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 Kaparoni - "Everyone Loves Confirmation" - Dinar Alert News Discussion 3/24/18

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PostSubject: Kaparoni - "Everyone Loves Confirmation" - Dinar Alert News Discussion 3/24/18   Mon Mar 26, 2018 8:24 am

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Kaperoni: Flyer instruments" flying $ 40 billion of cash reserves .. Iraqi way of wasting public money


2018/3/24 03:12:03 PM Iraqi economy rentier economies depend on natural resources due to the overall oil for adoption as it is affected directly and significantly affect global oil prices, in the case of high oil prices, the Iraqi economy is recovering and otherwise lead to significant economic problems.

Because of the low oil prices to unprecedented levels three years ago, the government resorted to the application of the policy of austerity, as the Iraqi economy has suffered from the burden of war on the organization Daesh, and maintained the strength of oil production on the growth rate, but the non-oil economy has seen a sharp contraction.

​Still 10% of Iraqis suffer displacement and displacement due to the continuing unrest. And it supports the reform efforts undertaken by the Government a large international financing package.

The rampant corruption in most state departments and independent bodies large facing the Iraqi economy challenges, including the hard currency auction at the Central Bank of Iraq, which caused the waste of public money and dwindling cash reserves and dramatically as it still uses a system of "flying instruments", which is in agreement among some staff the central bank and private banks to obtain instruments in order to enter the foreign currency auction, according to experts and specialists.

And "pilot instrument" is an Iraqi expression of pure new treatment banking and properly and universally recognized, Valsk pilot language banks called (instrument certified) in Iraq (or bank check) in the Arab countries or the ( Bank to Draft ) at the global level.

The dollar witnessed the exchange rate of the dinar against a significant decline recently due to increased selling hard currency at the central bank auction rate as sales exceeded $ 250 million per day after it was more than $ 130 million in the past years.

Former Minister of Communications Mohammed Tawfiq Allawi said that "the pilot instruments is an agreement gets between people and employees in private banks to issue instruments free of bank balance the person buying hard currency from the central bank and sell them on the second day or within 4 days or 5 in the market, and when sold It will bring big profits.

Allawi said in an interview televised that "the financial benefits are too large repaid the amount of the instrument to the bank and then the sharing of benefits between the bank manager and the person and employees."

He noted that he presented two proposals to the central bank to curb corruption are open for the adoption of a special importer or trader who imports his goods to sell in exchange for hard currency or direct payment through the bank to the issuer. "

As an expert in the Financial and Economic Affairs Abdul Hassan Shammari has Cdan "instruments System Flyer is an agreement being among some staff and private banks to obtain instruments in order to grab public money by entering the auction currency and payment will be in two days or more to earn profits illegal."

Al-Shammari said for (and News) that "the currency auction is the cause of the president of corruption in the state, as it aims at the depth of the Iraqi economy and monetary reserves, which seemed to decrease in recent years, reaching $ 36 billion after it was about 76 three years ago, which means that this auction causing the waste of about $ 40 billion over three years only. "

"The problem of the Iraqi economy lies in issuing decisions is emotional well thought out and that affected the Iraqi economy and dramatically."

For his part, stressed the Finance Committee member Ahmed Haji Rashid said, "the pilot instruments system is in place in most countries of the world's global system, but according to the guidelines and conditions," adding that "the Central Bank of the work of this system in 2008 before and after this year, enter a new system called the system (RPG S) is supposed to be dispensed with the pilot system instruments. "

Rashid said for (and News) that "the work of volatile instruments system is a violation of the law as it affects the monetary reserves of hard currency and lead to a decreasing as the volume of reserves to about $ 46 billion," noting that "the central bank has a policy to sell the dollar as the market needs mechanism".

The fellow committee MP Masood Haider, has pointed out that "there are some people, they are in collusion with some banks have deposited their instruments among these banks, which does not have any balance in order to participate in the auction currency, to buy the dollar and sell it within a few hours, taking advantage of the price difference between the Bank central market in order to profit millions of dollars, "noting that" after the central bank within 48 hours, notify the bank to transfer the amount of the instrument to that person before this period rerun without being detected as if the legal process. "

He added that "the issue of volatile instruments only in Iraq, because the banking system is the old," pointing out that "there are officials in the government and private banks with accomplices of these people to get a quick and illegal profit through currency auction."

​He noted that "a lot of people have benefited from the gap in the banking system in Iraq, and they won millions and become wealthy," he said.

"These people themselves participate auctions and profits, and therefore, what they get from the money is haram," stressing that the "parliament to tighten censorship the largest bank on the auction and the central bank and fill the door to corrupt banks, "pointing out that" the central bank was able to fill this gap two years ago. "

To the detection of an economist, for information that the size of the hard currency transfers out of Iraq amounting to about $ 10 million a day, noting that most of them go to the owners of scholarships or immigrants.

The economist said Abdul Rahman al-Mashhadani, in a press statement, that "Iraq has wasted a big chunk of hard currency through remittances to immigrants or scholarships."

He added that "monitoring currency auction operations show that almost constant sales, more than $ 150 million a day, in return purchases at the auction zero or simple sums."

