Post From Currency Chatter 12-3-15
News & Links With Member Discussion Part1 of 2
Phillyman: The low sales of the Central Bank today to $ 170 million
Baghdad/... Central Bank sales, fell Wednesday in Basra to sell foreign currency to sell 170 million dollars after today 188 million dollars.
The Bank's statement said, "Iraq News" that "the size of the amount sold Tuesday stood at 179 million and $ 760,000, 1166 dinars exchange rate to the dollar, with the participation of 24 banks and 16" remittance company.
He noted that "the volume of remittances and payments appropriations amounted to 147 million dollars, while the quantity sold 23 million cash and $ 760,000.
The statement said the Central Bank continues to buy and sell the dollar the price 1166 DT ", adding that" retail price of remittances 1187 dinar/us $, including the Central Bank and the Commission of 21 dinars for each dollar in cash sale price $ 1190 dinar/us $, including the Central Bank and the Commission of 24 dinars to the dollar.
~~~
News & Links With Member Discussion Part1 of 2
Phillyman: The low sales of the Central Bank today to $ 170 million
Baghdad/... Central Bank sales, fell Wednesday in Basra to sell foreign currency to sell 170 million dollars after today 188 million dollars.
The Bank's statement said, "Iraq News" that "the size of the amount sold Tuesday stood at 179 million and $ 760,000, 1166 dinars exchange rate to the dollar, with the participation of 24 banks and 16" remittance company.
He noted that "the volume of remittances and payments appropriations amounted to 147 million dollars, while the quantity sold 23 million cash and $ 760,000.
The statement said the Central Bank continues to buy and sell the dollar the price 1166 DT ", adding that" retail price of remittances 1187 dinar/us $, including the Central Bank and the Commission of 21 dinars for each dollar in cash sale price $ 1190 dinar/us $, including the Central Bank and the Commission of 24 dinars to the dollar.
~~~
Central Bank Governor Ali al-allaq agency announced on November 20 that the Bank's foreign currency reserves reached 60 billion dollars, "adding that" sufficient for six months ", adding that" the Central Bank is working on a parallel policy of maintaining general price stability and curbing inflation. "end quote 1
http://ift.tt/1RqPTzH
Schizz: The auctions are logged ahead of time, hence still the old rate...more proof that they are lfalisifying these auctions. You will see the new rate in a few days in the auction results.
I pretty much ignore any info on the auctions...they are faked folks. It is completely true that there has been fraudulant actions taken to do with these currency auctions. The cbi idiot can deny it all he wants.
They messed up big stylee a couple of years ago and posted the wrong results (stayed up for half a day)...results 3 or 4 days into the future.
PreacherMan: Good Morning everyone, Heres XE
http://ift.tt/1SB9wTO
Brule: The IMF is in control of this ship. Whatever this change is, we know what the IMF wants, needs, and what their goal is.
Schizz: Maybe they are going to go to 0.80 instead of what we have thought as an option 0.86...who knows, totally not worried though.
High Five: The Dec 3rd auction is also posted - - 3 banks participating - 2,170,000 sold (very low) and all of it in cash. There is only 1 other time, since 2009, that an auction has happened where it was 100% cash and no credit. The other time was in May of 2011 and the total auction sold only 3,515.00 in cash. Not sure exactly what this is about.
G-Lin: GM all. I just called xchange of America to see if their rates decreased and they have not. Same pricing. What is interesting to me is the CBI and the IMF both have recently stated in many arts that they do not support a devalue in Iraq's currency rate. We have read that so many times.
I'm trying to get my head around this move. This is still an artificially imposed rate. I'm sure there is a reason for the adjustment. I would think purchasing power decreased with this move. Is it directed at corruption, market value, black market pricing before tariffs are impemented?
I'm just thinking out loud because it goes against everything the CBI and IMF have told us. And also interesting that no announcement of any kind on CBI. We are going into a 3 day closure of CBI. Tomorrow is a holiday and Friday and Saturday are their days off. Next chance to see any changes will be Sunday. I guess bottom line is, I'm just puzzled.
