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 "Dropping the Fee" - Tues. PM KTFA Thoughts/News 1/15/19 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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"Dropping the Fee" - Tues. PM KTFA Thoughts/News 1/15/19

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 "Dropping the Fee" - Tues. PM KTFA Thoughts/News 1/15/19 Empty "Dropping the Fee" - Tues. PM KTFA Thoughts/News 1/15/19

Post by Ssmith on Wed Jan 16, 2019 10:00 am

KTFA

Samson » January 15th, 2018

The Central Bank cancels a 2% commission payment for the $20 category and less


15th January, 2019

The Central Bank announced on Tuesday that it has canceled a 2% commission for the $20 category and less

"For regulatory purposes, it is decided to cancel the work of paying 20% ​​commission for the $20 or less category on the foreign deposits of the banks with the central bank," the bank said in a statement received by the Economist News

The bank added that "the decision will be implemented as of 20 of this January LINK

MilitiaMan » January 15th, 2018

Well well.. Now why in the world would they cancel 2% commission on relatively small category notes of foreign currency? They were probably charging the fee as they wanted to avoid the small frivolous transactions and time consumed in doing so. Now think about it. They are dropping the fee. The CBI is doing this for a reason and I suspect it is for a very good reason. As in they are going to have similar small notes that have more value therefore, they will have to exchange similar notes on a daily basis.. So imo, this is huge.. Unless I missed something here.. lol ~imo~ MM

Samson » January 15th, 2018

Presidency of the House of Representatives stops the vacations and delegations to the adoption of the budget until 2019


2019/1/15 16:19

The parliamentary chamber in the House of Representatives on Tuesday to direct the presidency of the Council to stop all leave and allowances until the adoption of the budget of 2019.

A statement by the Information Department of the House of Representatives received the agency {Euphrates News} a copy of it today that according to the letter of the parliamentary department directed to the deputies, the Presidency of the House of Representatives directed to stop all vacations and depositions and the work of all meetings of subcommittees and fact-finding committees until the completion of the draft federal budget law of the Republic of Iraq For fiscal year 2019". LINK

Abdul Mahdi goes to Beirut to participate in the Arab Economic Summit

15th January, 2019

Prime Minister Adel Abdul Mahdi left Baghdad on Tuesday for Beirut to participate in the Arab Economic Summit.

A government source confirmed that Abdul Mahdi will represent Iraq at the summit held from the 18th to the 20th of this month. LINK

Labor announces more than 1 million people in Iraq living below the poverty line

15th January, 2019

The Ministry of Labor and Social Affairs announced on Tuesday the registration of more than one million people in Iraq living below the poverty line, noting that it has completed the coverage of about 40 thousand people and will be covered the remaining number after the allocation of funds by the Ministry of Finance and in the form of meals.

"More than one million people in Iraq are living below the poverty line," Undersecretary Faleh al-Amiri said in a statement. "The new coverage is subject to the allocation of funds to the Ministry of Labor and Social Affairs in the budget of 2019."

Al-Amiri added that "a delegation from the Ministry of Labor and Social Affairs recently met with the Parliamentary Finance Committee and demanded the increase of financial allocations to the ministry, expressing the hope to add a new amount to the budget at the second reading." LINK

Al-Hayes: 80% of the funds allocated to Anbar were stolen by politicians and elders

14th January, 2019

Anbar Council Chairman Hamid al-Hayes said on Monday that 80% of the money allocated to Anbar after 2003 was stolen by politicians and some tribal sheikhs. "The period between 2003 and the fall of Anbar, however, the gangs of criminal gangs have been the province of the disaster of a large and did not witness any reconstruction."

He added that "more than 80% of the money that was allocated to Anbar during that period was robbed," noting that "Anbar was ravaged by politicians and parties that took control of the province and some tribal sheikhs and others."

He said that "Anbar is witnessing a large and large reconstruction campaign after liberation, amid the insistence of the parents to prevent any of those involved in approaching the age campaign". LINK

Integrity arrests officers involved in bribery in Diwaniyah

15th January, 2019

Investigations Department of the Integrity Commission revealed that its staff, after tracking and investigating, managed to catch two officials accused of bribery in the province of Diwaniyah.

A statement of integrity received by the agency {Euphrates News} a copy of it, "The Department in its talk about details of the control, which was made under a judicial note, confirmed the seizure of the director of the branch of Rafidain Bank - the right side, wearing the crime of bribery, while at the same time managed to control Director of the Diwaniya Educational Hospital, who was present at the crime scene."

