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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

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

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    • Post n°1

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 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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    • Post n°41

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 Empty Re: Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by Proven Tue 26 Dec 2017, 5:45 pm

    Early1 wrote:
    Screwball wrote:If auctions end they they need new monetary policy to manage exchange rate..


    Agreed - but here is where it gets trickey - auctions can continue , but at a rate that will be noninflationary - that's why I say 10 cents to the dollar - for a long time, I have been able to see that an instantaneous RV of say - $3.41 won't work for the economy - would be huge inflation -I see more like a dime to move things forward - than in 4 - 5 years hit real value - what ever that is ?

    True.  $3.41 would be outrageous!  The initial rate depends on how much money the CBI wants to put in the hands of citizens.  However, multiple times the CBI has stated that the dinar will equal the dollar.  How it gets there, all at once or a gradual climb, is another story.  After all these years, all I care about is it starts to do something.  We have seen more activity in the last 3 months than we have seen in years.  From articles, we know monetary policy has changed to "financial inclusion".  From a controlled economy to a market economy starting 2018.    
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    • Post n°42

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 Empty Re: Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by Screwball Tue 26 Dec 2017, 5:45 pm

    Adjusting accounts wiping off debt resetting government accounts as they have stated they will need to be adjusted
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    • Post n°43

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 Empty Re: Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by Screwball Tue 26 Dec 2017, 5:47 pm

    Proven wrote:
    Early1 wrote:
    Screwball wrote:If auctions end they they need new monetary policy to manage exchange rate..


    Agreed - but here is where it gets trickey - auctions can continue , but at a rate that will be noninflationary - that's why I say 10 cents to the dollar - for a long time, I have been able to see that an instantaneous RV of say - $3.41 won't work for the economy - would be huge inflation -I see more like a dime to move things forward - than in 4 - 5 years hit real value - what ever that is ?

    True.  $3.41 would be outrageous!  The initial rate depends on how much money the CBI wants to put in the hands of citizens.  However, multiple times the CBI has stated that the dinar will equal the dollar.  How it gets there, all at once or a gradual climb, is another story.  After all these years, all I care about is it starts to do something.  We have seen more activity in the last 3 months than we have seen in years.  From articles, we know monetary policy has changed to "financial inclusion".  From a controlled economy to a market economy starting 2018.    
    Not if they do 10:1 deal like Germany and Spain did...then any rate is possibly.different rates of exchnage for cash in hand, cash in bank and loans etc. debt instruments would need to transfer across to new system I would think. I am not saying that it will go I like this I believe anyrate is achievable depending on what cbi’s instructions are.
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    • Post n°44

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 Empty Re: Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by zimi31 Tue 26 Dec 2017, 5:52 pm

    Good thread..thanks all for the thoughtful posts...
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    • Post n°45

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 Empty Re: Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by Proven Tue 26 Dec 2017, 5:58 pm

    Screwball wrote:Adjusting accounts wiping off debt resetting government accounts as they have stated they will need to be adjusted


    Probably the reason for stating the delete the zeros project needs to occur at the beginning of a fiscal year.  


    I've seen articles that state government bonds are paid in dollars, not dinar.  At least the international ones.   Domestic bonds, I don't know about.  


    As for consumber debts causing bank losses, the CBI is now guaranteeing deposits, thus bank solvency.    


    I'm sure there is a plan to address these issues, I just know parts of it.  
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    • Post n°46

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 Empty Re: Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by Screwball Tue 26 Dec 2017, 6:09 pm

    Proven wrote:
    Screwball wrote:Adjusting accounts wiping off debt resetting government accounts as they have stated they will need to be adjusted


    Probably the reason for stating the delete the zeros project needs to occur at the beginning of a fiscal year.  


    I've seen articles that state government bonds are paid in dollars, not dinar.  At least the international ones.   Domestic bonds, I don't know about.  


    As for consumber debts causing bank losses, the CBI is now guaranteeing deposits, thus bank solvency.    


