Recently, we were introduced to a new News Forum called "Wealth Watch" and have followed it for a week now, as we have never posted any other forums information on our site, as you all know.
They post the news daily, like we do, but also have more of an interactive forum that some of you may like.
During this time where we are taking time off for Ramadan to be with our families and on vacation, I thought I would share their information with you (our Valued listeners/followers) because I feel they have the same goals, integrity that we have after talking with two of the owners. And I know it may help all of you who want and miss calls with Straight Talkin Mike and LJ (Debbie, Diana & Kim).
You must sign up for their site with user name and password to get all of the News Links & Chats. Go to www.wealthwatch.world and Register if you want to get their daily Iraq news, chats, etc.
Their Mission Statement:
OUR AIM IS TO HELP - WEALTH WATCH MISSION STATEMENT
http://wealthwatch.world/showthread.php?tid=133
They post the news daily, like we do, but also have more of an interactive forum that some of you may like.
During this time where we are taking time off for Ramadan to be with our families and on vacation, I thought I would share their information with you (our Valued listeners/followers) because I feel they have the same goals, integrity that we have after talking with two of the owners. And I know it may help all of you who want and miss calls with Straight Talkin Mike and LJ (Debbie, Diana & Kim).
You must sign up for their site with user name and password to get all of the News Links & Chats. Go to www.wealthwatch.world and Register if you want to get their daily Iraq news, chats, etc.
Their Mission Statement:
OUR AIM IS TO HELP - WEALTH WATCH MISSION STATEMENT
http://wealthwatch.world/showthread.php?tid=133
WEALTH WATCH FORUM 1st CONFERENCE CALL TRANSCRIPT
Playback Number: (641) 715-3589 Access Code: 439643
OOTW: (Out Of The Woods) Wealthwatchworld.com
THIS IS THE PLAYBACK LINK FOR OUR FIRST CONFERENCE CALL JUNE 15, 2015 45:44 Mins
HERE IS MY SCRIPT / NOTES FOR THE CALL - AS YOU ALL CAN SEE, I DID NOT GET A CHANCE TO COVER EACH POINT FROM MY NOTES, DURING THE CALL
[b]ALSO CHATTELS' AND SCZIN11'S THOUGHTS ARE NOT WRITTEN ON MY NOTES BELOW. ...BUT YOU MAY LISTEN TO THE CALL IF YOU'D LIKE TO HEAR THEM.
HI EVERYONE, THIS IS OOTW FROM WEALTHWATCH.WORLD
WELCOME TO OUR CALL AND THANKS FOR JOINING US
WE HAVE SOME TRULY AMAZING NEWS TO BRING YOU -
TONIGHT ON THE CALL WILL BE MYSELF, SCZIN11 AND CHATTELS
~~~
BUT BEFORE WE GET STARTED I WANT TO TELL YOU ABOUT [b]WEALTHWATCH.WORLD[/b]
FOR ANY OF YOU WHO DON'T KNOW ME, I'M A LONG TIME RESEARCHER IN THE DINAR COMMUNITY
MANY OF US WEALTH WATCH HAVE BEEN ACTIVE RESEARCHERS IN THE IRAQI DINAR COMMUNITY FOR YEARS, AND WE RECENTLY STARTED THIS SITE, AS AN OPEN PLATFORM FOR DISCUSSIONS WITH ALL OF OUR MEMBERS, BECAUSE WE'VE GROWN TIRED OF THE HYPE WE'RE BEING SUBJECTED TO WITHIN THE COMMUNITY.
IN OUR WEALTH WATCH FORUM YOU CAN RESEARCH AND COMMENT ON WHAT'S GOING ON IN THE WORLD WITH GEO POLITICS AND ECONOMIES, GOLD AND SILVER INFORMATION, ALTERNATIVE NEWS AND MUCH MORE.
IN OUR IQD411 FORUM WE HAVE MANY TOPICS TO TALK ABOUT REGARDING IRAQ, THEIR ECONOMY, THEIR CURRENCY, INCLUDING OFFICIAL RESEARCH DOCUMENTS AND PRESS RELEASES.
IN OUR FORUM "BUTIFLWORLD" WE POST INFORMATION ON HEALTH, HEALING ALTERNATIVES AND PRODUCTS, GROWING YOUR OWN FOOD AND MANY OTHER ASPECTS WHICH CAN HELP YOU LIVE THE BEST LIFE YOU'RE ABLE.
AND WE WANT TO KNOW MORE ABOUT THINGS WHICH HAVE HELPED YOU IN LIFE - SO PLEASE JOIN US AT WEALTHWATCH.WORLD OR IQD411.COM - BOTH OF THESE LINKS WILL TAKE YOU TO THE SAME SITE.
AND I ALSO WANT TO SAY THAT WE'RE SO VERY GRATEFUL FOR ALL OF WONDERFUL SUPPORT WE'VE BEEN RECEIVING.
WE LAUNCHED OUR SITE LAST WEEK - AND WE'VE HAD A HUGE RESPONSE FROM MANY PEOPLE AND WE WANT TO SAY THANK YOU TO EVERYONE FOR THEIR SUPPORT AND PARTICIPATION -
OUR MISSION IS SIMPLE AT WEALTHWATCH - WE WANTED TO CREATE AN ENVIRONMENT WHERE ALL HAVE A VOICE, WHERE WE CAN SHARE OUR KNOWLEDGE AND LEARN TOGETHER ABOUT GLOBAL ECONOMIES, HOW THAT TIES INTO IRAQ AND IN TURN, HOW IRAQ WILL BE TAKING ITS PLACE , AFTER YEARS OF WAR AND TURMOIL - IN THE WORLD -
AGAIN THANK YOU TO EVERYONE ON THE SITE, FOR ALL YOUR DEDICATION AND SUPPORT AND WE'RE SIMPLY OVERWHELMED WITH GRATITUDE, THANK YOU, EVERYONE.
IF ANYONE WOULD LIKE TO VOLUNTEER TO HELP AT THE SITE- WE COULD REALLY USE HELP WITH MANAGING THE FORUM IN SEVERAL AREAS. IF YOU'RE INTERESTED, PLEASE CONTACT ME OOTW, AT [email protected]
BUTIFLDRM COULDN'T BE HERE WITH US TONIGHT BECAUSE AS YOU MAY HAVE HEARD,MANY PARTS OF TEXAS – ARE HAVING HORRIBLE STORMS AND IT'S EXPECTED THAT THERE WILL BE FLOODING AND POWER OUTAGES.
WE JUST WANT TO LET EVERYONE IN TEXAS KNOW OUR PRAYERS AND WELL WISHES ARE WITH YOU.
THANKS FOR INDULGING ME ON THOSE ANNOUNCEMENTS
THANK YOU AND LET'S GET STARTED WITH THE NEWS...
FIRST OF ALL I WANT TO SET UP THIS REPORT BY CITING AN ARTICLE WHICH CAME OUT THIS PAST WEEK, FROM
THE HEAD OF THE FINANCE COMMITTEE, AHMED CHALABI, AS WELL AS OFFICIAL PRESS RELEASES FROM THE HEAD OF THE MINISTRY OF FINANCE HOSHAR ZEBARI:
THESE ARE ANNOUNCEMENTS WE HAD LAST WEEK
The Minister of Finance will meet a delegation from the US Treasury Department
Wednesday June 10, 2015
[url=http://www.mof.gov.iq//Lists/Banner/Attachments/262/_DSC5230.JPG]
Met with Finance Minister Hoshyar Zebari on the evening of June 9, [/b][b] 2015, Mr. Daniel Glaser, assistant Treasury secretary for terrorist financing and anti-money laundering operations and the presence of Mr. Brett Makourk US Deputy Assistant Secretary of State for Iraq and Iran.
During the meeting, they discussed the importance of exchanging information on the mechanisms for organizing the terrorist Daash on internal and external sources of funding and the importance of tightening measures to deprive the terrorist organization to benefit from the money
On the other hand, the minister called for help and the Treasury Department to track money laundering operations and hard currency out of the country to foreign banks, and during the meeting, which was attended by Chairman of the Finance Committee (WHO IS AHMED CHALABI) in the Parliament and Deputy Minister review the government's actions in the fields
THIS IS AN AMAZING THREAD - PLEASE TAKE A LOOK :
http://wealthwatch.world/showthread.php?tid=170&highlight=MINISTRY+OF+FINANCE
SO WHAT THEY'RE SAYING HERE IS THAT ZEBARI WANTS TO GET THE REGULATIONS AND OVERSIGHTS OF MONEY LAUNDERING IN PLACE SO THEY CAN CONTROL THE INFLOW AND OUTFLOW OF MONIES BETWEEN IRAQ AND IRAN,
BUT ALSO THAT THEY WANT TO, WITH THE HELP OF THE TREASURY DEPARTMENT, TO MONITOR MONEY LAUNDERING WHICH IS TAKING PLACE THROUGH THE BANKS, AND OUT FROM IRAQ, TO OTHER COUNTRIES.
THIS IS HUGE - AND THIS PROCESS STARTED OVER A YEAR AGO WHEN THE COM CAME OUT AND SAID THAT THEY WERE GOING TO IMPLEMENT THE BUCHAREST CONFERENCE,
WHICH GOVERNS IN PART, THE COUNTERFEITING, MONEY LAUNDERING AND THE TRANSPORT OF MAIL, AND CURRENCIES –
MY POINT WITH THIS IS THAT THIS ISN'T A NEW PLAN, THEY'VE BEEN PUTTING CURRENCY REGULATIONS TOGETHER, A PIECE AT A TIME, FOR OVER A YEAR NOW.
