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DINARESGURUS.BLOGSPOT.COM_________________ _______

Tuesday, September 18, 2018

BLUWOLF TIDBIT, 18 SEPT

Bluwolf   [via OOOTAH]  "There Never Been A Delay", We are at a minute to minute!

Tman23   I always said...news about lower denoms always came out end of Sept and start of Oct was chatter of lifting 3 zeros, this was from official sources...AND they said the only appropriate time to lift the zeros is at the start of the New Year...OH YES...LIFT ZEROS MEANS REMOVE THE CURRENCY FROM THE MARKET PLACE... AND THE EXCHANGE RATE...

Central Bank of Iraq officially withdraws from EU sanctions list | IQD D...

MNT GOAT UPDATE, 18 SEPT

Hi Everyone,

I bring you much news today.

UPDATE ON THE ELECTION SAGA

Information / Special …

The coalition of construction, SATURDAY, AS THE LARGEST BLOC BY WINNING MOHAMMED HALBUSI, HEADED BY THE PARLIAMENT BY NEARLY 160 DEPUTIES, indicating that the candidate of the prime minister can not pass without consensus with others.

The legal expert Ali Tamimi, on Sunday, in a press statement that "after the election of the Speaker of the Parliament and his deputies, the President of Parliament, Mohamed Halbousi will open the door to run for three days for the post of President of the Republic," noting that "the duration of the selection of the President must not exceed 30 days, The largest form of government within 30 days. "

He added that "THE LARGEST BLOC IS STILL NOT CLEAR, as it should be addressed to the Federal Court to know, for the President of the Republic to encircle its candidate to form his cabinet."

Al-Tamimi explained that "in the event of the failure of the President of the Republic in the selection of ministers after the expiration of 30 days (the constitutional period), this is considered a constitutional breach and the outcome of the session of parliament is subject to appeal before the Federal Court."

(Mnt Goat – so why does Muqtada al-Sadr, leader of the Sairoon Coalition, in a statement on Sunday claim he had reached an agreement with Iraqi leaders to form the new Iraqi government” )

The news of the Euphrates news that the Shiite House agreed unanimously and with the blessing of the reference nominate 'Adel Abdul Mahdi' as prime minister.

The sources confirmed that Sawsan and Fatah and the Kurdish parties and the coalition of Iraqi forces had gathered hours before their approval to nominate 'Abdul Mahdi'.




Our correspondent said in Iraq that the Iraqi parties reached a preliminary agreement on the next Government.

Assortment includes:

The Prime Minister Adel Abdul Mahdi (independent)

Office Manager Mohamed hachmi (Abu Jihad) with the rank of Minister. (Upper/open) 

Rafi Abdul Jabbar Al-Azzawi Secretary Premiership (walkers)

Defense Minister Khalid Al-Obeidi (victory and joined bsaeron)

Interior Minister Ahmed Jassim Asadi (open)

Foreign Minister Selim Jabouri (national)

Finance Minister روژ Nouri sauish (Kurdistan)

Minister of planning Dr Magda Tamimi (walkers)

Oil Minister diplomat takes (State law/open)

Chief Sheikh Saadi integrity (walkers)

Health Minister martinka555 (axis)

Agriculture Minister Mohamed sheyaa (State law/open)

Transport Minister Yasin (walkers)

Ministry of education Dr Naim slavish (honest open)

The Justice Department, Dr Salah Sana (wisdom)

Minister of higher education Dr. Raed Fahmi (alshuai party/walkers)

Youth and Sports Minister Abdul Hussein abtan (wisdom)

Minister of labour and Social Affairs nahida Al-Tamimi (project)

Minister of industry and minerals Dr Haitham Al-juboori (open)

National security advisers Dr Khalid Al-Ya'qubi (Conference/open)

Minister of municipalities-yet-(honest/open)

Nothing has been voted on yet so relax and is not final. At least they are now talking about these positions. This could be an exciting week to get this election saga finally over.

Remember it’s not over until the fat lady sings. Of course, some certain TNT Tony fat, and other gurus, keep trying to sing their own song (version of reality) but this does not count.

More news….

Here we go again…..So here is an article from the CBI:

“CBI decided on 12 Sept 2018 to perform public auction No.(D208) to sell CBI Securities for (182) days and for (100) Billion IQD, The remittance was sold for (60) Billion IQD with multiple interest price and with the highest cut off price (2.50%), The number of participant was (4), Only (3) Bank won the offered amounts.”

https://cbi.iq/news/view/842

TNT Idiot say: 

NOTICE THAT NO MORE DOLLARS ARE BEING SOLD AT AUCTION. NOW, THE CBI SECURITIES ARE BEING SOLD FOR 182 DAYS AT 100 BILLION IQD. NO MORE DOLLAR DISTRIBUTION IS GOING ON BETWEEN BANKS FOR 182 DAYS. LET'S SAY THAT AGAIN. NO MORE DOLLARS BEING SOLD BETWEEN IRAQI BANKS FOR THE NEXT 182 DAYS. ONLY THE DINAR CAN BE USED.

LET'S TAKE A CLOSER LOOK AT THE ABOVE NOTICE. SECURITIES ARE TRADED IN A SECONDARY MARKET. WHAT THIS MEANS IS THE CBI HAS BEEN DISTRIBUTING ITS OPERATIONAL BUDGET ACROSS IRAQI BANKS, SO THEY CAN DEVELOP A MARKET BASED INSTRUMENT OF MONETARY POLICY AND FACILITATE THE ISSUANCE OF MOF SECURITIES. A SECONDARY MARKET IS A FINANCIAL MARKET WHEREBY PREVIOUS STOCKS, BONDS, OPTIONS, AND FUTURES CAN NOW BE BOUGHT AND SOLD. THIS ALSO INCLUDES LOANS THAT CAN BE SOLD TO INVESTORS. THIS IS NOT SOMETHING THAT CAN BE DONE ON A PROGRAMMED RATE.

Mnt Goat:

NOT True! More clarification on this TNT bullshit. Where in the article does it say the CBI will no longer sell US Dollars? Just because they are holding THIS public auction and selling securities and of course they are going to sell them for dinars not US dollars. This does not end the auctions of dollars. Get it?

TNT Idiot Says:

NOW, LOOK JUST A LITTLE CLOSER at the article. WHEN YOU BUY AND SELL GOVERNMENT SECURITIES IN BANKING, YOU HAVE JUST GONE INTO AN OPEN MARKET OPERATION. HERE IS WHAT AN OPEN MARKET OPERATION SYSTEM DOES. IT BUYS AND SELLS GOVERNMENT SECURITIES IN THE OPEN MARKET TO EXPAND OR CONTRACT ANY AMOUNT OF MONEY IN THE BANKING SYSTEM THAT IS NO LONGER EXCLUSIVE IN IT'S SCOPE OF TRADING WHICH IS NOW BEING DONE ON AN OPEN MARKET.

Mnt Goat: This article DOES NOT say that the CBI is selling these securities on the open market. In fact they are specifically telling us only 3 banks participated and thus wanted to participate. The banks purchased these securities from the CBI. Get it? It is very clear to me in the article but of course these TNT idiots have to make hype over everything they read. Did they even pass the first grade reading class? What’s the problem here? Seems they are smoking too much of the weed these days…

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Formal Articles are below. Due to FACEBOOK limitations they do not print my RED colored fonts or italics, so my comments are in brackets ( ) throughout the articles. I will preface my comments with “Mnt Goat” so you know I am jumping in with observations. Also, I separated the articles with asterisks. 

