"The Daily Dinar " ..........Saturday, 22 June 2013
Kap / Tlar Discussion
Kaperoni: Iraq banks reduce the dollar to strengthen the stability of the exchange market
Baghdad-Adel Mahdi Thursday 20 January 2013
Most private banks began lowering the dollar exchange rates from 1189 to 1190 dinars for citizens and 1178 to documentary credits, in a move to support the actions of the Central Bank to stabilize the foreign exchange rate.
«Central» were announced in a statement Iraqi, received a letter from the Iraqi private banking association confirming previously announced commitment '' on the initiative of the three banks to sell the dollar to citizens at a lower price.
The initiative "is the normal behavior the Iraqi banks in the stand with the trends of monetary policy and the Central Bank of Iraq with the support of the Iraqi economy and raise the efficiency of financial instruments and cash.
The Iraqi market is experiencing fluctuations in the exchange rate of the dollar against the Iraqi dinar, despite actions taken by the Central Bank aimed at exchange rate stability by expanding distribution outlets, and the inclusion of all citizens in obtaining dollars through specific mechanisms.
Experts attributed the sharp volatility that accompanies the process of dollar to Iraqi dinar to the absence of a law regulating the process of converting a foreign currency into the Iraqi market, allowing a gaps are often in sharp demand and supply.
They urged the importance of «procedures contribute to the stability of the value of the Iraqi dinar in the domestic market, notably passage of a law governing the conversion process and check the documents submitted with the aim of buying the currency, with the largest amount pumped in the domestic market through a variety of outlets.
The Deputy Governor of the Central Bank of the former appearance of Mohammed Saleh told «life», the trade surplus in the current account '' positive payoff in improving the Iraqi dinar exchange rate for the dinar value implications and not vice versa.
He noted that Iraqi economic policy "based on the principle of freedom of foreign exchange does not intersect any suspicious transfers and violation of domestic and international laws, such as money laundering.
Salih, the need to regulate more strictly the conversion process which depends on oil resources.
The «need to address two central style options dependent, or with more economic freedom. He said "ambiguity in the capital account liberalization to the payments, and remain cautious about capital flight, requires legislation regulates the Iraqi capital exit.
And he pointed to a bill regulating the entry and are therefore investments that we need to act to regulate the exit of the Iraqi capital to prevent inflated import bills.
The local economic community calls for the Central Bank, to activate the policy followed since time began by introducing more quantities via direct outlets to citizens».
Such calls stressed that "the central control over banks that play the role of mediator between the student real currency and Central Bank, as well as ensure that the documentation provided by the merchant.
As proposals to distribute employee salaries in dollars as is the case in Jordan and Lebanon, that would raise the offer for lower demand.
, Executive Director of the Association of private Iraqi banks Abdul Aziz Hassoun told «life», the «legislation protects citizens ' deposits in local banks.
He noted that the Iraqi banking sector has significant liquidity «to invest money deposited with him, citizens profit handsomely if the amended banking law to allow this.
It was on "laying the foundations of legal materials, protection of the deposits of citizens and guarantee their safety, not only in private banks, but also the Government.
He explained that such an act of legislation and its application in line with growing calls to encourage citizens to deal with deposit and investment banks. The ratio of deposits in State banks «between 65 and 68 trillion trillion dinars ($ 50 billion), of which 22 trillion dinar deposits of private banks.
And Iraq's banking system has 43 banks as well as the Central Bank. And according to property among seven state banks and 30 private banks, including seven Islamic add to six foreign banks.
The IMF called on the Central Bank to take measures progressively lead to the edit view foreign exchange through auctions conducted by the World Bank, not to be repeated unrest that hit the capital market last year.
BNA13: "The local economic community calls for the Central Bank, to activate the policy followed since time began by introducing more quantities via direct outlets to citizens». Such calls stressed that "the central control over banks that play the role of mediator between the student real currency and Central Bank, as well as ensure that the documentation provided by the merchant.
As proposals to distribute employee salaries in dollars as is the case in Jordan and Lebanon, that would raise the offer for lower demand.
Increase supply + decrease demand.
"Activate the policy followed since time began." That's a cool way to put it.