A FEW DAYS LATER, CHALABI COMES OUT WITH THIS PRESS STATEMENT:
the parliamentary finance committee demanded, to exempt the Governor of the Central Bank on the Keywords and the appointment of a professional person and efficient central administration, as pointed out that decisions Keywords not hit the interests of the monetary policy in the country.
Committee Chairman Ahmad Chalabi told / JD /: "The Central Bank is one of the large and sensitive economic institutions in the state and must be independent and not subject to quotas partisan."
He added that "all decisions of the current governor of the Central Bank on the Keywords do not serve the interests of the monetary policy in the country", calling for "relieved of his post and appoint an independent person and has a professional and economic and financial expertise and efficient management of the Central Bank" ./
WHAT CHALABI IS SAYING IS THAT KEYWORDS IS CASTING PARTISAN BEHAVIOR IN REGARDS TO HIS OFFICIAL ACTIONS OVER CBI POLICY.
PERHAPS TRUE, AND IF THEY WANT HIM GONE, THEY'LL SAY ANYTHING THEY WANT TO REPLACE HIM. WE KNOW HE WAS SEATED BY MALIKI –
AND WITH THE ADVENT OF NEW LAWS ALLOWING THE GOI TO PROSECUTE THE CORRUPT (IN COUNTRY AS WELL AS UNDER UN SUPERVISION) –
THIS DOESN'T SURPRISE ME - AT THIS POINT IT SEEMS CHALABI, HEAD OF THE FINANCE COMMITEE SIMLPLY WANTS KEYWORDS GONE.
http://wealthwatch.world/showthread.php?tid=164&highlight=CHALABI
http://wealthwatch.world/showthread.php?tid=170&pid=264#pid264
BING TRANSLATION
HERE'S AN ARTICLE WHICH CAME OUT AS A STATEMENT FROM SHABIBI
The Government are high dollar positive indicator to stimulate national production
Accusations of CBE to stand behind the rising dollar and the latter denies and vows the speculators
Author: ASJ, HH Editor: BK, HH 2015/06/15 17: 29 Hits: 494
Range/Baghdad I went back the Finance Committee in the Iraqi Parliament, said Monday that many question marks raised regarding the outcome of the Iraqi Central Bank action to stop the deterioration of the value of the dinar against the dollar,
while the Commission considers the parliamentary economy and currency to solve many economic crises lies in amending the law so the Bank secured its independence from Government, and the Tote bankers "abuse" of Central Bank responsible for high dollar, although the latter denied this and accused them and the bears responsibility, and three actions "deterrent"
THIS ABOVE PARAGRAPH IS REFERRING TO THE GOI HAVING INSTALLED THE 75M AUCTION CAP INTO THE BUDGET (THEREBY MAKING IT A LAW) –
VS THE CBI FILING A SUIT AT THE SJC TO GRAB BACK IT'S AUTONOMY –
REMEMBER THE CONSTITUTION SAYS THAT THE GOI HAS AUTHORITY OF THE CBI RE MONETARY POLICY. I WILL POST MY CHAT NOTES WITH LINKS AFTER THE CALL...
HERE'S THIS FROM THE CONSTITUTION:
Part IV Powers of the Federal Authorities
Article (109): Federal authority will maintain the unity of Iraq and its integrity, independence and sovereignty and its democratic federal system.
Article (110): The federal authorities have the following exclusive powers:
First: Formulating foreign policy and diplomatic representation, and the negotiation of international treaties and conventions, and debt policies and the signature and conclusion, and drawing foreign economic and trade policy Sovereign.
Second, the development of national security policy and its implementation, including the establishment and managing armed forces, to ensure the protection and security of Iraq's borders, and defend it.
Third: To formulate financial policy, and customs, and issuing currency, organizing trade policy among regions and provinces in Iraq, and the development of the state budget, and formulating monetary policy and the establishment of the Central Bank, and his administration.
http://www.iraq-lg-law.org/en/node/323
The Central Bank's current problems as a result of loss of independence
Sinan Mohammed rida Al-Shabibi
Live market at present monetary instability was the collapse in the market price of the dinar reached 1,340 euros u.s. dollar while the official rate is about 1,190 dinars to the dollar, although still substantial reserves which is a key factor in the stability of the currency.
TODAY THE MARKET RATE TO BUY IQD WAS 1400 IQD TO 1 USD
The reason for this difference between the two prices to enter ministries (finance) and other stakeholders (House) and all dictated policies and conditions to monetary policy, in addition to the inability of the Central Bank and advisers to defend the Bank according to the law.
THIS IS SAYING THAT THE CBI CANNOT MAINTAIN THE OFFICIAL CBI RATE VS THE STREET RATE BECAUSE THERE ARE TOO MANY PEOPLE TRYING TO CONTROL CBI MONETARY RATE POLICIES.
AND ALSO, THAT THE DIFFERENCES BETWEEN THE GOI AND THE CBI CONTINUE TO PROMOTE DISAGREEMENTS AMONG THEM, WHICH ARE IN TURN REFLECTED IN THE INSTABILITY OF PRICE TO BUY DINAR BOTH FROM THE CBI AND STREET SELLERS.
The problem at present is that the transfer student must pay the same proportion Secretariat certain customs taxes when they buy the dollar at the request of the Ministry of finance, this is an important factor in the rise of the dollar.
These terms serve the Ministry of finance, but the principle that the purchase and sale of foreign currency must be quickly and smoothly without any obstacles (except banking requirements and capital commitment) because the movement of money fast,
and if the Central Bank needed to exploit the sale of foreign currency for development was better used in ttoiramlet bank credit, was give preference at auction for the Bank on bank credit.
There is interference from the Ministry of Finance on the work of the Central Bank. This intervention aims to collect resources for the Ministry of finance and has nothing to do with monetary policy,
although the Central Bank is that the collection of these resources. In other words, that the Central Bank is that the levy of such resources for the Ministry of finance.
The budget also included the Central Bank buy bonds and Treasury transfers by $ 6 billion and reduced the legal reserves held by banks at the Central Bank in half to provide budgetary resources.
The gravity of these actions intended to reduce the effectiveness of monetary policy to fight inflation. Therefore, the monetary and fiscal authorities should assess the resources compared to inflation and instability which could cause the collapse of the real price of the dinar.
IF THE CBI AND THE GOI DO NOT GET ON THE SAME PAGE TO CONTROL HOW THE RESERVES ARE SPENT AS WELL AS THE VALUE/SELL OFFER RATE OF THE IQD AND WHAT IT COSTS TO BUY THE DOLLAR TO BE USED IN THE MARKET PLACE,
THAT A COLLAPSE IN WHAT SHOULD BE THE STABLE WORTH OF THE IQD COULD PLUMMET,
MEANING THERE'S A CHANCE WE COULD SEE THE VALUE OF THE IQD PLUMMET BELOW ,
EVEN TODAY'S CURRENT VALUE OF 1400 DINARS TO BUY ONE DOLLAR..THEY HAVE TO GET THIS UNDER CONTROL AND FAST.
They also restrict the sale by deputies in Parliament mean the Central Bank work. Common among economists, parliamentarians that the Central Bank continued to House, this is a big mistake,
the Central Bank is accountable to the Chamber of Deputies and is not subordinate to, and here is no different from the rest of the Central Bank, ministries, but this responsibility (responsibility of the Central Bank) explicitly mentioned in the Constitution.
PARLIAMENT IS STILL TRYING TO CONTROL THE MONETARY POLICIES AND THIS SECTION IS STATING PLAINLY THAT CONTROLS OVER MONETARY POLICY SHOULD REMAIN IN THE HANDS OF THE CBI NOT THE GOI
THE MAIN PROBLEM WE HAVE HERE IS THAT WHILE, AS I STATED ABOVE, THE CONSTITUTION ALLOWS CONTROLS OF THE MONETARY OVERSIGHTS TO THE GOI, THE CBI, WITHIN THE CONSTITUTION IS STILL LISTED AS AN INDEPENDENT AGENCY.
WE HAVE READ THAT KEYWORDS HAS SUPPOSEDLY FILED CHARGES WITH THE JUDICIARY TO OVERTURN THE 75M AUCTION CAP, WHICH BTW, IS A LAW, BECAUSE IT WAS WRITTEN INTO THE BUDGET LAW OF 2015 –
SO NOW THE CBI HAS TO OBTAIN AN OFFICIAL RULING FROM THE SJC IN ORDER TO GET THIS BUDGET STIPULATION OVERTURNED.
WE KNOW THE CBI'S BEEN DOING WHAT IT DEEMS BEST FOR THE MARKET, BUT OBVIOUSLY THAT POLICY IS LETTING THE PEOPLE DOWN.
~~~
Thus, the Central Bank has lost its independence and became a bow to the decisions of the Government and Parliament. The correct method is to put forward ideas as proposals in the House and then vote on them.
The policies of the Government and Parliament and, in particular, determine sale, led to the duplication of the exchange rate, the black market has got them some and others used in funding terrorism may be one of them.