He said that "90% of auction sales remittances bank to finance imports by the private sector, and the remaining 10% are to banking companies," noting that "15 million dollars a day go direct sales of these individuals is mostly funded by foreign tourism, medical treatment and tourism expenses".

Mashhadani said that "the other part of the money goes to finance the expenses of students on scholarships abroad or reimbursement of individuals who have emigrated or settled abroad for their property sales at home."

And that "the central bank has statistics on these transfers, it may not be real, but discloses more than half the truth," expected to "no less real transfers 10 million dollars a day outside Iraq, whether formal road or informal."

The dollar is sold in hard currency auction first in two ways through international transfers, which represents the conversion to the external accounts of the banks participating in the auction for the purpose of financing the import of the private sector, while the second includes cash sales to banks to finance multiple needs perhaps the most important travel and treatment and other sons of the people's affairs

http://oneiraqnews.com/?aa=news&id22=4513#.WraatLgSDDQ

Tobyboy: Wow what a scam going on at the Central Bank sales exceeding 250 million a day. At the rate they going will soon run out of reserve US Dollars. You telling me that Keywords not corrupt then people saying this better read this article.

This is why they loosing the reserves Keywords won't stop this corruption, wonder how much he making on this. This is reason auctions need to stop like yesterday. Come on Abadi fire his ass now & have the auctions stopped and put someone in charge who is working to rebuild the CBI not distroy it.

Mcduff82: This is the reason the auctions have not stopped ,too much corruption and the crooks are and will continue to eat the reserves , very discouraging

http://dinaralert.webs.com/apps/forums/topics/show/13474422-flyer-instruments-flying-40-billion-of-cash-reserves-iraqi-way-of-wasting-public-money

Kaperoni: Hussein Atwan Obsessed *: contraction of the dinar exchange between the official and parallel market price gap in the past and present: greater stability less sales **

by Hussein Atwan - published in 22/03/2018

It is no secret that the specialists sell foreign currency in the Iraqi central tool window of the most important instruments of monetary policy in Iraq (Open Market Operations Open Market Operation) began its work the end of the [...]

No secret to the specialists that the foreign currency sale in the Iraqi central tool window of the most important instruments of monetary policy in Iraq (Open Open Market Operations Market Operation) began its work the end of 2004 to sterilize excess liquidity dinar Sterilization and nutrition needs of the balance of financing payments in order to maintain the stability of the currency exchange rate local followed by the stability of the general price level, as follow the Iraqi central period 2004-2008 creeping peg crawling peg de facto de facto, while the follow fixed peg system hard peg de facto for the period (2009 until now), the US dollar promise installed nominally nominal Anchor CIA Cash Aceh.

​This period permeated the exchange rate gaps between the different dinar exchange in the official market and the parallel rate, and these gaps widen and shrink depending on several factors including:

Foreign currency to the size of the total demand of foreign currency sales coverage ratio (cover the supply of required).

The nature of the sales in the window (cash, money orders, letters of credit) Increasing cash sales shrinking relatively drainage gap, due to the intensity of business dealings with a neighbor Mhoudorh of the banking system.

Help sell foreign currency window and overlapping regulatory actions among closely related to the window of the sale of foreign currency working government institutions (border crossing points, the Tax Department) and the use of official documents issued by these basic requirements of the departments by the Iraqi Central in the past years to meet the purchase of the dollar from the sale of currency window requests foreign, promise proof of the commitment of banks to pay them what the tax obligations and tariffs Kmarkip.

To continue reading, please download the PDF file is easy to print. Click on the following link
Husaain Atwan-Exchange rate gap-final

http://iraqieconomists.net/ar/wp-content/uploads/sites/2/2018/03/Husaain-Atwan-Exchange-rate-gap-final.pdf

I OCR'd the document below....

Page 1 Hussein Atwan Mahous: * The exchange rate gap between the dinar narrowed

Past and Present: More Exclusivity with Less Sales **

Lynn is afraid of specialists that the window selling foreign currency in the ethnic center is one of the most important tools

Monetary Policy in Iraq (Open Market Operations) 3 & 0 (M) The work began its end in 2004 to sterilize excess liquidity 9611117360 and feed the balance of payments needs in order to maintaining the stability of the local currency exchange rate followed by stability of the general level

For the delay, follow the Central Station for the period 2004-2008 De facto employment of 38,646 (26), while the fixed linkage system was applied in practice for 1811 (2009)

To date, the US dollar has been established as a monetary policy.

Page 2

This period has been characterized by divergent exchange gaps between the dinar exchange rate the official markets and balances and these gaps are dirty and take precedence for several factors, including:

1. Foreign currency sales coverage ratio for total foreign currency demand (supply coverage).

2. The nature of sales in the window (cash receipts). The increase in cash sales reduces the exchange gap due to the intensity of commercial transactions with a neighboring country, which is composed of the banking system.

3. Instructions for the sale of foreign currency and the interference of control transactions between government institutions with close work link to foreign currency sale window (border ports, tax department)

The use of official documents issued by these constituencies is essential before the ethnic center in the past years to meet the demands of dollar borrowing from the window to sell and feed the foreign currency evidence of the obligation of banks to pay their obligations of tax and customs as customs.