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Articles Begin

URGENT .. WITH THE SUPPORT OF THE REFERENCE .. SURAT AND FATAH AND KURDS AND THE COALITION OF IRAQI FORCES, "SUPPORT ADEL ABDUL MAHDI, AS PRIME MINISTER”

17-09-2018

The Euphrates -

The news of the Euphrates news that the Shiite House agreed unanimously and with the blessing of the reference nominate 'Adel Abdul Mahdi' as prime minister.

The sources confirmed that Sawsan and Fatah and the Kurdish parties and the coalition of Iraqi forces had gathered hours before their approval to nominate 'Abdul Mahdi'.

Sources revealed to the news that yesterday a secret meeting was held at the Good Hotel between the French Ambassador and Hadi Amiri in the presence of the British ambassador ...

This strong entry of France behind the harmony of Iran and France in several regional and international files and perhaps the most important Iranian nuclear file.

*************************************************************

PRESS CONFERENCE RELEASE OF THE RESULTS OF MEDIA MEETING WITH THE GOVERNOR OF THE CENTRAL BANK OF IRAQ

(Mnt Goat – this press release is in a question and answer format. It is very informative and answers many of our questions. It also shows us that there are many rumors that have been floating around. One of which was about Iraq already using the Euro to trade with Iraq. This article is telling us the CBI stopped using the dollar way back as far as 2012. )

Economy News Baghdad

Press interview with the governor of the Central Bank, Ali Alalak, on Monday said,

"The Central Bank will launch in coordination with the banks an initiative to rehabilitate the bridges of Baghdad along the lines of the initiative of Baghdad, which was launched to rehabilitate the public squares," he said in a press interview with the official newspaper "Al-Sabah".

And so the rest of the dialogue.

Question: Of the things that are calculated for the central bank is the exchange rate stability, how it is that? What are your future plans in this direction?

- The stability of the exchange rate is one of the macroeconomic features, and is an IMPORTANT INDICATOR OF THE STABILITY of the country economically, which makes it A KEY TASK OF THE CENTRAL BANK, as stated in the law, because it is directly linked to the purchasing power of citizens, This means that any disruption in the standard of living of the citizens may increase the challenges faced by the government, so we have worked hard to stabilize the exchange rate and reduce inflation rates.

We have succeeded in overcoming a very complex and challenging phase, especially when the country's oil revenues have fallen to 70 percent in some months, in light of the war against terrorist gangs by setting a set of balances that have made inflation no more than 2 percent.




Question: Will the value of the Iraqi dinar remain the same or is there an intention to raise it?

- The exchange rate in Iraq follows a monetary policy based on the fixed exchange rate of the dinar and this does not mean absolute stability, may come under some circumstances may increase or reduce it according to various economic data.

We are currently moving towards NO CHANGE IN THE VALUE OF THE DINAR, AS IT IS NOT RIGHT TO MAKE CHANGES UNDER COMPLETELY UNSTABLE CONDITIONS, which may confuse the overall situation.

(Mnt Goat – so here Alalak is telling us the CBI does not plan on changing the rate of dinar due to still “UNSTABLE CONDITIONS”. There words not mine… Why all this hype now about an RV this week? Who told you this? Go back and ask them for proof then.)

Question: Why are not there large quantities of small coins, and what is the reason for the absence of metal groups?

- We have small currencies in the appropriate quantities, but the frequent movement and circulation and use and lack of attention to lead to damage quickly, as the Central Bank of Iraq after 2004 to mint coins in large quantities but did not receive acceptance or popularity in the local market, which caused losses, Because the market has been accustomed to paper currency making it difficult to market the coin.

So the central bank recently put in place a plan to compensate for the existing small categories damaged, as next month will be large quantities of them will meet the needs of the market completely.

(Mnt Goat – So here it is again. Alalak talks about NEXT month meaning October to do something with the paper notes. What is this action? I quote from the article he says “to compensate for the existing small categories damaged”. So he does specifically say to replace the EXISTING small categories meaning 50 250 and 500 notes. Get it? Please stop all these ridiculous rumors about launching the other lower, lower denominations without any proof. Yes, the gurus are all a bunch of idiotic liars. How much of their mindless stuff can we take? Can’t they even read? Did they even pass their first grade reading lessons?)

On the other hand, we receive a lot of damaged banknotes and replace them with new banknotes through an expanded committee that checks them to make sure they are correct. Our doors are open to citizens to receive any amounts of damaged currency.




Question: Where does the central bank print the local currency?

- We print in international companies, possess enough capacity to print banknotes within the advanced security standards in France, England and Germany, the design is by the Central Bank, and the paper used in printing is very high specifications.

The Central Bank is trying to print non-counterfeit paper. We have succeeded in this. The counterfeit quantities are very few and negligible, and we have very advanced equipment in the electronic and electronic detection of counterfeit currency, called comprehensive machines, so we do not rely on human effort Just.

Question: The central bank has recently offered the category of 50,000 dinars, is there an intention to put the category of 100 thousand?

- These ideas are traded by the Central Bank, but at the present time, there is a tendency in some countries to reduce the categories of currencies so as not to be stored or counterfeited, and that the currencies of small groups, may lead the citizen to bid farewell to banks for the difficulty of storage.

But generally THE CENTRAL BANK HAS A FUTURE PLAN TO RESTRUCTURE THE IRAQI CURRENCY, INCLUDING THE DELETION OF ZEROS, but that plan needs deliberate steps, and a stable situation in order not to be exploited in the fraud and other.

(Mnt Goat – so again Alalak confirms that the CBI needs stability to continue with the project to delete the zeros. Why? He tells us and says its due to “not to be exploited in the fraud and other”. OH man , oh man can it get any clearer? Why make up all these ridiculous bank stories about an RV tomorrow or any day / every day? Do you think Iraq is now politically stable? If it were why wouldn’t Alalak just tell us it was stable and they were moving forward again with the project to delete the zeros. This was his news media opportunity. But he didn’t day it. I can’t read his mind and I can only go by what the hell he is saying…nothing more. NO Hype, NO Rumors, NO Opinons…..just the FACTS!

Please go read my Facebook Notes on the “project to delete the zeros to understand it much better and you can see how this news fits directly into the plan.

Link

=68.ARA1piWr4nUX_4KhLGEJmebeTXbP2bbTtv05VVVkwGLvNPONW8hlRvDeAJM-9PZmTSfm3lpzIFTwtTAgcIdMuQh_01IUPxnRo05z7b4EgC6SQY5Ih96EvsH6WFBxmNJ00HZEeEFycc7B4zdZlBMiHHhOAO4EUAIfjkKt-Zpy5XrfVU7xnkot&__tn__=K-R]https://www.facebook.com/notes/latest-mnt-goat-news-letter/the-project-to-delete-the-zeros-explained/723333494668712/




Question: How does the dollar sell in the central bank or what is known as the currency auction?

