How to recognize the counterfeit Iraqi currency
[Ayna-Baghdad] The Central Bank of Iraq, issued a design illustration of the Iraqi currency the truth of the counterfeit.
BGG ~ Here are a few obvious points…
1) I find it a little curious all this recent “float vs. no-float” talk in the marketplace lately.
2) Dated today, the CBI decides to put a “how to spot fake currency” memo…
3) Did anyone happen to notice the last 3 notes? I had to go back to my currency and dig out these notes to figure out what they were. That is a 1k, a 500 Dinar and a 250 Dinar note.
WHY IN THE WORLD WOULD THE CBI BOTHER TELLING ANYONE HOW TO SPOT A FAKE 1K, 500 Dinar and 250 Dinar note?? The 1k is worth less than $1 right now… the 500 is about .50 and the 250 is not even worth a quarter!!
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Dinar Updates – Q & A Call – with BGG from Dec 27th – 8:00 pm Conference Call Phone # 641-715-3639 pin #932875
12/27 – Recorded Call Replay Link
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Central Bank: We aim to complete all financial transactions electronically
After the completion of the infrastructure of payment system retail
Baghdad / Hussein Thagb – The Central Bank of Iraq for the coming period to make all financial transactions through the banking system and electronic systems developed by the Central Bank in the field of payments, which contribute to make the monetary mass an active player in the process of sustainable development
Director of Payments Department in the Central Bank of Iraq, said: “The central bank’s goal for the next phase is to complete all financial operations in the country for the public and private sectors through the banking sector.” She pointed out that “these operations are not through the deployment of equipment allocated in All places or issuing special cards and are pulling money through, but the integration of electronic collaboration is when the transactions in the public and private sectors as a whole through electronic cards so that this step will be complementary to the process of localization of salaries and become financial operations are Abraljhaz banking.
Dealing in Cash
She pointed out that the introduction of the private sector owner to a large block of cash to electronic transactions requires special products dealing with their trade and their needs for cash and be more flexible than dealing with cash, and here requires the introduction in the official channels of electronic transactions away from the complexity. To make all private sector institutions within the settlement of salaries, pointing out that this requires cooperation by public institutions such as taxes and departments of the
Ministry of Commerce.
Infrastructure
“In view of the evolution of the Iraqi payment system, the launch of the salary settlement project, the remarkable progress in increasing the number of bank accounts and the completion of the retail payment infrastructure, which is one of the cornerstones of the improvement of the working environment, the aim is to attract deposits and manage remittances by banks On all levels (personal and commercial) and that all parties within the system and maintain the cycle of cash through the banking system and away from the circulation of cash “She drew Abdul Karim that”The opportunity for individuals of interest and crafts to register their entities from shops, shops, markets and workshops in the Registrar of Companies or any competent authority under the condition of the tax number and bank account are impossible if not accompanied by decisions to encourage, motivate and facilitate the formal procedures of registration to prevent manipulation and corruption at the same time Through cooperation between all parties, whether regulatory, security and municipal to be all these entities have a number / commercial record and a tax number and a bank account. ”
Electronic wallet
director of a specialized companies weigh – Tamimi said: ” The Partnership is working to provide e – wallet services through its network, and can co – pay bills, transfer money, buy electronic cards and more services,” pointing out that the deposit operations and withdrawals made through thousands of centers “The citizen can register in the electronic wallet with high speed, so that he can register in the temporary portfolio by logging into a specific application, where it is valid Live this wallet only sixty days. And can register in the wallet Aldaimip by going to the nearest authorized agent and submit the required documents and the identity of the Civil Status card housing. ”
Culture
He pointed out that the main objective of the localization of salaries is to spread the culture of dealing with the banking system, and that the salaries of employees guaranteed, because the banks dealt with by the Central Bank can be described as Almsrinp, “pointing out that” the central bank is the guarantor of salaries of employees, “He pointed out that” salaries not withdrawn by employees (savings) increase the liquidity of banks and may be used as development loans and thus become the salaries of state employees a tributary of economic growth. ”
Read More: http://www.dinarupdates.com/showthread.php?55946-Central-We-aim-to-complete-all-financial-transactions-electronically
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EU policy declares new strategy for Iraq
European Union High Representative for Foreign and Security Affairs Federica Mugherini and the European Commission on Monday approved proposals for a new EU strategy for Iraq.
The European Commission said in a statement that the proposals outline current and future long-term support from the EU to Iraq, taking into account the priorities of the Iraqi government.
“Iraq is at a crossroads in its history after the regional defeat and it is now important to work quickly and rebuild the country with the participation of all components of Iraqi society and the promotion of fundamental rights and the rule of law,” the statement quoted Mugherini as saying.
“It requires international support, and we are ready to continue to support the Iraqi people and their government in the face of these challenges,” she said.
“The European Union has been at the forefront of providing emergency assistance to the Iraqi people since the beginning of the crisis,” said European Commissioner for Humanitarian Aid and Crisis Management Christos Stilianides, who has visited Iraq several times to assess EU aid projects on the ground. Many people are still displaced by the conflict. ”
“While Iraq is taking steps towards a more stable future, the EU remains committed to being a key partner in long-term reconstruction, stabilization and sustainable development,” EU Commissioner for International Cooperation and Development Neven Mimika said.
