Post From Currency Chatter 3-20-16
Tlar: Stop The Auctions – Close The House Of Theft
Economic Reason To Regulate & Control The Import To Protect The National Currency Operations
“The central bank is responsible for monetary policy in the country and to maintain the national currency 's value against other currencies and it is the responsibility of maintaining the amount of foreign currency as a cover of the national currency and the balance in the exchange rates.”
Tlar: The spread between the street and program rate getting bigger, was predictable and in an earlier post I stated just that.. You cannot reduce a spread by raising the sale or program rate, especially in such a corrupt environment. The street rate will follow suit and go up right behind the program rate.
~~~
Tlar: Stop The Auctions – Close The House Of Theft
Economic Reason To Regulate & Control The Import To Protect The National Currency Operations
“The central bank is responsible for monetary policy in the country and to maintain the national currency 's value against other currencies and it is the responsibility of maintaining the amount of foreign currency as a cover of the national currency and the balance in the exchange rates.”
Tlar: The spread between the street and program rate getting bigger, was predictable and in an earlier post I stated just that.. You cannot reduce a spread by raising the sale or program rate, especially in such a corrupt environment. The street rate will follow suit and go up right behind the program rate.
~~~
We are seeing the street rate react to the CBI putting a "fee" on the program rate. Also by tightening the screws (making it harder to get USD through the auctions) will additionally have a negative effect on the spread making it wider.
These steps taken are akin to a dog chasing its tail as to resolving the problem of spread. The CBI is dancing around the only solution possible for the spread problem.
The only long term solution to this problem is to get rid of the multiple currencies usage and just use the dinar. This will close the house of theft (the auctions).
With all the long term systemic corruption built into the auctions and with the sophisticated organized smuggling units that have operated around those auctions now for years in Iraq, there is only one way to stop it. STOP THE AUCTIONS.
To do that Iraq must USE THEIR OWN CURRENCY.
To do that the PEOPLE MUST TURN IN THEIR DOLLARS for dinars. To do that THE DINAR must be STABLE AND HAVE VALUE.
To do that THEY MUST GIVE IT VALUE BEFORE ANY OF THE ABOVE CAN TAKE PLACE.
Otherwise its business as usual and the CBI will be chasing the spread for the rest of this year, and for next year, and for the year after that, etc. etc.
All the while leaking billions in hard currency each year across its borders, as they continue to sell more USD to pay for remittances than the actual amounts of goods that is purchased, as the corrupt continue to find new and innovative ways to turn in their phoney invoices for non-existant goods to be paid. Whew - what a sentence. tlar
Schízz: There was me yesterday saying about there being no articles about economic reform on nina then this guy comes out with this whopper :)
.
Economic reason to regulate and control the import to protect the national currency operations
3/19/2016 7:05 BAGHDAD / National Iraqi News Agency / nina / Refer economist haven secretary reason for the high dollar exchange rate, the central bank cut the amount of sales of the dollar in its daily auction, (97million on average) with the growing speculative activity currency to make outrageous profits,
calling for the regulation and control of import operations and the fight against corruption and support local product to legalize hard currency out of the country come out and protect the national currency.
(open up the currency?)
The secretary of the Iraqi news / Nina /, the national Agency " the central bank cut sales of the dollar this week as it did not exceed its auction for the sale of $ 100 million a day compared to the previous month, according to the Bank 's policy determined by the financial distress in the country and to maintain Iraq 's reserves of hard currency primarily associated with earnings Iraq derived from the export of oil,
"adding that" the difference between the official rate for the dollar exchange of 1189 dinars and its price in the local market and of 1280 dinars, making speculators, citizens and owners of banking companies to withdraw large amounts of dollar as demand increased it and contributed to the rising exchange rate compared dinars, to realize their profits fictional due to dollar buying by the official windows and sell it to dealers. "
he added that" the central bank is responsible for monetary policy in the country and to maintain the national currency 's value against other currencies and it is the responsibility of maintaining the amount of foreign currency as a cover of the national currency and the balance in the exchange rates. "
he said the secretary that" a balance must be contributed by several government agencies to legalize hard currency exit out of the country by reducing the import of goods is necessary and which can be produced inside the country , the process of Besides the reduction of money laundering and the elimination of corruption ,
These steps taken are akin to a dog chasing its tail as to resolving the problem of spread. The CBI is dancing around the only solution possible for the spread problem.
The only long term solution to this problem is to get rid of the multiple currencies usage and just use the dinar. This will close the house of theft (the auctions).