- It is a common mistake now to talk about the currency auction in some media and social networking sites, WHILE THIS AUCTION HAS BEEN SUSPENDED SINCE 2006, but what is happening now is the process of financing the foreign trade of the dollar, covering the country's needs for import in addition to the requirements of travel and treatment And the transfer of profits resulting from investments and others.

(Mnt Goat – so technically the currency auctions have already ended. So they CBI now has another process that sound very similar however and still must convert dinar to dollars. So don’t get excited. )

The government gets the dollar through the sale of oil and then replace the dollar with the Iraqi dinar from the central bank, because the balance of the state's financial dinars, and then the central bank to withdraw the local currency from the market and replace them in dollars, to maintain monetary stability.

The process of withdrawing the dinar by meeting the market need of the dollar represents a revaluation of the local currency, and this method does not represent the diligence of the Central Bank, as its law provides for the sale of foreign currency in a simple and unconditional manner, in addition to the existence of an agreement between Iraq and the IMF International approved by the House of Representatives in 2008 provides for this.

The situation in Iraq is different from other countries, BECAUSE OF THE LACK OF DIVERSITY IN THE FINANCIAL REVENUES OF HARD CURRENCY OTHER THAN OIL, as the Iraqi private sector is UNABLE TO SUPPORT THE LOCAL MARKET IN DOLLARS THROUGH IMPORTS, which makes the market depends entirely on trade finance through the central bank.

(Mnt Goat – Alalak comes right out and tells us one of the economic problems with keeping the rate of the dinar so low. He says “BECAUSE OF THE LACK OF DIVERSITY IN THE FINANCIAL REVENUES OF HARD CURRENCY OTHER THAN OIL”. Can it get any clearer that they must diversify the economy and grow it?)




Question: How much is the central bank's reserve of foreign currency and what is the size of the local currency's currency?

- The size of the cash reserve of foreign currency is always measured to the size of the currency mass of the local currency in the market, in addition to other international standards, especially as the International Monetary Fund recently developed a new standard, which added the ability of the state to cover trade and debt repayment.

As for the Central Bank of Iraq, it has a RESERVE OF FOREIGN CURRENCY IS VERY COMFORTABLE WITHIN INTERNATIONAL CLASSIFICATIONS AND IS AHEAD OF OTHER COUNTRIES, COMPARED TO THE MASS OF CASH OFFERED BY THE LOCAL CURRENCY, as the reserve is close to 60 billion dollars, compared to 43 trillion dinars, which means it covers 170 percent of the size the monetary bloc, especially as the Arab Monetary Fund considers Iraq to be a country that exaggerates the size of reserves of foreign currency.




Question: Are there any bodies that monitor the reserves of foreign currency and can the central bank act in such funds?

- The supervision is subject to several levels, foremost of which is the Internal Control Department of the Central Bank, in addition to an audit committee composed of independent observers who report to the Board of Directors of the Bank. The Committee also supervises the Internal Audit Department of the Central Bank. In addition, On the final accounts of the Central Bank, the data of this office are internationally accredited by the international financial institutions, not to mention the ongoing monitoring by the Office of Financial Supervision.

The Central Bank of Iraq is the most institution subject to the multiplicity of regulatory bodies, and can not be disposed of any amount except within the standards provided for in the law and adopted internationally, so the rumored lack of reserve or conversion are all false rumors.

What happened during the past years, from the decline in oil prices sharply, so did not stop the revenues in some months to fill the salaries of employees, made the Central Bank to two options, either the collapse of the situation or intervention to save, so the government issued treasury transfers worth 20 trillion dinars, and we bought them from the market, which affected the size of the cash reserve at the time, but we maintained the balance by maintaining the reasonable level of this reserve in exchange for meeting the need for the budget and maintain the exchange rate and inflation rates, this achievement is recorded to the Central Bank and has become highly praised by international organizations.




Question: How do you evaluate your relationship to the country's fiscal policy?

- There is a close relationship, but along the line fiscal policy negatively affects the monetary currency, because the first may take certain trends do not benefit the second, for example when he notes a decline in foreign exchange reserves draws criticism to the central bank, but in fact When the budget law recognizes a financial deficit and provides for the deficit to be met by treasury transfers, it means that such remittances will be financed by the central bank.

Question: Is the number of private banks exaggerated, and how do you evaluate their work?

- When I took responsibility, I found that the number of private banks and transfer and exchange companies outweigh the need of the market, as we did not grant any new license to open a commercial bank or leave a banking company, and we have canceled the financial transfer companies, with an intention to restructure banking companies, leading to control the biggest is there is a plan to merge some banks.

But granted us licenses to open a number of Islamic banks based on the facilities provided by its law as the Council of Representatives put a paragraph to help establish the reduction of capital required at the establishment.

There are currently 70 banks working in the country, 20 of which are branches of foreign banks, but most of them are newly formed, so did not reach the level of ambition, and these banks worked under exceptional circumstances passed by the country.




Question: The initiatives of private banks to lend to citizens are very limited. Why?

- As you know, the main task of banks is to provide credit through the granting of loans and other services, in return, take the money of depositors and give them a percentage of interest, but Iraqi banks in general have great difficulty in the practice of this activity, when you grant a loan, often does not meet the borrower to pay on Despite the large guarantees taken by banks and the high interest rate, as borrowers could be up to 20 percent. The problem is that when the bank starts its actions against the borrower, for example, the property is facing a significant delay in legal proceedings by other parties, in addition to tribal or partisan threats, which makes banks afraid to grant loans. Recently, there has been talk of replacing the dollar with other currencies in remittances with Iran.




Question: Because of US sanctions, how will this be done?

- The transfer of the dollar from Iraq to Iran has been suspended since 2012, and the Iranians are aware of this, as the conversion in other currencies, because ANY TRANSFER OF DOLLARS WILL PASS THE US FEDERAL RESERVE, WHICH LEADS TO THE SUSPENSION OF THE TRANSFER.




Question: Is there a control of the Central Bank in its branches in Kurdistan?

-

There was an abnormal situation in the status of branches of the Central Bank in Erbil and Sulaymaniyah, where it belongs to the Ministry of Finance in Kurdistan and this represents a violation of legal and constitutional, at a time that all countries of the world have one central bank, so we moved with the provincial government and AGREED WITH THEM TO CLOSE THOSE BRANCHES, AND THE OPENING OF A NEW, SO THE CENTRAL BANK OPENED ITS NEW BRANCH IN ERBIL AND WILL OPEN ANOTHER BRANCH IN SULAYMANIYAH, as the central bank is currently playing its full role in Kurdistan.

(Mnt Goat – this confirms again what I have been saying about the need for the KRG to come up to standards with the one CBI. The KRG was also the last of the provinces to move to electronic banking, something needed for the project to delete the zeros. Why in hell would you reinstate your currency if you don’t have complete control over it? Get it? So all these false claims of some RV over these past years. Folks this is not rocket science here. Just read the news and learn what is going on. Then when these idiot gurus try to pull the wool over your eyes tell them they are liars because you know the FACTS and the TRUTH!)




Question: What is the role of the Central Bank in supporting the initiatives and community activities, such as the Baghdad Initiative launched by the Association of Iraqi private banks?