Witnessed the gap between the exchange rate in both markets official and parallel since the beginning of February 2018 as a partial exchange rate in the parallel market on average during the month of February was about 1220 JD / $ while the total was window sales in the same month were $ 3.8 billion, a point that is in favor of monetary policy

Past years (which have seen financial abundance) have reached the exchange rate at the level of 1220 dinars / $ in the parallel market, larger sales in the foreign exchange window are valued at $ 4.3 billion

This was witnessed in the first five months of 2014, ie the Iraqi Central Bank was able to start early this year 88 percent of the achievement of a greater stability in the dinar exchange rate and less than the foreign currency sales in previous years.

This great success of the Central Bank of Iraq required considerable judgment that began to classify banks as entry plots the foreign currency sale window, based on seven criteria, reflects the Bank's compliance with the relevant rules

In the buying and selling of foreign currency, as well as the transparency of the classification and its periodic revision ranking heavily in making the buying and selling of the dollar on a sound basis. Thus nullifying its application

As a result of the manipulation and competition processes in the parallel market, as well as the cancellation of the role of the intermediaries they used a large chunk of the exchange gap margin: so did the work which was carried out by the Audit and Returning Department of the Central Bank's Financial Operations Department to control the sources of funds entering the window and to ensure that they reach the final beneficiary.

Page 3

All this is due to the principle of specialization in the work done by the bank Central Bank of Iraq by abandoning the obligation of banks to enter the window the tax payment document and the customs tariff from the specialization and bases of the work of the two departments (tax and ports) (Border). The ethnic centralization of commercial banks entering the window is necessary to present these documents in a dominant position in which financial and administrative corruption in many parts of the Iraqi state, may turn banks to Illegal means to obtain such documents to transfer the financial burden of these illegal means to the exchange rate in its parallel market is the exchange rate of the exchange gap between the two prices.

All these actions by the ethnic center have narrowed a fraction of the gap Exchange rate "to test the demand for foreign currency at the end of February and early March the year ended in November with demand reaching US $ 3.9 billion at the end of February 2018 compared with demand in January of the same year (approximately $ 4.2 billion), a rate close to (10%)

Page 4

The amount of this decline in demand for foreign currency can be interpreted economically as being close to the demand for foreign exchange rates and take advantage of the wind margin between official and parallel exchange rates

The demand for the exchange is directly proportional to the exchange gap (), as this demand is not feasible in view of the large decline of the gap

The current exchange rate has led small-scale traders to maintain the demand momentum in the parallel exchange market and to keep the foreign currency request for the purpose of financing Iraq's balance of payments operations.

(*) Economist at the Central Bank of Iraq

Copyright © Iraqi Economists Network. Reproduction is permitted provided that reference is made to the source. 22 2018

1 See: Ismail, Ali Mohsen, Governor of the Central Bank of Iraq (2017)

Sale of foreign currency

Kaperoni: This document seems to confirm that the Market Rate has dropped considerably. 1220 to $1 by Feb 2018. We can assume it is less than that in March from auction reports printed.

Punisher: Everyone loves confirmation! Thanks for the document Kap!

Kap, in your opinion this document coming out could be for the IMF to see the progress prior to them going to Article 8?

XXXXXX: I'm not Kap, but this is exactly the kind of document I would expect to see before they formally request to make the move to Article 8, Punisher.

Kaperoni: I already stated that I do not expect them to move to Article VIII before 90 days which June, 2018. That also seems to fit with the scheduled Article IV Consultation and release sometime in August.

XXXXXX: Well, he did just say "prior." He didn't say WHEN prior.

Punisher:
Thanks Revbo. I did not say a time frame above Kap. In my opinion this document is good to see as a precursor .


Kaperoni: One thing is for sure, this is no secret. The IMF will publish the letter from the CBI asking for Article VIII when it happens. The exact timing of the new exchange regime, float etc may not be announced.

Mcduff82:
So we would expect no investors to Iraq until they are in article 8 ,probably around August even though Abaidi,s investment minister said auctions would end before the end of first quarter


Kaperoni: Mcduff, I could be wrong and Iraq may surprise us moving sooner. I just stated my opinion which may be wrong.

Mcduff82:
Thanks Kap appreciate your thoughts


Tobyboy: I thought interesting part in page 2 of document above "The foreign currency sale window based on seven criteria, reflects the Banks compliance with the relevant rules in the buying & selling of foreign currency, as well as the transparency of the classification and its periodic revision ranking heavily in making the buying & selling of the dollar on a sound basis. Thus nullifying its application as a result of the manipulation and competition process in the parallel market "

http://dinaralert.webs.com/apps/forums/topics/show/13474295-hussein-atwan-mahous-the-exchange-rate-gap-between-the-dinar-narrowed-past-and-present-more-exclusivity-with-less-sales-
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PostSubject: Re: Kaparoni - "Everyone Loves Confirmation" - Dinar Alert News Discussion 3/24/18   Mon Mar 26, 2018 11:43 pm

Confirmation of what?

*****************
Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

       
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