Zul: Executive Director of the Association of private Iraqi banks Abdul Aziz Hassoun told «life», the «legislation protects citizens ' deposits in local banks. He noted that the Iraqi banking sector has significant liquidity «to invest money deposited with him, citizens profit handsomely if the amended banking law to allow this.
It was on "laying the foundations of legal materials, protection of the deposits of citizens and guarantee their safety, not only in private banks, but also the Government. He explained that such an act of legislation and its application in line with growing calls to encourage citizens to deal with deposit and investment banks.
The ratio of deposits in State banks «between 65 and 68 trillion trillion dinars ($ 50 billion), of which 22 trillion dinar deposits of private banks.
Between 65 to 68 trillion in deposit..?? That is basically their entire M1. And if most of their M1 are deposits, that means most of the currency in their market are in dollars. Is that what they are saying...?
Tlar: Zul, growth of money can be attributed to the velocity of money. Here is an example. Lets say the CBI originally put out 10 dinars to pay an employees salary.
The employee only needs 5 dinars to live so he deposits the other 5 dinars.
Along comes a builder and he borrows the 5 dinars and builds a house that he sells for a profit of 4 dinars over the original five that he borrowed. He then deposits all of his profit and someone else comes along and borrows all four of those dinars.
This isolated example shows at the employee level there is only 10 dinars, five circulating and five deposited. At the builder level when he borrows these five dinars to build a house there are now 15 dinars from what was 10. 5 circulating, 5 sitting in a bank account and five the builder borrowed in order to build a house.
When the builder takes his 9 dinar and pays back the bank the five he borrowed and deposits the other four, that total number of dinars has now been reduced by one and all told there is 14 dinars .
5 circulating and two bank accounts of 4 an 5 dinars each.
This process is repeated every time someone borrows money so you can see that money itself can change quickly even without the bank releasing additional dinar dependent on the level of economic activity. I hope this helps.
Income velocity of money Definition In economics, income velocity of money is the number of times an individual unit of currency turns over (i.e., is spent) in a specific period of time. Velocity affects the amount of economic activity generated by a given money supply - See more at: http://www.investordictionary.com/de....Wh9bgzlr.dpuf
[cookie2] millionday millionday millionday Love it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[millionday] love ya -- brb
[gpleas] is the chicken or egg
[wmawhite] millionday ...........the IQD will be accepted internationally.
[Mrs. Beans and Rice] Climb Dinar........Climb!!!!!!
[millionday] "adding that" Chapter VII still restricts Iraq in terms of financial and economic. "and pointed out that" Iraq would emerge from Chapter VII is to restore the prestige Iraqi state, after the right of the former regime damage the prestige of Iraq.
"and fulfilled Iraq with its obligations to pay 41 billion dollars to Kuwait in compensation for war Iraq and Kuwait, where pay for the Iraqi people as a result of the policy of the former regime reckless.
stresses UN Secretary-General in his report of 35 submitted to the Security Council and relating to Security Council resolution 1284 of 1999, he "commends all of Iraq and Kuwait for their efforts that led to the solution of the outstanding issues between the two countries to remove Iraq from Chapter VII."
[millionday] whooop whooop !!! there is more smile brb
[wmawhite] millionday .......the question is........when does the rate change.............just prior or after?
[millionday] it looks like before but we will have to wait and see -- just saying this translation makes it sound as before but no guarantees
[purecountry] "Iraq would emerge from Chapter VII is to restore the prestige Iraqi state" tells me it will be after
[millionday] this tells me before >>>> huge >>> "all obstacles that face Iraq on economic issues and finance will be gone by the end of sanctions, so we shall see smile
[millionday] For its part, promised to the Committee on Foreign Relations parliamentary near Iraq would emerge from Chapter provisions of Chapter VII victory for the Iraqi state at the level of foreign policy.
Said Rapporteur of the Committee on Foreign Relations, Adela Hammoud's "Center Brief for the Iraqi Media Network," "The exit from the provisions of Chapter VII and substances applied against Iraq, which is considered a victory for the Iraqi state at the level of foreign policy.
