The absence of small monetary categories is detrimental to the stability of the local economy
Baghdad – In the middle of the clothing shop, Ali Ali stopped after he was chatting with a customer of the shop and then went to his small table, which he put at the end of his small shop, and while he was preoccupied with his talk, he opened the drawer of the desk. The local currency of the category of 250 and 500 and 1000 dinars, he said: “The small cash groups have come close to our shops, so how can we deal with customers, especially those who give us big categories like 5, 10 thousand and 25 thousand dinars, really it’s a big problem.”
The expert on economic and academic affairs Dr. Hilal al-Taan said that the existence of small monetary groups leads to a drop in prices, unlike the large groups, which lead to an increase in inflation and high prices, especially with the categories of 25 and 50 thousand dinars.
It is known that any economy in which small groups of cash coins disappear leads to the rule of Large and increase circulation in the market at a small expense. A notable absence is not the shops and markets alone suffer from the absence or lack of small monetary groups, but it applies to banks as well, says the bank preferred not to be named:
“We have noticed recently the absence of cash categories of 250 and 500 dinars, as we can no longer provide them and give them both citizens and employees, and that we are equipped with them are very few compared to the real need for them, and no one knows why the disappearance because we did not notice any new edition in the markets and not in banks. This poses a threat to our economy because these categories are within the reach of everyone and circulation easy compared to those large existing such as 50 thousand dinars, so banks had to accept the damaged currencies and received from the citizens.
Director General of the Department of Repair and Storage in the Central Bank Agency Abdul Karim Hassan said in an earlier statement to morning:
“We have instructed the government and commercial banks to receive the damaged banknotes from the citizens and replace them without any fines and to submit them later and in any quantity and banks contrary to those instructions are accounted for, and in terms of currency burned or buried citizen can be delivered to the Central Bank exclusively to be replaced immediately after submission according to certain controls” .
While he is busy arranging clothes in his place, Ali Kamel wonders: “What is the real reason for the absence of small groups? Earlier, we would note the existence of modern currency coins and are being dealt with. Today, the available is only old and almost damaged, To the market and how can a simple citizen to cope with this, which may lead to higher prices of goods and goods?For bank notes – it is customary to print currency outside the country and provide a cover for printing according to a certain vision and Iraq provides this from the sale of oil and perhaps the lack or disappearance of small cash groups is evidence of the failure of the printing process.
It is known that the former system was the process of printing within the country and are traded by citizens in Iraq exclusively. It was not recognized outside of it when the fall of the system, this money (was of) little value and was handed over by the citizens to the competent authorities to benefit them in one way or another, the current (as in – NEW) currency is internationally recognized and has a value compared to its counterpart (BGG ~ this is probably referring to the Saddam era currency).
The Director General of the Department of Repair and Storage that the Central Bank has equipped the Rafidain Bank and Rashid Banknotes and small groups to pay within the salaries of employees, and the bank to sort out the damaged and compensated with new papers, noting that the Bank continues to print banknotes and improve, especially small groups and pumping instead of damaged papers , Calling for the preservation of the currency and accept whatever its status as a symbol representing the sovereignty of the country and inform the bank in case of refusal of banks to receive the damaged currency of citizens.
The Iraqi Dinar
After the British occupation of Iraq during the First World War, the occupation authority introduced the currency of the Indian Rupee as the official currency instead of the Ottoman lira, and in 1931 it was decided to establish a council of the Iraqi currency, which is responsible for issuing a special Iraqi currency. The law No. 44 of 1931, Equal to the value of the pound sterling, and divided into 1000 fils, as appeared in the first issue of the dinar during the reign of King Faisal I on the first day of April 1932, and the banknotes in the category of quarter and half dinars and dinars and five and ten dinars and one hundred dinars. The Bank of the Iraqi currency continued issuing paper and metal coins until the establishment of the Iraqi National Bank in 1947. In 1954, the Central Bank of Iraq was established, which became responsible for the establishment of the Iraqi National Bank – issuing the Iraqi currency (the Iraqi dinar) was through these (banks).
The coins of the fifties, Jamil Hamed, believes that the coins that were circulating in the fifties and sixties of the last century are a form of civilization of the types of monetary categories, as they were different, worth 5 and 10 fils, all of which were accessible to the citizen and easy to get.
Economic researcher Laith Ali Bin said that it is known that the shape of the currency and its effects on the psychological consumer (is great), and this is proved by various scientific studies as increasing pride in his currency and his desire to ration purchase, as well as the need for the coin, which is noted that it did not disappear from trading in different countries of the world. It depends on the existence of parts, for example 350 or 450 dinars and we note that the coins disappeared completely from trading in our Iraqi markets, and earlier had a presence in the past – we used this currency. Today it has been dispensed for several reasons, including changes that took place in the trading markets, as well as the cost and was replaced by the paper, which is now the lady of trading.