WE ALSO STILL HAVE AN ISSUE, OBVIOUSLY WITH MONIES FUNDING TERRORISM IN THE COUNTRY, BLACK MARKETEERS ARE FUNNELING MONIES TO DA'ASH AND OTHER TERRORIST ORGS.
Loss of autonomy has several caveats that the Central Bank will be subject to the instructions of the Government, which will be reflected in World Bank policies so the Central Bank will not be able to adopt the target of reducing inflation. To make matters worse, government spending is inherently inflationary result of foot-dragging in implementing the projects.
And loss of autonomy would lead to creditors to consider the Central Bank's funds as Government funds, become a target for creditors, and this is an important issue that must be discussed with creditors and advocate for Iraq.
TODAY THE FINANCE COMMITTEE MET WITH DEUTCHE BANK, AND CHASE TO HELP ASSIST THE IRAQ IN OFFERING A BOND SALE,
WHICH IS THE SAME SALE ZEBARI ANNOUNCED THAT THE MOF WOULD BE PLACING ON OFFER, IN ORDER TO GAIN CAPITAL FOR THE COUNTRY, IN ORDER TO, IN PART, FUND PROJECTS –
IN THIS SAME MEETING THEY DISCUSSED IRAQ'S CREDIT RATING...ALL GOOD ON THIS FRONT.
The loss of autonomy means that Central Bank monetary policies in line with government policy, but government policies may not match the Central Bank law. In other words, does it focus on fighting inflation and not give the necessary importance to the objective of economic stability.
IF THE CBI CONTINUES TO TRY TO APPEASE THE GOVERNMENT'S MONETARY POLICIES THERE WILL BE A CONTRADICTION BETWEEN FIGHTING INFLATION VERSES KEEPING THE ECONOMY GOING –
BECAUSE IF THEY CANNOT GET IN LINE WITH ONE ANOTHER RE MONETARY POLICIES IT'S GOING TO ADVERSELY EFFECT THEIR MARKETS,
THEIR PURCHASING POWER AND THE CITIZENS HAVE CERTAINLY HAD ENOUGH ISSUES –
WE DO NOT WANT INFLATION OR THE MARKETPLACE TO LOSE INFLUX OF CAPITAL BECAUSE THE CBI AND GOI CANNOT GET ON THE SAME PAGE..THEY HAVE TO GET THIS WORKED OUT.
The imposition of a financial nature policy the Central Bank must be the subject of coordination and study of the governmental and parliamentary authorities. The Central Bank has weakened from the Government, often Governments have tried to impose their policies on the Central Bank,
including the former Prime Minister tried to borrow money from the Central Bank which Bank rejected because the law prevents it, and ended up with an attack on the Central Bank and arrest of many of its best staff.
Override of independence is on the overrun on Central Bank reserves. Some echoed that might be justified because currency trading exceeds the reserve on banks and a half times.
These justifications for the Government to gradually dominate the resources of the Central Bank.
The economy-such as the Iraqi economy-open significantly abroad requires considerable resources to compensate for the consequences of any crisis, and if borrowing from the Central Bank when the funds will be included? What is Bank owned by the Government to recover the money?.
That bubble and a strong dollar is the result of Government policy and the House must be to remove these constraints on the foreign exchange market where must give more importance to financial policy, monetary policy determines the exchange rate and help manage money and its functions.
HE IS SAYING THAT THE GOVT'S MONETARY POLICIES - WITH ONE BEING THE 75M AUCTION CAP –
IS PREVENTING THE CBI FROM DOING THEIR JOB THIS CONTRADICTION IN MONETARY POLICY IS CAUSING THE CONTINUED FREE FALL OF THE VALUE OF THE IQD AND THE HIGH COST TO BUY DOLLARS. THE PEOPLE NEED REAL BUYING POWER.
Central Bank lends the Government but help the whole economy through price stability and credit regulation and supervision of the banking and financial sector and regulation of payments and maintain the country's reserves.
Either speak much repeated by the Government and the Finance Committee in the Chamber of Deputies on "foreign currency auction, this auction is monetary policy under which pulls the TD from the market and purchase foreign currency and here ends the topic for the Central Bank,
before we process cash discharge directly. And if there is import of "auction" parliamentarians asking for reasons that in the customs or the Department of Commerce, the import process does not fall within the process.
The Central Bank must offset each dollar demand and this is the basic price stability so that the request had not been full by the Bank will go and create another market and other prices, contrary to Central Bank law and creates economic instability.
BOTTOM LINE - IF THE CBI, GOI DO NOT GET ON THE SAME PAGE WITH THE MONETARY POLICY - WHAT THE COST OF A DOLLAR IS, PEOPLE WILL NOT BE ABLE TO AFFORD THE FEES FOR TARIFFS –
AND IMPLEMENTING THE TARIFFS WILL NOT BE SUPPORTED BY THE CURRENT VALUE OF THE IQD BECAUSE THE COST FOR THE DOLLAR WILL BE TOO GREAT AND NO ONE WILL HAVE ENOUGH PURCHASING POWER TO PAY THE TARIFFS.
The Finance Committee has chosen an end up for sale foreign currency ($ 75 million), contributing to instability and create multiple exchange rates given that real demand was higher.
In any case, this request does not ask about Central Bank but you ask for all sectors of the economy, why not go the Finance Committee in Parliament and which exercise legislative and oversight question to sectors of the economy are controlled by the private sector,
especially since she is supposed to meet every corner of the economy. No doubt that there are irregularities, which requires follow-up with commercial banks, but we stress that the Central Bank is to drain cash, either by imports, is outside the scope of the work of the Central Bank.
On the other hand that money go abroad that the State did not provide opportunities at home to invest. Also, a section of which is a kind of external saving (the concept within the national accounts of a country) will return to Iraq in appropriate circumstances which must be provided by the State. As regards extrabudgetary funds be sure sources and legitimacy of banks and laundering services which must be strengthened, it may be the majority of sources derived from money laundering or that the subject is simply a large operations to exit capital.
We must not forget that Iraq is within range States in transition from totalitarian regimes to democratically open systems believes in a free economy. This group of States is undergoing many changes which open economy (such as the former Soviet Union), but many of them marked with movement of capital abroad. In the case of Iraq encourage this transition also because conditions of violence and instability in the country. This may explain the large amounts being transferred overseas. they go to spare in abroad, we hinder the flight of capital, not smuggling. The situation in Iraq at present encourages capital flight, and if we allow capital to move the dollar exchange rate in the market will increase significantly hampering economic decision-making.
Iraq so far has not become a safer place brings currency and we need significant national efforts to ensure stability and attract currency.
* Former Central Bank Governor
Local markets are experiencing a steady increase in daily exchange rate of the dollar to dinar, an effect on movement and reflected negatively on citizens, particularly low-income.
RESTATING WHAT WE KNOW - THE CBI CANNOT BRING IN LINE THE COST TO BUY THE IQD; 1) VS THE STREET SELL RATE AND 2) MAKING IT AFFORDABLE FOR IRAQI'S.
Finance Committee: question marks on Central Bank actions to halt the deterioration of the dinar
It says Finance Committee member, majda Al-Tamimi, told the (term), "high dollar exchange rate dinar, due to reduced sales of the Central Bank, as well as the increasing demand by citizens and the latest procedures for customs and tax deductions of the traders, loaded with" Central Bank of Iraq first and last responsibility to preserve the value of the dinar against the dollar not degradation ".
TAMIMI IS QUOTED AND THE GIST IS THAT SHE'S COMPLAINING THAT THE CBI HAS THE RESPONSIBILITY TO BRING IN LINE THE COST OF BUYING DOLLARS WITH IQD
AND IS ELUDING THAT THE CBI HAS FAILED AT DOING THIS; AND THAT IN ADDITION, THEY'RE ALSO NOW CHARGING A TAX ON TRANSACTIONS TO HANDLE THIS - SO WHAT DO WE HAVE
WE HAVE THE COST TO BUY DOLLARS WITH IQD, TOO EXPENSIVE FOR THE PEOPLE AND THEY'RE CHARGING A TAX TO HANDLE THIS TRANSACTION
[b]Tamimi, adds that "the CBI has taken, inter alia, to address the declining value of the dinar, but results did not appear on the surface to date indicates many question marks", stating that "the issuance of Central Bank paper currencies of major categories as a percent or 1,000 dinars, could lead to a lower dollar exchange rate dinar, due to portability, storage and circulation, in the framework of actions for the recovery of the domestic market."[/b]
[b]Commission on the economy: the dollar crisis would not be resolved only by amending the law on the Central Bank[/b]
[b]Says Committee member Nora parliamentary economy and currency albegari, told the (range), that "the dollar crisis would not be resolved until after the CBI Amendment Act No. 94 of 2004 with the current" phase, usually that is a big part of the market crisis, especially with the rise of the dollar to dinar, as well as the size of liquidity ".[/b]
[b]Albegari explains that "the Commission on economy and currency support in cooperation with the Finance Committee, to amend the Central Bank law", noting that "the draft new law on the Central Bank currently in the State Council, for examination by the consent of the Government and Parliament."[/b]
[b]Albegari, asserts that "the adoption of the amendment to the Central Bank would act independently of the Government", saying that "the problems began piling up as a result of a law contrary to many economic and financial phenomena created in Iraq."[/b]
THE ABOVE THREE PARAGRAPHS ARE SAYING THAT THE GOI IS GOING TO WRITE CBI BANKING LAW FOR THEM....
