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Fri Sep 13, 2019 11:53 am
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Kaperoni: Central Bank of Iraq (CBI) News > Central banks needed five hours to submit their applications to buy foreign currency
Since 02/05/2018 13:56 am (Baghdad time) Baghdad balances News
Needful Central Bank of Iraq, Monday, banks five hours to submit their applications to buy the currency.
The bank said in a statement received / scales News / copy of it, "on all licensed banks and financial companies to provide the conversion from the sale of foreign currency at 9 am window requests until 2 pm."
He added that the bank "will not be able to force the implementation of these applications if they are received before or after this time."
It should be noted that the Bank has set new conditions and instructions on the banks and broker companies to enter the currency to prevent the sale of corruption and trading in hard currency operations window.
Kw: Tightening things my lead to the spread tightening
Imagemaker: Here comes the RV at one to one
Mike: If it were only possible, the problem is Iraq has over $60 trillion dinars in M0 money supply, if they "RV'd" at 1-1 that would make Iraq's currency worth $60 trillion dollars, that's 20X what the US has in M0 money supply. Iraq's economy isn't even comprable to the US economy, it's just not possible.
Remove the shackles of a third world socialist government and allow these folks the opportunity to create and build an economy which will reflect the Balassa-Samuelson effect on the Iraqi dinar. Establishing normal business hours is a step in the right direction, but it's not the panacea for reducing the spread.
Kaperoni: There is no RV. Not to mention this article has nothing to do with implying such. This is an attempt to control the daily currency auctions and weed out corruption, but to me it is just another restriction which could have a negative effect on the spread.
The CBI has a habit of implimenting these types of controls rather than doing what it should be doing...arresting the crooks themselves.
Imagemaker: Mike, Who said anything about a dollar, stop jumping to conclusions Mike, you have your theories and I have the facts and a penny works well with their plan and Kap no offense here but the CBI kills your theories when they say NO FLOAT
Terry: Image maker, you feel ok?
Kaperoni: Imagemaker the CBI did not say no float, just no float at this time. And this makes sense since there is no momentum through the Capital Account to create inflationary pressure and appreciate the currency. I recommend you read some of these IMF articles to understand why the CBI must move from a fixed peg to a float at some point...
Punisher: ...... Kap, if I may....please show me where the words At This Time were? Because I must have missed them in all the recent articles that Allak said no float.
Imagemaker: Yes Terry I feel great,,,, and kap how do you feel about a float after a Slight RV to jump start the banking and investment
I think Allak said something like "absolutely no float"........in his last interview
Imagemaker Mike if they take it to a penny it would be like 600 billion right
Punisher: Here it is for All to read again.....tons of articles.....Ok....where are those magic words -At This Time-
Kaperoni: Monetary policy is not a simple thing to explain. I do not think the CBI is ready to float at this time. Mainly because the IMF does not want them to. They want them to stay pegged until they meet compliance with the IMF and can move to Article VIII. That being said, I do think the CBI wants to float once they move to Article VIII.
My belief is they will pick a new floating exchange rate regime that they can use to raise the value gradually to counter inflationary pressure created by the influx of investment flowing through the Capital Account of the CBI (hopefully that capital will begin to come into Iraq soon).
This is well documented in several IMF articles discussing the transition. There is also an article from a year or so ago from the CBI talking about floating....
Keep in mind, we all want this to start...but the reality is the CBI cannot float or for that matter do anything other than improve the banking environment at this time. Why? Because there is no upward pressure on the dinar. There is no investment in Iraq's private sector at this time.
Until there is investment, or compliance with the IMF, the CBI's hands are sort of tied. Only after this conditions are met can the CBI consider moving to a float, ending the auctions, and have the dinar join the worlds currencies.
Wn: Thank you Kap and Mike for your sound fact based reasoning. We all would like to be able to cash in some of our investment soon but I think altitude sickness from flying with Okie and the whales gets the better of some. Watch and wait. Do what the IMF and WB tells them to and stop the sectarianism. Bring on 2022
Chasting: At some point in the future somebody will be right in their theory lol. Bring on 2020! =)
Kaperoni: I don't know what you're all thinking but there's only a couple of options here. Monetary policy is based on exchange rate regimes and right now the exchange rate regime is a peg, but that will change to some type of float once they are in compliance with the IMF and move to article 8. There is no other options that's simply how it works.
