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Kaperoni: The CBI has no choice. Changes must come soon.
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Kaperoni: The CBI has no choice. Changes must come soon.
Kaperoni
Article: "National Coalition calls for reforms in the Central Bank " Quote: "He stressed that the so-called auction currency is "non-existent in countries that rely economy" Allawi is right, that these auctions don't exist in countries with a market economy.
That is because these other countries are not stuck in Article XIV trying to prove to the IMF they are ready for Article VIII.
That is why Article XIV is called "transitional" as they are suppose to be working diligently on any and all restrictions that may exist so they can move to Article VIII.
Allawi indirectly is trying to push the banking system forward with his comments asking for the auctions to end.
The CBI has no choice , either get in compliance and succeed in opening the banking system or status quo which is depleting the reserves and keeping investors from coming Iraq.
Changes must come soon.
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Article: "Central bank: Print category 100 000 dinars , and we are waiting for official approval lowered into the market" the CBI has stated on at least a few occasions the intent of the 50k and 100k.
We may not agree with it, but I don't think we should argue with that explanation...the purpose is to create demand for the dinar and raise nearly 40 trillion dinars.
The 50k note which has been out for 6 months or more has not increased the money supply...compared to this time last year. In other words, the CBI is doing what it said they would be doing (2-25k=1-50k). ...I do not think this is bad news at all.
In fact, this decision was made over a year ago and stated it was a step towards currency reform.
So, in fact, if it is a step, we are progressing towards our goal. Don't lose site that currency reform means raising the value and removing the larger notes.
This is a must for what Iraq needs to do moving forward.
08.23.2016
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Article: "Central bank: Print category 100 000 dinars , and we are waiting for official approval lowered into the market"
Well, a 100,000 dinar note is going in the wrong direction in regards to opening the banking system for international commerce, freedom of movement of capital, achieving IMF Article VIII etc. and perpetuate a market economy.
I believe this was discussed at the time of the release of the 50k and the CBI stated their was no need for the 100k.
That being said, if the notes are issued and are meant to reduce the physical notes (4-25k for 1-100k), then it may help draw the dinar out from under the mattresses.
This all seems a bit late, since time is not on their side for such a plan anymore.
They need to open the banking system, reform the currency and value, and invite international investment and investors to Iraq now.
Such a move IMO is risky and unnecessary at this time and would cause further delays.
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Article quote: "...the US panel competent to combat financial intelligence department personnel discovered 300 banking company and money transfer and 6 suspicious Iraqi banks operate offense laundering financial aid, noting that the committee has reached Baghdad..." IMO, time is of the essence to activate the banking system. That being said, this committee is there to clean up the mess so reforms can proceed.
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RamblerNash- GURU HUNTER
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Join date : 2015-02-19
Re: Kaperoni: The CBI has no choice. Changes must come soon.
of course there will be delays since the ptb are the ones controlling this and till they are ready nothing will happen . the gurus are fos. example some say mosul is done others show fighting other show final planning for attack . on tv they say end of year. no one really knows what there plans are if and when it happens. so inconclusion do not quit your day job
Jayzze- VIP Member
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Re: Kaperoni: The CBI has no choice. Changes must come soon.
More bad flour from the 'dough boy'-
Terbo56- VIP Member
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Re: Kaperoni: The CBI has no choice. Changes must come soon.
The pressure on the dinar is downward pressure. If they end the auctions you will see the dinar devalued further and further.
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Busting Gurus Since 2011
Re: Kaperoni: The CBI has no choice. Changes must come soon.
National Coalition calls for reforms in the Central Bank
22-08-2016
He national coalition led by Iyad Allawi expressed concern about the central bank's determination to continue its policy of currency auctions and management of the dollar exchange rate in the market.
The coalition said in a statement news agency received a copy of 'in spite of experts' reports on the need to reform this policy, which refers to the mismanagement that lead to leakage of Iraq's financial balance across the mafias money that deplete the reserves of foreign currencies laundering, and in the critical economic and financial conditions seriously.
The statement added that the so-called (currency auction) is the practice does not exist in the countries that adopt a market economy, and proved experimentally they lead to waste of money without supervision.
Kmaachar to the dollar in the domestic market prices are muggers Management window and the corrupt who make their living on the difference between the official exchange rate with the parallel markets.
He called the coalition Aloutnahon affects reform passed by the House of Representatives of the Central Bank and an end to partisan administration acting in accordance with the quota system, which came personalities incompetent and unprofessional.
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.ikhnews.com%2Findex.php%3Fpage%3Darticle%26id%3D146554&edit-text=
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Muskie- VIP Member
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