REMEMBER THAT THE CBI HAS THEIR OWN BANKING LAW AND THE GOI HAS THEIR BANKING LAW..THEY'RE GOING TO TAKE OVER THE ENTIRETY OF THIS LEGISLATION
[b]Central Bank: foreign exchange companies and speculators were responsible for the high dollar exchange rate[/b]
[b]The Central Bank attributed the rise in the dollar exchange rate dinar, the speculators in the market, denying that the reason behind the lack of Exchange companies shares and financial and banking transfer of hard currency.[/b]
[b]Says a source at the Central Bank, told the (extent), the World Bank increased its outlets to sell the dollar and reducing red tape for the purchase by the banking and money transfer companies and banks, the currency "auctions, blaming" Exchange companies and speculators responsible for higher dollar exchange rate. " [/b]
[b]He denied the source, who asked not to be named, said that "the procedures adopted by the Bank, to subtract eight percent as tax insurance and customs are the main reason behind the rise of the dollar," the Central Bank form the operations room to take deterrent measures right exchange companies contrary to instructions, as well as collaboration with stakeholders to fend off speculators from manipulating the dinar exchange rate.[/b]
[b]Bankers: abuse of Central Bank because of the high dollar[/b]
[b]On a related level download bankers arbitrary actions of Central Bank responsible for the rise of the dollar.[/b]
[b]And the Exchange Company in Shorja commercial district, central Baghdad, Abu Nizar, a (range), that "the arbitrary actions of the Central Bank caused the dollar's exchange rate dinar", stating that "the Central Bank reduced dollar quotas Exchange companies and banks, the imposition of fees as taxes and customs on goods entering, as insurance for the dollar amid escalating demand.[/b]
[b]Indrajit indicates that "Iraq from the country's biggest importers of goods to require merchants to the dollar to cover their goods" returned to "current procedures do not allow merchants to easily get a dollar, what compelled to buy it on the black market at any price and thus lead to rise."[/b]
[b]Mentioned that the dollar has seen a steady rise in domestic markets from about 1,200 dinars per dollar in early 2015 to 1,400 dinars now.[/b]
REMEMBER YESTERDAY THE BUY RATE FOR THE DOLLAR WAS 1335 IQD FOR 1 USD AND NOW OBVIOUSLY ITS AT 1400
THEY'RE SAYING BASICALLY THAT IRAQI'S ARE FORCED TO USE THE DOLLAR FOR TRANSACTIONS AND TO PAY A TAX IN THE BANKS TO BUY DOLLARS W IQD –
AND SO BECAUSE THEY NEED THE DOLLAR SO BADLY - THEY'RE FORCED TO PAY A HIGHER SPREAD BUT WILL CHOOSE TO GO TO A STREET SELLER TO GET DOLLARS –
THEY DON'T WANT TO BE FORCED TO GO TO THE BANK TO PAY AN AMOUNT TO BUY DOLLARS AND TAXES, WHEN THE STREET VENDORS ARE NOT FAR OUT OF LINE WITH WHAT THE CBI IS SELLING DOLLARS FOR (ALMOST ON PAR) –
WHY SHOULD THEY GO TO THE BANK WHEN IT'S MORE CONVENIENT AND WITHIN LINE VS THE CBI SELL RATE TO BUY DOLLARS?
THEY'RE ALSO SAYING WHEN THE TARIFFS GO INTO EFFECT HOW ARE THE EVERY DAY IRAQI'S GOING TO BE ABLE TO BUY GOODS, PAY TAXES ON THE GOODS AND PAY TAXES ON TRANSACTIONS, IN THE BANKS, TO BUY DOLLARS?
TON OF PRESSURE FOR MONETARY REFORM AND THEY'RE ALSO CALLING OUT (AGAIN) THE CBI PROCEDURES -
THIS COMING ON THE HEELS OF THE HEAD OF THE FINANCE COMMITTEE, CHALABI, STATING, EFFECTIVELY THAT HE THINKS KEYWORDS IS NOT UP TO THE TASK.
THE GOVERNMENT PUT OUT A PRESS RELEASE TODAY - TO SAY THAT THEY'RE GOING TO LEGISLATE LAWS FOR BANKING AND FOR THE CBI....THIS IS A VERY BOLD STATEMENT –
THEY MEAN BUSINESS - THEY WANT CONTROL OVER THE CBI - THIS IS A CLEAR WARNING TO THE CBI TO GET THEIR ACT TOGETHER.
WE ALSO HAVE THE INVESTIGATIONS INTO THE FALL OF MOSUL HAPPENING - AS WELL AS ARRESTS PERTAINING TO SPYKER. IT SEEMS THEY'RE PREPARING A REPORT (SUPPOSEDLY, ACCDNG TO ARTICLES) TO OFFICIALLY CHARGE MALIKI RE THE FALL OF MOSUL.
A SIDE NOTE HERE - THE PARLIAMENT APPROVED A LAW IN COORDINATION WITH THE UN TO CONFISCATION PROPERTY, ILLEGALLY OBTAINED AND HELD BY MEMBERS OF GOVERNMENT...
ALSO SALEH COMING OUT AND SAYING THAT THE 50/100 K NOTES ARE GOING TO HAVE 2/10 OF A CENT VALUE ASCRIBED TO THEM VS MOHSEN SAY LATE LAST YEAR THAT THE AMOUNT OF CBI RESERVES CAN SUPPORT THE CURRENCY 1.5 TIMES...
ONE SAYS AMOUNT SUPPORTED CAN BE DOUBLED, BUT THIS CONTRADICTS WHAT KEYWORDS/MOHSEN IS SAYING...THEN KEYWORDS COMES OUT THIS PAST WEEK AND STATES THAT THE RESERVES ARE 65 BILLION VERY FISHY IMO.
ALSO - THE IRAQ COMMERCE COMMITTEE MET WITH A TRADE DELEGATION FROM THE ARAB TRADE COMMISSION - TO DISCUSS ACTIVATING TRADE REGULATIONS FOR IRAQ TO TRADE WITHIN THE MIDDLE EAST..
THIS IS HUGS NEWS..BECAUSE WE ALSO KNOW THAT THE UN HAS BEEN WORKING WITH THE "SIGOB" DIVISION OF THE UN TO IMPLEMENT DIGITAL COMMUNICATIONS FOR THE GOVERNMENT, AND THEIR RESPECTIVE DEPT.'S AS WELL AS FOR FINANCIAL TRANSACTIONS.
AND..SHABS (SUPPOSEDLY HAVING RELEASED HIS THOUGHTS AND AIMS RE CBI POLICY - VIA THE PRESS) - NOW COMING OUT?...IT SEEMS THAT HE MAY HAVE WELL BEEN OVER SEEING CBI POLICY FOR A WHILE NOW...BIG NEWS.
MANY OF THE LAWS THEY'VE PASSED IN PARLIAMENT ARE FOR WTO REQUIREMENTS - ESP THE OVER TURNING OF COALITION PROVISIONAL AUTHORITY LAWS AND THE BREMER EDICTS,
SO THEY CAN TAKE CONTROL OF THEIR ECONOMY -WE'RE SEEING SO MUCH FORWARD MOVEMENT FOR THE FIRST TIME IN REGARDS TO A POTENTIAL CHANGE IN THE VALUE OF THE IQD –
SO WE HAVE MANY SITUATIONS FUNNELING TOGETHER TO CREATE ONE HUGE DYNAMIC - IRAQ IS TRYING TO LAUNCH THE PUBLIC SECTOR - IRAQ IS TRYING TO GET IT TOGETHER!
PLEASE CLICK HERE TO SEE THE SALEH "2/10 OF A CENT" REFERENCE I REFERRED TO LAST NIGHT. I WAS ALSO BASING MY STATEMENT ON THE TITLE OF THE VIDEO - INTERESTING THREAD.
Keywords: central bank reserves of the best reserves in the world and covers the currency and a half times
Agency eighth day
January 18, 2015, 15:56
[Image: %D8%B9%D9%84%D9%8A-%D8%A7%D9%84%D8%B9%D9...h=290&zc=1]
BAGHDAD - ((eighth day))
The Central Bank of Iraq, Sunday, that the bank reserves is one of the best reserves in the world, and while he noted covers currency and a half times, said the financial crisis that has plagued Iraq is resolved in the structuring of the economy and diversify sources.
The governor of the bank on the Keywords in an interview for a number of media, including "," The Bank retains the highest rates of good reserves of hard currency in the world compared to the money supply. "
He pointed out that "these reserves are still the currency bloc cover and a half times."
He added that the relationship "reserves are changing on a daily basis depending on oil exports as the dollar comes from these exports, in addition to the coverage of imports which are variable elements."
Noting that "what Iraq faces today from a financial crisis resolved through utensils solutions for internal and external such as loans,
while the long-term solutions through a review of the restructuring of the economy through the budget preparation and rationalize spending and diversification of income sources and attract foreign capital."