The strategy focuses on providing sustained EU assistance to the Iraqi people and facilitating the stability of liberated areas, as three million displaced Iraqis are still unable to return to their homes.
The strategy also takes into account the long-term rehabilitation, reconstruction and reconciliation efforts that Iraq needs to pursue in order to consolidate peace and build a democratic, unified country in which all citizens can fully enjoy their rights.
The strategy also supports Iraq’s good relations with all its neighbors
Read More: http://www.dinarupdates.com/showthread.php?55948-EU-policy-declares-new-strategy-for-Iraq
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Some interesting headlines…
Kurdish opposition parties meet Abadi, first since referendum
Maliki reportedly told Kurdistan delegation: Flight ban to end ‘soon’
Iraqi parliament will consider Kurdish demands: Speaker
Masum instructs Abadi to remove constitutional ‘violations’ from budget law
Drug use, sales soar in Iraq’s Basra amid nationwide spike
Iraq faces ‘new war’ – on corruption
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Baghdad to investigate the fingers of Erbil hidden in the fields of Kirkuk
The Iraqi parliament voted yesterday to prevent the Kurdish engineering group Karr from operating Kirkuk oil fields, in a move that could aggravate the tension between Baghdad and Erbil, despite international calls to ease the crises in the region.
Lawmakers said the Kar group had refused to cooperate with the state-run Iraqi Oil Company and refused to hand over the Khormala oil field to the federal administration.
Iraqi forces regained control of the province and its oil fields last October from Kurds who say the Khormala field lies within the official borders of Iraq’s semi-autonomous Kurdistan region.
Observers point out that Carr is owned by KRG President Nejirvan Barzani, but is registered in private sector companies. The company is accused of running large-scale smuggling operations from the Kirkuk fields, whose revenues go to the accounts of Kurdish politicians.
The parliament also authorized the North Oil Company to take over production and export operations in the field. Iraq’s production and crude exports may eventually increase, but the size of the increase is unclear.
The parliament has asked the central bank to track money from Kurdish oil exports deposited in banks outside Iraq. He was also asked to submit a detailed report on the names of the banks in which the funds were deposited.
The prevention of the Kar group from operating the fields of Kirkuk in the wake of restrictions imposed by Baghdad in response to the Kurdish referendum, including the prohibition of direct international flights from the Kurdistan region and to him and the closure of border crossings.
The Kar group has operated some oil fields in Kirkuk since Kurdish forces took control of the city in mid-2014, when the Iraqi army collapsed in a confrontational confrontation.
In the first reaction to the decision, Negrvan Barzani expressed his surprise at “targeting a private sector company by the Federal Parliament.” He said yesterday that his government is ready to submit full disclosure on the Kurdistan oil exports to the federal government.
“If Baghdad requires knowledge of oil accounts of the region, to pay the salaries of employees of Kurdistan, we are ready to provide the necessary facilities.” Baghdad announced this week that it would start exporting oil from the Kirkuk fields to Iran’s Kermanshah refinery by 30,000 barrels a day before the end of the month, and then rise to 60,000.
Prime Minister Haider al-Abadi said recently that his government has discovered “a partnership between some corrupt and Kurdistan oil smugglers” and that it is working to achieve justice in the distribution of wealth. ”
Sources say “the Arabs” that “popular protests in Sulaymaniyah against the delay in salary payments forced the provincial government to seek help from Baghdad.” And expected to start Baghdad, the disbursement of the first batch of salaries of Kurdish employees in the middle of this month to employees of ministries of education and health in the region.
“We are ready to hand over the federal government lists of employees,” Barzani said.
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Float currency
The talk about the flotation of the Iraqi dinar may be too early for a set of economic, financial and political standards that prevent flotation.
As the method of floating in the management of monetary policy, necessarily need to market elements are formed in accordance with regular relations and based on real sectors contribute a large part of the gross domestic product in a legal atmosphere that establishes an economy led by a private sector free of the dependency of the state with adequate performance and flexibility of the productive apparatus.
This is not true of the current economic landscape, as well as the ability of the Iraqi economy as a “rent-dependent economy” that relies on 85 percent of the budget revenues on oil. It maintains a safe cash reserve in the central bank’s coffers through monetary exchanges between the central treasury and the central bank.
Which makes this reserve in spite of the daily auction sales of the dollar within the limits able to control the price of the dinar on the basis of the reserve equation with the amount of cash out.
Floating is a tool for managing monetary policy in a market economy. The exchange rate is left to the market mechanism determined by the forces of supply and demand in the money market. Central banks’ policies differ from the floating of their currencies according to the economic data determined by the levels of GDP, balance of payments and trade balance.
Usually depends on the so-called “floating float” policy in which the economies of the crisis, whose exports are less than their imports, to modify this price against the rest of the currencies, The most important of which is the gap between supply and demand and developments in the markets.