Justwaiting: Thanks again - keep us all on the right road! Key being " once they are in compliance with the IMF and move to article 8"
Invinrv: Thans Kap We watch and wait.....
Kaperoni: This is a process rebuilding a banking system which is the decision the CBI made. Any such change in value of the dinar will be based on policy and not some arbitrary decision. And before any such policy can be taken the CBI must comply with the IMF requirements.
Mike: lol, good stuff Kap. I could say a lot more but it would just be piling on.
Whiteclaw: I personaly am not obsessing on weather it will be a float or not... at least not any more I just want it to get moving of course. For the past five years or so that I've been watching, every guru saying it's going to be a while has been an apparent genius! Thanks for all the hard work and chronic info everybody.
Kaperoni: Iraq Economic News > Two: Kuwait conference will bring significant economic benefits to Iraq
08/02/2018 0:00 Abadi praised the policy of mobilizing international support
Baghdad / Farah pumice Two experts saw that Kuwait conference for the reconstruction of Iraq will bring significant economic benefits to the country does not shorten the construction and reconstruction only, but goes beyond that as a result of the successful policy of Prime Minister Dr. Haider al-Abadi.
The economist said Raed Al Ameri "morning": that "Kuwait conference is a real starting point for the start of reviving Iraq 's economy and rebuild the country, especially as it will include all provinces without exception."
He added that "Dr. Abadi succeeded in transforming the conference from a special editor in the governorates to build a global conference for Iraqi reconstruction, as he succeeded in rallying international support for Iraq have not been seen since the end of World War II."
Amiri pointed out that " the Iraqi diplomacy has made successfully during the past three years, which yielded enable Iraq to impose conditions and not to obey the orders of states."
As he outlined that " the economic benefits of Iraq , which will be realized in addition to the construction and reconstruction, thus:"
1 - providing tens of thousands of jobs in all provinces, especially liberated them.
2 - run hundreds of laboratories and factories to provide
3. raw materials - to benefit from the international experience that will visit Iraq to revive the Iraqi economy and promote it.
4 - the arrival of hundreds that were not thousands of companies to invest in Iraq. "
The Emir of Kuwait , adviser, announced yesterday, the participation of 2300 global conference reconstruction of Iraq, adding that more than 70 countries conference reconstruction of Iraq in Kuwait for the period (12 to 14 the current month). "
For his part, counting economist Saad Al- Zaidan Kuwait conference the launch of a reconstruction mission and reconstruction.
He said Zaidan "morning": " The conference will serve as an international consortium to support Iraq after his victory over" Daesh ", and the extension of security and stability throughout all of Iraq , " expected to "witness conference brought together 30 to $ 40 billion will be invested over five Years".
He pointed out that " the conference will bring economic benefits to countless, most notably labor operation and move the labor market, in addition to re - life of hundreds of plants and factories stalled by the crisis , terrorism or financial."
It is said that Khaled Al - Jarallah , Deputy Foreign Minister of Kuwait announced at a joint press conference with the Secretary - General of the Council of Ministers , Dr. Mahdi Keywords held recently, continued his country 's support for Iraq, in the belief that the stability of Iraq from Kuwait and the stability of the region.
He stressed the neighbor of God that the conference to be held between 12 and 14 February , the current will differ from previous conferences of the developmental aspects of the humanitarian dimensions, and also across the field for the private sector to make participation in the reconstruction of Iraq.
For his part, Dr. Keywords revealed that the cost of the reconstruction of Iraq , not less than $ 100 billion, confirming Iraq is looking forward to contributions from various countries around the world.
For its part, the European Union mission in Iraq announced that the EU approved a new strategy on the support of Baghdad, including a long - term support of the reconstruction of Iraq would.
The mission said in a statement recently: " The foreign policy represented by the Union Federica Mugireny and the European Commission agreed on a new special Bstratejah Union proposals on Iraq."
Kaperoni: We have talked about this before, it is this momentum that will raise the value of the dinar. Let's hope this conference is a success.
Punisher: 2,300 companies/investors showing up and counting....
Update: The number of big money companies coming in has now climed to over 3,000 from latest reports. Wow! Someone smells $$$$$$$$$$$$$$$$$$$$$$$$$
Terry: Punisher, You are right P, it is Iraq looking for free money.
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