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“1-1 on Par” – Tues. PM KTFA Thoughts, News w/ Frank26 9-27-22

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KTFA

Frank26 » September 27th, 2022

“THE CBI IS KEEPING PACE WITH THEIR CURRENCY TO KEEP ON PAR AND FLOAT SOON”…..F26

Samson » September 27th, 2022

The Central Bank intends to issue a banknote of 20 thousand dinars

27th September, 2022

The Governor of the Central Bank of Iraq, Mustafa Ghaleb, announced, on Tuesday, the bank’s intention to issue a new denomination of the Iraqi currency, with a value of 20 thousand dinars, while referring to the choice of the Governor of Najaf to open a branch of the Central Bank to cover the Middle Euphrates region

Ghaleb said in a speech within the work of the “Al-Rafidain Forum”, and followed by “Al-Iqtisad News”, that “the banking sector is directly affected by the political and security challenges in Iraq,” adding that “the banking sector has a role in moving the wheel of the economy, and we have worked to develop the banking sector and build Arab and International Relations Network

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He added that “there is a previous project submitted by the Central Bank regarding the process of deleting zeros,” noting thatthis matter needs to legislate a law and this project requires some amendments, and that the pursuit of this law needs to stabilize the situation in the country and the atmosphere must be provided to accept such transactions

He pointed out that “the Central Bank, within the currency chain, is working to complete a new category of 20 thousand dinars based on comparative study and research with neighboring countries and is working to complete the form of the paper

The Governor of the Central Bank indicated, “The governor of Najaf chose to open a branch of the Central Bank to cover the Middle Euphrates region

Regarding the exchange rate, he said, “We took the decision to change the exchange rate in agreement with the IMF and the government,” noting that “the decision to change the dollar exchange rate saved the government approximately 23.5 trillion dinars in addition to government and oil imports. And the central bank governor went on to say, “There is no intention to reduce or change the dollar exchange rate

Frank26 » September 27th, 2022

(THAT IS CORRECT CBI YOU ARE CHANGING THE RATE OF THE IQD NOT THE USD -F26)

Ghaleb continued, “We reduced the interest rate on loans provided to finance projects in the initiatives of the Central Bank, and launched the Letter of Guarantee platform, which is an important step for the banking sector  LINK

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“THE MIDDLE EAST DOES NOT USE 25K NOTES… THEREFORE THE CBI BRINGS THEIR CURRENCY ON PAR WITH MIDDLE EASTERN CURRENCIES”….F26

Samson » September 27th, 2022

The central bank reveals a new denomination of the currency and is working on issuing a digital one

09/27/2022 10:39:46

In his speech during the Al-Rafidain Forum for Dialogue, the Governor of the Bank, Mustafa Ghaleb, said: “We are working on a new currency, a category of 20 thousand dinars, after studies in order to keep pace with the requirements and to match the neighboring countries.”

“We will start announcing the new category after completing its requirements,” he added. He stressed that “there is no intention to reduce or change the exchange rate of the dollar against the Iraqi dinar.”

Ghalib revealed that “the Central Bank is working on issuing digital currency to keep pace with the development of monetary transactions in the region and the world,” adding, “but so far, there is no specific orientation, dates and controls for issuing digital currency in the country, and we are working during the coming period on these controls to keep pace with the countries of the region and reduce the practice of dealing.” cash by issuing this digital currency.”

Ghaleb pointed out that “deleting zeros from the currency is a previous project submitted by the Central Bank and requires amendments and requires legislation,” stressing that “the atmosphere must be provided to accept such transactions.” And we have reduced the interest rate on loans provided to finance projects in the initiatives of the Central Bank, and we have worked to implement international standards to combat money laundering.

He explained that “Iraq’s exit from the European Union’s list of high-risk countries gives support to the movement of the economy and the financial and banking sector.”