Parallel drainage
The developed capitalist states rely economically on the so-called “free float” method as producing countries with higher rates of exports than their import rates. Their budget revenues consist of total tax collection, service fees and customs. The exchange rate is left to change freely according to market forces, supply and demand, In this case, the intervention of central banks is limited to influencing the pace of exchange rate change, not limiting it.
However, the Iraqi economy is exceptionally prosperous and still suffers from structural imbalances. The real sectors and the sectors that support them do not contribute more than 8% of the GDP.
Alsabaah.iq
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Enorrste (Dinar Guru) – Article: “Central Bank: float the dinar is difficult to apply in Iraq” Alaq is giving a progress report on the plans to open the currency to a float. They have taken “a package of measures” to bring them to the point where a float will work. …Then he goes on to state that they are making efforts to achieve “financial inclusion” which I take to mean international acceptance of the dinar, now that the security and financial stability have been dealt with. Finally, he concludes by stating that paying federal employees through bank deposits is working to get people to use the banks. [post 1 of 2….stay tuned]
Read more: http://www.dinarupdates.com/observer/
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Enorrste (Dinar Guru) – The reason for the delay, in my view, is this last item. Unless and until the CBI can get the dinars out from the mattresses they are cautious to begin the float. In short, there are just too many dinars in circulation. However, as they get people to move to banking they can remove the large notes from circulation and begin the float. Therefore, I see this article as positive. It is a report card only but points to a goal (the float) that is imminent. I get to this conclusion because…it specifically is mentioned that Egypt moved to a float, but “too late.” This would imply to me that the CBI is not going to be “too late” in moving forward, unlike Egypt. [post 2 of 2]
Read more: http://www.dinarupdates.com/observer/
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Iraq to export oil from Kirkuk by end of month: Minister
ERBIL, Kurdistan Region (Kurdistan 24) – Iraqi Oil Minister Jabar al-Luaibi on Sunday announced Baghdad will start exporting oil from the disputed province of Kirkuk to Iran before the end of January.
“About 30,000 barrels per day of crude will be trucked to Iran’s Kermanshah refinery in the first instance,” he said according to Reuters. “God willing, we will start before the end of the month.”
The recent deal signed with Tehran to swap up to 60,000 barrels per day (bpd) of oil from northern Kirkuk is for one year and subject to renewal, Luaibi said earlier in December.
An agreement between the two countries was signed last year which allows Iran to deliver crude “of the same characteristics and in the same quantities” as those it would receive from Kirkuk to southern Iraqi ports on the Gulf.
“This is an agreement for one year, and then we will see after that whether to renew it,” Luaibi told reporters in Kuwait on the sidelines of an Arab oil ministerial conference.
Read More: http://www.dinarupdates.com/showthread.php?55938-Iraq-to-export-oil-from-Kirkuk-by-end-of-month-Minister
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BGG (Dinar Guru) – Article: “Anti-Government protest continue for third day in some Kurdish cities” These unfolding events are BIG NEWS… Barzani’s “Old Guard” regime is on the verge of collapse. Abadi has been plain in his efforts to protect and help ALL the people of Iraq.
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – Article: “A new term Atdoual Iraqi banks and earns “millions” during hours without paying one penny” Quote: “the daily speculation carried out by traders across the volatile instruments affect the stability of the currency rate and the size of the cash reserves of foreign currency because the bank will cover the needs of Iraq Foreign trade, but these speculators use these reserves for the purpose of profit.” So they either reduce the spread to 2% or less as required by the IMF or start the currency reform and float the currency so they can eliminate the dollar auctions.
Read more: http://www.dinarupdates.com/observer/
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Rafidain Bank in Dhi Qar confirms that the introduction of ATM depends on the currency
Said the director of the Rafidain Bank in Dhi Qar Hussein Abbadi in a televised interview broadcast by the local Nasiriyah that the introduction of ATM in the markets and banks are subject to the implementation of the decision to delete zeros from the Iraqi currency, pointing out that the Iraqi currency suffers from large inflation at the present time.
http://www.nasiriyah.org/ara/post/55155
BGG ~ This article is from Dec – 2014 (I posted this a while back, as well…)
The person talking here is the director of the Rafidain Bank in Dhi Qar – Hussein Abbadi.
First off, I think this translation or reference to “inflation” is really talking about the size of the denominations and the value of the currency, not the actual inflationary index as many people assume. That would be a pretty long contextual leap. This is referring to the currency in a more direct sense.
He’s talking about the size of the notes and the value – IMHO.
Which, when taken in combination with the recent events – for instance, Rafidain offering this “wonderful ATM service” just lately, at least piques my interest.
Am I saying the ATM’s are loaded with lower denoms? No. They didn’t say that.
Am I saying A + B = C?? No. They didn’t say that either.
I am merely pointing out – in 2014, Rafidain laid out conditions for ATM services.
Here we are with a campaign to introduce this “miraculous ATM service”. Couple this with a very direct push to eliminate the CBI auctions… perfect STORM??
I do not know – but I am SO INTERESTED in watching this unfold.
P.S. Mr White and I did talk about this on our last call. Stay TUNED FOR MORE!!
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https://www.facebook.com/groups/571383766355188/
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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