"The financial institutions that can support can not plug in the budget that are at high levels." [b][b][b][b]http://8th-day.com/?p=92582[/b][/b][/b][/b]
http://wealthwatch.world/showthread.php?tid=221&highlight=government+activities MORE GOVERNMENT ACTIVITIES
http://wealthwatch.world/showthread.php?tid=102&highlight=protect+investors PROTECTING INVESTMENTS
http://wealthwatch.world/showthread.php?tid=253&highlight=tariffs+need+to+activate+a+range+of+measures+to+make+it+a+success TARIFF INFO
http://wealthwatch.world/showthread.php?tid=128&highlight=exit+foreign+currency+operations EXIT FOREIGN CURRENCY OPERATIONS
http://wealthwatch.world/showthread.php?tid=56&highlight=Arab+economic+action ARAB TRADE INFO
http://wealthwatch.world/showthread.php?tid=2&highlight=UPDATE+JUNE+4 GREAT GOVT NEWS AND WTO INFO
http://wealthwatch.world/showthread.php?tid=128&highlight=sigob WELCOME IRAQ TO THE DIGITAL AGE
http://wealthwatch.world/showthread.php?tid=164 KEYWORDS CALLED TO MANAGE EFFICIENTLY
Content originally from http://wealthwatch.world
Playback Number: (641) 715-3589 Access Code: 439643
OOTW: (Out Of The Woods) Wealthwatchworld.com
THIS IS THE PLAYBACK LINK FOR OUR FIRST CONFERENCE CALL JUNE 15, 2015 45:44 Mins
HERE IS MY SCRIPT / NOTES FOR THE CALL - AS YOU ALL CAN SEE, I DID NOT GET A CHANCE TO COVER EACH POINT FROM MY NOTES, DURING THE CALL
[b]ALSO CHATTELS' AND SCZIN11'S THOUGHTS ARE NOT WRITTEN ON MY NOTES BELOW. ...BUT YOU MAY LISTEN TO THE CALL IF YOU'D LIKE TO HEAR THEM.
HI EVERYONE, THIS IS OOTW FROM WEALTHWATCH.WORLD
WELCOME TO OUR CALL AND THANKS FOR JOINING US
WE HAVE SOME TRULY AMAZING NEWS TO BRING YOU -
TONIGHT ON THE CALL WILL BE MYSELF, SCZIN11 AND CHATTELS
~~~
BUT BEFORE WE GET STARTED I WANT TO TELL YOU ABOUT [b]WEALTHWATCH.WORLD[/b]
FOR ANY OF YOU WHO DON'T KNOW ME, I'M A LONG TIME RESEARCHER IN THE DINAR COMMUNITY
MANY OF US WEALTH WATCH HAVE BEEN ACTIVE RESEARCHERS IN THE IRAQI DINAR COMMUNITY FOR YEARS, AND WE RECENTLY STARTED THIS SITE, AS AN OPEN PLATFORM FOR DISCUSSIONS WITH ALL OF OUR MEMBERS, BECAUSE WE'VE GROWN TIRED OF THE HYPE WE'RE BEING SUBJECTED TO WITHIN THE COMMUNITY.
IN OUR WEALTH WATCH FORUM YOU CAN RESEARCH AND COMMENT ON WHAT'S GOING ON IN THE WORLD WITH GEO POLITICS AND ECONOMIES, GOLD AND SILVER INFORMATION, ALTERNATIVE NEWS AND MUCH MORE.
IN OUR IQD411 FORUM WE HAVE MANY TOPICS TO TALK ABOUT REGARDING IRAQ, THEIR ECONOMY, THEIR CURRENCY, INCLUDING OFFICIAL RESEARCH DOCUMENTS AND PRESS RELEASES.
IN OUR FORUM "BUTIFLWORLD" WE POST INFORMATION ON HEALTH, HEALING ALTERNATIVES AND PRODUCTS, GROWING YOUR OWN FOOD AND MANY OTHER ASPECTS WHICH CAN HELP YOU LIVE THE BEST LIFE YOU'RE ABLE.
AND WE WANT TO KNOW MORE ABOUT THINGS WHICH HAVE HELPED YOU IN LIFE - SO PLEASE JOIN US AT WEALTHWATCH.WORLD OR IQD411.COM - BOTH OF THESE LINKS WILL TAKE YOU TO THE SAME SITE.
AND I ALSO WANT TO SAY THAT WE'RE SO VERY GRATEFUL FOR ALL OF WONDERFUL SUPPORT WE'VE BEEN RECEIVING.
WE LAUNCHED OUR SITE LAST WEEK - AND WE'VE HAD A HUGE RESPONSE FROM MANY PEOPLE AND WE WANT TO SAY THANK YOU TO EVERYONE FOR THEIR SUPPORT AND PARTICIPATION -
OUR MISSION IS SIMPLE AT WEALTHWATCH - WE WANTED TO CREATE AN ENVIRONMENT WHERE ALL HAVE A VOICE, WHERE WE CAN SHARE OUR KNOWLEDGE AND LEARN TOGETHER ABOUT GLOBAL ECONOMIES, HOW THAT TIES INTO IRAQ AND IN TURN, HOW IRAQ WILL BE TAKING ITS PLACE , AFTER YEARS OF WAR AND TURMOIL - IN THE WORLD -
AGAIN THANK YOU TO EVERYONE ON THE SITE, FOR ALL YOUR DEDICATION AND SUPPORT AND WE'RE SIMPLY OVERWHELMED WITH GRATITUDE, THANK YOU, EVERYONE.
IF ANYONE WOULD LIKE TO VOLUNTEER TO HELP AT THE SITE- WE COULD REALLY USE HELP WITH MANAGING THE FORUM IN SEVERAL AREAS. IF YOU'RE INTERESTED, PLEASE CONTACT ME OOTW, AT [email protected]
BUTIFLDRM COULDN'T BE HERE WITH US TONIGHT BECAUSE AS YOU MAY HAVE HEARD,MANY PARTS OF TEXAS – ARE HAVING HORRIBLE STORMS AND IT'S EXPECTED THAT THERE WILL BE FLOODING AND POWER OUTAGES.
WE JUST WANT TO LET EVERYONE IN TEXAS KNOW OUR PRAYERS AND WELL WISHES ARE WITH YOU.
THANKS FOR INDULGING ME ON THOSE ANNOUNCEMENTS
THANK YOU AND LET'S GET STARTED WITH THE NEWS...
FIRST OF ALL I WANT TO SET UP THIS REPORT BY CITING AN ARTICLE WHICH CAME OUT THIS PAST WEEK, FROM
THE HEAD OF THE FINANCE COMMITTEE, AHMED CHALABI, AS WELL AS OFFICIAL PRESS RELEASES FROM THE HEAD OF THE MINISTRY OF FINANCE HOSHAR ZEBARI:
THESE ARE ANNOUNCEMENTS WE HAD LAST WEEK
The Minister of Finance will meet a delegation from the US Treasury Department
Wednesday June 10, 2015
[url=http://www.mof.gov.iq//Lists/Banner/Attachments/262/_DSC5230.JPG]
Met with Finance Minister Hoshyar Zebari on the evening of June 9, [/b][b] 2015, Mr. Daniel Glaser, assistant Treasury secretary for terrorist financing and anti-money laundering operations and the presence of Mr. Brett Makourk US Deputy Assistant Secretary of State for Iraq and Iran.
During the meeting, they discussed the importance of exchanging information on the mechanisms for organizing the terrorist Daash on internal and external sources of funding and the importance of tightening measures to deprive the terrorist organization to benefit from the money
On the other hand, the minister called for help and the Treasury Department to track money laundering operations and hard currency out of the country to foreign banks, and during the meeting, which was attended by Chairman of the Finance Committee (WHO IS AHMED CHALABI) in the Parliament and Deputy Minister review the government's actions in the fields
THIS IS AN AMAZING THREAD - PLEASE TAKE A LOOK :
http://wealthwatch.world/showthread.php?tid=170&highlight=MINISTRY+OF+FINANCE
SO WHAT THEY'RE SAYING HERE IS THAT ZEBARI WANTS TO GET THE REGULATIONS AND OVERSIGHTS OF MONEY LAUNDERING IN PLACE SO THEY CAN CONTROL THE INFLOW AND OUTFLOW OF MONIES BETWEEN IRAQ AND IRAN,
BUT ALSO THAT THEY WANT TO, WITH THE HELP OF THE TREASURY DEPARTMENT, TO MONITOR MONEY LAUNDERING WHICH IS TAKING PLACE THROUGH THE BANKS, AND OUT FROM IRAQ, TO OTHER COUNTRIES.
THIS IS HUGE - AND THIS PROCESS STARTED OVER A YEAR AGO WHEN THE COM CAME OUT AND SAID THAT THEY WERE GOING TO IMPLEMENT THE BUCHAREST CONFERENCE,
WHICH GOVERNS IN PART, THE COUNTERFEITING, MONEY LAUNDERING AND THE TRANSPORT OF MAIL, AND CURRENCIES –
MY POINT WITH THIS IS THAT THIS ISN'T A NEW PLAN, THEY'VE BEEN PUTTING CURRENCY REGULATIONS TOGETHER, A PIECE AT A TIME, FOR OVER A YEAR NOW.
A FEW DAYS LATER, CHALABI COMES OUT WITH THIS PRESS STATEMENT:
the parliamentary finance committee demanded, to exempt the Governor of the Central Bank on the Keywords and the appointment of a professional person and efficient central administration, as pointed out that decisions Keywords not hit the interests of the monetary policy in the country.
Committee Chairman Ahmad Chalabi told / JD /: "The Central Bank is one of the large and sensitive economic institutions in the state and must be independent and not subject to quotas partisan."
