Al-Hanal: The time is right to launch the JD trillion initiative
Economy News Baghdad – The President of the Association of Iraqi private banks, Wadih al-Hanal, on Wednesday, that the time is appropriate to activate the initiative of the Central Bank of “trillion dinars” for the support of small and medium enterprises.
Al-Hantal said in his speech during the workshop “one-trillion-dollar initiative to support small and medium enterprises” held in the city of Erbil and attended by “economy News”, the reason for non-activation of the initiative at the time of launch due to the existence of a window selling the currency, which banks were making profits from it, “When the interest rate was set at 4% to lend to the market there was another source of profit, the window of the currency, but the recent profits ended is left to banks only lending .”
He pointed out that “banks lend from their deposits at a greater interest or Murabaha greater than 4% so when it comes to the initiative of the Central Bank, which is determined by 4% do not use it, because it has funds and can lend .
The head of the Association of Iraqi Private Banks, suggested reconsidering the interest rate and leaving the market is to determine the interest rate and the recent competition will be between banks .
Al-Hanalal thanked the Kurdistan Bank for sponsoring the initiative of the trillion dollar initiative and stressed the encouragement of the Association of Iraqi Private Banks for such activities in the coming stages .
Article Credit: Economy-news.net
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BGG ~ With the exception of the last article on THE BLOG today, I wanted to recap (and add commentary) on the latest SLEW OF GOOD ARTICLES coming out of Iraq pertaining DIRECTLY to their currency.
Stay tuned… I’ll add more later today.
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Governor of the Central Bank of Iraq: We plan to delete zeros from the local currency
Roudao – Erbil – The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that “this plan needs to deliberate steps, so as not to be exploited in the fraud.”
Al-Alak said in a statement to the official Sabah newspaper that “currencies with small categories, may lead the citizen to bid farewell to banks in the difficulty of storage.”
He added that “the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others.”
He explained that “the Central Bank has a reserve of foreign currency very comfortable, approaching close to $ 60 billion, compared to 43 trillion dinars, which means that it covers 170 percent of the size of the mass of cash.”
On the launch of the currency of the category of 100 thousand dinars, the central bank governor pointed out that “these ideas are traded by the Central Bank, but at the present time regret it.”
The central bank introduced in April a project to delete three zeros from the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deterioration of the security and political situation in the country “to prevent manipulation and fraud of weak souls.”
Read More: Dinarupdates.com “Current Iraq News Thread”
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The Central (Bank) poses large amounts of small currency
Confirmed its continuation by replacing the damaged amounts
Baghdad / Sabah – The Central Bank of Iraq intends next month, to put large amounts of local currency, small groups, while continuing to receive the currency damaged by citizens and replace it (with) New.
The Governor of the Bank, Dr. Ali Alalak in a meeting with the “morning”, will be published later: “The Central Bank of Iraq, the development of a plan to compensate the market small categories of local currency, as will be next month large quantities and huge ones,” noting that ” Will meet the need of the local market for those categories of currency.
He added that “the bank continues to receive local currencies damaged by citizens and replace them with new currencies,” revealing at the same time, “the existence of a specialized committee to examine the damaged papers to ensure the integrity of fraud
and manipulation.”
Read More: Dinarupdates.com “Current Iraq News Thread”
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Kaperoni (Dinar Guru) – …If your expecting some overnight event your mistaken. There are many experts that predict the dinar could take 6 months to a year to rise to a level equal with a dollar once they begin to float. Keep in mind it will be directly related to how fast foreign capital comes into the country through the cbi’s capital account…
Read more: http://www.dinarupdates.com/observer/
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BGG ~ We have Dinar available. If you would like to buy Dinar – Please call me directly, leave me a message on voicemail, send a text (615-509-6256), an e-mail or FaceBook message me. These all work.
Our Current Sale Price is $995 per million.
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CST 641-715-3639 pin# 932875
Replay Link – https://d.pr/WczPbF
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Central: The cash reserve is approaching $ 60 billion and we have a plan to delete zeros from the local currency
BAGHDAD / The governor of the Central Bank Ali al-Alak on Monday that the size of reserves of hard currency up to 60 billion dollars, and covers 170 percent of the size of the mass of the local currency, while noting that there is a trinity to put the category of 100 thousand.