The researcher points out that economic affairs in the matter of the decline of the Iraqi currency against the dollar, it may feel that the citizen’s national currency has no value, either when the rise gets great pride by him, begins to maintain and try to legalize the purchase, and with regard to delete zeros from the Iraqi currency. !!!!
There is a belief that this matter has an impact on the psychological side, when they disappear from the monetary currency the citizen will feel the importance of currency and the need to preserve them. In addition, the paper that the currency is printed on must be of the type of luxury, as badness (poor quality) has psychological effects and drives the consumer to think “I need to get rid of this coin, and replace it with a better quality of clear and colored paper”.
Article Credit: Iraqakhbar.com
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An official source for «Economy News»: stop the program of credit readiness between Iraq and the International Monetary Fund
Economy News Baghdad: An official source in the Iraqi government, stop the program of credit readiness signed by Iraq and the International Monetary Fund in 2015 until the formation of the next government.
The source, who preferred not to be named for “economy News”, said that “the program of credit readiness, which earned Iraq a loan of 5.4 billion dollars from the International Monetary Fund stopped until the formation of the next government,” adding that “Iraq will begin after the resumption of the program The third review of the Iraqi economy by the International Monetary Fund. ”
He pointed out that “the International Monetary Fund criticized some of the actions carried out by the government during the past years and the latest delay in the House of Representatives in the adoption of the draft budget law for the year 2018 because of political differences.”
Article Credit: Economy-news.net (Special Thanks to Tim Tarkington)
BGG ~ Look like to me, the IMF isn’t impressed with this delay business either. They are putting a hold on thing until they get the new government formed. Hmmmm?!?
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Bloodloch (Dinar Guru) – We’re in a bit of limbo right now while waiting for Iraq to complete their election recount (reports are they are getting close), their federal court to certify those results (which should happen in fairly short order after the recounts), and the new government to be seated (which should theoretically happen almost instantly once the court certification is released). Some say that seating the new government is not necessary for a currency revaluation, but the CBI has stated that “stability” is one of the key elements (the other being “security”) to moving ahead with the deletion of the 3 zeroes project. Stability, some claim, is intrinsically connected to removing the corruption associated with the currency auctions, and so that brings us back around again to the need to seat the new government and remove a large portion of corrupt politicians who, in losing their re-election, will lose their immunity from prosecution the moment they are declared no longer a part of the government. Unsubstantiated reports are that some of those “losing” politicians have already started fleeing the country. I remain cautiously skeptical, but we shall see. All we can do for now is to wait…
Read more: http://www.dinarupdates.com/observer/
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Why sell Dinar?
Simple answer: I’m selling – so I can buy. I sell so that we can increase holdings and help everyone along the way. We keep what we can afford to. That’s the general concept anyway.
To answer the ding-a-ling critics – we’re aren’t “selling out” – we’re “buying in”. Which all started by just trying to help a few folks in a tough position.
Sometime back we were able to, because of our unique position – help some folks in a big way with their currency. This was when the various Dinar dealers were PUNISHING people on their buy-backs and not passing much on to buyers.
We helped. At a time when the advertised buy-back price was $500-650 per million (depending on condition) we were able to get one man $850 per million x 60 million which helped him save his farm. We didn’t make much ($25 per million – to be exact) – but we helped.
It was then I realized, if we were gonna’ keep this up, we ought to get registered as a dealer… just to be on the safe side. We did.
What does this mean for you? We try to offer the best number for those wanting to get out – and the best number we can for those wanting to get in or add more.
Our Sell price for today: $995 per million
www.TheDinarExchange.com
615-509-6256 (ANY TIME – If I’m awake and near the phone, I’ll answer. If not – leave a message. I’ll get right back to you.)
Here’s a nifty testimonial that just came in this morning…
“Hi Tom,
Yes. I got the wire. Thank you very much – Sir. It went just like you said it would. My friend is very grateful and said thank you. He needed money fast to pay a bill so it came just at the right time”.
Stephen O
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Adam Montana (Dinar Guru) – It’s the progress we’ve been waiting for! Nothing could be more confidence-inspiring than the situation we are currently witnessing... heck, I think our United States presidential elections had more accusations of fraud than this recent Iraqi process! Due to the smoothness of this transitionary period, the PTB have been able to continue solid work negotiating with all of the components that make up the HCL. Where we could have seen delays, and the “where is my RV Tuesday?!” crowd will certainly argue that we are seeing nothing BUT delays, I disagree. What we are witnessing is a steady march towards success. The first week of August will be very telling.
Read more: http://www.dinarupdates.com/observer/
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The decline of the Turkish lira and the recovery of the Iraqi dinar
Samir Nusairi – Through my presence in Turkey for several days and living for the movement of the cash market and the rates of the exchange rate of the Turkish lira compared to the US dollar and my daily exposure to the economic indicators and reports published and published by the Central Bank of Turkey and the centers of studies and Minsher in the newspapers and the media and most important are the views of citizens, industrialists and traders.