He pointed out that "the staff of the investigation office of the body in the province seized the first accused {bank branch manager} was caught after the amount of bribery in his pocket,"while the investigation led to the Office of the involvement of the second accused (director of hospital accounts) to participate in the crime, The amount of bribes from one of the contractors in return for the payment of dues belonging to him.

The statement added that "the accused persons were accompanied to the investigating magistrate, who decided to arrest them pending investigation and renew the period of their detention." LINK

JJonesmx » January 15th, 2018

I think you will find this short 8 min video helpful to many @ KTFA on the very important subject of central Bank currency reserves.... (with minimal confusion Imo)
Blessings to all*JJ*

Foreign Exchange Reserves and How They Work

How Foreign Exchange Reserves Affect You


BY KIMBERLY AMADEO

Updated January 07, 2019

Foreign exchange reserves are the foreign currencies held by a country's central bank. They are also called foreign currency reserves or foreign reserves. There are seven reasons why banks hold reserves. The most important reason is to manage their currencies' values.

How Foreign Exchange Reserves Work

The country's exporters deposit foreign currency into their local banks. They transfer the currency to the central bank.

Exporters are paid by their trading partners in U.S. dollars, euros, or other currencies. The exporters exchange them for the local currency. They use it to pay their workers and local suppliers.

The banks prefer to use the cash to buy sovereign debt because it pays a small interest rate. The most popular are Treasury bills. That's because most foreign trade is done in the U.S. dollar. That's because of its status as the world's global currency.

Banks are increasing their holdings of euro-denominated assets, such as high-quality corporate bonds. That continued despite the eurozone crisis. They'll also hold gold and special drawing rights. A third asset is any reserve balances they've deposited with the International Monetary Fund.

Purpose

There are seven ways central banks use foreign exchange reserves.

First, countries use their foreign exchange reserves to keep the value of their currencies at a fixed rate.

A good example is China, which pegs the value of its currency, the yuan, to the dollar. When China stockpiles dollars, it raises the dollar value compared to that of the yuan. That makes Chinese exports cheaper than American-made goods, increasing sales.

Second, those with a floating exchange rate system use reserves to keep the value of their currency lower than the dollar.

They do this for the same reasons as those with fixed-rate systems. Even though Japan's currency, the yen, is a floating system, the Central Bank of Japan buys U.S. Treasuries to keep its value lower than the dollar. Like China, this keeps Japan's exports relatively cheaper, boosting trade and economic growth. Such currency trading takes place in the foreign exchange market.

A third and critical function is to maintain liquidity in case of an economic crisis. For example, a flood or volcano might temporarily suspend local exporters' ability to produce goods. That cuts off their supply of foreign currency to pay for imports. In that case, the central bank can exchange its foreign currency for their local currency, allowing them to pay for and receive the imports.

Similarly, foreign investors will get spooked if a country has a war, military coup, or other blow to confidence. They withdraw their deposits from the country's banks, creating a severe shortage in foreign currency. This pushes down the value of the local currency since fewer people want it. That makes imports more expensive, creating inflation.

The central bank supplies foreign currency to keep markets steady. It also buys the local currency to support its value and prevent inflation.

This reassures foreign investors, who return to the economy.

A fourth reason is to provide confidence. The central bank assures foreign investors that it's ready to take action to protect their investments. It will also prevent a sudden flight to safety and loss of capital for the country. In that way, a strong position in foreign currency reserves can prevent economic crises caused when an event triggers a flight to safety.

Fifth, reserves are always needed to make sure a country will meet its external obligations. These include international payment obligations, including sovereign and commercial debts. They also include financing of imports and the ability to absorb any unexpected capital movements.

Sixth, some countries use their reserves to fund sectors, such as infrastructure. China, for instance, has used part of its forex reserves for recapitalizing some of its state-owned banks.

Seventh, most central banks want to boost returns without compromising safety. They know the best way to do that is to diversify their portfolios. That's why they'll often hold gold and other safe, interest-bearing investments.

Guidelines

How much are enough reserves? At a minimum, countries have enough to pay for three to six months of imports. That prevents food shortages, for example.

Another guideline is to have enough to cover the country's debt payments and current account deficits for the next 12 months. In 2015, Greece was not able to do this. It then used its reserves with the IMF to make a debt payment to the European Central Bank. The huge sovereign debt the Greek government incurred led to the Greek debt crisis.
By Country

The countries with the largest trade surpluses are the ones with the greatest foreign reserves. That's because they wind up stockpiling dollars because they export more than they import. They receive dollars in payment.

Here are the countries with reserves of more than $100 billion as of December 2017:
List in link below

https://www.thebalance.com/foreign-exchange-reserves-3306258
Ssmith
Ssmith
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