He added that "all decisions of the current governor of the Central Bank on the Keywords do not serve the interests of the monetary policy in the country", calling for "relieved of his post and appoint an independent person and has a professional and economic and financial expertise and efficient management of the Central Bank" ./
WHAT CHALABI IS SAYING IS THAT KEYWORDS IS CASTING PARTISAN BEHAVIOR IN REGARDS TO HIS OFFICIAL ACTIONS OVER CBI POLICY.
PERHAPS TRUE, AND IF THEY WANT HIM GONE, THEY'LL SAY ANYTHING THEY WANT TO REPLACE HIM. WE KNOW HE WAS SEATED BY MALIKI –
AND WITH THE ADVENT OF NEW LAWS ALLOWING THE GOI TO PROSECUTE THE CORRUPT (IN COUNTRY AS WELL AS UNDER UN SUPERVISION) –
THIS DOESN'T SURPRISE ME - AT THIS POINT IT SEEMS CHALABI, HEAD OF THE FINANCE COMMITEE SIMLPLY WANTS KEYWORDS GONE.
http://wealthwatch.world/showthread.php?tid=164&highlight=CHALABI
http://wealthwatch.world/showthread.php?tid=170&pid=264#pid264
BING TRANSLATION
HERE'S AN ARTICLE WHICH CAME OUT AS A STATEMENT FROM SHABIBI
The Government are high dollar positive indicator to stimulate national production
Accusations of CBE to stand behind the rising dollar and the latter denies and vows the speculators
Author: ASJ, HH Editor: BK, HH 2015/06/15 17: 29 Hits: 494
Range/Baghdad I went back the Finance Committee in the Iraqi Parliament, said Monday that many question marks raised regarding the outcome of the Iraqi Central Bank action to stop the deterioration of the value of the dinar against the dollar,
while the Commission considers the parliamentary economy and currency to solve many economic crises lies in amending the law so the Bank secured its independence from Government, and the Tote bankers "abuse" of Central Bank responsible for high dollar, although the latter denied this and accused them and the bears responsibility, and three actions "deterrent"
THIS ABOVE PARAGRAPH IS REFERRING TO THE GOI HAVING INSTALLED THE 75M AUCTION CAP INTO THE BUDGET (THEREBY MAKING IT A LAW) –
VS THE CBI FILING A SUIT AT THE SJC TO GRAB BACK IT'S AUTONOMY –
REMEMBER THE CONSTITUTION SAYS THAT THE GOI HAS AUTHORITY OF THE CBI RE MONETARY POLICY. I WILL POST MY CHAT NOTES WITH LINKS AFTER THE CALL...
HERE'S THIS FROM THE CONSTITUTION:
Part IV Powers of the Federal Authorities
Article (109): Federal authority will maintain the unity of Iraq and its integrity, independence and sovereignty and its democratic federal system.
Article (110): The federal authorities have the following exclusive powers:
First: Formulating foreign policy and diplomatic representation, and the negotiation of international treaties and conventions, and debt policies and the signature and conclusion, and drawing foreign economic and trade policy Sovereign.
Second, the development of national security policy and its implementation, including the establishment and managing armed forces, to ensure the protection and security of Iraq's borders, and defend it.
Third: To formulate financial policy, and customs, and issuing currency, organizing trade policy among regions and provinces in Iraq, and the development of the state budget, and formulating monetary policy and the establishment of the Central Bank, and his administration.
http://www.iraq-lg-law.org/en/node/323
The Central Bank's current problems as a result of loss of independence
Sinan Mohammed rida Al-Shabibi
Live market at present monetary instability was the collapse in the market price of the dinar reached 1,340 euros u.s. dollar while the official rate is about 1,190 dinars to the dollar, although still substantial reserves which is a key factor in the stability of the currency.
TODAY THE MARKET RATE TO BUY IQD WAS 1400 IQD TO 1 USD
The reason for this difference between the two prices to enter ministries (finance) and other stakeholders (House) and all dictated policies and conditions to monetary policy, in addition to the inability of the Central Bank and advisers to defend the Bank according to the law.
THIS IS SAYING THAT THE CBI CANNOT MAINTAIN THE OFFICIAL CBI RATE VS THE STREET RATE BECAUSE THERE ARE TOO MANY PEOPLE TRYING TO CONTROL CBI MONETARY RATE POLICIES.
AND ALSO, THAT THE DIFFERENCES BETWEEN THE GOI AND THE CBI CONTINUE TO PROMOTE DISAGREEMENTS AMONG THEM, WHICH ARE IN TURN REFLECTED IN THE INSTABILITY OF PRICE TO BUY DINAR BOTH FROM THE CBI AND STREET SELLERS.
The problem at present is that the transfer student must pay the same proportion Secretariat certain customs taxes when they buy the dollar at the request of the Ministry of finance, this is an important factor in the rise of the dollar.
These terms serve the Ministry of finance, but the principle that the purchase and sale of foreign currency must be quickly and smoothly without any obstacles (except banking requirements and capital commitment) because the movement of money fast,
and if the Central Bank needed to exploit the sale of foreign currency for development was better used in ttoiramlet bank credit, was give preference at auction for the Bank on bank credit.
There is interference from the Ministry of Finance on the work of the Central Bank. This intervention aims to collect resources for the Ministry of finance and has nothing to do with monetary policy,
although the Central Bank is that the collection of these resources. In other words, that the Central Bank is that the levy of such resources for the Ministry of finance.
The budget also included the Central Bank buy bonds and Treasury transfers by $ 6 billion and reduced the legal reserves held by banks at the Central Bank in half to provide budgetary resources.
The gravity of these actions intended to reduce the effectiveness of monetary policy to fight inflation. Therefore, the monetary and fiscal authorities should assess the resources compared to inflation and instability which could cause the collapse of the real price of the dinar.
IF THE CBI AND THE GOI DO NOT GET ON THE SAME PAGE TO CONTROL HOW THE RESERVES ARE SPENT AS WELL AS THE VALUE/SELL OFFER RATE OF THE IQD AND WHAT IT COSTS TO BUY THE DOLLAR TO BE USED IN THE MARKET PLACE,
THAT A COLLAPSE IN WHAT SHOULD BE THE STABLE WORTH OF THE IQD COULD PLUMMET,
MEANING THERE'S A CHANCE WE COULD SEE THE VALUE OF THE IQD PLUMMET BELOW ,
EVEN TODAY'S CURRENT VALUE OF 1400 DINARS TO BUY ONE DOLLAR..THEY HAVE TO GET THIS UNDER CONTROL AND FAST.
They also restrict the sale by deputies in Parliament mean the Central Bank work. Common among economists, parliamentarians that the Central Bank continued to House, this is a big mistake,
the Central Bank is accountable to the Chamber of Deputies and is not subordinate to, and here is no different from the rest of the Central Bank, ministries, but this responsibility (responsibility of the Central Bank) explicitly mentioned in the Constitution.
PARLIAMENT IS STILL TRYING TO CONTROL THE MONETARY POLICIES AND THIS SECTION IS STATING PLAINLY THAT CONTROLS OVER MONETARY POLICY SHOULD REMAIN IN THE HANDS OF THE CBI NOT THE GOI
THE MAIN PROBLEM WE HAVE HERE IS THAT WHILE, AS I STATED ABOVE, THE CONSTITUTION ALLOWS CONTROLS OF THE MONETARY OVERSIGHTS TO THE GOI, THE CBI, WITHIN THE CONSTITUTION IS STILL LISTED AS AN INDEPENDENT AGENCY.
WE HAVE READ THAT KEYWORDS HAS SUPPOSEDLY FILED CHARGES WITH THE JUDICIARY TO OVERTURN THE 75M AUCTION CAP, WHICH BTW, IS A LAW, BECAUSE IT WAS WRITTEN INTO THE BUDGET LAW OF 2015 –
SO NOW THE CBI HAS TO OBTAIN AN OFFICIAL RULING FROM THE SJC IN ORDER TO GET THIS BUDGET STIPULATION OVERTURNED.
WE KNOW THE CBI'S BEEN DOING WHAT IT DEEMS BEST FOR THE MARKET, BUT OBVIOUSLY THAT POLICY IS LETTING THE PEOPLE DOWN.
~~~
Thus, the Central Bank has lost its independence and became a bow to the decisions of the Government and Parliament. The correct method is to put forward ideas as proposals in the House and then vote on them.
The policies of the Government and Parliament and, in particular, determine sale, led to the duplication of the exchange rate, the black market has got them some and others used in funding terrorism may be one of them.
WE ALSO STILL HAVE AN ISSUE, OBVIOUSLY WITH MONIES FUNDING TERRORISM IN THE COUNTRY, BLACK MARKETEERS ARE FUNNELING MONIES TO DA'ASH AND OTHER TERRORIST ORGS.
Loss of autonomy has several caveats that the Central Bank will be subject to the instructions of the Government, which will be reflected in World Bank policies so the Central Bank will not be able to adopt the target of reducing inflation. To make matters worse, government spending is inherently inflationary result of foot-dragging in implementing the projects.
And loss of autonomy would lead to creditors to consider the Central Bank's funds as Government funds, become a target for creditors, and this is an important issue that must be discussed with creditors and advocate for Iraq.