It is noteworthy that Iraq owns 7 categories of local currency issued by the Central Bank of Iraq are {250 dinars, 500 dinars, 1000 dinars, 5000 dinars, 10,000 dinars, 25000 dinars, and 50,000 dinars).  LINK

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Frank26 » September 27th, 2022

“THE CBI PREPARES ITS CURRENCY TO GO INTERNATIONAL”……….F26

Central Bank of Iraq: We are working on issuing a digital currency and deleting zeros from the dinar requires an atmosphere

27th September, 2022

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, said on Tuesday that the bank is working on issuing digital currency to keep pace with the development of monetary transactions in the region and the world, stressing that deleting zeros from the local currency requires a calm economic atmosphere for that.

Makheif said during his hosting at the Al-Rafidain Forum for Dialogue, that “until now, there is no specific direction, dates, and controls for issuing digital currency in the country,” adding, “but during the coming period we are working on these controls to keep pace with the countries of the region and reduce the practice of dealing with cash through the issuance of this digital currency.” “.

And about deleting zeros from the local Iraqi currency, the central bank governor said, “The process of deleting zeros requires the issuance of a law, and a draft law in this area has been prepared by the central bank and submitted to the previous government.”

He explained that this law needs amendments, stressing that the issuance of this law requires an atmosphere because the deletion of zeros is directly related to the economy and to market prices in the country.

With regard to the issuance of the Central Bank a new category of local currency, he said, “We are working to issue a new currency, a category of 20 thousand dinars, in order to keep pace with the requirements and to match the neighboring countries,” adding that “we will start announcing the new category after completing its requirements.”

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With regard to the exchange rate of the dollar against the Iraqi dinar, the governor of the Central Bank confirmed that “there is no intention to reduce or change the dollar exchange rate.”  LINK

“AN ECONOMIST EXPLAINS TO THE CITIZENS WHAT THE CBI EXPLAINED TO THE CITIZENS… 1-1 ON PAR LEADING TO A DEPEG TO A RV FLOAT. THE AUCTIONS ARE OURS SAYS KAZEMI!!!”…..F26

An economist explains how to control the currency sale auction

25th September, 2022

The economic expert, Abdul Salam Hassan, explained that the currency sale auction can be controlled through the government’s move towards equalizing the value of the dinar with the dollar or making it close to the dinar, pointing to the difficulty of stopping this auction, especially with the presence of dominant parties on the scene. 

Hassan told Al-Maalouma, “The currency auction cannot be stopped, and there is no law preventing its work, as it is supported by the World Bank, despite corruption and the parties’ control over it to achieve personal benefits.” 

He added that “most countries work with currency auctions or the so-called economic colonialism, and countries take it for financial investment and a window to extract the currency, but the work of this auction in Iraq cannot be legalized or stopped under the pretext of continuing import, and this matter needs more currency.” 

And he indicated that “the increase in the amounts of currency sale came as a result of the increase in the exchange rate of the dollar against the dinar, as it achieves greater benefit through the currency sale auction, and the government can control this matter and reduce the amounts sold in the auction by making the value of the dollar close to the dinar and thus the two values are equal or may the difference is very simple.”    LINK

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“CBI GOV SHAKES HANDS WITH INTERNATIONAL BANKS… AND NOT FOR A PROGRAM RATE BECAUSE THE PROGRAM RATE IS GONE”……F26 

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Governor: The Central Bank has played a major role in revitalizing the Iraqi economy over the past years

26th September, 2022

The Governor of the Central Bank, Mustafa Ghaleb Makheef, confirmed, on Monday, the aspiration of the banking sector in Iraq to increase cooperation with the banking sectors in other countries

And a statement from the Central Bank stated, “The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mekhif, received, on Monday, the Ambassador of the Czech Republic to Iraq, Peter Stepanek

Makheif stressed, according to the statement, “the strengthening of banking and economic relations between the two friendly countries

He stressed that “the Central Bank of Iraq played a major role during the past years in revitalizing the Iraqi economy,” noting that “the banking sector in Iraq is looking forward to increasing cooperation with the banking sectors in other countries and    exchanging experiences between them in a way that serves both sides   LINK

(INTERNATIONAL BANKS KNOW THAT A PROGRAM RATE DOES NOT SERVE BOTH SIDES BECAUSE THE PROGRAM RATE IS GONE -F26)

Source: Dinar Recaps

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