Brule: Double auction entry for today:
Currency Auctions Announcement No. (3086)
The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on Wednesday, 2/12/2015 and the results were as follows:
DETAILS ------------------------- NOTES
Number of banks 24
Number of remittance companies 16
Auction price selling dinar / US$ 1166
Auction price buying dinar / US$ -----
Amount sold at auction price (US$) 170,760,000
Amount purchased at Auction price (US$) -----
Total offers for buying (US$) 170,760,000
Total offers for selling (US$) -----
Additionally:
1. Quantity sold to banks from the date of 01.04.2015 until 12.02.2015 (41,260,883,386) dollars.
2. Quantity sold to banks from the date of 01.04.2014 until 12.02.2014 (48,084,533,000) dollars.
3. Note that:
* Sarabie amounts transferred to accounts in banks abroad (1187) dinars
per dollar, including the commission of the Central Bank of $ 21 dinars per dollar.
* Cash sales price (1190) dollars Danarlkl including the commission of the
Central Bank of $(24) dinars per dollar.
*******************************************
Announcement No. (3087)
The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq for Thursday, 3/12/2015 - with the post day Wednesday, 2/12/2015 and the results were as follows:
DETAILS ------------------------ NOTES
Number of banks 3
Number of remittance companies 2
Auction price selling dinar / US$ 1166
Auction price buying dinar / US$ -----
Amount sold at auction price (US$) 2,170,000
Amount purchased at Auction price (US$) -----
Total offers for buying (US$) 2,170,000
Total offers for selling (US$) -----
Additionally:
1. Quantity sold to banks from the date of 01.04.2015 until 12.03.2015 (41,263,053,386) dollars.
2. Quantity sold to banks from the date of 01.04.2014 until 12.03.2014 (48,283,675,000) dollars.
3. Note that:
* Sarabie amounts transferred to accounts in banks abroad (1187) dinars
per dollar, including the commission of the Central Bank of $ 21 dinars per dollar.
* Cash sales price (1190) dollars Danarlkl including the commission of the
Central Bank of $(24) dinars per dollar
PreacherMan: Thanks Hi-five and Brule,,, Only 2 million for Dec 3. Im going to wait a few more days before I go BAM.
PreacherMan: From a friend of mine.. I did get his permission…..
Blue: Hold onto your hats. Something is happening. This is the first rate change in years. It is the first time they moved this direction , ever in this entire ballgame. The IMF is in charge .. things are different than they have ever been before. Time will tell.
This could be a major head fake, getting citizens to get rid of their dinar in country. No one knows what they are doing... but they are doing many DIFFERENT things now. When you read what Arthur wrote, take heart, but remember he wrote it yesterday before we saw this development of a slight change in rate... in the wrong direction. ~ Blue
______________________
CURRENCY CODE SELL BUY
US dollar USD 1182.000 1180.000
Euro EUR 1252.920 1252.294
British pound GBP 1782.220 1781.328
Canadian dollar CAD 883.937 883.495
Swiss franc CHF 1148.911 1148.337
Swedish krona SEK 135.959 135.891
Norwegian krone NOK 136.164 136.096
Danish krone DKK 167.948 167.864
Japanese yen JPY 9.598 9.593
Special Drawing Rights SDR 1623.973 1623.161
Indicative rates - 02.12.2015
www.cbi.iq
Central Bank of Iraq (CBI)
The primary objectives of the Central Bank of Iraq (CBI) is to ensure domestic price stability and foster a stable competitive market based financial system.
Read more...
______
JerDen: very good chance to be within 2% compliance now very interesting the rate even moved and even though it went up, it will help in the long run, this isn’t bad by me this is a good thing if you have been watching the auctions and always prayed for the 2% compliance everytime like I have. maybe this is what is needed, they need the 2% compliance to implement the AML and Investment Law, which I am still waiting for ~ JerDen
____
(Someone stated this Tom is Tlar)
Tom: I am sorry but I promise you I had nothing to do with the decision to drop the dinar value 16 pips. I argued against it but keywords won't listen to me anymore. Apparently he is now doing his own thing. Lol
As to why they did this, who knows. There are any number of reasons that could be used. They talked in earlier articles about adjusting the rate to more match the street value. Very few in Iraq are using the dinar precisely because it has no value.
