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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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    1/14/24 Militia Man & Crew Liberating the dinar from official rate... Obstacles and solutions

    Rocky
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    rate - 1/14/24 Militia Man & Crew  Liberating the dinar from official rate... Obstacles and solutions Empty 1/14/24 Militia Man & Crew Liberating the dinar from official rate... Obstacles and solutions

    Post by Rocky Sun 14 Jan 2024, 2:36 pm







    SATURDAY, 01-13-2024, PM 9:01

    • KARAR AL-ASSADI





    rate - 1/14/24 Militia Man & Crew  Liberating the dinar from official rate... Obstacles and solutions 8-1705168914
    With the return of fluctuations in the dinar exchange rates, there is renewed talk about the necessity of getting rid of the “official price” with the aim of reducing the difference with the price in the parallel market, by subjecting the local currency to global supply and demand, similar to other countries, but many obstacles stand in the way of this step, among them “ The unilateralism of the Iraqi economy, which relies on oil and government revenues, and the absence of correspondent banks in the dinar currency, according to specialists, also called for taking other possible solutions, such as “deleting the zeros” from the currency, and withdrawing the cash mass from citizens and transferring it to banks.
    Mazhar Muhammad Salih, ""financial advisor to the Prime Minister"", says, “The Iraqi dinar’s exchange rate follows a system of fixed exchange rates, and that the process of approving the exchange rate is one of the monetary policy tasks of the Central Bank of Iraq as it is the independent body, especially since Iraq depends primarily on oil sources that provide... Foreign currency, and therefore oil revenues are transferred to the Central Bank of Iraq, and reserves follow the exchange mechanism between the dinar and the dollar, given that the Central Bank is the source of exchange between them.”
    The dollar exchange rates in the local market witnessed great fluctuation during the past days, as it suddenly decreased to 148 thousand dinars per 100 dollars, and quickly rose again to 150 thousand dinars, and then continued to fluctuate until it reached 154 thousand dinars per 100 dollars, after its price was approaching... About 157 thousand dinars.
    Saleh adds, “The balance and stability of the price in flexible exchange systems requires a financial and banking market, in which interest rates play a major role in the inflows and outflows of foreign currency, and this is something that is not available in Iraq, and the mono-economy is dependent on the inflows of foreign currency.” On government oil revenues, and here the forces of supply and demand are inconsistent with the unilateralism of the economy.”
    He continues, "The economy is sometimes exposed to a large deficit in the current account and the balance of payments, and the general budget is also exposed to a deficit. Here loans are resorted to and governments are forced to reduce the national currency until foreign currency becomes expensive. This is called financing from inflation, and despite the fact that This conflicts with the policy of the Central Bank, but is done in consultation with monetary and fiscal policies.”
    He points out that “the function of the central bank in general is to maintain the exchange rate and its stability for a long period, but this relates to the nature of the current account and the balance of payments, and whether there is a surplus or a long-term or stable deficit, as well as the nature of the budget, is it expansionary or contractionary, so the the issue is not easy, as all we need in the exchange rate is a circle of consultation and communication between monetary and financial policies to maintain its stability.”
    It is noteworthy that since the beginning of the exchange rate crisis more than two years ago, many options have been put forward to control it, including printing new denominations of cash, including 100 thousand dinars, """or deleting three zeros to control the rise in the value of numbers in monetary transactions"".
    Since the 1990s, and during the imposition of the economic blockade on it, Iraq has suffered from significant inflation in the currency, which prompted the previous regime to go to print the currency locally, and after the year 2003, the previous currency was destroyed and new denominations were issued, and its exchange rate against the dollar was fixed, by decree. From the civil governor of Iraq at the time, Paul Bremer, who revealed the shape of the new currency and its exchange rate against the dollar.
    For his part, economic expert Nasser Al-Kinani explains, “With regard to the fluctuation of the dinar, the central bank was selling the dinar for 1,118 per dollar, and then it changed since the arrival of former Prime Minister Mustafa Al-Kadhimi to power and the appearance of the white paper, as its price rose and became 1,450 dinars, in addition to this caused the Iraqi dinar to rise until it currently reached 1,530 dinars per dollar in the local market, but despite this, ""solutions can be developed for this problem.”"
    He explains that "the solutions revolve around reprinting the currency again and zeroing it, especially if the printing process is accompanied by the process of retrieving the money stored inside homes to the banks. Hence, it is possible to stabilize the Iraqi dinar by giving the banks a percentage for each citizen who owns an account or opens an account within the bank, for example, 10 percent, which would be 10 percent." As a deposit for the citizen in the bank.”
    He continues, "The above steps will lead to solving the import issue that the government is suffering from now, and it is trying to control it to limit the smuggling process. Stabilizing the currency and revitalizing local industry and agriculture will, in general, lead to solving all economic and currency problems."
    According to the Central Bank of Iraq website, Iraq includes 80 operating banks, including 62 local banks and 18 banks that are branches of foreign banks.
    It is noteworthy that the Iraqi banking sector is neglected by citizens who have lost confidence in it, and according to World Bank figures issued last year, only 23 percent of Iraqi families have an account in a financial institution, which is a percentage among the lowest in the Arab world, especially since the owners of those Accountants are state employees whose salaries are distributed to public banks at the end of each month, but these salaries also do not remain in the accounts for long, as queues quickly form in front of banks from employees who withdraw their salaries in cash and prefer to keep them at home.
    For his part, financial and economic expert Mustafa Akram Hantoush explains, “The local Iraqi currency is printed by the state and gives its value in exchange for other currencies or gold, that is, currencies or metals in the global supply and demand market.”
    Hantoush points out, “The currencies that are exposed to the supply and demand market are currencies that have countries that have correspondent banks for their currencies, for example the dollar. There are banks that correspond in dollars so that the whole world receives and trades them, and therefore such a currency is considered a flexible currency with variable prices.”
    He continues, "The Iraqi dinar had correspondent banks in a global currency that was dealt with in the field of global trade, and here the demand for it will become higher and the value of the dinar will rise. However, Iraq as a country does not currently have correspondent banks, so the national currency it owns is a local currency and is not subject to supply and demand." Global, as it is a currency issued for other currencies, and the process in it is fixed and does not rise to be a global process.”
    It is noteworthy that Washington entered into the crisis of dollar smuggling last year, and Iraq was subjected to the global SWIFT system, which created a gap between the parallel and official market, and increased the loss of confidence in Iraqi banks, as dozens were subjected to American and Iraqi sanctions without processing depositors’ funds, in addition to the involvement of... Most banks are currently engaged in smuggling operations, according to what the US Treasury Department confirmed.