- We are working in the Central Bank to stimulate social contributions and initiatives by the banking sector and other financial institutions. We have established an optional fund called Tamkeen, in which banks and exchange companies participate in monthly amounts. We have established an internal system for this fund and a board of directors. As well as environmental and youth.

Within this fund, we coordinated with the Ministry of Agriculture to dig artesian wells in some Iraqi provinces to contribute to solving the water scarcity experienced by the country, as we seek to launch the initiative to rehabilitate the bridges of Baghdad in order to appear properly.




Question: Honored by the Union of Arab Banks as the best Arab central bank governor, what are the most important achievements that led to this honor?

- We, as a central bank, have close relations with central banks and international or Arab organizations, and those relations we have worked to deepen in order to benefit from those institutions in the transfer of the central bank from a bank that works with the mechanisms, standards and objectives of the twentieth century to another working in the 21st century, We have succeeded for a long time in introducing new functions and tasks in the Bank's work related to financial and monetary stability, developing methods of monitoring and abiding by the rules, methods and standards of combating the laundering of illiteracy. Terrorism financing, risk management, overall quality and economic modeling.

The US Treasury Department said that the efforts exerted by the Central Bank in this regard are equal to the effort it has made in its previous history, as Iraq was classified in the financial organization responsible for the classification. The countries within the framework of money laundering, within the gray area, and his way to enter the black area, to become a financially isolated area and the Iraq assessment report contains 700 observations.

IN THE PAST FEW MONTHS, WE HAVE BECOME THE NORMAL FOLLOW-UP REGION, as we have been in the world, in the face of the great challenge that the country has experienced in terms of security and finances. So they have become very impressed by financial institutions such as the Federation of Arab Banks.

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HIGHLIGHTS FROM THE MONDAY PRESS RELEASE WITH CBI & NEWS MEDIA MEETING

Roudao - Erbil

The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that "this plan needs to deliberate steps, so as not to be exploited in the fraud."

Al-Alak said in a statement to the official Sabah newspaper that "currencies with small categories, may lead the citizen to bid farewell to banks in the difficulty of storage."

He added that "the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others."

He explained that "the Central Bank has a reserve of foreign currency very comfortable, approaching close to $ 60 billion, compared to 43 trillion dinars, which means that it covers 170 percent of the size of the mass of cash."

On the launch of the currency of the category of 100 thousand dinars, the central bank governor pointed out that "these ideas are traded by the Central Bank, but at the present time regret it."

The central bank introduced in April a project to delete three zeros from the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deterioration of the security and political situation in the country "to prevent manipulation and fraud of weak souls."

(Mnt Goat – just the fact that the CBI is now talking about this project again is good news to us. So here are many tid bits of information on the project. We see it was in fact halted in April 2018. Surprised? So how can it be certain then by these gurus idiots that it had to go first by “the end of April” then by the “end of May”, then by the “end of June”. Here is proof they are liars. Like I keep saying the CBI is in charge of the reinstatement not some banks in the US. Their information is totally useless.)

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THE CENTRAL BANK OF IRAQ INTENDS TO PUT LARGE AMOUNTS OF CURRENCY OF SMALL GROUPS NEXT MONTH

17-09-2018

The Euphrates -

The governor of the Central Bank Ali Al-Alak, on Monday, the intention of the bank to put large amounts of currency from small groups in October next, pointing out that it is a plan to COMPENSATE FOR THE EXISTING SMALL GROUPS DAMAGED.

Al-Aalak said in a press statement that "we have small currencies in appropriate quantities, but the movement and circulation, use and lack of care of them lead to damage quickly, as the Central Bank of Iraq after 2004 to mint coins in large quantities but did not receive acceptance or popularity in the local market, Which caused his losses, because the market was accustomed to the paper currency, which makes it difficult to market the currency.

He added that "the central bank recently put in place a plan to compensate for the existing small categories damaged, as next month will be large quantities of them will meet the needs of the market completely."

"THE BANK RECEIVES A LOT OF DAMAGED BANKNOTES AND REPLACED THEM WITH NEW BANKNOTES through an expanded committee to examine them, to make sure their validity, our doors are open to citizens to receive any amounts of currency damaged.

(Mnt Goat – so here it is again today yet another article telling us that the plan now is ONLY to replace these existing lower category notes ALREADY in circulation. Get it? Can it get any clearer? Please stop making more of this article than it is. This does NOT mean they are going ahead with launching more of the lower lower category notes, something we need to see prior to the reinstatement. So relax!)

Articles End

Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,

Just the FACTS!

Disclaimer: All information in this newsletter is not intended for investment decisions / purposes. Mnt Goat is not a financial analyst, planner, banker, attorney or associated in any role with giving out professional investment advice.

In ending I want everyone to know your constant prayers in the fight against evil (ISIS) in Iraq have worked. God has guided these young men and women on the battle field. Let us all now know that there is a new battle now to fight. A battle to save our homelands from the corrupt politicians who are bent on taking what they want from our current wealth and from future generations without our permission. We must keep praying for the end to the rapid corruption in Iraq and in the United States. We must pray for our leaders when they are being guided by the Holy Spirit. We must stand by them and let them know we are still there to support them, even after the election is over. I have composed a prayer maybe we can all pray today in our own way and until the revaluation of the Iraq dinar occurs.

PRAYER

“For the Iraqi Prime Minister and the President of the United States, that all their cabinet members, and deputies may be anointed by the Holy Spirit to do God’s will and bring the free democracies of the Republic of Iraq and the United States of America to the much-deserved prosperity and abundance thru justice and freedom from oppression and corruption. That they may be a shining example for the rest of the middle east and to rest of the world to follow.

In the name of Jesus Christ our King and Savior, Amen”

Auf Wiedersehen 

Much love to ya all, 

Mnt Goat

Dinarland Highlights, 18 SEPT

Chattels (Dinar Alert)

Article: 
"Central Bank Governor for {morning}: cash reserve is close to $ 60 billion"

Interesting article...Obviously the value of the dinar is the subject of some planning and discussion. What, if any, of the declarations of the CBI are reliable? What does it mean for our investment?

Quotes:
"...it is not right to make changes under unstable conditions completely, ...";

" ...the central bank has a future plan for the restructuring of the Iraqi currency, including the deletion of zeros, but that plan needs to deliberate steps, and a stable situation completely in order not to exploit it in the acts of fraud and others."

______________________________________________________

Frank26 (KTFA)

The sanctions that were put on the Iraqi dinar. The program rate.

...They’re expecting the exchange rate of the Iraqi dinar to be effected because of the resilience and the stability of the economic system. What more do you want...?

...To know the date. To know everything precisely the way you want it. Even though it’s right in front of your face...They don’t have a deficit! Their budget is ready to go! Their economy is in high gear! Their monetary system is secure! 

...In my opinion... because WE the United States of America are calling the shots...and it can even be proven now...because we the United States of America are telling them to seat the government...Are telling them when to pass laws...Because all of this is right in front of us. I am led strongly to believe the wording of NEXT MONTH... they’re talking about October!

...they’re going to introduce the new small notes and the coins. Next month…

Article quote:
“The Governor of the Central Bank said: The banks plans are to modernize the currency in circulation and the deletion of the zeros.”