You can call for the people to use the currency all you want but until they give it value, it's all for not. The currency in the streets is USD and many Iraqi's don't want dinars even as change both because of value and condition.
That is the biggest problem the CBI faces. People don't want to use the dinar. A 250 is at 1180 is worth so little that it takes 5 of them to match a dollar. Iraq being a cash society, mainly carry their cash.
So to carry 50 dollars in dinar 250's is a bundle. Until they give the dinar value, keywords can kiss goodbye any hope of Iraqi's dealing in their own currency and from this point on, until they do change the value, I think they will be chasing the street value a pip at a time the wrong direction.
As to this change to 1180, I think it makes no difference either to this investment or me personally. I don't plan to sell until they RV the currency. ~Tom
________
Arthur: "The Mother Of All RV Windows Has Emerged"
12/1/2015
Arthur: Its probably a good thing that we are so numb to this now so that this highly anticipated and exciting moment is going relatively under the radar.
In all the years prior most people were really hyped excited as we got close to the 1st of the year and a lot of those years it was just unwarranted excitement driven by rumors.
But I am here to tell you, even without referring to the outstanding positive intel I am getting from places that have never been this RV positive before, that EVERYTHING we are seeing at this particular moment in time points toward some positive change in the status quo as we have known it for all these years
There are many factors too numerous to count that makes this EOY totally different than others, but one thing we know for sure is we have never seen a working, full blown and implemented budget in Iraq because conditions have never been conducive in this factionally divided nation for that to occur until now.
Think back to a few years ago when Shabibi himself said that he would RV the currency if there was the requisite level of economic and security stability. Now think where we are now.
No more do we here about provinces falling to ISIS and fear of green zone encroachment but just the opposite that they are defeating ISIS at every turn with the help of PTB air strikes.
We have seen the purchase of major tonnage of gold over the past several months to back the asset back IQD and a systematic diminution of the note count to make way for the LD's that by all indication are now ready to be distributed
And most importantly, we now see the beginning of a special session to finally determine the mechanisms for fair distribution of give and take between the center and the region as well all the entirety of the Iraqi provinces via the HCL agreement that is by all indications embedded within the 2016 budget that has been targeted to be completed in this month of December 2015.
It is now quite evident that the IMF/UN and other controlling PTB entities including China who is now to have a prominent role in the SDR basket of world currencies which will forever change the international economic landscape as we know it putting new pro RV pressures on the Authors Of The Plan that tell us that the mother of all RV windows has emerged between NOW and Jan 15th of 2016. ~ Arthur
_______
Revbo: Hey, at least they moved. Finally. ~ Revbo
Punisher: I must agree with Revbo. And before everyone jumps on me saying I have dinar goggles on...at least it did move once we entered the month of December...so clearly something is going on. The IMF is there helping them and I don't think they just all of a sudden pulled a fast one on the IMF and want to penalize their own citizens. We will have to watch and see what they are trying to accomplish with this move....I am just glad they are doing this all before 2016 hits. The first part of 2016 will be interesting indeed! ~ Punisher
______
High-Five: The Dec 3rd auction is also posted - - 3 banks participating - 2,170,000 sold (very low) and all of it in cash. There is only 1 other time, since 2009, that an auction has happened where it was 100% cash and no credit. The other time was in May of 2011 and the total auction sold only 3,515.00 in cash. ~ Hi-Five
http://ift.tt/1RqPTzH
Schizz: The auctions are logged ahead of time, hence still the old rate...more proof that they are lfalisifying these auctions. You will see the new rate in a few days in the auction results.
I pretty much ignore any info on the auctions...they are faked folks. It is completely true that there has been fraudulant actions taken to do with these currency auctions. The cbi idiot can deny it all he wants.
They messed up big stylee a couple of years ago and posted the wrong results (stayed up for half a day)...results 3 or 4 days into the future.
PreacherMan: Good Morning everyone, Heres XE
http://ift.tt/1SB9wTO
Brule: The IMF is in control of this ship. Whatever this change is, we know what the IMF wants, needs, and what their goal is.
Schizz: Maybe they are going to go to 0.80 instead of what we have thought as an option 0.86...who knows, totally not worried though.