Cash in the Central Bank of Turkey, which was issued on July 25, which kept the interest rate by (17.75%), contrary to the expectations of experts, analysts, industrialists and investors, which led to the devaluation of the pound (15.4%), where a decision was made yesterday to increase the price of bread by 25%, and this made the experts and leaders of monetary policy in Turkey (25%), which is the lowest value in 14 years.
I believe that the continuation of this situation will lead to (defeat in the market) and then become the hardliner policies of the central bank. What interests me here is the comparison between the monetary and financial policies and the economic mechanisms adopted by the Central Bank of Iraq, which was able, with a purely Iraqi experience and self-sustaining efforts to maintain the stability of the exchange rate and recovery of the Iraqi dinar in the most difficult political, security and economic conditions. It did not (get) pass(ed) by any of the countries of the world during the three years.
In the past, despite the traders of crisis crises continued monetary stability for seven months and will continue because of the absolute faith in the management of the Central Bank of the ability of the Iraqi banking sector to cope with crises and support and compliance with the instructions of monetary policy issued by the bank Iraqi uniform and the application of moderate international standards in the global banking system.
Article Credit: Economy-news.net (Special Thanks to Tim Tarkington)
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Adam Montana (Dinar Guru) – Dinar news has been slow this week… My best sources are in agreement on a couple things…The recent GOI election results should be confirmed as soon as the end of the month. The important part of this process is the manner in which it is being done. Most election cycles in Iraq, over the last decade or so, have been wrought with claims of fraud, lawsuits, objections, and never-ending delays. We are seeing a much different landscape this time around! Results are being confirmed, district by district, with claims of 100% accuracy. That is unprecedented! For Iraq to make it through this kind of democratic process with no major fires or upsets is fantastic to see.
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – …the IMF is in control when they signed the Stand by Agreement back in 2015 giving them trustee over the CBI. There is no RV or RI …only a gradual appreciation via a float.
Read more: http://www.dinarupdates.com/observer/
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Some interesting headlines…
A Marshall Plan for Iraq?
Majid al-Nasrawi receives dollars and escapes to Iran after issuing arrest warrants against him
Rafidain Bank and KI partnership to provide global services soon
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A new banking alliance between Iraq and Saudi Arabia
(Reuters) – Saudi Arabia’s ambassador to Baghdad Abdul Aziz al-Shammari on Wednesday unveiled a proposal for a banking alliance between Iraq and Saudi Arabia, adding that many Saudi banks are planning to open branches in Baghdad.
Al-Shammari said in a televised statement that “the port of Newar Arar is connected to Anbar province and is scheduled to open in 10 months. It will be a large commercial exchange between the Republic of Iraq and Saudi Arabia. It will facilitate the entry of Saudi goods to Erbil, And from Iraq, to Saudi Arabia. “
He added that “the Businessmen Council between the two countries proposed the establishment of an alliance. Saudi Arabia agreed two weeks ago to open the branch of the Iraqi bank TBI in the Kingdom, and many of the Saudi banks expressed their desire to open branches in Baghdad and Erbil, This subject”.
“There will be direct flights to Saudi Arabia between Arbil, Jeddah, Medina and Riyadh soon,” he said. He pointed out that “the Saudi delegation that visited Erbil includes businessmen from all sectors, and investment in Erbil targeting sectors such as agriculture, industry, energy, etc., and Saudi businessmen have a great passion to enter the investments directly in the region.”
Article Credit: aljournal.com (Special Thanks to Charles Bright)
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State law calls out the IMF’s pressure and prepare contingency plans
State law calls out the IMFs pressure and prepare contingency plansCalled a coalition of state law, on Monday, to develop contingency plans in order to restore the citizen’s confidence in the political process and get out of the pressure of the International Monetary Fund, pointing out that the latter deals with his calculations on paper away from the reality of Iraq and the state of poverty experienced by the people.
The official spokesman for the coalition Abbas al-Moussawi said that “some politicians are still dealing with the events that hit the country as if they were amateur political process, not mindful that Iraq can not risk its future,” noting that “the citizen has been completely frustrated by the political process in Iraq and his message is clear from During the abstention from the elections and today we see him go out angry to the street to demand his rights. ”
“The next stage should be the establishment of a government service aimed solely at serving the Iraqi people to restore confidence between them and the people,” adding that “the need to get out of the pressure of the International Monetary Fund, which deals with his calculations on paper while the reality of Iraq and the situation of poverty experienced by the people Can not be tolerated. ” Moussaoui called for “the implementation of contingency plans through which the citizen’s confidence in the political process.”
The IMF imposes conditions for Iraq in return for granting a loan, including the lifting of government subsidies on fuel and ration card and reduce expenses, while overseeing the development of the general budget.
Several provinces in Iraq have been witnessing sit-ins and angry demonstrations for more than two weeks, accompanied by road closures, burning tires and raising demands for improved services and jobs.
Article Credit: Alrassid.org (Special Thanks to Charles Bright)
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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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