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Wednesday, May 24, 2017

DINAR IRAQ & DONG VIETNAM UPDATE, 24 MAY

Raising of the value of the dinar is directly related to investment in the market economy. And without IMF Article VIII, there is no foreign investment.
Remember, the key to this is the activation of the CBI's Capital Account which is the pipeline of sorts for money flowing in and out of Iraq.
Once in Article VIII, foreign investors/ investment will begin to participate in rebuilding and privatizing Iraq. Money will be deposited into bank accounts, flow through the CBI's Capital Account and if the dinar is not pegged, will begin to move upwards to offset inflationary pressure created by the influx of economic activity (thus the Balassa-Samuelson effect).
The CBI needs to get in compliance with the IMF so they can transition out of Article XIV. They need deposit insurance. Once that happens, we should see things begin to move fast.
The CBI and dealers started putting up notices that no dinar is leaving the country, mainly aimed at three zero notes.
The GOI once again then to give the CBI the “green light” to go ahead to continue the “project to delete the zeros”. We all should know the process going forward once this occurs.
The slow rolling out of the lower denominations as the initial rate change (or revaluation) occurs, this initial rate will be just around 1:1 with the US dollar. This will then be lead to another more significant rate revaluation later.
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Minister of Industry and Minerals Engineer Mohamed Xiaa Sudanese urged to increase banking cooperation between Iraq and the UAE to take advantage of the large banking expertise.
Areas of cooperation in the banking field between the two countries and the problems related to this field for Iraqi businessmen and other matters and related topics, pointing out that the notes installed a set in the light of the discussions that took place and included in the minutes for the purpose of official correspondence and requirements in order to prepare maturation, indicating that this trend needs many requirements and decisions and business facilities and Monetary policy, which is an important part of this trend, calling on the UAE side to provide facilities and support to push the trend and enter into economic partnership contribute to the development of relations.
For his part the Governor of the UAE Central Bank is ready to provide all means of support and assistance, noting the importance of identifying the existing problems to develop a plan and mechanisms to resolve them, stressing that the door is open for cooperation and consolidation of relations between the two brotherly countries.
Emphasis was placed on the transfer of the UAE successful experience and benefit from the good experiences for the purpose of establishing industrial cities in Iraq, similar to the industrial cities in the UAE and facilitate the export of goods, Iraqi exports of raw materials and semi – finished and find markets.
President of the Iraqi Economic Council Ibrahim al- Baghdadi al – Masoudi said that the UAE has become the most important financial center in the region after the merger of banks in recent years and most recently was the merger between the two giants Abu Dhabi National and First Gulf banks.
We nevertheless did not see any weight for banks UAE in Iraq, we hope to see broad participation of banks and take advantage of the promising investment opportunities in Iraq, we hope to increase cooperation between the government and private banks in the opening credits, indicating that there is difficulty in opening accounts.
alsabaah
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Iraq Ahead of The Ten Arab Countries In Gold Reserves
05/24/2017 16:47 am (Baghdad time)
Iraq exports ranked fifth in gold reserves, according to the latest report released by the World Gold Council, which measures the period until the end of the first quarter of this year.
Iraq and progress on the classification of Kuwait, Egypt, Qatar, Jordan, Syria, Morocco, United Arab Emirates, Tunisia, Bahrain and Yemen.
Saudi Arabia topped the Arab countries the size of reserves to 322.9 tons gold, followed by Lebanon, Algeria, Libya.
The reserves of gold is maintained by the Central Bank as a store of value and guarantee to redeem promises to pay depositors and holders of securities or trading peers, or to secure a currency, using gold reserves exclusively Tgariba- but N’dr- in the settlement of transactions Atah.anthy / 29 yolk n
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