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.

Join the forum, it's quick and easy

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

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

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


+6
jedi17
Neno
CITEX
lonelyintexas
day dreamer
wciappetta
10 posters

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    wciappetta
    wciappetta
    NNP TEAM
    NNP TEAM


    Posts : 5321
    Join date : 2012-12-20

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by wciappetta Tue 17 Feb 2015, 8:41 am

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency 


    02/17/2015 


    BAGHDAD / JD / .. is heading the Iraqi Central Bank to invest cash reserves of hard currency through the purchase of gold, especially after the decline in gold prices in world markets over the past months, in a move it to diversify its reserves, the fact that gold is a store relatively safe for the value of the local currency, where the Council announced International gold buying CBI 48 tonnes of gold during 2014.

    A number of experts and specialists in the financial and economic affairs central bank's move to buy gold as positive the fact that gold is a safe cover for the local currency and maintains its value against foreign currencies especially at a time when the global economy is witnessing a decline in the growth of global markets, gold prices declined.

    He says the parliamentary finance committee member Tariq Rashid, that the use of the Iraqi Central Bank to buy large quantities of gold probably will be used as a cover for the new currency, which purports Bank issued and is also used as a cover for the process of deletion of zeros from the Iraqi currency.

    He Rashid told / BD /: that the process of buying these large quantities of gold is "a good gesture to the diversification of currencies and not limited balances at the central bank on the dollar only", pointing out that gold is one of the balances guarantor of the Iraqi economy, which contribute to maintaining the value of the dinar Iraqi.

    The President of the Economic Information Center Dergham Mohammed Ali said, that buying and selling gold operations by the Central Bank of Iraq is a cyclical process designed to optimize the investment of its reserves and diversify the assets of the guaranteed value.

    He said Mohammed Ali told / BD /: that gold is a safe cover of the national currency and acquisitions during the low gold prices in world markets, as well as in the event of instability baskets currency values ​​and the decline in global economies, is a positive step because gold is a store a relatively safe value.

    The World Gold Council announced (WGC), said that "the Iraqi Central Bank had bought 48 tons of gold during 2014, bringing the country's reserves of gold material by three times what it was during the year," adding that "enrich and diversify their reserves away from the dollar The US continues to be the driving force behind this activity. "

    The Iraqi Central Bank announced, in 2013, on his quest to find a balanced ratio of gold with hard currency reserves, saying that whenever increases the size of the reserve ratio less than the contribution of the other ingredients.

    It is noteworthy that the International Monetary Fund confirmed, in 2012, that Iraq had boosted its gold reserves to reach more than 31 tons, noting that Iraq bought 23.9 tons of gold in the month of August of the same year. / End / 8 /

    [You must be registered and logged in to see this link.]
    day dreamer
    day dreamer
    Interacting Investor
    Interacting Investor


    Posts : 3197
    Join date : 2012-12-19

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Re: Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by day dreamer Tue 17 Feb 2015, 9:13 am

    get rid of those dollars for gold(de-dollarize) ....nice....and then have gold to back your currency ....nicer flower
    lonelyintexas
    lonelyintexas
    Interacting Investor
    Interacting Investor


    Posts : 4285
    Join date : 2012-12-19
    Location : San Antonio

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Re: Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by lonelyintexas Tue 17 Feb 2015, 9:16 am

    Yes, this does sound good.  They are making progress on the situation.
    Thanks
    LIT
    CITEX
    CITEX
    Insane Investor
    Insane Investor


    Posts : 889
    Join date : 2012-12-20
    Age : 56
    Location : Grapevine Texas

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Re: Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by CITEX Tue 17 Feb 2015, 2:47 pm

    at todays prices, that's about 1.86 billion dollars in Gold. if I didn't miss something...
    48 x 2000 pounds x 16 ounces x $1210.00
    Neno
    Neno
    Admin
    Admin


    Posts : 10948
    Join date : 2012-12-17
    Age : 60
    Location : Lone Star State

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Re: Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by Neno Tue 17 Feb 2015, 5:27 pm

    He says the parliamentary finance committee member Tariq Rashid, that the use of the Iraqi Central Bank to buy large quantities of gold probably will be used as a cover for the new currency, which purports Bank issued and is also used as a cover for the process of deletion of zeros from the Iraqi currency.

    I see this as a value protector for the value in order to bring out the lower denoms. The lower denoms have no business in circulation until the value it at least 1:1 or the citizens will need wheel barrals to tote to the store and that isn't the purpose proposed for the zeros removed from the dinar.
    CITEX
    CITEX
    Insane Investor
    Insane Investor


    Posts : 889
    Join date : 2012-12-20
    Age : 56
    Location : Grapevine Texas

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Re: Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by CITEX Tue 17 Feb 2015, 6:49 pm

    Yes... this added to the banking deposit "insurance" laws... should maintain the value for lower denoms and boost confidence in the dinar... thus moving to the local economy to be fully reliant on the dinar... not the dollar...
    jedi17
    jedi17
    Moderator
    Moderator


    Posts : 10738
    Join date : 2013-02-20

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Re: Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by jedi17 Tue 17 Feb 2015, 8:21 pm

    I guess the problem will be the M2 supply.  From just quick looking, it appears that Iraq has the same M2 as say Japan.  However Japan has the second highest currency reserves in the world, second to China.  In 2013 Iraq was rated around 23 in the world in currency reserves.

    That said, one US dollar will get you about 118 Japanese yen.
    jedi17
    jedi17
    Moderator
    Moderator


    Posts : 10738
    Join date : 2013-02-20

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Re: Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by jedi17 Tue 17 Feb 2015, 8:23 pm

    So, I am wondering, could Iraq delete one 0 at a time?
    Neno
    Neno
    Admin
    Admin


    Posts : 10948
    Join date : 2012-12-17
    Age : 60
    Location : Lone Star State

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Re: Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by Neno Tue 17 Feb 2015, 8:27 pm

    I don't know much about that M2 supply lingo and heard it mentioned for years but, with Iraq ending the auctions soon tells me they have their calculations in order to reveal the real rate over the default. I know, time will tell.
    jedi17
    jedi17
    Moderator
    Moderator


    Posts : 10738
    Join date : 2013-02-20

    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Re: Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by jedi17 Tue 17 Feb 2015, 8:30 pm

    lol....well....we have waited for a long time, and news has been great.....so what is more time

    Sponsored content


    Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency Empty Re: Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

    Post by Sponsored content


      Current date/time is Tue 08 Oct 2024, 2:07 pm