Al-Alak said in an interview with Al-Sabah newspaper that “the size of the foreign exchange reserves is always measured by the size of the local currency in the market, in addition to other international standards, Adding the ability of the state to cover trade and pay off debts. ”
He added that “the central bank has a reserve of foreign currency is very comfortable within international classifications and is ahead of other countries, compared to the mass of cash offered by the local currency,” noting that “the reserve is close to 60 billion dollars, compared to 43 trillion dinars, which means he covers 170 percent of the size of the monetary bloc, especially as the Arab Monetary Fund considers Iraq from countries that exaggerate the size of reserves of foreign currency.
On the issue of the currency of the category of 100 thousand dinars, Alaak stressed that “these ideas are traded by the Central Bank, but at the present time,” he pointed out that “there is a tendency in some countries to reduce the currency categories so as not to be stored or falsified.”
“The central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to take deliberate steps, and a stable situation fully so as not to This is exploited in fraud and other acts. ”
The Central Bank of Iraq, on July 12, 2018, that Iraq’s reserves of foreign currency amounted to 55.7 billion dollars, noting that Iraq has 89 tons of gold.
Source Link
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Mnt Goat (Dinar Guru) – Okay so once the prime minister is elected, they will have until mid Oct to get the reinstatement done. If they decide not to do it we may as well relax because we are waiting until EARLY 2019. I am telling you this now because I have knowledge of target dates already to get this done. I have a direct source in the CBI and we completed a recent long conversation over this issue of timing for the reinstatement. Again they reinforced to me that when we see the re-education process begin about the new smaller categories, this will be our signal they are going forward. If we don’t see it then we are in the window of 2019.
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – The CBI is reprinting some denomination including the 250, 500, 1000 dinar as many are worn out from years of neglect. Has nothing to do with RV or RI as gurus would like you to think. Why won’t the CBI RV or RI the Iraqi dinar? The primary reason is the CBI needs a tool to counter inflationary pressure created by a large influx of investment capital. As already announced by the CBI the dinar will be globally traded. It must float. The world sets a countries currency value. Supply and demand.
Another reason is the CBI wants to end the daily currency auctions. To do so, they must have an alternative to generate revenue. The CBI profits from the buying/selling of currency. And lastly because the IMF said so. Despite what the gurus say the IMF made it very clear…”staff encourages the authorities to create the conditions which would make possible a move to a more flexible…exchange rate policy. Such flexibility could allow a predictable and gradual appreciation of the nominal exchange rate, triggered by strong oil revenues and the Balassa-Samuelson effect”…The IMF is clearly talking about a float…
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – “Breaking: While PM Haider Al-Abadi gave (Apparently) farewell speech to his office, Moqtada Sadr announced an agreement to nomination “independent & technocrats” candidates for the new #Iraqi Prime Minister position” Does not look like current PM Abadi will be nominated for another term.
Read more: http://www.dinarupdates.com/observer/
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The Central Bank of Iraq officially exits from the EU sanctions list
The European Union (EU) officially announced on Thursday that the Central Bank of Iraq (CBI) has come out of the list of EU sanctions imposed on institutions.
“The European Union has officially announced the exit of the Central Bank of Iraq from the list of sanctions imposed by the European Union on institutions through its publication in the official newspaper of the European Union, which confirmed the abolition of sanctions imposed on this bank,” the bank said in a statement received by the Economist News. In the era of the former regime, which provided for “the prohibition of dealing with a group of financial institutions and non-financial Iraqi, including the Central Bank of Iraq.”
The statement added that “this step comes as the Central Bank of Iraq has made significant progress in improving its performance and the application of international regulations and standards in this area,” noting that “under these recent amendments will allow the international financial banking institutions to deal with the new instructions as it became a financial institution Reliable handling of European international institutions. ”
Article Credit: Economy-news.net
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Some interesting headlines…
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How Iran Can Protect Its Influence in Iraq
Tehran is willing and able to strike deeper into Iraqi territory than ever before.