    https://www.non14.net/public/163518
    -------------------------------------------------------------------------------------------------------
    There is renewed talk of the delete the zeros project last night by Mazher Muhammad Saleh. The timing of this is likely by no coincendence.  The same advisor to the Prime Minister told us recently there was going to be a major announcement to come with the respect to the advanced digital era Iraq and the world is in. 
    This is likely not the major announcment but, it is a heads up that they still have the project to delete the zeros on the mind. Al-Alaq the Central Bank Governor as of July 26, 2023 reminded us of that and here it is again from the Prime Minsters Financial Advisor six months later telling us there is going to be a major announcement. Then last night he reminds us that the deletion of the zero's is still an option. 
    What is interestiing is that he muddies the water by suggesting they have no correspondent banks to deal with. Well we know that to not be all true, dinar wise yet. We have evidence of this in the snippets below. There is evidence that Al-Alaq is on record also regarding the deletion of the zeros whereby stating that the value of numbers relationship in transactions. Not taking the zeros off the notes but, off the exchange rate. By doing the latter is to bring value to the currency of Iraq making it easier to control in the market. 
    The banks and correspondent banks will be the facilitators of trade and the Central Banks will be the supervisors of the processes . The new elcetronic systems they are going to use will make using hard currencies from around the world fast, secure and transparent. All what the investors of the world expect and require. imo ~ MM
    ------------------------------------------------------------------------------------------------
    Mazhar Muhammad Salih, ""financial advisor to the Prime Minister"", says, “The Iraqi dinar’s exchange rate follows a system of fixed exchange rates, and that the process of approving the exchange rate is one of the monetary policy tasks of the Central Bank of Iraq as it is the independent body, especially since Iraq depends primarily on oil sources that provide... Foreign currency, and therefore oil revenues are transferred to the Central Bank of Iraq, and reserves follow the exchange mechanism between the dinar and the dollar, given that the Central Bank is the source of exchange between them.”
    """Thus, at the beginning of the year 2024, Iraq will have entered the rapidly ""advanced digital era"" and there will be a ""major official announcement"" in this regard."" - Saleh 12/26/2023”
    --------------------------------------------------------------------------------------------------
    Al-Alaq: the rise in the exchange rate "my time" and the project to ""delete zeros still exists""
    Jul 26, 2023
    ----------------------------------------------------------------------------------------------------
    After 8 years, the Governor of the Central Bank announced at the regular meeting of banking leaders two days ago that the Central Bank will adopt a special strategy to enhance confidence in the banking sector, accompanied by strategies and plans that will be implemented in 2024 in the footsteps of financial and banking reform, which will be carried out with support and joint cooperation with the government and with the support of Mr. President. The Council of Ministers, where the map of expansion in the number of banks changed and became 72 banks, and the financial inclusion rate exceeded 33.5%, and the number of bank accounts opened and operating in banks is more than 10 million accounts, and the number of credit cards issued and in force is approximately 18 million cards, and ""the digital transformation in the banking sector is moving in the direction Accelerating the adoption of modern banking technologies and comprehensive systems, in addition to establishing the Iraqi Deposit Insurance Company"".
    Therefore, The new strategy to enhance confidence, as explained by the Governor on 1/11/2024, will depend on the following:
    Fourth - It provides ""external (international) confidence"" in the bank through its ability to adhere to ""international standards and obtain confidence from ""correspondent banks"".
    ----------------------------------------------------------------------------------------------------------
    Al-Bunni Al-Murrah Iraqi Department of Investments and Foreign Transfers CBI OF IRAQ With CENTRAL BANK The investor can transfer money from his accounts in foreign banks and their """correspondents operating abroad"", to the account of the Central Bank of Iraq with one of its """correspondent abroad"", and then receive the "equivalent" from his account opened with one of them""".
    The Department of Investments and Foreign Transfers OF IRAQ has CBT - | Page1 Foreign Direct Investment Adolescents - Capital Movement to and from Iraq Foreign investment plays an essential role in the development of the receiving countries. Using foreign capital, countries - especially developing ones - can exploit their natural resources, complete major projects related to their infrastructure, such as roads and airports, and establish projects that require expertise. Technically, foreign investment contributes significantly to financing development processes and building national expertise in countries hosting investments.