"She Hammoud that" there are multiple files stuck belonging to the Kuwaiti side is property, and remains missing, and compensation in addition to the land and sea borders, and these files in a way to resolve and Iraq on the way out of the provisions of Chapter VII
[gpleas] gosh Millionday we can only handle so much excitement you ROCK
[LBnFL] Day(s) before or day(s) after... Still only DAYS!
[millionday] iraqi victory >>>
[millionday] "and managed to Iraq through the efforts of long made at different levels to reach the end of the approaching out of Chapter VII imposed on it since the nineties of the last century, where pay under the sanctions imposed on it 5 percent of the total oil revenues to Kuwait as compensation established by the United Nations under this chapter.
[creativethinkersclub] Bring on the Blessings for all!!!!!
[ROBINREDHED] im ready, i swear
[millionday] smile me too brb with the rest this is a message to the international community
[wmawhite] millionday ..........just spoke with PapaTom.......the both of us concur with you............lol
[millionday] now let me say this is the meeting of parliament
[millionday] Moreover, she saw the list are united, led by Parliament Speaker Osama Najafi said near Iraq would emerge from Chapter provisions of Chapter VII, Guide to change the look of the international community's foreign policy in Iraq.
Said spokesman of the list, Dhafer al-Ani, for "Center Brief for the Iraqi Media Network," The "Iraq emerges from the provisions of Chapter VII is calculates the Iraqi state and the Iraqi negotiator,
a message to the international community that the foreign policy of Iraq progressed." He Ani that "the main reason behind entering Iraq under Chapter VII is considered as a threat to international peace and security and
[millionday] as Iraq continues it causes after 2003, so it would have been better for lifting Chapter Since that time, this benefit may be too late. "He continued that" the international community to stand with Iraq to bypass international issues outstanding and took the role in the global system to the attributes of the potential human and economic losses. "
[millionday] in other words they are expecting to make a huge change in the global condition there is more brb whooop whooop
[millionday] In turn, expressed the Committee on Energy parliamentary optimism about promoting investment in the oil sector after the withdrawal of Iraq from Chapter VII. Deputy Chairman of the Committee Ali Fayad's "Center Brief for the Iraqi Media Network,"
"The withdrawal of Iraq from Chapter VII will boost investment in the oil sector significantly and will contribute in attracting international companies to work in Iraq for the development of oil production in the coming years.
"and explained that" Iraq must strengthen external relations with neighboring countries and sends a message of reassurance to international companies in all fields, especially in the oil sector. "
[millionday] last part and oh what a whopper !!
[millionday] For his part, MP for the Kurdistan Alliance, Hassan Jihad said the foreign policy pursued by the government reinstated Iraq's status as an important sovereign integrated especially with the imminent withdrawal of Iraq from Chapter VII. ‘
Said Hassan Jihad for "Center Brief for the Iraqi Media Network," that "the foreign policy pursued by the government represented by the Ministry of Foreign policy was rightly able to remove Iraq from Chapter VII. "and the price of jihad efforts of the government and the Ministry of Foreign Affairs in the adoption of the diplomatic successful which brought a consensus Iraqi Kuwaiti to end Iraq's obligations with the international community,"
noting that "all political constraints and economic and financial lift Iraq بخروجه of Chapter VII, and thus return Iraq fully sovereign state his trust is absolutely no restrictions. "
[millionday] whoooo hoooooo !!!!!! loving this great time for a huge whoop whoop whooop whooop
[albosdo] Whoop whoop!!!
[Mrs. Beans and Rice] Whoooooooooooooooooooooooooooooooooooooo oooooooooooooooooooooooooooooooooooooop
[millionday] so they are expecting to jump in a hurry on the economic roller coaster we call life and larger then it was in the 90`s -- so i can live with that [millionday] smile
[greathunter] Major whoooopwhoop!
[creativethinkersclub] millionday can we blow you kisses???
[millionday] muuuuaaaahhhh!!! Smile let me check for what else there is brb last one of the night and its great [millionday] here we go
[millionday] Sent by Prime Minister Nuri al-Maliki a letter to President Jalal Talabani, during which he expressed his joy positive developments for the president's health because of their importance in his return to assume responsibilities that will complete the process of rebuilding Iraq.