The degree of influence Iran has in Iraq is always a source of consternation and debate. Why Tehran would want to influence events there, and how it elects to do so, are much less debatable.
Iraq is a major security concern for Iran – more so even than Syria. The Zagros Mountains insulate Iran from direct invasion, but they can’t prevent smaller bands of insurgents from staging attacks from the west, say, from Iraq. Iran therefore has an interest in controlling, to as great a degree as possible, the political and security environment in Iraq. However, the sheer diversity of interests in Iraqi politics makes it difficult for Iran to completely control the establishment through formal means. It has supplemented its quest for official political power with the presence of large militia groups that answer to Iran, not Iraq. And it uses state organs to fund them.
Iran appears to be gaining traction in that regard. After months of delay, the parliament finally elected a speaker, an important step toward forming a government after hotly contested elections in May. The speaker, Mohammed al-Halbousi, was backed by the Fatah Alliance, a political organization led by former pro-Iran militia member Hadi al-Amiri. The next step in forming a government will be electing a president and prime minister. Former Prime Minister Haider al-Abadi – considered a compromise candidate who has shown a willingness to work with both Iran and the U.S. – had until recently been considered a favorite to reclaim his post. That changed because of how poorly the government handled the Basra protests. Its performance was so bad that Ayatollah Ali al-Sistani, an Iraqi Shiite cleric whose opinion rings out in Iraq’s political system, said he would not support anyone who held office during the protests.
Yet, those protests attest to the limits of Iranian power in Iraq, even in Shiite-dominated areas. Demonstrators chanted anti-Iran slogans and even lit the Iranian Consulate on fire. Several offices of pro-Iran militias, including the Badr Organization, Asaib Ahl al-Haq and Kataib Hezbollah, were attacked and lit on fire. The Basra protests, then, were at least partly a protest against the status quo.
Also obstructing Iran’s influence in Iraq is the United States. On Wednesday, the U.S. Senate plans to introduce a bill that would impose sanctions on Asaib Ahl al-Haq and Harakat Hezbollah al-Nujaba, two of the many pro-Iran militias operating in Iraq. The bill would also require the State Department to publish a list of groups that receive funding or are controlled, to whatever degree, by Iran’s elite Islamic Revolutionary Guard Corps. Washington means to delegitimize Iran’s Iraqi proxies by labeling them as terrorist organizations, which it hopes will, in turn, prevent Iraq from incorporating them into the formal armed services.
Then there are Kurds, which, as outlawed groups, are challenging Iran from their strongholds in northern Iraq. Over the past few months, there has been an uptick in attacks against Iranian state forces by Iranian Kurdish forces. Iran has petitioned the Kurdistan Regional Government to control these groups, but the KRG is either unable to unwilling to do so. Add to this the reasonable inference that the U.S. is supporting Iranian Kurdish groups – it selectively supports other Kurdish factions as the situation warrants – and Iran finds itself facing a much more substantial threat from the north than it has in recent years.
This explains why Iran reportedly provided ballistic missiles to its Shiite militias in Iraq. Soon thereafter, in late August, the IRGC conducted a ballistic missile strike against Iranian Kurdish positions in northern Iraq, killing 15. (Following the attack, Kurdish sources claimed that Iran was beginning a buildup of forces on its border with Iraq.) Iran has shelled Kurdish positions in Iraq before, but this is the first time it used precision-guided missiles. It is therefore a clear signal to the entire region: To defend its interests, Tehran is willing and able to strike deeper into Iraqi territory, without the use of its hallmark proxies, than ever before.
Not long after the strike, the Democratic Party of Iranian Kurdistan called on other Iranian Kurdish groups to form a united front against Iran. If they do, they will only invite more reprisals. And if the KRG cannot prevent attacks against Iran from Iraqi bases – given signs of U.S. involvement, it seems unlikely – an Iranian invasion of northern Iraq can’t be ruled out. After all, with Iraqi loyalty to Iran coming into question, extra guns in Iraq would help secure the Iranian border.
Article Credit: Mailchi.mp
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Master Card International honored the Central Bank of Iraq, represented by the Department of Payments in this bank, with a shield of excellence during the annual conference held in Spain.
