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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


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mochasmom
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Rocky
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    Formation of a committee to develop a mechanism to unify the exchange rate for contracts

    Rocky
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    • Post n°1

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts Empty Formation of a committee to develop a mechanism to unify the exchange rate for contracts

    Post by Rocky Mon 09 Sep 2013, 12:33 pm

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts



    Monday, 09 September / September 2013 15:39

    [Baghdad where]

    Formed the General Secretariat of the Council of Ministers of a committee to develop a mechanism for determining the exchange rate for contracts for all purposes.

    According to a statement of the General Secretariat received by the agency all of Iraq [where] the day that he "decided to form the committee according to what is stated in a meeting of the Committee on Economic Affairs in Council of Ministers     بجلستها the third session held on 24.07.2013,

    He added that "the Committee headed by the Deputy Gover    nor of the Central Bank and the membership and Kelly and the Ministries of Finance and Planning and Deputy Chairman of the Board of Supreme Audit Agency."

    Observers believe Economists and analysts said the increased turnout to buy the dollar has led to a significant drop in the price of the dinar, and attribute this to smuggle most of it will offer daily Central Bank of dollars abroad.

    The Iraqi Central Bank announced shortly before the new measures restrict the availability of U.S. currency in markets where demand to buy them, amid suspicions suggest the smuggling of large amounts of hard currency for the benefit of neighboring countries.

    And issued the CBI, new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select the stakes weekly for banks and money transfer companies and trading firms currency from the dollar is estimated according to the capital each, and are to increase or reduce this share compared to the commitment of all of them deliver the amounts they want customers from citizens.

    The central bank starts to put the dollar at an auction for the sale of foreign currency at subsidized prices and the lowest of the real exchange rate in the market to support the dinar. "

    Observers fear stop CBI those auctions and then multiply the value of the dollar against the dinar. "

    The central bank is facing charges for the staff in conjunction with officials in the state with corruption, smuggling of currency, the Bank is currently subject to investigations in this regard.

    Employees complain and retirees who receive their salaries in dinars from the high cost of living, and that their salaries are no longer sufficient to meet their needs, and that the rise in prices has included real estate and rentals, as well as transportation, food and clothing. Ended.

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    wayoutnow
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    • Post n°2

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts Empty Re: Formation of a committee to develop a mechanism to unify the exchange rate for contracts

    Post by wayoutnow Mon 09 Sep 2013, 12:49 pm

    I like this report a lot $$$$$ stop the actions and pass UR tariff law s. that will stop the smuggling and give even more revenue to pay UR retires !!!!
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    Proven
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    • Post n°3

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts Empty Re: Formation of a committee to develop a mechanism to unify the exchange rate for contracts

    Post by Proven Mon 09 Sep 2013, 1:41 pm

    Thanks Rocky.  Good article. 

    "    Formed the General Secretariat of the Council of Ministers of a committee to develop a mechanism for determining the exchange rate for contracts for all purposes."


    This is one of the issues the central bank identified as necessary before a change in the exchange rate.

    The contracts needing "a mechanism" are the loans made to individuals.  The mechanism is the way they are going to compensate banks for losses on loans once the exchange rate is changed.  All major contracts with foreign companies are negotiated in dollars, no need to make any adjustsments. 



    Keep in mind, this is different than a redenomination.  A redenomination would not require any change to contracts.  It is done by law at a fixed rate.  Forming a committee would not be necessary. 


    The central bank starts to put the dollar at an auction for the sale of foreign currency at subsidized prices and the lowest of the real exchange rate in the market to support the dinar.

    Flooded with dollars.  The only way to de-dollarize is to raise the value. 


    He added that "the Committee headed by the Deputy Governor of the Central Bank and the membership and Kelly and the Ministries of Finance and Planning and Deputy Chairman of the Board of Supreme Audit Agency."

    All the right Executive branch members are on this committee.   

    Employees complain and retirees who receive their salaries in dinars from the high cost of living, and that their salaries are no longer sufficient to meet their needs, and that the rise in prices has included real estate and rentals, as well as transportation, food and clothing.

    Inflation.  Only going to get worse with more oil revenue and government expenditures.  This is the catalyst for a change in the exchange rate. 
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    mochasmom
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    • Post n°4

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts Empty Re: Formation of a committee to develop a mechanism to unify the exchange rate for contracts

    Post by mochasmom Mon 09 Sep 2013, 6:47 pm

    Thanks for breaking this down Proven and good to hear from you again!
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    Neno
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    • Post n°5

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts Empty Re: Formation of a committee to develop a mechanism to unify the exchange rate for contracts

    Post by Neno Tue 10 Sep 2013, 4:15 am

    .... ;)
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    Wayne Irby
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    • Post n°6

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts Empty Re: Formation of a committee to develop a mechanism to unify the exchange rate for contracts

    Post by Wayne Irby Tue 10 Sep 2013, 5:28 am

    Sounds like a move in the right direction!
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    Screwball
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    • Post n°7

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts Empty Re: Formation of a committee to develop a mechanism to unify the exchange rate for contracts

    Post by Screwball Tue 10 Sep 2013, 5:34 am

    wasnt there suppose to be a contract rate on a bank of baghdad website?????
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    jacksmack
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    • Post n°8

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts Empty Re: Formation of a committee to develop a mechanism to unify the exchange rate for contracts

    Post by jacksmack Tue 10 Sep 2013, 4:51 pm

    Proven wrote:

    Employees complain and retirees who receive their salaries in dinars from the high cost of living, and that their salaries are no longer sufficient to meet their needs, and that the rise in prices has included real estate and rentals, as well as transportation, food and clothing.

    Inflation.  Only going to get worse with more oil revenue and government expenditures.  This is the catalyst for a change in the exchange rate. 
    Huh? Duck said that chapter VII was the catalyst for the exchange rate change..... an that there would be an........immediate .......... R........V?
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    Screwball
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    • Post n°9

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts Empty Re: Formation of a committee to develop a mechanism to unify the exchange rate for contracts

    Post by Screwball Wed 11 Sep 2013, 4:25 am

    Within 14 days I think he said
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    • Post n°10

    Formation of a committee to develop a mechanism to unify the exchange rate for contracts Empty Re: Formation of a committee to develop a mechanism to unify the exchange rate for contracts

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