High Five: The Dec 3rd auction is also posted - - 3 banks participating - 2,170,000 sold (very low) and all of it in cash. There is only 1 other time, since 2009, that an auction has happened where it was 100% cash and no credit. The other time was in May of 2011 and the total auction sold only 3,515.00 in cash. Not sure exactly what this is about.
G-Lin: GM all. I just called xchange of America to see if their rates decreased and they have not. Same pricing. What is interesting to me is the CBI and the IMF both have recently stated in many arts that they do not support a devalue in Iraq's currency rate. We have read that so many times.
I'm trying to get my head around this move. This is still an artificially imposed rate. I'm sure there is a reason for the adjustment. I would think purchasing power decreased with this move. Is it directed at corruption, market value, black market pricing before tariffs are impemented?
I'm just thinking out loud because it goes against everything the CBI and IMF have told us. And also interesting that no announcement of any kind on CBI. We are going into a 3 day closure of CBI. Tomorrow is a holiday and Friday and Saturday are their days off. Next chance to see any changes will be Sunday. I guess bottom line is, I'm just puzzled.
Brule: Double auction entry for today:
Currency Auctions Announcement No. (3086)
The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on Wednesday, 2/12/2015 and the results were as follows:
DETAILS ------------------------- NOTES
Number of banks 24
Number of remittance companies 16
Auction price selling dinar / US$ 1166
Auction price buying dinar / US$ -----
Amount sold at auction price (US$) 170,760,000
Amount purchased at Auction price (US$) -----
Total offers for buying (US$) 170,760,000
Total offers for selling (US$) -----
Additionally:
1. Quantity sold to banks from the date of 01.04.2015 until 12.02.2015 (41,260,883,386) dollars.
2. Quantity sold to banks from the date of 01.04.2014 until 12.02.2014 (48,084,533,000) dollars.
3. Note that:
* Sarabie amounts transferred to accounts in banks abroad (1187) dinars
per dollar, including the commission of the Central Bank of $ 21 dinars per dollar.
* Cash sales price (1190) dollars Danarlkl including the commission of the
Central Bank of $(24) dinars per dollar.
*******************************************
Announcement No. (3087)
The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq for Thursday, 3/12/2015 - with the post day Wednesday, 2/12/2015 and the results were as follows:
DETAILS ------------------------ NOTES
Number of banks 3
Number of remittance companies 2
Auction price selling dinar / US$ 1166
Auction price buying dinar / US$ -----
Amount sold at auction price (US$) 2,170,000
Amount purchased at Auction price (US$) -----
Total offers for buying (US$) 2,170,000
Total offers for selling (US$) -----
Additionally:
1. Quantity sold to banks from the date of 01.04.2015 until 12.03.2015 (41,263,053,386) dollars.
2. Quantity sold to banks from the date of 01.04.2014 until 12.03.2014 (48,283,675,000) dollars.
3. Note that:
* Sarabie amounts transferred to accounts in banks abroad (1187) dinars
per dollar, including the commission of the Central Bank of $ 21 dinars per dollar.
* Cash sales price (1190) dollars Danarlkl including the commission of the
Central Bank of $(24) dinars per dollar
PreacherMan: Thanks Hi-five and Brule,,, Only 2 million for Dec 3. Im going to wait a few more days before I go BAM.
PreacherMan: From a friend of mine.. I did get his permission…..
Blue: Hold onto your hats. Something is happening. This is the first rate change in years. It is the first time they moved this direction , ever in this entire ballgame. The IMF is in charge .. things are different than they have ever been before. Time will tell.
This could be a major head fake, getting citizens to get rid of their dinar in country. No one knows what they are doing... but they are doing many DIFFERENT things now. When you read what Arthur wrote, take heart, but remember he wrote it yesterday before we saw this development of a slight change in rate... in the wrong direction. ~ Blue
______________________
CURRENCY CODE SELL BUY
US dollar USD 1182.000 1180.000
Euro EUR 1252.920 1252.294
British pound GBP 1782.220 1781.328
Canadian dollar CAD 883.937 883.495
Swiss franc CHF 1148.911 1148.337
Swedish krona SEK 135.959 135.891
Norwegian krone NOK 136.164 136.096
Danish krone DKK 167.948 167.864
Japanese yen JPY 9.598 9.593
Special Drawing Rights SDR 1623.973 1623.161
Indicative rates - 02.12.2015
www.cbi.iq
Central Bank of Iraq (CBI)
The primary objectives of the Central Bank of Iraq (CBI) is to ensure domestic price stability and foster a stable competitive market based financial system.