TODAY THE FINANCE COMMITTEE MET WITH DEUTCHE BANK, AND CHASE TO HELP ASSIST THE IRAQ IN OFFERING A BOND SALE,
WHICH IS THE SAME SALE ZEBARI ANNOUNCED THAT THE MOF WOULD BE PLACING ON OFFER, IN ORDER TO GAIN CAPITAL FOR THE COUNTRY, IN ORDER TO, IN PART, FUND PROJECTS –
IN THIS SAME MEETING THEY DISCUSSED IRAQ'S CREDIT RATING...ALL GOOD ON THIS FRONT.
The loss of autonomy means that Central Bank monetary policies in line with government policy, but government policies may not match the Central Bank law. In other words, does it focus on fighting inflation and not give the necessary importance to the objective of economic stability.
IF THE CBI CONTINUES TO TRY TO APPEASE THE GOVERNMENT'S MONETARY POLICIES THERE WILL BE A CONTRADICTION BETWEEN FIGHTING INFLATION VERSES KEEPING THE ECONOMY GOING –
BECAUSE IF THEY CANNOT GET IN LINE WITH ONE ANOTHER RE MONETARY POLICIES IT'S GOING TO ADVERSELY EFFECT THEIR MARKETS,
THEIR PURCHASING POWER AND THE CITIZENS HAVE CERTAINLY HAD ENOUGH ISSUES –
WE DO NOT WANT INFLATION OR THE MARKETPLACE TO LOSE INFLUX OF CAPITAL BECAUSE THE CBI AND GOI CANNOT GET ON THE SAME PAGE..THEY HAVE TO GET THIS WORKED OUT.
The imposition of a financial nature policy the Central Bank must be the subject of coordination and study of the governmental and parliamentary authorities. The Central Bank has weakened from the Government, often Governments have tried to impose their policies on the Central Bank,
including the former Prime Minister tried to borrow money from the Central Bank which Bank rejected because the law prevents it, and ended up with an attack on the Central Bank and arrest of many of its best staff.
Override of independence is on the overrun on Central Bank reserves. Some echoed that might be justified because currency trading exceeds the reserve on banks and a half times.
These justifications for the Government to gradually dominate the resources of the Central Bank.
The economy-such as the Iraqi economy-open significantly abroad requires considerable resources to compensate for the consequences of any crisis, and if borrowing from the Central Bank when the funds will be included? What is Bank owned by the Government to recover the money?.
That bubble and a strong dollar is the result of Government policy and the House must be to remove these constraints on the foreign exchange market where must give more importance to financial policy, monetary policy determines the exchange rate and help manage money and its functions.
HE IS SAYING THAT THE GOVT'S MONETARY POLICIES - WITH ONE BEING THE 75M AUCTION CAP –
IS PREVENTING THE CBI FROM DOING THEIR JOB THIS CONTRADICTION IN MONETARY POLICY IS CAUSING THE CONTINUED FREE FALL OF THE VALUE OF THE IQD AND THE HIGH COST TO BUY DOLLARS. THE PEOPLE NEED REAL BUYING POWER.
Central Bank lends the Government but help the whole economy through price stability and credit regulation and supervision of the banking and financial sector and regulation of payments and maintain the country's reserves.
Either speak much repeated by the Government and the Finance Committee in the Chamber of Deputies on "foreign currency auction, this auction is monetary policy under which pulls the TD from the market and purchase foreign currency and here ends the topic for the Central Bank,
before we process cash discharge directly. And if there is import of "auction" parliamentarians asking for reasons that in the customs or the Department of Commerce, the import process does not fall within the process.
The Central Bank must offset each dollar demand and this is the basic price stability so that the request had not been full by the Bank will go and create another market and other prices, contrary to Central Bank law and creates economic instability.
BOTTOM LINE - IF THE CBI, GOI DO NOT GET ON THE SAME PAGE WITH THE MONETARY POLICY - WHAT THE COST OF A DOLLAR IS, PEOPLE WILL NOT BE ABLE TO AFFORD THE FEES FOR TARIFFS –
AND IMPLEMENTING THE TARIFFS WILL NOT BE SUPPORTED BY THE CURRENT VALUE OF THE IQD BECAUSE THE COST FOR THE DOLLAR WILL BE TOO GREAT AND NO ONE WILL HAVE ENOUGH PURCHASING POWER TO PAY THE TARIFFS.
The Finance Committee has chosen an end up for sale foreign currency ($ 75 million), contributing to instability and create multiple exchange rates given that real demand was higher.
In any case, this request does not ask about Central Bank but you ask for all sectors of the economy, why not go the Finance Committee in Parliament and which exercise legislative and oversight question to sectors of the economy are controlled by the private sector,
especially since she is supposed to meet every corner of the economy. No doubt that there are irregularities, which requires follow-up with commercial banks, but we stress that the Central Bank is to drain cash, either by imports, is outside the scope of the work of the Central Bank.
On the other hand that money go abroad that the State did not provide opportunities at home to invest. Also, a section of which is a kind of external saving (the concept within the national accounts of a country) will return to Iraq in appropriate circumstances which must be provided by the State. As regards extrabudgetary funds be sure sources and legitimacy of banks and laundering services which must be strengthened, it may be the majority of sources derived from money laundering or that the subject is simply a large operations to exit capital.
We must not forget that Iraq is within range States in transition from totalitarian regimes to democratically open systems believes in a free economy. This group of States is undergoing many changes which open economy (such as the former Soviet Union), but many of them marked with movement of capital abroad. In the case of Iraq encourage this transition also because conditions of violence and instability in the country. This may explain the large amounts being transferred overseas. they go to spare in abroad, we hinder the flight of capital, not smuggling. The situation in Iraq at present encourages capital flight, and if we allow capital to move the dollar exchange rate in the market will increase significantly hampering economic decision-making.
Iraq so far has not become a safer place brings currency and we need significant national efforts to ensure stability and attract currency.
* Former Central Bank Governor
Local markets are experiencing a steady increase in daily exchange rate of the dollar to dinar, an effect on movement and reflected negatively on citizens, particularly low-income.
RESTATING WHAT WE KNOW - THE CBI CANNOT BRING IN LINE THE COST TO BUY THE IQD; 1) VS THE STREET SELL RATE AND 2) MAKING IT AFFORDABLE FOR IRAQI'S.
Finance Committee: question marks on Central Bank actions to halt the deterioration of the dinar
It says Finance Committee member, majda Al-Tamimi, told the (term), "high dollar exchange rate dinar, due to reduced sales of the Central Bank, as well as the increasing demand by citizens and the latest procedures for customs and tax deductions of the traders, loaded with" Central Bank of Iraq first and last responsibility to preserve the value of the dinar against the dollar not degradation ".
TAMIMI IS QUOTED AND THE GIST IS THAT SHE'S COMPLAINING THAT THE CBI HAS THE RESPONSIBILITY TO BRING IN LINE THE COST OF BUYING DOLLARS WITH IQD
AND IS ELUDING THAT THE CBI HAS FAILED AT DOING THIS; AND THAT IN ADDITION, THEY'RE ALSO NOW CHARGING A TAX ON TRANSACTIONS TO HANDLE THIS - SO WHAT DO WE HAVE
WE HAVE THE COST TO BUY DOLLARS WITH IQD, TOO EXPENSIVE FOR THE PEOPLE AND THEY'RE CHARGING A TAX TO HANDLE THIS TRANSACTION
[b]Tamimi, adds that "the CBI has taken, inter alia, to address the declining value of the dinar, but results did not appear on the surface to date indicates many question marks", stating that "the issuance of Central Bank paper currencies of major categories as a percent or 1,000 dinars, could lead to a lower dollar exchange rate dinar, due to portability, storage and circulation, in the framework of actions for the recovery of the domestic market."[/b]
[b]Commission on the economy: the dollar crisis would not be resolved only by amending the law on the Central Bank[/b]
[b]Says Committee member Nora parliamentary economy and currency albegari, told the (range), that "the dollar crisis would not be resolved until after the CBI Amendment Act No. 94 of 2004 with the current" phase, usually that is a big part of the market crisis, especially with the rise of the dollar to dinar, as well as the size of liquidity ".[/b]
[b]Albegari explains that "the Commission on economy and currency support in cooperation with the Finance Committee, to amend the Central Bank law", noting that "the draft new law on the Central Bank currently in the State Council, for examination by the consent of the Government and Parliament."[/b]
[b]Albegari, asserts that "the adoption of the amendment to the Central Bank would act independently of the Government", saying that "the problems began piling up as a result of a law contrary to many economic and financial phenomena created in Iraq."[/b]
THE ABOVE THREE PARAGRAPHS ARE SAYING THAT THE GOI IS GOING TO WRITE CBI BANKING LAW FOR THEM....