...they will lift the 3 zeros from the exchange rate, because they’ve lifted as much of the 3 zeros from the streets that they could, physically.
______________________________________________________

Bluwolf

[via OOOTAH]


"There Never Been A Delay", We are at a minute to minute!
______________________________________________________

Mountain Goat

Quote:
"The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that "this plan needs to deliberate steps, so as not to be exploited in the fraud."

...just the fact that the CBI is now talking about this project again is good news to us. We see it was in fact halted in April 2018. Surprised? Like I keep saying the CBI is in charge of the reinstatement not some banks in the US. 
______________________________________________________

DELTA (KTFA)

“The governor of the bank Ali al-Alaq said...:

"The Central Bank to develop a plan to compensate the market small categories of local currency, as will be next month large quantities of huge ones," noting that "these quantities will meet the need of the local market for those categories of currency."

...here’s the most important question a lot of people are asking: Are the small notes the 250 to 500? We do believe no. I don’t believe that’s the case because, where’s the logic behind them printing AGAIN the 250, 500?

...We do believe this [is] the small groups, not the 250, and 500, and 5000. We do believe that they’re going to be the 50, the 100, the 200, that they did talk about. Iraq is exactly telling us what they are going to do. That they have a plan to modernize the existing currency, the ones that they’ve got right now, and delete the zeros. So this is one event.

...they cannot introduce the lower denominations, unless the rate has to change. We do believe this is two events in one day. They might even show us a rate before they introduce all those lower denominations. And this is how the phase-out of the the 3 zeros will start.

...those lower denominations, they’re going to have more value. And of course those 3 zero notes are gonna have more value, because they’re going to reinstate their currency. I mean just think about it, this is a big deal. If this isn't the moment that the Central Bank told us, then why all this hype? Why all this advertisement for it?

...why would they print a lot of small group with no value?

...We’re really expecting them now, because now they’re overdue. The reinstatement of the Iraqi dinar is overdue...

...it’s going to happen in this month, or even if they take it to October, it’s not a problem.

DAN'S GCR/RV Highlights, 18 SEPT

September 17, 2018

GCR/RV Highlights

Monday Morning:

Summary: We got word yesterday from several sources that the RV is rolling forward. We had previously heard “If not this weekend, then on Monday”. That is what we expect today. But “Monday” could be Monday Night, not just Monday morning.

There is more interesting info on the QFS, and how it might determine our “vibe”.

Monday Evening:

Summary: We continue to get information from several continents, as well as the US, that the process of releasing the exchange is satisfactorily underway today.

NEWS: Zimbabwe’s finance minister will unveil economic programme, 18 SEPT

Zimbabwe’s finance minister will unveil economic programme to reverse years of decline

18 September 2018 - 12:38
BY RAY NDLOVU



Zimbabwean finance minister Mthuli Ncube will outline Zimbabwe‘s fiscal and monetary policies.
Image: Philimon Bulawayo/Reuters


Just a week into his new post as Zimbabwe’s finance minister‚ Mthuli Ncube is working on a transitional stabilisation programme‚ which he expects to unveil next month.

An economist by training‚ Ncube said: “We are on top of this‚” as the administration of President Emmerson Mnangagwa seeks to reverse years of economic shrinkage.

The programme‚ he said‚ would outline Zimbabwe‘s fiscal and monetary policies and its plan to clear its arrears to the International Monetary Fund and World Bank.

Ncube told journalists at a media briefing in Harare on Tuesday that the programme he was working on would be the driver of President Emmerson Mnangagwa’s economic plan to turn Zimbabwe into a middle-income country by 2030.

“Vision 2030 is achievable‚ but we need to pursue fiscal consolidation‚” Ncube said.

The southern African country is battling an economic crunch marked by a severe US dollar shortage‚ high state expenditure at 97% of monthly revenues and a drying up of lines of credit for nearly two decades.

Ncube is set to make a bid to the international financial institutions at the next IMF and World Bank meetings set to take place in Bali‚ Indonesia.

He said the “world was waiting” to hear what Zimbabwe‘s economic reforms would have.

Ncube said former colonial master Britain had been supportive all the way and had helped set up important international meetings.

Britain’s outgoing ambassador to Zimbabwe‚ Catriona Laing‚ said the country supported Zimbabwe’s attempts to re-engage with the international community.

”There has been a bilateral programme that has been running since 2009 and Britain has been in support of various activities... for lines of credit to flow in there has to be an encouraging economic environment for the private sector‚” she said.

Meanwhile‚ Mnangagwa is set to make a debut address later this month at the UN General Assembly where he is likely to make a call for an end to the isolation of the country.

Source: Times Alive

KTFA: RE: WALKINGSTICK POST, 18 SEPT

RE: WALKINGSTICK POST

Sandnsea:  We are currently moving towards no change in the value of the dinar, as it is not right to make changes under completely unstable conditions, which may confuse the overall situation.  Shades of Kuwait????

DELTA:  EXACTLY...…….. A WHILE BACK WHEN JOHN BLUESTAR ASKED DR SHABIBI THAT Q.... SHABIBI TOLD HIM THE FAMOUS ANSWER "EVEN IF I KNOW I CAN'T TELL YOU"....


GodsServant:  Delta where did this quote come from Sir, that SandnSea posted 


DELTA: FROM 2011...... LISTEN TO THE FIRST 1 MINUTES   

https://youtu.be/ol8wve53-ME

Don961:  Coalition victory: Abadi still supported by the reference and Sadr to head the next government


BAGHDAD - A coalition of victory on Monday confirmed that the reference of Najaf and the leader of the Sadrist movement Moqtada al-Sadr support the assumption of leader Haidar Abadi second term.


The leader of the coalition Ali al-Sunaid, in a press statement "to this moment Abadi is the closest candidate for prime minister, the reference is still supportive of him, as well as the leader of the Sadrist movement Moqtada al-Sadr still wants a second term for slaves," stressing that "the reference or chest if they reject To Abadi to declare this in a formal and direct, they do not betray anyone. "


Al-Sanaid said that "the talk of some political parties about the departure of Abadi from the competition is not true, but it comes within the confusion of public opinion, Abadi is still the most favored prime minister, during the next phase, and the coming days will prove it."


The reference to Ali al-Sistani has recently not supported the dissection of names of the prime minister who took power in previous years, which was attributed to some as a sign that Abadi did not support a second term of office.    link

Walkingstick:  Parliament forms its parliamentary committees and moves towards passing laws that are inoperative

Most notably oil and gas and the Federal Court and Intelligence 


Baghdad / Sabah / Muhannad Abdul Wahab


The House of Representatives is currently moving towards the distribution of parliamentary committees among its members, under the emphasis on the need to adopt competence and competence, away from the political quotas that were adopted during the previous sessions. This trend, according to parliamentarians, would accelerate the issue of passing the laws of the stalled and closer to the views between the political blocs in order to upgrade the institutions of the state and society and the provision of services in all governorates. 


The deputy Bader Zeidi, in a press statement: "There are discussions on the distribution of committees according to the criterion of competence and integrity and leave the distribution of committees behind the scenes," noting that "over the previous sessions were distributed committees according to political quotas and this session will leave this idea and be distributed in Public and not in secret. " 


He added that "they will not allow the naming of any person to the presidency of any parliamentary committee unless it meets all the conditions that qualify him," pointing out that "the current session will begin to pass laws that have been stalled since 

previous sessions  ." 