Read more...
______
JerDen: very good chance to be within 2% compliance now very interesting the rate even moved and even though it went up, it will help in the long run, this isn’t bad by me this is a good thing if you have been watching the auctions and always prayed for the 2% compliance everytime like I have. maybe this is what is needed, they need the 2% compliance to implement the AML and Investment Law, which I am still waiting for ~ JerDen
____
(Someone stated this Tom is Tlar)
Tom: I am sorry but I promise you I had nothing to do with the decision to drop the dinar value 16 pips. I argued against it but keywords won't listen to me anymore. Apparently he is now doing his own thing. Lol
As to why they did this, who knows. There are any number of reasons that could be used. They talked in earlier articles about adjusting the rate to more match the street value. Very few in Iraq are using the dinar precisely because it has no value.
You can call for the people to use the currency all you want but until they give it value, it's all for not. The currency in the streets is USD and many Iraqi's don't want dinars even as change both because of value and condition.
That is the biggest problem the CBI faces. People don't want to use the dinar. A 250 is at 1180 is worth so little that it takes 5 of them to match a dollar. Iraq being a cash society, mainly carry their cash.
So to carry 50 dollars in dinar 250's is a bundle. Until they give the dinar value, keywords can kiss goodbye any hope of Iraqi's dealing in their own currency and from this point on, until they do change the value, I think they will be chasing the street value a pip at a time the wrong direction.
As to this change to 1180, I think it makes no difference either to this investment or me personally. I don't plan to sell until they RV the currency. ~Tom
________
Arthur: "The Mother Of All RV Windows Has Emerged"
12/1/2015
Arthur: Its probably a good thing that we are so numb to this now so that this highly anticipated and exciting moment is going relatively under the radar.
In all the years prior most people were really hyped excited as we got close to the 1st of the year and a lot of those years it was just unwarranted excitement driven by rumors.
But I am here to tell you, even without referring to the outstanding positive intel I am getting from places that have never been this RV positive before, that EVERYTHING we are seeing at this particular moment in time points toward some positive change in the status quo as we have known it for all these years
There are many factors too numerous to count that makes this EOY totally different than others, but one thing we know for sure is we have never seen a working, full blown and implemented budget in Iraq because conditions have never been conducive in this factionally divided nation for that to occur until now.
Think back to a few years ago when Shabibi himself said that he would RV the currency if there was the requisite level of economic and security stability. Now think where we are now.
No more do we here about provinces falling to ISIS and fear of green zone encroachment but just the opposite that they are defeating ISIS at every turn with the help of PTB air strikes.
We have seen the purchase of major tonnage of gold over the past several months to back the asset back IQD and a systematic diminution of the note count to make way for the LD's that by all indication are now ready to be distributed
And most importantly, we now see the beginning of a special session to finally determine the mechanisms for fair distribution of give and take between the center and the region as well all the entirety of the Iraqi provinces via the HCL agreement that is by all indications embedded within the 2016 budget that has been targeted to be completed in this month of December 2015.
