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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


3 posters

    What is the interpretation of the Central Governor’s talk about making changes in the trade system a

    Rocky
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    • Post n°1

    What is the interpretation of the Central Governor’s talk about making changes in the trade system a Empty What is the interpretation of the Central Governor’s talk about making changes in the trade system a

    Post by Rocky Wed 25 Oct 2023, 6:01 pm

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    23-October-2023
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    [ltr]REDUCING THE USE OF “CASH” IN IRAQ FOLLOWING THE DOLLAR CRISIS (FACEBOOK)[/ltr]

    In his speech during the first annual banking conference held in the city of Erbil, the Governor of the Central Bank, Ali Al-Alaq, described the process of stabilizing the exchange rate of the dinar against the dollar as a “major operation” that requires changes to “the Iraqi commercial system and financial transfers outside the country.” 
    Economists said that the changes in Iraq's commercial system that the Central Bank talked about are a trend towards switching to the electronic system to "reduce the use of paper money."
    Al-Alaq stressed that "these rules are what preserve the integrity of the financial system, and even protect Iraq from serious risks, and what is related to this matter is the relationship between the application of these rules and standards and the process of external transfer and the sale of the dollar in various forms."
    The economic expert, Hammam Al-Shamaa, considered the changes in Iraq’s commercial system that the Governor of the Central Bank spoke about as a move towards shifting the system in buying and selling from cash to electronic sales in order to “reduce the use of paper money.” 
    Al-Shamaa said, in an interview with “Ultra Iraq”, that “in the event of a change in the commercial system, there will be the possibility for banks to retain the liquidity they have, and if the basic interest rate set by the central bank and the legal reserve is low, the banks will provide loans to revive the economy.”
    He considered that "the occurrence of this is important for economic development, and now it is also important for the public finances of the Iraqi state, which suffers from a lack of liquidity in the dinar as a result of the decline in the Central Bank's sales of remittances due to the restrictions and platform imposed by the US Federal Reserve on foreign transfers."
    As for the governor’s talk about external transfers - according to Al-Shamaa - it “confirms the Central Bank’s desire for transfers to be through existing private correspondent banks in Iraq so that it will stop playing this role,” indicating that “the realization of this step will increase external transfers, but it will face many obstacles.” Very much so, as the Iraqi citizen has not been accustomed for several decades to dealing with cash and not electronic cash.” 
    As for Al-Shamaa, “what increases the difficulty of electronic dealing is the citizen’s lack of confidence in banks in general, and it also increased after the statements of an employee of the Central Bank in which he announced their intention not to allow the withdrawal of dollar deposits in 2024, and they will be paid in dinars, and to prevent remittances coming into Iraq from being exchanged in dollars [You must be registered and logged in to see this link.] ” It is delivered in dinars only.”
    Al-Shamaa expected a decline in dealing with banks, and therefore “electronic payment cannot be successful in the commercial aspect as long as there is no confidence in the banking sector,” stressing that “the reform packages that were launched by the Central Bank will not be able to confront the fluctuations in the exchange rate of the dollar against the dinar at the present time, unless the problems are solved.” Current basic relations with the United States and border trade with Iran.”
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    Screwball
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    • Post n°2

    What is the interpretation of the Central Governor’s talk about making changes in the trade system a Empty Re: What is the interpretation of the Central Governor’s talk about making changes in the trade system a

    Post by Screwball Wed 25 Oct 2023, 9:09 pm

    forex.....

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    • Post n°3

    What is the interpretation of the Central Governor’s talk about making changes in the trade system a Empty Re: What is the interpretation of the Central Governor’s talk about making changes in the trade system a

    Post by wciappetta Thu 26 Oct 2023, 8:13 am

     it “confirms the Central Bank’s desire for transfers to be through existing private correspondent banks in Iraq so that it will stop playing this role,”

    This is speaking of Ending the Auctions. It is their plan and it's coming soon..


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    • Post n°4

    What is the interpretation of the Central Governor’s talk about making changes in the trade system a Empty Re: What is the interpretation of the Central Governor’s talk about making changes in the trade system a

    Post by wciappetta Thu 26 Oct 2023, 8:22 am

    continuation of the report:



    [ltr]Ahmed Saddam, a professor of economics at Basra University, said the central bank governor's talk about changes in the trade system and foreign remittances was "very logical and economically known".[/ltr]




    [ltr]Saddam said, in an interview with "Ultra Iraq", that "the monetary policy responsible for implementing the Central Bank cannot play its role, unless there is harmony with the objectives of fiscal policy and the decisions and procedures related to it, which is directly responsible for the government and its ministries."[/ltr]




    [ltr]"The governor's talk is as if to make it clear that the stability of the dollar cannot be achieved unilaterally, which is the central bank, and therefore cannot be fully blamed on monetary policy, unless there are other supportive policies for which the central bank is not responsible," he said.[/ltr]




    [ltr]As for the reference to changes in the trade system and external transfer, the economics professor believes that "there is a reference to the problems of external transfer with countries that are subject to US sanctions, and because of them, the difficulty of financial transfer through the platform led to the exposure of the cash dollar in the parallel market to great pressure due to the increase in demand for the dollar and thus its instability because of that."[/ltr]




    [ltr]This matter and Saddam's words cannot be fixed unless there is a change in the compass of Iraqi imports from countries that are not subject to sanctions, so that "financial transfers are made to them through the electronic platform, and this reduces the level of speculation and can contribute to the stability of the dollar exchange rate."[/ltr]


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    • Post n°5

    What is the interpretation of the Central Governor’s talk about making changes in the trade system a Empty Re: What is the interpretation of the Central Governor’s talk about making changes in the trade system a

    Post by wciappetta Thu 26 Oct 2023, 8:37 am

    The last guy is trumpeting the fact that Iraq needs new suppliers of goods for import, meaning, stop importing from Iran. I've been saying this for a while. It also reveals why Iran has tried to stop this movement to the FOREX. It cuts off a large portion of dollar access and cuts them out of the system. Economic collapse will follow. I also believe this is why the sudden attack by Hamas on Israel happened at this time. It is an attempt to forestall Iraq from moving forward. Hamas is an Iranian proxy. The Iranian effort will fail.


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    • Post n°6

    What is the interpretation of the Central Governor’s talk about making changes in the trade system a Empty Re: What is the interpretation of the Central Governor’s talk about making changes in the trade system a

    Post by Screwball Thu 26 Oct 2023, 5:17 pm

    wciappetta wrote:The last guy is trumpeting the fact that Iraq needs new suppliers of goods for import, meaning, stop importing from Iran. I've been saying this for a while. It also reveals why Iran has tried to stop this movement to the FOREX. It cuts off a large portion of dollar access and cuts them out of the system. Economic collapse will follow. I also believe this is why the sudden attack by Hamas on Israel happened at this time. It is an attempt to forestall Iraq from moving forward. Hamas is an Iranian proxy. The Iranian effort will fail.
    100% correct agree
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    • Post n°7

    What is the interpretation of the Central Governor’s talk about making changes in the trade system a Empty Re: What is the interpretation of the Central Governor’s talk about making changes in the trade system a

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