The head of parliament, Mohamed Halbousi, directed yesterday to form a joint parliamentary committee overseeing the distribution of members of the House of Representatives to the specialized committees. 


Regarding the adoption of important legislation, MP Jawad Hamdan said in a statement to "Sabah" that "one of the most important laws that we are putting forward in the parliamentary sessions of the current session, which was not enacted for political reasons, the oil and gas law and the Federal Court and the Council of Union and Intelligence, Some amendments to the laws in the framework of the plan that was developed recently, "revealing at the same time," the existence of a tendency to amend some paragraphs of the  Constitution. " 


"There is a committee to negotiate work on the study of laws and then start discussions with the political blocs in order to mature special ideas to be ready for discussion within the House of Representatives and then vote on them." MP Ahmed al-Kanani said that "the block of construction seeks to amend some important legislation, including Article 30 of the law on health and social security in addition to the laws that fight corruption."  


He pointed out in a statement to "Sabah" that "the disruption of some laws was the mood of the heads of blocs, either in the current session will be the deputy greater role and freedom to vote on some important legislation, in light of past experiences of previous sessions." 


Al-Kanani stressed the existence of insistence on overcoming all barriers in order to mature the important laws that are in the interest of the citizen, "pointing out at the same time that" the parliamentary committees began to form and will have a task, especially the Legal Committee  . " 


For his part, MP Khalil Mawla said in a statement to" Morning ", that" we will not have any red lines on any law as long as it is in the interest of the people where there are legislation ready to vote from the last parliamentary session. "He  believes that" one of the most prominent laws that we are passing is related to investment, "pointing out that it "

http://www.alsabaah.iq/Article.....?ID=163315

****
WALKINGSTICK POST: 

KTFA:

Walkingstick:  nothing but... conflicting, political articles... at the forefront.. It is, news of the MR events/ meetings, etc: taking place... in the shadows of this massive media mess, you have yet to read ... 

MilitiaMan:  Watch the left hand, as the right hand finishes the process.. ~ MM

Don961:  good evening Walkingstick ... agreed ... lots of junk articles ... say one thing .. and an hour later it's completely denied ..

but , we are keeping a good eye out for the rest of Alak's interview on the currency that the paper said would be published "later"
....
***************

Walkingstick:  Warka Bank closed the banners of protest and demonstrators sitting in front of him to demand their money

Monday 17 September    Link

***************

Walkingstick:  FRANK......  LAST ARTICLE ... ORIGINATING SOURCE/ QUESTIONABLE

Governor of the Central Bank of Iraq: We plan to delete zeros from the local currency

The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that "this plan needs to deliberate steps, so as not to be exploited in the fraud."

Al-Alak said in a statement to the official Sabah newspaper that "currencies with small categories, may lead the citizen to bid farewell to banks in the difficulty of storage."

He added that "the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others."

He explained that "the Central Bank has a reserve of foreign currency very comfortable, approaching close to $ 60 billion, compared to 43 trillion dinars, which means that it covers 170 percent of the size of the mass of cash."

On the launch of the currency of the category of 100 thousand dinars, the central bank governor pointed out that "these ideas are traded by the Central Bank, but at the present time regret it."

The central bank introduced in April a project to delete three zeros from the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deterioration of the security and political situation in the country "to prevent manipulation and fraud of weak souls."

http://www.rudaw.net/arabic/bu...../170920181

************

Walkingstick:  Central: The cash reserve is approaching $ 60 billion and we have a plan to delete zeros from the local currency

BAGHDAD / The governor of the Central Bank Ali al-Alak on Monday that the size of reserves of hard currency up to 60 billion dollars, and covers 170 percent of the size of the mass of the local currency, while noting that there is a trinity to put the category of 100 thousand.

Al-Alak said in an interview with Al-Sabah newspaper that "the size of the foreign exchange reserves is always measured by the size of the local currency in the market, in addition to other international standards, Adding the ability of the state to cover trade and pay off debts. "
He added that "the central bank has a reserve of foreign currency is very comfortable within international classifications and is ahead of other countries, compared to the mass of cash offered by the local currency," noting that "the reserve is close to 60 billion dollars, compared to 43 trillion dinars, which means he covers 170 percent of the size of the monetary bloc, especially as the Arab Monetary Fund considers Iraq from countries that exaggerate the size of reserves of foreign currency.

On the issue of the currency of the category of 100 thousand dinars, Alaak stressed that "these ideas are traded by the Central Bank, but at the present time," he pointed out that "there is a tendency in some countries to reduce the currency categories so as not to be stored or falsified."

"The central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to take deliberate steps, and a stable situation fully so as not to This is exploited in fraud and other acts. "

The Central Bank of Iraq, on July 12, 2018, that Iraq's reserves of foreign currency amounted to 55.7 billion dollars, noting that Iraq has 89 tons of gold.

http://aynaliraqnews.com/index.....d22=104993

************
Walkingstick:   Governor of the Central Bank: Monetary reserve is approaching 60 billion

The governor of the Central Bank Ali al-Aalak that the size of reserves of hard currency up to 60 billion dollars, and covers 170 percent of the size of the mass of the local currency, while revealing the existence of a plan for the future restructuring of the Iraqi currency.

Al-Alaq said in a press statement that "the central bank will launch in coordination with banks an initiative to rehabilitate the bridges of Baghdad along the lines of the initiative of Baghdad, which was launched to rehabilitate the public squares."

"We have small currencies in appropriate quantities, but the movement, circulation, use and non-care of them lead to rapid damage, as the Central Bank of Iraq after 2004, the minting of coins in large quantities but did not receive acceptance or popularity in the local market, ,

Because the market was accustomed to the paper currency, which makes it difficult to market the currency, so the central bank recently put a plan to compensate for the existing small categories damaged, as next month will be large quantities of them will meet the need of the market completely, in return we receive a lot of papers Cash is damaged and replaced New banknotes through an expanded committee to examine them, to make sure it is correct, Vobwabna open to citizens to receive any amounts of currency damaged. "

"The size of the foreign exchange reserves is always measured by the size of the local currency in the market, as well as by other international standards, especially since the International Monetary Fund recently developed a new standard that added the ability of the state to cover trade and repay debts.

As for the Central Bank of Iraq, it has a reserve of foreign currency is very comfortable within international classifications and is ahead of other countries, compared to the mass of cash offered by the local currency, as the reserve is close to 60 billion dollars, compared to 43 trillion dinars, which means it covers 170 percent of the size The monetary bloc, especially as the Arab Monetary Fund considers Iraq from countries that exaggerate the size of reserves of foreign currency.

http://glgamesh.com/archives/9521

**************

Walkingstick:  Central Bank: Monetary reserve is approaching 60 billion dollars

The governor of the Central Bank Ali al-Alak, on Monday, the size of foreign currency reserves up to 60 billion dollars, and covers 170 percent of the size of the mass of the local currency.

