007 put, but the plan goes slowly being activated, so we are currently focused on resolving the issue of settling accounts and old assets down to the true financial position of the banks, considering that this foundation to move to the second step in the plan to privatize the banks or the introduction of qualified banks to strengthen and upgrade Bodaihma partners.
Question: central bank, according to specialists has the strongest role that must be exercised by the departments of banks, especially with regard to its policies relating to update the structure of these institutions and strengthen oversight.
Keywords: Yes, central banks play an important role in upgrading the performance of banks through the guidelines and instructions laid down by the organization of work and through the control, supervision and performance evaluation and stimulated to take the best practices.
Keywords: To be more outspoken this was the role of the Central Bank during the previous years is weak, and has accumulated over the years, many of the negative phenomena and practices, and under the pressure of economic and financial crisis show the inherited imbalances in the form of serious problems and challenges.
Keywords: So we have to strengthen that role since taken over the task of the Central Bank and have taken several measures and steps toward the banks on the one hand, and through the strengthening of the supervisory system and supervisory On the other hand, we have with the help of the offices of international control in this regard, but it will take time to reap results.
Question: Since 2010 the government announced it had agreed to the signing of an important agreement with Chinese companies to develop the work of government banks and financial exchange mechanism between them and the rest of the banks of the world, what happened to them and why so far there is no real change in no Iraqi banks.?
Keywords: I do not have any details on that convention, but after the recent visit of Prime Minister to China was agreed to activate the various aspects of economic and financial cooperation are being worked on currently, including promote the opening of branches of Chinese banks in Iraq and banks Iraqi in China and exchange of experiences in the field of banking.
Guarantee deposits and Exchange Shorja dollar
Question: When applied work company guarantee deposits and what type of deposits, as long as you mentioned the need to encourage people to save the government and the banks that it will contribute to resolving the financial crisis, the other side of what will or add this step to the citizen?
Keywords: A project to establish a company to guarantee deposits is aimed at protecting the rights of depositors, younger ones especially, when the bank is exposed as to insolvency or bankruptcy, so this measure will encourage citizens to deposit their money in banks because the phenomenon of having most of the money chunky in homes away from the banking system, hurting the economy in terms of the money that has been saved if the banks will turn into loans and facilities, including contributing to motivate and move the economy and the market, as well as the risk to keep this money in the home has offered to steal, not to mention the costs of dealing with cash instead of bank accounts.
Question: dollar exchange in the Shorja who controls them? Is the Central Bank has control them?
Keywords: Who deal in dollars outside entities licensed by the Central Bank, engaged in an illegal act, and the shops and the people who are doing so they fall under the control of the fight against economic crime directorate, and take legal action against them, as this thing comes out of the jurisdiction of the central bank.
Question: Is it really about them are measures by combat economic crime?
Keywords: Yes, this is done, it has closed many stores and many of the owners referred to the judiciary, which in turn issued legal judgments against them.
Question: Is there a counterfeit coin now is whether the dollar or dinar?
Keywords: According to central bank statistics, which we get from a thorough examination of the coin, the fraud ratio is almost negligible, and usually we fined the banks that pass the coin forged and this easily discover in developed specialized our organs in the detection operations, and that most who deal with trying to avoid dealing with banks because they are able to detect, so it is passed on dupes citizens, and the Interior Ministry to arrest once in a while some of those who are in the process counterfeiting or handled.
Question: project to delete the zeros Where is he now, why did not apply private and it raises the value of the dinar?
Keywords: Project to delete the zeros still exists and we have a technical preparations in this area, but we are waiting for the stability of the general situation, because this is a great work when we need stability in addition to the stability in the development of institutions, in particular, what we can organize and manage the operation and supervision are not allowed with breaches or excesses .
Question: why the dollar is always high, and why do not you take a equating with the dinar, this leads to market and license the stability in the general goods.?
– Make equal dollar dinars in the current situation means encouraging more imports and missed opportunities for the advancement of local production.