It is now quite evident that the IMF/UN and other controlling PTB entities including China who is now to have a prominent role in the SDR basket of world currencies which will forever change the international economic landscape as we know it putting new pro RV pressures on the Authors Of The Plan that tell us that the mother of all RV windows has emerged between NOW and Jan 15th of 2016. ~ Arthur
_______
Revbo: Hey, at least they moved. Finally. ~ Revbo
Punisher: I must agree with Revbo. And before everyone jumps on me saying I have dinar goggles on...at least it did move once we entered the month of December...so clearly something is going on. The IMF is there helping them and I don't think they just all of a sudden pulled a fast one on the IMF and want to penalize their own citizens. We will have to watch and see what they are trying to accomplish with this move....I am just glad they are doing this all before 2016 hits. The first part of 2016 will be interesting indeed! ~ Punisher
______
High-Five: The Dec 3rd auction is also posted - - 3 banks participating - 2,170,000 sold (very low) and all of it in cash. There is only 1 other time, since 2009, that an auction has happened where it was 100% cash and no credit. The other time was in May of 2011 and the total auction sold only 3,515.00 in cash. ~ Hi-Five
This move will help in all these areas:
National Banking RelationsReintegration into Global Financial SystemInternationally Accepted CurrencyWTO - World Trade OrganizationIMF - Move to Article VIII
I believe the IMF did this by this article IMHO
Central» Iraqi sold dollars in coordination with the IMF Basra, the Iraqi Central Branch
Sunday, November 29, 2015 (00:00 - GMT)
Said Governor of the Central Bank of Iraq on the Keywords, that the banking sector «derives its strength from the reality of the economy», pointing to the «indicators shown by the relevant studies, stating that Iraq is moving towards strengthening its resources and increase the gross domestic product for the coming years, and with opportunities achieve security and stability of the banking sector will be the beneficiary of the These indicators with the availability of a large market opportunities and wide in front of the banking sector. »
It believed that «the private sector and civil society, deal with the proportion of the two banks, or Tsalhma banking services, is very limited compared to the number of the population». Keywords announced in an interview to «life», the central bank «is working to develop a mechanism to deal with the banking sector because it is the most important in the economic sector and the financial arm part».
It did not rule out that «carried the Iraqi banking sector played a pivotal role in the next phase», stressing that the phenomenon of weak governance, especially in private banks, and the lack of a clear separation between the executive departments and boards of directors, makes us in front of the phenomenon of weakening the role of the observer compliance units to combat money laundering in most Supplies ».
He stressed that the central bank «being reviewed in accordance with international standards.» And the role of banks in stimulating the development of the Iraqi economy and its sectors, Keywords that «the nature of the establishment of private banks in Iraq, conditions, led to the founding of banks lack the practices and standards governing the work of banks, which have evolved in remarkable form in the said countries in the world.»
He explained that «What we are seeing in most Iraqi banks does not reflect the principle of governance in terms of the separation of administration from the owners and the associated management operations of those banks, transparency and disclosure».
He pointed out «the phenomenon of the dominance of the members of the boards of directors of banks decisions, but they are often on loans to their advantage or to their relatives», stressing that the central bank «later years to establish these banks prepare a comprehensive audit procedures».
He disclosed that the global audit office «completed calendar for each process to end the banks to the decisions and directives of the task put in front of banks and responsibilities, and enables the central bank to take appropriate action based on its oversight role and responsibility in strengthening the financial and banking stability and ward off the dangers.»
And the increased activity of Islamic banks, he said that Islamic banking «modern configuration», but «a good performance relative to the composition environment and working conditions».
He predicted «the growth of this type of banks», pointing to the «many requests for the establishment of, and the voice of the Chamber of Deputies finally the law».
With regard to the initiative of the Iraqi Central Bank to lend to small and medium enterprises through banks, Keywords explained that this initiative «assume a central goal is to activate the productive sector in Iraq and diversification, and the reduction of unemployment through the support of the private sector».
So it was «emphasis on the need to use such loans to achieve these objectives, and is still the subject of our attention, but this goal we put rules and regulations in coordination with the sectoral ministries and professional associations and stakeholders, while the= central bank takes control in order to verify the conduct financing operations, according to the objectives and procedures established». And the foreign currency auction, organized by the Central Bank, debate and controversy about its objectives,
he stressed that «no auction for the currency at the central bank, and he gets it for the period after 2003 and then canceled, and shall« Central »is currently selling foreign currency on the basis of a fixed exchange rate with some price flexibility ».
He said: «the very nature of financial resources and to cove government spending, the government sells dollars to the Central Bank for the Iraqi dinar to cover general budget expenditures, and the bank sells the dollar to the private sector for the dinar on the one hand, and to finance the import foreign transfers, and to achieve this balance in the money supply does not It leads to inflation through excessive cash, if they went to print currency option ».