Maliki said in his letter, which received "morning," a copy of which: rejoice each news we receive from the team medical improvement your health and increase prayers you a speedy recovery, health and safety, to return Mr. President safely to your family and your country of Iraq and to your responsibilities and your role in the construction of this state on the ruins of dictatorship sectarianism and terrorism and the Baath. "
[millionday] He continued: "I've left for yourself fingerprints good on the political process and love in the hearts of Iraqis as they pray for you health, safety and prompt return to move together in the way of completing the process of construction and reconstruction and the power of the state and prevented the delight in which all Iraqis and melt them all barriers and legacies bad that made the Baath and later Taúfen and new terrorists. "
Moreover, Prime Minister in his official office yesterday (Thursday) Representative of the Secretary-General of the United Nations in Iraq, Martin Kobler mark the end of his mission in Iraq, and assuming the task of the largest mission in the UN peacekeeping force in the world.
[millionday] And the price of the Prime Minister the efforts made by Kubler through his work in Iraq, and wished him success in his new mission, calling for more cooperation and coordination between the UN Mission and the Iraqi government.
Maliki said: "After the end of the outstanding issues with Kuwait, we call on the international mission to focus their attention on solving the problem of the PMOI and get them out of Iraq as soon as the application of the agreement signed with the United Nations in this regard."
[millionday] love ya -- and love this whoooop whoop this news rocks so glad to bring it -- so what do you all think?
[creativethinkersclub] millionday whooooooooooooooooooooop whooooooooooooooooooooooooooop whoppers all over the hose!!!!! lol
[millionday] Association of Iraqi banks confirmed its continuing quest to reduce the exchange rates of the dollar against the dinar, through the mechanisms of joint cooperation with the Central Bank of Iraq, where organized daily meetings between representatives of the private banks and specialists in the central bank.
The head of the Association of Iraqi banks Adnan Chalabi, in an interview (morning): that the initiative of the Association of private banks at the invitation of private banks to reduce the dollar exchange rate contributed to the decline gradually exchange rates,
although relatively, pointing out that the mechanics work painted with by the Central Bank and the Association heading access to the exchange rate of the dollar against the Iraqi dinar to normal rates.
[millionday] Cooperation Association and the Central He added that the three banks have responded to the call and began Association since last week to sell the dollar to citizens at 1183 instead of 1189,
pointing out that the banks of Assyria, Baghdad, and Huda responded to the calls launched by the Association in collaboration with the Central Bank of Iraq.
He pointed out that 25 banks waged an extra start this week to sell the dollar new price (1183), and thus the number of private banks, which reduced the dollar exchange rate (28) banks, pointing to higher this figure even further to include all local banks and branches of banks operating in the country .
[millionday] note -- remember they are also checking their data system this is wonderful to hear with the meetings everyday
[millionday] The stability of the financial sector He Chalabi saying: that the stability of the financial sector need to achieve economic development, and that any problem taking place in the banking sector civil adversely affect the overall economic process,
reaching impacts to the prices of goods and services related to the economy of the family and contributes to the rising dramatically, stressing that the private banks have working relationships with international banks and the World Bank and that any defects or problems are traded through the media inaccurately affect this relationship and makes those banks reconsider Bmassarva of the private.
[millionday] note -- see checking for any problems -- this we expected
[millionday] He pointed out that the negative effects do not stop at this point, but up to the investment sector where you find that the capital looking for a sector money stable could provide great services to investment companies, especially as the country in dire need of the efforts of specialized international companies to implement projects strategic large in all provinces country.
[millionday] so they are saying no matter what -- at this point they are going forward and the responsible office -sector will have to deal with issues this is a smile
[millionday] New initiatives The Executive Director of the Association of private banks in Iraq, Abdul Aziz Hassoun said that the initiative to reduce the exchange rate of the dinar against the dollar is the first and will be followed by new initiatives in collaboration with the Central Bank of Iraq in order to support all economic sectors.