It would also mean reducing the public budget revenues because the Ministry of Finance will get the lowest amounts of the dinar against the dollar, which it sells.
Keywords: The high price of the dollar in the parallel market is attributable mainly on the supply and demand law, and the more the central bank responded to the demand for the dollar and covered it, the more to prevent a rise in price, and the closure of speculative opportunities in the market, and certainly there are other factors that play a role in the rise and fall of them, political stability and security and the rule of law, and the strength or weakness of relevant state institutions.
Question: If the reason for the rise is not selling the bank required quantities in the market, why the bank does not respond to the request?
Keywords: When oil prices are high revenue dollar is high also as it was in previous years, then the central bank can respond to those requests, and the flooding of the dollar as its inclusion Bank to its reserves, either when revenue dollar goes down because of lower oil prices, as is happening now, so do not enough dollars sold by the Ministry of Finance to the Central Bank, to meet the buyers’ demands for the dollar, the central bank used part of its reserves to respond to those requests, and this is the role and function of the nature reserve.
Keywords: But the problem we have that many do not understand that when we sell and declining reserve a lot of talk and criticism of the bank’s happening, and although aware of the bank that this is not practical and is not objective and intersects with the monetary policy requirements, but he was trying to find some kind of balance between the dam requests from the dollar and the preservation a reasonable level of reserves in order not to get a psychological condition that may lead to anxiety and fear.
Question: import cars costing Iraq billions of dollars out of it. Is there an economical way to restore these funds, especially that Iraq does not need so many cars?
Keywords: The subject of imports and determine the goods and fees and the need of the jurisdiction of the government, not the central bank, Vdorena in this case, is to provide advice to the government, has repeatedly called as many have called for the need to adjust the imports and the development of curriculum Yearly Import Alert, with a strict application of the laws we have mentioned to protect the national consumer product.
Question: Is the central bank has other property return it imports?
Keywords: No, the Central Bank Act does not allow this kind of investment like real estate and other, Vaaradatna come from investments in foreign bonds and gold coins, and what the bank earns from fees and fines and fees from banks and companies licensed by him.
Question: some international banks based humanitarian projects such as building hospitals and schools, is the central bank of such projects, or in the next Strutijeth?
Keywords: Central Bank Act does not allow the allocation of funds for these projects, we are seeking for an amendment to allow the Bank supported some of the social services projects, health or the necessary infrastructure by allocating a percentage of the annual profit of the Bank for these purposes.
Question: deposit box for every citizen, either gold or Basbaik or cash, How is it saving for gold process?
Question: Is it gains and falls within the principle of interest or whether it is within the national inventories, which helps raise the level of the Iraqi dinar?
Keywords: When a citizen filed what has gone or elsewhere in the private equity funds it is leased within the banks, and here do not receive a citizen of any return on it, the aim of the deposit within the banks is to protect them, and that the bank does not know what is there but is not used or invested.
the issue of the purchase of gold bullion from the central bank.
Keywords: Central bank gold bars made of lightweight 24-gauge outside Iraq and sells them to the citizens and the margin of profit is simple.
Wayne sold the bullion?
Keywords: The banks and the central bank as well.
Question: The fate of the new Central Bank building designed after the death of the project
Wayne arrived to work in the new Central Bank building?
Question: It is executing the company after the death of designed architectural site Zaha Hadid?
Keywords: The new building project under referral is currently being analyzed in terms of the offers submitted by the companies to choose one of them to build the project, which is expected to be implemented by the end of the beginning of this year.
Question: What about the designed project office and its role in the implementation?
Keywords: Office completed the project design in all its details has it took nearly two years and we wish that the Office would oversee the implementation, but his presentation was very loud, what made us call on other global companies, has won a good reputation of the Australian company, which now holds the study offers made by international construction companies to build the project.
Read More: http://www.dinarupdates.com/showthread.php?36122-Governor-of-the-Central-Bank-s-(range)-precautions-at-a-good-level