Al-Alak said in an interview with the newspaper "Al-Sabah" and its follower "Economy News", that "the size of cash reserves of foreign currency is always measured to the size of the cash mass of the local currency in the market, in addition to other international standards, especially since the International Monetary Fund recently developed A new standard that added the ability of the state to cover trade and debt repayment. "

He added that "the central bank has a reserve of foreign currency is very comfortable within international classifications and is ahead of other countries, compared to the mass of cash offered by the local currency," noting that "the reserve is close to 60 billion dollars, compared to 43 trillion dinars, which means he covers 170 percent of the size of the monetary bloc, especially as the Arab Monetary Fund considers Iraq from countries that exaggerate the size of reserves of foreign currency.   Link

************
Walkingstick:  Central Bank: Cash reserves close to $ 60 billion

 AM 2:12:04 9/17/2018

BAGHDAD / MESSALA: The Governor of the Central Bank Ali Al-Alaq, on Monday, 17 September 2018, that the volume of reserves of foreign currency reaches $ 60 billion, covering 170 percent of the local currency's mass, noting that there is a novelty of putting the 100,000.

"The size of the cash reserve from foreign currency is always measured by the size of the monetary mass of the currency," al-Alak said in an interview. In addition to other international standards, especially that the IMF has recently developed a new standard,

The state's ability to cover trade and debt repayment. "He added that "the central bank has a reserve of foreign currency is very comfortable within international classifications and is ahead of other countries, compared to the mass of cash offered by

the local currency, "noting that" the reserve is close to 60 billion dollars, compared to 43 trillion dinars, which means he covers 170 percent of the size of the monetary bloc, especially as the Arab Monetary Fund auditors Iraq from countries that exaggerate the size of reserves of foreign currency.

On the issue of the currency of the category of 100 thousand dinars, Alaak stressed that "these ideas are traded by the Central Bank, but at the present time, "he pointed out that" there is a tendency in ".some countries to reduce the currency categories so as not to be stored or falsified He added that "currencies with small categories, may push the citizen to be deposited in banks for difficult to store," explaining that "the bank The central plan for the future of the restructuring of the Iraqi currency, including the deletion of zeros, but this plan requires deliberate steps, And a fully stable situation so that this will not be exploited in acts of forgery and others. "

http://almasalah.com/ar/news/1.....8%A7%D8%B1

*************
Walkingstick:  Keywords: Conversion of the dollar from Iraq to Iran stopped since 2012 and are reluctant to launch the category of 100 thousand dinars

The governor of the Central Bank, Ali Alalak, on Monday, that the conversion of the dollar from Iraq to Iran has been suspendedsince 2012, and the Iranians are aware of this, while he pointed out that there is a trinity to put the category of 100 thousand dinars.

"The Central Bank will launch in coordination with the banks an initiative to rehabilitate the bridges of Baghdad along the lines of the initiative of Baghdad, which was launched to rehabilitate the public squares," he said in a press interview with the official newspaper "Al-Sabah".

And so the rest of the dialogue ..

  of the things that are calculated for the central bank is the exchange rate stability, how it is
that? What are your future plans in this direction?


- The stability of the exchange rate is one of the macroeconomic features, and is an important indicator of the stability of the country economically, which makes it a key task of the Central Bank, as stated in the law, because it is directly linked to the purchasing power of citizens, This means that any disruption in the standard of living of the citizens may increase the challenges faced by the government, so we have worked hard to stabilize the exchange rate and reduce inflation rates.
.
We have succeeded in overcoming a very complex and challenging phase, especially when the country's oil revenues have fallen to 70 percent in some months, in light of the war against terrorist gangs by setting a set of balances that have made inflation no more than 2 percent.

Will the value of the Iraqi dinar remain the same or is there an intention to raise it?

- The exchange rate in Iraq follows a monetary policy based on the fixed exchange rate of the dinar and this does not mean absolute stability, may come under some circumstances may increase or reduce it according to various economic data.

We are currently moving towards no change in the value of the dinar, as it is not right to make changes under completely unstable conditions, which may confuse the overall situation.

Why are not there large quantities of small coins, and what is the reason for the absence of metal groups?

- We have small currencies in the appropriate quantities, but the frequent movement and circulation and use and lack of attention to lead to damage quickly, as the Central Bank of Iraq after 2004 to mint coins in large quantities but did not receive acceptance or popularity in the local market, which caused losses, Because the market has been accustomed to paper currency making it difficult to market the coin.

So the central bank recently put in place a plan to compensate for the existing small categories damaged, as next month will be large quantities of them will meet the needs of the market completely.

On the other hand, we receive a lot of damaged banknotes and replace them with new banknotes through an expanded committee that checks them to make sure they are correct. Our doors are open to citizens to receive any amounts of damaged currency.

Where does the central bank print the local currency?

- We print in international companies, possess enough capacity to print banknotes within the advanced security standards in France, England and Germany, the design is by the Central Bank, and the paper used in printing is very high specifications.

The Central Bank is trying to print non-counterfeit paper. We have succeeded in this. The counterfeit quantities are very few and negligible, and we have very advanced equipment in the electronic and electronic detection of counterfeit currency, called comprehensive machines, so we do not rely on human effort Just.

The central bank has recently offered the category of 50,000 dinars, is there an intention to put the category of 100 thousand?

- These ideas are traded by the Central Bank, but at the present time, there is a tendency in some countries to reduce the categories of currencies so as not to be stored or counterfeited, and that the currencies of small groups, may lead the citizen to bid farewell to banks for the difficulty of storage.

But generally the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but that plan needs to deliberate steps, and a stable situation in order not to be exploited in the fraud and other.

How does the dollar sell in the central bank or what is known as the currency auction?

- It is a common mistake now to talk about the currency auction in some media and social networking sites, while this auction has been suspended since 2006, but what is happening now is the process of financing the foreign trade of the dollar, covering the country's needs for import in addition to the requirements of travel and treatment And the transfer of profits resulting from investments and others.

The government gets the dollar through the sale of oil and then replace the dollar with the Iraqi dinar from the central bank, because the balance of the state's financial dinars, and then the central bank to withdraw the local currency from the market and replace them in dollars, to maintain monetary stability.

The process of withdrawing the dinar by meeting the market need of the dollar represents a revaluation of the local currency, and this method does not represent the diligence of the Central Bank, as its law provides for the sale of foreign currency in a simple and unconditional manner, in addition to the existence of an agreement between Iraq and the IMF International approved by the House of Representatives in 2008 provides for this.

The situation in Iraq is different from other countries, because of the lack of diversity in the financial revenues of hard currency other than oil, as the Iraqi private sector is unable to support the local market in dollars through imports, which makes the market depends entirely on trade finance Through the central bank.

How much is the central bank's reserve of foreign currency and what is the size of the local currency's currency?

- The size of the cash reserve of foreign currency is always measured to the size of the currency mass of the local currency in the market, in addition to other international standards, especially as the International Monetary Fund recently developed a new standard, which added the ability of the state to cover trade and debt repayment. As for the Central Bank of Iraq, it has a reserve of foreign currency is very comfortable within international classifications and is ahead of other countries, compared to the mass of cash offered by the local currency, as the reserve is close to 60 billion dollars, compared to 43 trillion dinars, which means it covers 170 percent of the size The monetary bloc, especially as the Arab Monetary Fund considers Iraq to be a country that exaggerates the size of reserves of foreign currency.
Are there any bodies that monitor the reserves of foreign currency and can the central bank act in such funds?