Although it was announced that «the central review this process constantly and directly coordinate with the International Monetary Fund, the fact that Iraq in the fund member is committed to the guiding principles as the rest of, the Member States». LINK
G-Lin: Well how do you publish the results of the Dec. 3rd auction on Dec.2? It is on the rate site as well. schizz you are probably right about the auctions. Biggest corruption tool they have.
http://ift.tt/1Sh4n1Z
Comments may be made at the end of Part 2 Thank You
National Banking RelationsReintegration into Global Financial SystemInternationally Accepted CurrencyWTO - World Trade OrganizationIMF - Move to Article VIII
I believe the IMF did this by this article IMHO
Central» Iraqi sold dollars in coordination with the IMF Basra, the Iraqi Central Branch
Sunday, November 29, 2015 (00:00 - GMT)
Said Governor of the Central Bank of Iraq on the Keywords, that the banking sector «derives its strength from the reality of the economy», pointing to the «indicators shown by the relevant studies, stating that Iraq is moving towards strengthening its resources and increase the gross domestic product for the coming years, and with opportunities achieve security and stability of the banking sector will be the beneficiary of the These indicators with the availability of a large market opportunities and wide in front of the banking sector. »
It believed that «the private sector and civil society, deal with the proportion of the two banks, or Tsalhma banking services, is very limited compared to the number of the population». Keywords announced in an interview to «life», the central bank «is working to develop a mechanism to deal with the banking sector because it is the most important in the economic sector and the financial arm part».
It did not rule out that «carried the Iraqi banking sector played a pivotal role in the next phase», stressing that the phenomenon of weak governance, especially in private banks, and the lack of a clear separation between the executive departments and boards of directors, makes us in front of the phenomenon of weakening the role of the observer compliance units to combat money laundering in most Supplies ».
He stressed that the central bank «being reviewed in accordance with international standards.» And the role of banks in stimulating the development of the Iraqi economy and its sectors, Keywords that «the nature of the establishment of private banks in Iraq, conditions, led to the founding of banks lack the practices and standards governing the work of banks, which have evolved in remarkable form in the said countries in the world.»
He explained that «What we are seeing in most Iraqi banks does not reflect the principle of governance in terms of the separation of administration from the owners and the associated management operations of those banks, transparency and disclosure».
He pointed out «the phenomenon of the dominance of the members of the boards of directors of banks decisions, but they are often on loans to their advantage or to their relatives», stressing that the central bank «later years to establish these banks prepare a comprehensive audit procedures».
He disclosed that the global audit office «completed calendar for each process to end the banks to the decisions and directives of the task put in front of banks and responsibilities, and enables the central bank to take appropriate action based on its oversight role and responsibility in strengthening the financial and banking stability and ward off the dangers.»
And the increased activity of Islamic banks, he said that Islamic banking «modern configuration», but «a good performance relative to the composition environment and working conditions».
He predicted «the growth of this type of banks», pointing to the «many requests for the establishment of, and the voice of the Chamber of Deputies finally the law».
With regard to the initiative of the Iraqi Central Bank to lend to small and medium enterprises through banks, Keywords explained that this initiative «assume a central goal is to activate the productive sector in Iraq and diversification, and the reduction of unemployment through the support of the private sector».
So it was «emphasis on the need to use such loans to achieve these objectives, and is still the subject of our attention, but this goal we put rules and regulations in coordination with the sectoral ministries and professional associations and stakeholders, while the= central bank takes control in order to verify the conduct financing operations, according to the objectives and procedures established». And the foreign currency auction, organized by the Central Bank, debate and controversy about its objectives,
he stressed that «no auction for the currency at the central bank, and he gets it for the period after 2003 and then canceled, and shall« Central »is currently selling foreign currency on the basis of a fixed exchange rate with some price flexibility ».
He said: «the very nature of financial resources and to cove government spending, the government sells dollars to the Central Bank for the Iraqi dinar to cover general budget expenditures, and the bank sells the dollar to the private sector for the dinar on the one hand, and to finance the import foreign transfers, and to achieve this balance in the money supply does not It leads to inflation through excessive cash, if they went to print currency option ».
Although it was announced that «the central review this process constantly and directly coordinate with the International Monetary Fund, the fact that Iraq in the fund member is committed to the guiding principles as the rest of, the Member States». LINK
G-Lin: Well how do you publish the results of the Dec. 3rd auction on Dec.2? It is on the rate site as well. schizz you are probably right about the auctions. Biggest corruption tool they have.
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