    I'm sure there is a plan to address these issues, I just know parts of it.  
    One thing we know proven is hopefully 1st quarter will be exciting hopefully the first 6 weeks taking us knot mid feb..
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    • Post n°47

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 Empty Re: Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by Proven Tue 26 Dec 2017, 6:49 pm

    Screwball wrote:
    Proven wrote:
    Early1 wrote:
    Screwball wrote:If auctions end they they need new monetary policy to manage exchange rate..


    Agreed - but here is where it gets trickey - auctions can continue , but at a rate that will be noninflationary - that's why I say 10 cents to the dollar - for a long time, I have been able to see that an instantaneous RV of say - $3.41 won't work for the economy - would be huge inflation -I see more like a dime to move things forward - than in 4 - 5 years hit real value - what ever that is ?

    True.  $3.41 would be outrageous!  The initial rate depends on how much money the CBI wants to put in the hands of citizens.  However, multiple times the CBI has stated that the dinar will equal the dollar.  How it gets there, all at once or a gradual climb, is another story.  After all these years, all I care about is it starts to do something.  We have seen more activity in the last 3 months than we have seen in years.  From articles, we know monetary policy has changed to "financial inclusion".  From a controlled economy to a market economy starting 2018.    
    Not if they do 10:1 deal like Germany and Spain did...then any rate is possibly.different rates of exchange for cash in hand, cash in bank and loans etc. debt instruments would need to transfer across to new system I would think. I am not saying that it will go I like this I believe anyrate is achievable depending on what cbi’s instructions are.


    The new system is simply electronic banking connected to the rest of the world.  At this point, there is no indication that the CBI will differentiate the treatment of the various assets and liabilities of the people.  The only thing I have read is the CBI will set up a special project to reimburse banks from borrowers unable to repay the full amounts of loans as a result of the delete the zeros project.  Presumed facilitated through the deposit guarantee program/company.  


    You bring good points. 
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    • Post n°48

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 Empty Re: Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by fonz1951 Tue 26 Dec 2017, 7:23 pm

    Screwball wrote:You see here lies the problem, people think iraq is like any other country that has devalued their currency...how many countries have been completely ravaged by war? One- Germany! How many countries have the Marshall Plan to rebuild? One - Germany! How many countries have a stabilisation Plan? Actually a couple.....Germany and Spain that I know off...you can’t compare turkey or any other countries to Iraq!


    i have to agree with you screwball. i think some folks might be forgetting that we're talking about Iraq. for those who may not be aware, just let me remind you that Iraq is one of , if not, the richest country in the world. therefore, that leads me to believe that the beginning rate will be way above .10 cent. i would guess , and mind you it's just a guess that it will be at the very least $1.00, but more likely $3.50 or as the infamous duck put it; a penny below or above Kuwait. i don't know any more than anyone else and i won't pretend to. but i just don't see how their currency could possibly be worth only .10 cent, when it was worth $3.27 prior to 1990. just saying. from the looks of things, i would say we're damn sure getting ready to find out!
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    • Post n°49

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 Empty Re: Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by wciappetta Tue 26 Dec 2017, 7:34 pm

    Proven wrote:
    Early1 wrote:
    Screwball wrote:If auctions end they they need new monetary policy to manage exchange rate..


    Agreed - but here is where it gets trickey - auctions can continue , but at a rate that will be noninflationary - that's why I say 10 cents to the dollar - for a long time, I have been able to see that an instantaneous RV of say - $3.41 won't work for the economy - would be huge inflation -I see more like a dime to move things forward - than in 4 - 5 years hit real value - what ever that is ?

    True.  $3.41 would be outrageous!  The initial rate depends on how much money the CBI wants to put in the hands of citizens.  However, multiple times the CBI has stated that the dinar will equal the dollar.  How it gets there, all at once or a gradual climb, is another story.  After all these years, all I care about is it starts to do something.  We have seen more activity in the last 3 months than we have seen in years.  From articles, we know monetary policy has changed to "financial inclusion".  From a controlled economy to a market economy starting 2018.    


    Ha the former CBI gov didn't find that range outrageous at all, makes no difference to them if one cannot wrap ones minds around it. Goodnight to all....