He pointed to the importance of concerted efforts to stabilize the exchange rate of the dollar, which requires that the media more active role in the transfer of the facts about the mechanisms of action of private banks in the country, pointing out that the banks civil economic asset must be preserved,
and it operates under the Central Bank, Indicating that the private banks entered the field dollar selling prices in order to reach natural for the disbursement of the dollar against the Iraqi dinar.
[millionday] is the first -- love it note -- in other words they are teaching the citizens through television that is where the info will be coming for them
[schmidtberger] millionday ....do citizens have tv??
[millionday] and as we remember they set up huge screens to televise or use media to teach at mosque
[LBnFL] millionday does that mean first priority? or something else?
[millionday] those who dont which alot do are informed in the square on fridays
[wmawhite] schmidtberger ........every coffee shop, every diner, etc.
[millionday] that means first in the process the first priority would be a yes as well -- the plan is it needs adjusted first
[millionday] He pointed out that private banks are the infrastructure of the local economy, pointing out that they broker through which the process of foreign exchange in accordance with requests of Commerce, which employs to import various goods,
which requires follow-up merchant who requested the money, because the private banks operating under the Central Bank that benefit transfer money and claim permits the entry of goods merchant and merchant here who is responsible for Securities provides.
I think the adoption of the portal, which is a remedy for the confusion in the process of winning money transfer business because he accomplished in a short period of time where you can link between all the relevant departments of Customs, taxes, and other banks.
[millionday] so as we see --- all at once in order for it to be done right and successfully meaning that the retail store of currency is the private banks
[millionday] as i have reported -- the largest product a country has is its currency and there they are talking about the many avenues to sell it including the stock/currency market
[millionday] this is about global integration of banking
[millionday] As a member of the Association of private banks in Iraq and Wadih Handal noted that the initiative confirms that private banks support the stability of the exchange rate to activate the reality of their work, pointing out that most of the private banks have dealings with the largest international banks, including Citibank and obvious Morgan and other banks with international reputation,
as Light the World Bank channels with private banks, and this in itself requires the banks to organize their work and strive to develop the mechanisms of action and reach out to the world in the provision of services.
millionday] meaning the services that come from international banking -- this includes interest ect ect
[millionday] it is a product and their job in the economic reform is to sell it and make it as valuable as they can for stake holders as with any business notice -- again wouldnt say the date but this is a test run of a change
[millionday] He said the central bank has promised to lift quotas banks of the dollar civil initiated by banks to reduce exchange rate (1183), where it comes from the door of activating cooperation between the two parties. He pointed out that the sale of the dollar to the citizens not specify a timeframe but continuously ceiling to get to the normal rates for the exchange rate.
[millionday] last of the report>>>>>>>>>> The representative of the Central Bank of the supervisor of the sales process Mohamed Mohsen pointed out that the sales process at the Bank of Baghdad, one of the banks that reduced selling prices in a transparent and as instructed by the central bank,
did not indicate any irregularity to the day after the adoption of the new mechanism, is also selling the dollar in isolation from sections bank a positive step, do not confuse the services provided to the customer. He noted that the receipt of applications and the announcement of the names by tables systems the process of selling the dollar and make it go smoothly high.
[millionday] so this is saying that the entire system seems to be working well as reported by bank of baghdad -- again shows they are running test runs of changing data brb with more
LBnFL] millionday Saw a reference to a Parliament meeting today. Thought was out till Sat. Any truth?
[millionday] no they are not out until saturday that i have heard they should be working on the basket of laws i will recheck though hun through this news tonight
[millionday] MP Jawad Albzona, the importance of the conclusion of the economic agreements with the European Union to strengthen Iraq's relations with economic and trade relations with the European countries.
And said Albzona statement news: that Iraq signed a set of agreements with the European Union during a visit by his to Baghdad Representative, noting that the agreements that specializes in the fields of energy, trade and military might, and this will strengthen Iraq's economic relations with the countries of the world.
[millionday] He added that the country needs these agreements that the infrastructure is almost to be collapsing because of the circumstances that have passed on Iraq during the past years, he needs to experience foreign to train national competencies and the development of economic sectors and benefit from the marketing of some local products such as date palm and the other to Europe.