With all the long term systemic corruption built into the auctions and with the sophisticated organized smuggling units that have operated around those auctions now for years in Iraq, there is only one way to stop it. STOP THE AUCTIONS.
To do that Iraq must USE THEIR OWN CURRENCY.
To do that the PEOPLE MUST TURN IN THEIR DOLLARS for dinars. To do that THE DINAR must be STABLE AND HAVE VALUE.
To do that THEY MUST GIVE IT VALUE BEFORE ANY OF THE ABOVE CAN TAKE PLACE.
Otherwise its business as usual and the CBI will be chasing the spread for the rest of this year, and for next year, and for the year after that, etc. etc.
All the while leaking billions in hard currency each year across its borders, as they continue to sell more USD to pay for remittances than the actual amounts of goods that is purchased, as the corrupt continue to find new and innovative ways to turn in their phoney invoices for non-existant goods to be paid. Whew - what a sentence. tlar
Schízz: There was me yesterday saying about there being no articles about economic reform on nina then this guy comes out with this whopper :)
.
Economic reason to regulate and control the import to protect the national currency operations
3/19/2016 7:05 BAGHDAD / National Iraqi News Agency / nina / Refer economist haven secretary reason for the high dollar exchange rate, the central bank cut the amount of sales of the dollar in its daily auction, (97million on average) with the growing speculative activity currency to make outrageous profits,
calling for the regulation and control of import operations and the fight against corruption and support local product to legalize hard currency out of the country come out and protect the national currency.
(open up the currency?)
The secretary of the Iraqi news / Nina /, the national Agency " the central bank cut sales of the dollar this week as it did not exceed its auction for the sale of $ 100 million a day compared to the previous month, according to the Bank 's policy determined by the financial distress in the country and to maintain Iraq 's reserves of hard currency primarily associated with earnings Iraq derived from the export of oil,
"adding that" the difference between the official rate for the dollar exchange of 1189 dinars and its price in the local market and of 1280 dinars, making speculators, citizens and owners of banking companies to withdraw large amounts of dollar as demand increased it and contributed to the rising exchange rate compared dinars, to realize their profits fictional due to dollar buying by the official windows and sell it to dealers. "
he added that" the central bank is responsible for monetary policy in the country and to maintain the national currency 's value against other currencies and it is the responsibility of maintaining the amount of foreign currency as a cover of the national currency and the balance in the exchange rates. "
he said the secretary that" a balance must be contributed by several government agencies to legalize hard currency exit out of the country by reducing the import of goods is necessary and which can be produced inside the country , the process of Besides the reduction of money laundering and the elimination of corruption ,
"pointing out that" the local product protection laws is an important pillar in the promotion of the national economy and contribute to either scale unemployment and invest multi - national production sectors and to encourage local industries. "
He called the economic expert to" regulate import operations, monitoring and Posting to import goods and to support local products , both industrial and agricultural development with tourism, transport, export and other sectors that attract hard currency sectors to achieve stability in the Iraqi market and to protect the national currency "./ ended 8
.
Schizz: there's that word again, stability. the thing that tells us 100% that there is no chance of a free float until they are at a true value where it won't move much at all :)
This guy is telling them to go live because it will solve all their current problems, smuggling, money laundering, price on imports, etc etc etc of course it's possible i have those darn goggles on again :P
Schízz: I truly believe the only thing that is going to stop the corrupt raping iraq is for them to open up the currency. All other ways so far of stopping it has failed. To go international and stop the auctions is the only way forward at this point that i can see.
Sure hoping these guys don't some how manage to screw up the IMF's work....lets not forget that when they open iraq up they take away the corrupts main source of funding!
http://ift.tt/25e8qWc
He called the economic expert to" regulate import operations, monitoring and Posting to import goods and to support local products , both industrial and agricultural development with tourism, transport, export and other sectors that attract hard currency sectors to achieve stability in the Iraqi market and to protect the national currency "./ ended 8
.
Schizz: there's that word again, stability. the thing that tells us 100% that there is no chance of a free float until they are at a true value where it won't move much at all :)
This guy is telling them to go live because it will solve all their current problems, smuggling, money laundering, price on imports, etc etc etc of course it's possible i have those darn goggles on again :P
Schízz: I truly believe the only thing that is going to stop the corrupt raping iraq is for them to open up the currency. All other ways so far of stopping it has failed. To go international and stop the auctions is the only way forward at this point that i can see.
Sure hoping these guys don't some how manage to screw up the IMF's work....lets not forget that when they open iraq up they take away the corrupts main source of funding!
http://ift.tt/25e8qWc
via Dinar Recaps - Our Blog http://ift.tt/22xeYwN
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