- The supervision is subject to several levels, foremost of which is the Internal Control Department of the Central Bank, in addition to an audit committee composed of independent observers who report to the Board of Directors of the Bank. The Committee also supervises the Internal Audit Department of the Central Bank. In addition, On the final accounts of the Central Bank, the data of this office are internationally accredited by the international financial institutions, not to mention the ongoing monitoring by the Office of Financial Supervision.

The Central Bank of Iraq is the most institution subject to the multiplicity of regulatory bodies, and can not be disposed of any amount except within the standards provided for in the law and adopted internationally, so the rumored lack of reserve or conversion are all false rumors.

What happened during the past years, from the decline in oil prices sharply, so did not stop the revenues in some months to fill the salaries of employees, made the Central Bank to two options, either the collapse of the situation or intervention to save, so the government issued treasury transfers worth 20 trillion dinars, And we bought them from the market, which affected the size of the cash reserve at the time, but we maintained the balance by maintaining the reasonable level of this reserve in exchange for meeting the need for the budget and maintain the exchange rate and inflation rates, this achievement is recorded to the Central Bank and has become highly praised by international organizations.

How do you evaluate your relationship to the country's fiscal policy?

- There is a close relationship, but along the line fiscal policy negatively affects the monetary currency, because the first may take certain trends do not benefit the second, for example when he notes a decline in foreign exchange reserves draws criticism to the central bank, but in fact When the budget law recognizes a financial deficit and provides for the deficit to be met by treasury transfers, it means that such remittances will be financed by the central bank.

Is the number of private banks exaggerated, and how do you evaluate their work?

- When I took responsibility, I found that the number of private banks and transfer and exchange companies outweigh the need of the market, as we did not grant any new license to open a commercial bank or leave a banking company, and we have canceled the financial transfer companies, with an intention to restructure banking companies, leading to control The biggest is there is a plan to merge some banks.

But granted us licenses to open a number of Islamic banks based on the facilities provided by its law as the Council of Representatives put a paragraph to help establish the reduction of capital required at the establishment.

There are currently 70 banks working in the country, 20 of which are branches of foreign banks, but most of them are newly formed, so did not reach the level of ambition, and these banks worked under exceptional circumstances passed by the country.

The initiatives of private banks to lend to citizens are very limited. Why?

- As you know, the main task of banks is to provide credit through the granting of loans and other services, in return, take the money of depositors and give them a percentage of interest, but Iraqi banks in general have great difficulty in the practice of this activity, when you grant a loan, often does not meet the borrower to pay on Despite the large guarantees taken by banks and the high interest rate, as borrowers could be up to 20 percent. The problem is that when the bank starts its actions against the borrower, for example, the property is facing a significant delay in legal proceedings by other parties, in addition to tribal or partisan threats, which makes banks afraid to grant loans.

Recently, there has been talk of replacing the dollar with other currencies in remittances with Iran.

Because of US sanctions, how will this be done?

- The transfer of the dollar from Iraq to Iran has been suspended since 2012, and the Iranians are aware of this, as the conversion in other currencies, because any transfer of dollars will pass the US Federal Reserve, which leads to the suspension of the transfer.
Is there a control of the Central Bank in its branches in Kurdistan?

- There was an abnormal situation in the status of branches of the Central Bank in Erbil and Sulaymaniyah, where it belongs to the Ministry of Finance in Kurdistan and this represents a violation of legal and constitutional, at a time that all countries of the world have one central bank, so we moved with the provincial government and agreed with them to close those branches, And the opening of a new, so the Central Bank opened its new branch in Erbil and will open another branch in Sulaymaniyah, as the central bank is currently playing its full role in Kurdistan.

What is the role of the Central Bank in supporting the initiatives and community activities,such as the Baghdad Initiative launched by the Association of Iraqi private banks?

- We are working in the Central Bank to stimulate social contributions and initiatives by the banking sector and other financial institutions. We have established an optional fund called Tamkeen, in which banks and exchange companies participate in monthly amounts. We have established an internal system for this fund and a board of directors. As well as environmental and youth.

Within this fund, we coordinated with the Ministry of Agriculture to dig artesian wells in some Iraqi provinces to contribute to solving the water scarcity experienced by the country, as we seek to launch the initiative to rehabilitate the bridges of Baghdad in order to appear properly.

Honored by the Union of Arab Banks as the best Arab central bank governor, what are the most important achievements that led to this honor?

We, as a central bank, have close relations with central banks and international or Arab organizations, and those relations we have worked to deepen in order to benefit from these institutions in the transfer of the Central Bank from a bank that works with the mechanisms, standards and objectives of the twentieth century to another working in the twenty-first century, We have succeeded to a great extent in introducing new functions and tasks in the work of the bank related to financial and monetary stability and the development of methods of control and adherence to the rules, methods and standards of combating the laundering of illiteracy For terrorist financing, risk management, overall quality and economic modeling.-
The US Treasury Department said that the efforts exerted by the Central Bank in this regard are equal to the effort it has made in its previous history, as Iraq was classified in the financial organization responsible for the classification The countries within the framework of money laundering, within the gray area, and his way to enter the black area, to become a financially isolated area and the Iraq assessment report contains 700 observations.

In the past few months, we have become the normal follow-up region, as we have been in the world, in the face of the great challenge that the country has experienced in terms of security and finances. So we have become very impressed with these financial institutions. , Federation of Arab Banks.

http://economy-news.net/conten.....p?id=13683

Walkingstick:  Central reveals the reserve of Iraq's cash reserves of 60 billion dollars and sets the date of printing 100 thousand dinars 

2018/09/17

https://baghdadtoday.news/ar/news/58657/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D9%83%D8%B4%D9%81-%D8%B9%D9%86-%D8%A8%D9%84%D9%88%D8%BA-%D8%A7%D8%AD%D8%AA%D9%8A%D8%A7%D8%B7%D9%8A 

StephenMac63:  The governor of the Central Bank Ali al-Aalak that the size of reserves of hard currency up to 60 billion dollars, and covers 170 percent 
WOW 170 percent, some serious backup, almost 2-1. Good Job CBI

Sandnsea:  Are you saying it is the 2nd article - or it isn’t the 2nd article? I’m a bit confused- thanks 

StephenMac63:  IMO, its not "THE" second article that we want but its a step in the right direction, its possibly put out by CBI gov Allak. More importantly, notice the trend....the last few days the news has been about Iran "closing" the Strait, a major player has been elected in Parliament.......but there has been a lack of CBI articles. This article may break that trend and I hope we will see many more....in the proximal future

Cinderella1906:  NO  once again this is part of the convoy leading to the second article  ......  Once again information on the small notes  .... IMO ....

Frank26:  KTFA FAMILY.......We told you there would be a convoy of articles leading to the second and final article to the citizens

We said every day for the next two weeks you will see many parts of final article coming to the front .......this is one example please enjoy....... You’ll find the rest in our final article thread

One more thing KTFA FAMILY:  I have told you for many months Abadi  Will be the p.m. please do not ask me that question anymore simply tell the other gurus .......they are wrong   Thank you kindly