REMEMBER THAT THE CBI HAS THEIR OWN BANKING LAW AND THE GOI HAS THEIR BANKING LAW..THEY'RE GOING TO TAKE OVER THE ENTIRETY OF THIS LEGISLATION
[b]Central Bank: foreign exchange companies and speculators were responsible for the high dollar exchange rate[/b]
[b]The Central Bank attributed the rise in the dollar exchange rate dinar, the speculators in the market, denying that the reason behind the lack of Exchange companies shares and financial and banking transfer of hard currency.[/b]
[b]Says a source at the Central Bank, told the (extent), the World Bank increased its outlets to sell the dollar and reducing red tape for the purchase by the banking and money transfer companies and banks, the currency "auctions, blaming" Exchange companies and speculators responsible for higher dollar exchange rate. " [/b]
[b]He denied the source, who asked not to be named, said that "the procedures adopted by the Bank, to subtract eight percent as tax insurance and customs are the main reason behind the rise of the dollar," the Central Bank form the operations room to take deterrent measures right exchange companies contrary to instructions, as well as collaboration with stakeholders to fend off speculators from manipulating the dinar exchange rate.[/b]
[b]Bankers: abuse of Central Bank because of the high dollar[/b]
[b]On a related level download bankers arbitrary actions of Central Bank responsible for the rise of the dollar.[/b]
[b]And the Exchange Company in Shorja commercial district, central Baghdad, Abu Nizar, a (range), that "the arbitrary actions of the Central Bank caused the dollar's exchange rate dinar", stating that "the Central Bank reduced dollar quotas Exchange companies and banks, the imposition of fees as taxes and customs on goods entering, as insurance for the dollar amid escalating demand.[/b]
[b]Indrajit indicates that "Iraq from the country's biggest importers of goods to require merchants to the dollar to cover their goods" returned to "current procedures do not allow merchants to easily get a dollar, what compelled to buy it on the black market at any price and thus lead to rise."[/b]
[b]Mentioned that the dollar has seen a steady rise in domestic markets from about 1,200 dinars per dollar in early 2015 to 1,400 dinars now.[/b]
REMEMBER YESTERDAY THE BUY RATE FOR THE DOLLAR WAS 1335 IQD FOR 1 USD AND NOW OBVIOUSLY ITS AT 1400
THEY'RE SAYING BASICALLY THAT IRAQI'S ARE FORCED TO USE THE DOLLAR FOR TRANSACTIONS AND TO PAY A TAX IN THE BANKS TO BUY DOLLARS W IQD –
AND SO BECAUSE THEY NEED THE DOLLAR SO BADLY - THEY'RE FORCED TO PAY A HIGHER SPREAD BUT WILL CHOOSE TO GO TO A STREET SELLER TO GET DOLLARS –
THEY DON'T WANT TO BE FORCED TO GO TO THE BANK TO PAY AN AMOUNT TO BUY DOLLARS AND TAXES, WHEN THE STREET VENDORS ARE NOT FAR OUT OF LINE WITH WHAT THE CBI IS SELLING DOLLARS FOR (ALMOST ON PAR) –
WHY SHOULD THEY GO TO THE BANK WHEN IT'S MORE CONVENIENT AND WITHIN LINE VS THE CBI SELL RATE TO BUY DOLLARS?
THEY'RE ALSO SAYING WHEN THE TARIFFS GO INTO EFFECT HOW ARE THE EVERY DAY IRAQI'S GOING TO BE ABLE TO BUY GOODS, PAY TAXES ON THE GOODS AND PAY TAXES ON TRANSACTIONS, IN THE BANKS, TO BUY DOLLARS?
TON OF PRESSURE FOR MONETARY REFORM AND THEY'RE ALSO CALLING OUT (AGAIN) THE CBI PROCEDURES -
THIS COMING ON THE HEELS OF THE HEAD OF THE FINANCE COMMITTEE, CHALABI, STATING, EFFECTIVELY THAT HE THINKS KEYWORDS IS NOT UP TO THE TASK.
THE GOVERNMENT PUT OUT A PRESS RELEASE TODAY - TO SAY THAT THEY'RE GOING TO LEGISLATE LAWS FOR BANKING AND FOR THE CBI....THIS IS A VERY BOLD STATEMENT –
THEY MEAN BUSINESS - THEY WANT CONTROL OVER THE CBI - THIS IS A CLEAR WARNING TO THE CBI TO GET THEIR ACT TOGETHER.
WE ALSO HAVE THE INVESTIGATIONS INTO THE FALL OF MOSUL HAPPENING - AS WELL AS ARRESTS PERTAINING TO SPYKER. IT SEEMS THEY'RE PREPARING A REPORT (SUPPOSEDLY, ACCDNG TO ARTICLES) TO OFFICIALLY CHARGE MALIKI RE THE FALL OF MOSUL.
A SIDE NOTE HERE - THE PARLIAMENT APPROVED A LAW IN COORDINATION WITH THE UN TO CONFISCATION PROPERTY, ILLEGALLY OBTAINED AND HELD BY MEMBERS OF GOVERNMENT...
ALSO SALEH COMING OUT AND SAYING THAT THE 50/100 K NOTES ARE GOING TO HAVE 2/10 OF A CENT VALUE ASCRIBED TO THEM VS MOHSEN SAY LATE LAST YEAR THAT THE AMOUNT OF CBI RESERVES CAN SUPPORT THE CURRENCY 1.5 TIMES...
ONE SAYS AMOUNT SUPPORTED CAN BE DOUBLED, BUT THIS CONTRADICTS WHAT KEYWORDS/MOHSEN IS SAYING...THEN KEYWORDS COMES OUT THIS PAST WEEK AND STATES THAT THE RESERVES ARE 65 BILLION VERY FISHY IMO.
ALSO - THE IRAQ COMMERCE COMMITTEE MET WITH A TRADE DELEGATION FROM THE ARAB TRADE COMMISSION - TO DISCUSS ACTIVATING TRADE REGULATIONS FOR IRAQ TO TRADE WITHIN THE MIDDLE EAST..
THIS IS HUGS NEWS..BECAUSE WE ALSO KNOW THAT THE UN HAS BEEN WORKING WITH THE "SIGOB" DIVISION OF THE UN TO IMPLEMENT DIGITAL COMMUNICATIONS FOR THE GOVERNMENT, AND THEIR RESPECTIVE DEPT.'S AS WELL AS FOR FINANCIAL TRANSACTIONS.
AND..SHABS (SUPPOSEDLY HAVING RELEASED HIS THOUGHTS AND AIMS RE CBI POLICY - VIA THE PRESS) - NOW COMING OUT?...IT SEEMS THAT HE MAY HAVE WELL BEEN OVER SEEING CBI POLICY FOR A WHILE NOW...BIG NEWS.
MANY OF THE LAWS THEY'VE PASSED IN PARLIAMENT ARE FOR WTO REQUIREMENTS - ESP THE OVER TURNING OF COALITION PROVISIONAL AUTHORITY LAWS AND THE BREMER EDICTS,
SO THEY CAN TAKE CONTROL OF THEIR ECONOMY -WE'RE SEEING SO MUCH FORWARD MOVEMENT FOR THE FIRST TIME IN REGARDS TO A POTENTIAL CHANGE IN THE VALUE OF THE IQD –
SO WE HAVE MANY SITUATIONS FUNNELING TOGETHER TO CREATE ONE HUGE DYNAMIC - IRAQ IS TRYING TO LAUNCH THE PUBLIC SECTOR - IRAQ IS TRYING TO GET IT TOGETHER!
PLEASE CLICK HERE TO SEE THE SALEH "2/10 OF A CENT" REFERENCE I REFERRED TO LAST NIGHT. I WAS ALSO BASING MY STATEMENT ON THE TITLE OF THE VIDEO - INTERESTING THREAD.
Keywords: central bank reserves of the best reserves in the world and covers the currency and a half times
Agency eighth day
January 18, 2015, 15:56
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BAGHDAD - ((eighth day))
The Central Bank of Iraq, Sunday, that the bank reserves is one of the best reserves in the world, and while he noted covers currency and a half times, said the financial crisis that has plagued Iraq is resolved in the structuring of the economy and diversify sources.
The governor of the bank on the Keywords in an interview for a number of media, including "," The Bank retains the highest rates of good reserves of hard currency in the world compared to the money supply. "
He pointed out that "these reserves are still the currency bloc cover and a half times."
He added that the relationship "reserves are changing on a daily basis depending on oil exports as the dollar comes from these exports, in addition to the coverage of imports which are variable elements."
Noting that "what Iraq faces today from a financial crisis resolved through utensils solutions for internal and external such as loans,
while the long-term solutions through a review of the restructuring of the economy through the budget preparation and rationalize spending and diversification of income sources and attract foreign capital."
"The financial institutions that can support can not plug in the budget that are at high levels." [b][b][b][b]http://8th-day.com/?p=92582[/b][/b][/b][/b]
http://wealthwatch.world/showthread.php?tid=221&highlight=government+activities MORE GOVERNMENT ACTIVITIES
http://wealthwatch.world/showthread.php?tid=102&highlight=protect+investors PROTECTING INVESTMENTS
http://wealthwatch.world/showthread.php?tid=253&highlight=tariffs+need+to+activate+a+range+of+measures+to+make+it+a+success TARIFF INFO
http://wealthwatch.world/showthread.php?tid=128&highlight=exit+foreign+currency+operations EXIT FOREIGN CURRENCY OPERATIONS
http://wealthwatch.world/showthread.php?tid=56&highlight=Arab+economic+action ARAB TRADE INFO
http://wealthwatch.world/showthread.php?tid=2&highlight=UPDATE+JUNE+4 GREAT GOVT NEWS AND WTO INFO
http://wealthwatch.world/showthread.php?tid=128&highlight=sigob WELCOME IRAQ TO THE DIGITAL AGE
http://wealthwatch.world/showthread.php?tid=164 KEYWORDS CALLED TO MANAGE EFFICIENTLY
Content originally from http://wealthwatch.world