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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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    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Rocky
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     Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 3 Empty Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by Rocky Sun 10 Dec 2017, 7:03 am

    First topic message reminder :

    [size=30]Saleh: Great question marks on mechanisms to convert foreign currency to Iraq[/size]
    10/12/2017 02:13 | Number of readings: 102
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    Trend Press / Baghdad
     
    The appearance of Mohammed Saleh, the economic adviser to the Prime Minister there are significant question marks on the mechanisms to convert foreign currency to Iraq.
     
    "There is a question mark on the currency sign caused by confusion between the implementation of monetary policy of the central bank to control the liquidity levels and at the same time trade finance, which led to the creation of this ambiguity," Saleh said in a press statement.
     
    "If the Iraqi government finances its trade through documentary credits, why not finance the private sector in the same way," he said, pointing out that "the argument of not funding is that there are no possibilities to download documentary credits as a more transparent tool in trade finance. There are not a number of international correspondents cooperating with Iraq to create or Open these credits, because of the long isolation of the sector of the Iraqi bank. "
     
    He added that "the Central Bank has a project to rebuild the institution to finance the foreign trade of the private sector by opening the establishment of the so-called Cdbank, which is a collective bank, which contributes to all Iraqi banks, civil and government banks to finance foreign trade."
     
    He pointed out that "the acquisition of a currency under the pretext of financing trade causes monopoly," pointing out that "an alternative to this by rebuilding new criteria for financing the private sector through the establishment of a large bank to finance this sector."
     

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    Lobo
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    Post by Lobo Tue 12 Dec 2017, 3:23 pm

    Are you saying, once the auctions stop, "everything else goes away" meaning the three zero notes as well as the program rate - and the new notes are released with the revalue rate - and since that happened in October, it could happen in any month going forward, including this month of December? I just want to be clear as to my understanding.

    Thanks
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    Post by Screwball Tue 12 Dec 2017, 3:29 pm

    Lobo wrote:Are you saying, once the auctions stop, "everything else goes away" meaning the three zero notes as well as the program rate - and the new notes are released with the revalue rate - and since that happened in October, it could happen in any month going forward, including this month of December?  I just want to be clear as to my understanding.

    Thanks
    Yep pretty much.auctions end they new way of determining value, zeros are program rate -yes.they have always made changes to currency between sept and feb. As you know start of their financial year is jan 2018. For me jan and feb will be exciting months for a whole bunch of reasons and hopefully rate change
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    Post by Screwball Tue 12 Dec 2017, 3:31 pm

    Program rate used for monitoring purposes whilst under imf and UNSC sanctions
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    Post by Screwball Tue 12 Dec 2017, 3:31 pm

    Art 8 means no restrictions at all must be internationally traded without restrictions. Art 8 and WTO entry same requirements
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    Post by zimi31 Tue 12 Dec 2017, 3:34 pm

    Screwball wrote:Art 8 means no restrictions at all must be internationally traded without restrictions. Art 8 and WTO entry same requirements


    All good info, thanks SB...  drunk Dance
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    Post by noced71 Tue 12 Dec 2017, 3:35 pm

    Screwball wrote:Program rate used for monitoring purposes whilst under imf and UNSC sanctions
    Ok... soooo for us slow folk (lol)... wasn't the "Program Rate" part of Chap 7?.....which is gone
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    Post by Screwball Tue 12 Dec 2017, 4:23 pm

    noced71 wrote:
    Screwball wrote:Program rate used for monitoring purposes whilst under imf and UNSC sanctions
    Ok... soooo for us slow folk (lol)... wasn't the "Program Rate" part of Chap 7?.....which is gone
    Yep 7 gone.....but Cbi haven’t ended auctions nothing says it’s an automatic lifting wish I did...auctions. New nites and zeros all happened in same month...will they come off I don’t believe we will see any movement until new year IMHO Especially while auctions are still occurring
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    Post by Screwball Tue 12 Dec 2017, 4:25 pm

    If auctions end they they need new monetary policy to manage exchange rate..
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    Post by Diamond Tue 12 Dec 2017, 4:50 pm

    SB ya been reading up on art 8  thumbs2
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    Post by Screwball Tue 12 Dec 2017, 4:53 pm

    Diamond wrote:SB ya been reading up on art 8  thumbs2
    Yes mate I have I thought i better certainly has been years of discussion about it and debate and you were right so I thought I better read for myself reading all the articles, imf reports and wto requirements ..

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