The representative of the European Union, Catherine Ashton, visited Baghdad during the past few days and met with Iraqi officials. [millionday] so in other words they have to hurry up
[millionday] they lost tons of dates last year i am sure they dont want a repeat of that brb with more
millionday] Within the endeavors pursued by Iraq in reforming the economic sectors, the adoption of a system restructuring public sector companies, especially air transport sector, has announced the Ministry of Transport, said that foreign companies had made proposals for the restructuring of Iraqi Airways, at the same time, said economic adviser:
The process of restructuring of the company is a good thing and is one of the themes of reform in the transport sector of Iraq.
He added advisor at the Iraqi Institute for Economic Reform, Dr. Ahmed al-Husseini told (morning): restructuring should take place on a larger number of sectors, including the transport sector to exchange experiences and administrative systems and cutting-edge technology to contribute to the development of the reality of this sector, especially air transport and aviation.
[millionday] the iraqi airlines restructuring will bring many jobs to the citizens
[millionday] that is great and also will be a huge help to the economic condition and the transportation sector will fill another sector growing for their compliance with the wto requests
[millionday] very good and the size of with the plans they have laid for iraq of the airport should be huge and much larger then now -- think of how the market will boom there when the door opens
[millionday] and it will continue to grow so the airlines will have to as well they also have all of those connecting roads being built -- huge changes in transportation i am sure brb with more
[millionday] ok cant wait any longer here comes the whopper of the night smile
[wmawhite] millionday do it!!!!
[millionday] With the start of the countdown to the withdrawal of Iraq from Chapter VII, confirmed the parliamentary committees over the benefit of Iraq to get rid of these sanctions, expressing optimism about this important step, which promised a victory would return Iraq to its flagship on the international scene in all fields.
And recommended UN Secretary-General Ban Ki-moon in his report to the Security Council, remove Iraq from the provisions of Chapter VII after Ivaúh all its international obligations. is expected to vote on the Security Council to remove Iraq from Chapter VII on June 27 after the current Iraq's commitment to the implementation of all UN resolutions, according to sources Knowledgeable for "Center Brief for the Iraqi Media Network."
These recommendations are an important achievement calculated International successful foreign policies of the government. These recommendations emphasize the UN that Iraq returned stronger than the events of 1990, which saw the occupation of the dictatorial regime of the State of Kuwait.
[creativethinkersclub] whoooooooooooooooooooooooooooooooooooooooooooooooo oooooooooooooooop whoooooooooooooooooooooooooooooooooooooooooooooooo oooooooooop big ol smiles!!
[millionday] lol there is more almost want to frame it
[millionday] Rapporteur of the Committee on the economy and investment parliamentary Mahma Khalil stressed that the exit of Iraq from Chapter VII of the UN Charter, it is poised to recover economic development in the region.
Khelil said in an interview for "Center Brief for the Iraqi Media Network," that "all obstacles that face Iraq on economic issues and finance will be gone by the end of sanctions, "noting that" Iraq has all its legal obligations and financial obligations to the UN Security Council resolutions and exit from Chapter VII would enable it to regain its real economy in the region.
"He expressed his deep regret for the role of passive played by some countries in an attempt to block Iraq out of Chapter VII, "adding that" Iraq is a strong return to the region, which derives its strength from its economy and its bounty, "pointing out that" Iraq will be free from all restrictions imposed on him after his release from Chapter VII.
"between Khalil that" Iraq's foreign policy representative Ministry of Foreign Affairs has succeeded through the efforts made by the past years to reach the stage of removing Iraq from Chapter VII,
[wmawhite] Iraq returned stronger than the events of 1990,...................WOW!!!
[albosdo] "poised to recover economic development in the region" WOOHOO!!
[millionday] huge >>> "all obstacles that face Iraq on economic issues and finance will be gone by the end of sanctions, [millionday] there is more
A number of citizens expressed their resentment and complained of mistreatment by private banks them, especially the Bank of Dar es Salaam Investment, مبينين that these banks turned out to be (shops) for the sale of securities to speculators from small traders. Citizens said that large queues of speculators and black market traders stand at the doors of these banks to get large amounts of hard currency at the government through price of passports in order to sell them in the local market to make profits because of the large difference in the discharge process...