    What a forgetful bunch:

    The stability of the exchange rate of the dinar against the dollar

    2008-8-4

    [size=16]CAIRO - Muhammad Khalifa

    [/size]Dr. Sinan Alshabibi Governor of the Central Bank exchange rate stability of the Iraqi dinar against the dollar, and that the bank encourages citizens to buy dinar and handling and keeping it

    Where currencies began his confidence day by day and became keen on the conduct of the dollar and the dinar rather buy it as it saw Amian revealed dinar return to power, which led to the elimination of inflation, which we suffer from in the past.

    He said Alshabibi told the (morning) during his participation in the Arab banking conference in 2008, held in Cairo under the slogan (the role of banks in financing investment projects in Arabic) sponsored by the Arab League, we aspire in the near future to the return of Iraqi dinar to what it was in the seventies and the beginning eighties against the dollar and other foreign currencies and we are endeavouring and [b]serious in this regard, but added that this process is not easy and simple and depends on the supply and demand of Iraqi dinars.[/b]

    And encourage the private sector in the transfer of capital between countries reported: that opportunities are open to all and free to move money to any country that wants alluding shortage of regulatory issues in this area because we are still suffering from a routine killer in most government departments, explaining that there Many banks have formed a civil relations with a wide Arab and international banks and well and bode well Annci and we were in isolation from the world banking over 30 years but at the same time we are moving very fast pace.

    For his part, Associate Director of the Rafidain Bank Mohsen Abdel Hassan told (morning), which participated in the conference representatives from the banking Rafidain Bank came to participate in order to continue the banking interface between Iraq and Arab countries and return to the Arab ranks banking indicating that the participation of Iraqi banks in these conferences Arab and meetings are very positive because it is through the identification of the latest developments at the Arab Banking addition to agreements with various banks participating Conference.

    He added that the Rafidain Bank has eight branches in the Arab countries two in Jordan and the other in Lebanon and Syria and Abu Dhabi, Cairo and Yemen, we have an ambitious plan to increase the number of bank branches to reach all the Arab countries, and provides services to these branches Iraqi community in the transfer of funds and other banking transactions addition to pay retirees of Iraqis who live in these countries.

    He connected at the level of board chairman of the Union of Arab Banks Adnan Hamad Youssef told (morning): We have established strong relations with Iraqi banks as we work together to invest funds in the reconstruction of Iraq and through our union together, pointing out that we approached the Iraqi bank now to send a number of working in the Iraqi banks for training and rehabilitation in the Union and at the hands of expert professional bankers pointed out that we in the European aspire to attract bankers Iraqis through their support at all levels within and outside Iraq, explaining that the Federation began an ambitious plan establishment of several bank branches belonging Arab tent Union in Iraq After improvement of security.


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    • Post n°50

    Saleh: Great question marks on mechanisms to convert foreign currency to Iraq - Page 5 Empty Re: Saleh: Great question marks on mechanisms to convert foreign currency to Iraq

    Post by weslin3 Tue 26 Dec 2017, 7:46 pm

    fonz1951 wrote:
    Screwball wrote:You see here lies the problem, people think iraq is like any other country that has devalued their currency...how many countries have been completely ravaged by war? One- Germany! How many countries have the Marshall Plan to rebuild? One - Germany! How many countries have a stabilisation Plan? Actually a couple.....Germany and Spain that I know off...you can’t compare turkey or any other countries to Iraq!


    i have to agree with you screwball. i think some folks might be forgetting that we're talking about Iraq. for those who may not be aware, just let me remind you that Iraq is one of , if not, the richest country in the world. therefore, that leads me to believe that the beginning rate will be way above .10 cent. i would guess , and mind you it's just a guess that it will be at the very least $1.00, but more likely $3.50 or as the infamous duck put it; a penny below or above Kuwait. i don't know any more than anyone else and i won't pretend to. but i just don't see how their currency could possibly be worth only .10 cent, when it was worth $3.27 prior to 1990. just saying. from the looks of things, i would say we're damn sure getting ready to find out!

    Exactly my thoughts... especially the part that we are fixing to find out...
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