    ----------------------------------------------------------------------------------------------------
    BANK First: """"Iraq’s membership in the International Monetary Fund"""": Iraq’s membership in the International Monetary Fund since (December 27, 1945) "obliges" it to implement and take all possible measures to remove restrictions on the freedom of movement of capital, as indicated in """""Article Eight and Article Fourteen of the Fund’s Establishment Agreement"""".
    -----------------------------------------------------------------------------------------------
    Article Eight implicitly states: “ No member may impose - without the Fund’s approval - restrictions on the performance of payments and transfers related to international commercial transactions.” Article 14 implicitly indicates (if the member is prepared to accept the "obligations" contained in Sections 2, 3, and 4 of Article Eight). Thus, the agreement """encourages the free movement of capital between countries and the transfer of balances between other members, as well as the establishment of commercial and financial arrangements - international and bilateral - to facilitate the performance of international payments and work to create a stable exchange rate system, which provides the appropriate environment to attract foreign investments""".
    --------------------------------------------------------------------------------------------------
    BANK Fifth: ""Mechanisms of capital movement ""to and from"" Iraq The Central Bank of Iraq has a prominent role in encouraging investments, introducing capital, and creating a system of financial dealings with foreign banks to work in the country, and benefiting from their expertise, ""to develop the Iraqi banking sector""..
    -------------------------------------------------------------------------------------------------------
    11/24/2023:
    He added, "The Central Bank has come a long way in its mission to restore market stability, """get rid of the dominance of the dollar""", strengthen the Iraqi dinar, and """bring it into the line of global commercial transactions."""
    He stressed "the importance of this approach as it is an effective solution and a thoughtful strategy to open new horizons that ensure facilitating commercial transactions procedures at various levels," noting that "we renew our full support for the steps of the Central Bank of Iraq as it moves steadily towards developing real solutions to the crisis."
    Earlier, the Central Bank took several measures to increase the number of Iraqi banks to which external transfers are available, by opening accounts for them in a number of ""correspondent banks in a number of countries, especially Jordan and the Emirates"".
    The procedures included opening accounts in the ""Chinese yuan, the Indian rupee, the euro, and the UAE dirham"", in order to allow trade exchange in the currencies of the countries that export most to Iraq, such as India, China, and the UAE.
    -----------------------------------------------------------------------------------------------------
    Jan 18, 2023
    JANUARY 8 AT 1:23 PM
    CBI- NEW DENOMINATIONS with Security Features
    Central Bank Governor: The dollar exchange rate crisis is temporary and the monetary situation is at its best
    The Governor of the Central Bank touched on the reasons for issuing a new denomination of the local currency, saying, “The issuance of the new denomination is a procedure to modify the structure of banknotes and introduce an intermediate denomination that facilitates daily transactions, reduce the presence of old versions of currency denominations in circulation, and adopt modern security specifications in designing the denomination.” new technologies to reduce counterfeiting, especially since counterfeiting methods have developed thanks to technological development.

    Will Cashem likes this post

    Will Cashem
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    rate - 1/14/24 Militia Man & Crew  Liberating the dinar from official rate... Obstacles and solutions Empty Re: 1/14/24 Militia Man & Crew Liberating the dinar from official rate... Obstacles and solutions

    Post by Will Cashem Mon 15 Jan 2024, 9:31 am

    MM&C always provide straightforward analysis on their site, unlike the goofy dinar gurus.
    Rocky
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    rate - 1/14/24 Militia Man & Crew  Liberating the dinar from official rate... Obstacles and solutions Empty Re: 1/14/24 Militia Man & Crew Liberating the dinar from official rate... Obstacles and solutions

    Post by Rocky Mon 15 Jan 2024, 9:51 am

    Will Cashem wrote:MM&C always provide straightforward analysis on their site, unlike the goofy dinar gurus.
    that's why they are the only informative people here with this type of info at Neno's

    Will Cashem likes this post


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