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


+8
duck2000
fonz1951
azareus
sassy
Neno
weslin3
mbryan
Proven
12 posters

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Proven
    Proven
    Proven
    NNP TEAM
    NNP TEAM


    Posts : 1858
    Join date : 2012-12-21
    • Post n°1

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct Empty Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Post by Proven Sun 03 Jan 2016, 8:49 am

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auction


    Economy and Tenders
     Since 01/02/2016 14:47 pm (Baghdad time)
    [You must be registered and logged in to see this image.]


    Special - scales News


    A commission of economy and investment representative, on Saturday, that the central bank selling of foreign currency is very important and necessary to the economy of Iraq being Dqa contribute to employees' salaries.


    Said committee member Ahmed Kanani's / scales News /, that "the reasons for the auction of important foreign currencies of the Iraqi economy, because domestic production ratio constitutes only 2%, which means a lack of financial resources to draw on, which leads us to the sale, in addition to that we are the only country that has Almost five million employees than it needs a day to 287 billion Iraqi dinars cash. "


    Kanani said, that "if not to sell the currency, there will be a crisis in the payment of staff salaries, and the deterioration of economic matters, as well as private banks stopped rising dollar and by a large margin." He pointed out that "this issue as a normal monetary policy, but there is a clear position by some MPs on them, it is necessary to balance between the dollar and the dinar rate."


    Kanani said that "reducing the selling currency in the future is possible when we have a national production, and confidence between the government and private banks deposits to distribute them even draw a parallel with the economic policy of the government banks."


    This revealed the parliamentary finance committee member Majda al-Tamimi, about the corruption of a very large file in your currency auction of the Central Bank, indicating that the currency "fad" Ahtkrth political and commercial layer in order to steal oil money. Auctionended 29/38


    [You must be registered and logged in to see this link.]
    • Back to top
    mbryan
    mbryan
    mbryan
    Cain't Let Go Investor
    Cain't Let Go Investor


    Posts : 431
    Join date : 2012-12-20
    Age : 65
    Location : Prairieville la. #225-936-0672
    • Post n°2

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct Empty Re: Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Post by mbryan Sun 03 Jan 2016, 9:07 am

    Kanani said that "reducing the selling currency in the future is possible when we have a national production, and confidence between the government and private banks deposits to distribute them even draw a parallel with the economic policy of the government banks."  Going to be a longer wait 
    • Back to top
    weslin3
    weslin3
    weslin3
    Interacting Investor
    Interacting Investor


    Posts : 7463
    Join date : 2012-12-19
    • Post n°3

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct Empty Re: Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Post by weslin3 Sun 03 Jan 2016, 9:15 am

    fish
    • Back to top
    Proven
    Proven
    Proven
    NNP TEAM
    NNP TEAM


    Posts : 1858
    Join date : 2012-12-21
    • Post n°4

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct Empty Re: Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Post by Proven Sun 03 Jan 2016, 9:27 am

    mbryan wrote:Kanani said that "reducing the selling currency in the future is possible when we have a national production, and confidence between the government and private banks deposits to distribute them even draw a parallel with the economic policy of the government banks."

    Going to be a longer wait 

    Deposits eliminating the need for the auction.   Deposits in banks connected with national production.  Deposits for investment projects.  


    Who is bringing the money? 


    The wait is directly proportional to how fast investors pour into Iraq.   


    All part of the plan....
    • Back to top
    Neno
    Neno
    Neno
    Admin
    Admin


    Posts : 10948
    Join date : 2012-12-17
    Age : 61
    Location : Lone Star State
    • Post n°5

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct Empty Re: Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Post by Neno Sun 03 Jan 2016, 9:44 am

    Ty Proven, understand that need. The how to get there with no auctions is not my specialty tho but, like the opinion much.
    • Back to top
    mbryan
    mbryan
    mbryan
    Cain't Let Go Investor
    Cain't Let Go Investor


    Posts : 431
    Join date : 2012-12-20
    Age : 65
    Location : Prairieville la. #225-936-0672
    • Post n°6

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct Empty Re: Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Post by mbryan Sun 03 Jan 2016, 11:28 am

    the reasons for the auction of important foreign currencies of the Iraqi economy, because domestic production ratio constitutes only 2%, which means a lack of financial resources to draw on, which leads us to the sale   Proven this is my reference to until this gets higher by their own words auctions will continue. At the pace they took to get to 2% what Ten years now? How much do they have to get to stop 20%,30%,40% will take time to move is all I am saying
    • Back to top
    sassy
    sassy
    sassy
    Interacting Investor
    Interacting Investor


    Posts : 2030
    Join date : 2012-12-20
    • Post n°7

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct Empty Re: Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Post by sassy Sun 03 Jan 2016, 11:55 am

    Sounds like to me that this is what we we have been told would happen, sure hope its not too long of a wait though! Nice to see articles stateing what we been waiting for and things are moving forward at least!  yes  And on the other hand I have no idea whats actually going on! surprise
    • Back to top
    Proven
    Proven
    Proven
    NNP TEAM
    NNP TEAM


    Posts : 1858
    Join date : 2012-12-21
    • Post n°8

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct Empty Re: Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Post by Proven Sun 03 Jan 2016, 12:44 pm

    mbryan wrote:the reasons for the auction of important foreign currencies of the Iraqi economy, because domestic production ratio constitutes only 2%, which means a lack of financial resources to draw on, which leads us to the sale   Proven this is my reference to until this gets higher by their own words auctions will continue. At the pace they took to get to 2% what Ten years now? How much do they have to get to stop 20%,30%,40% will take time to move is all I am saying

    mbryan,


    On the surface, I understand your concern.  The country is a mess.  But you have to differentiate the problems with the government vs the factors that influence the rate of exchange on the currency.  Domestic production is necessary to reduce imported goods and increase net export revenues.  Iraq has been a net export country due to oil sales.  The problem is population growth demanding more government services (and jobs).  


    By moving to a market economy, they are trying to reduce the demands on government expenditures and increase net export revenue.  Right now, they are crying poor (budget deficits).  It is necessary to convince the people of the need to change to a market economy vs socialism.  Iraq has an abundance of resources to sell.  Oil being the main one, and it will continue for a long time.  

    The plan to revalue the currency is the way Iraq will integrate back into the world economy.  The money powers would not have it any other way.  Thus the forgiven debts, the oil for food program, the restricted DFI funds, frozen funds, and Kuwait compensation issue.   

    Think of it this way, if Iraq goes to full oil production, they will produce 14 million barrels a day.  At this rate, they could buy up all the dinars they sold at auction for dollars in a couple of years.  Consider if this would continue for 10 years, Iraq would have a larger sovereign wealth fund than Saudi Arabia.   At full prodution, Iraq could produce oil for 250 years based on current estimates of crude in the ground.   
    • Back to top
    sassy
    sassy
    sassy
    Interacting Investor
    Interacting Investor


    Posts : 2030
    Join date : 2012-12-20
    • Post n°9

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct Empty Re: Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Post by sassy Sun 03 Jan 2016, 1:15 pm

    Thanks for explaining Proven   thumbs2
    • Back to top
    The author of this message was banned from the forum - See the message
    Sponsored content

    Sponsored content


    • Post n°11

    Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct Empty Re: Parliamentary economy reveal about the benefits of selling foreign currency at the central bank auct

    Post by Sponsored content

    • Back to top
      Current date/time is Tue 26 Nov 2024, 7:56 am