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“What’s the Real Holdup?” – Tues. AM-PM TNT Thoughts/News 9-27-22

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TNT

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

The naked central bank revealed a new denomination of the Iraqi currency.

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.

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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

Late Monday Night

Yada:
Folks, if this is true, “Member of the Democratic Party: The election of the President of the Republic will be held next Tuesday, and matters have been resolved”, then the CBI will be releasing the RI once the president is passed. (The wolf “UN” is at their door)

Yada:
Interesting points that we learned back in Jan-Feb this year. Because of the implementation of the White Paper changes, the digital money is set and connected with all exchanges in the region as well as around the world. That means that regardless of who is in power, they will not have the luxury of being able to steal because everything is tracked. They were so success in the set up, they were able to back track much of the thief of the transactions in the past and repatriated the funds back to Iraq.

Yada:
As far as the corruption files, once we are exchanged, their managing of those files will be in my rearview mirror.

Rock1941:
yada is that next Tuesday or tomorrow if you know?

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Yada:
Yes, their “Next Tuesday” is the next time Tuesday is here. Tomorrow.

CaliforniaSugar: 
Yada, what about the prime minister? Did the Framework agree to allow Kadhimi another term as prime minister?

Yada:
That is the sticking point California, from the article, Sudani will be named. So, They vote in the President with 2/3rd, (Thanks Kurds) The PM is appointed and he has so many days to present his cabinet. During that time, the President is the government with full powers, Kazimi remains until the next PM’s cabinet is approved by parliament. Not giving you all a pipe dream, consider all the news we endured in the past 5 years at least as we watched and waited for them to form a government

The last time we went all the way through this was in 2018 into 2019. Believe it was Almari who was PM and just when we expected him to push the rate release, his family was threatened and he resigned and the mess had to start all over.

Tishwash:
Urgent / Central Bank Governor: The banking sector is directly affected by the political and security challenges in Iraq

Central Bank Governor Mustafa Ghalib: The banking sector is directly affected by the political and security challenges in Iraq

Central Bank Governor: We worked on developing the banking sector and building a network of Arab and international relations

Central Bank Governor: We do not have a tendency to issue a cryptocurrency

Central Bank Governor: We are working on completing a new banknote, which is a category of 20 thousand dinars  link

CandyKisses:
Parliamentary Finance intends to host the Governor of the Central Bank about the currency auction and is waving procedures

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{Economic: Al-Furat News} The Parliamentary Finance Committee intends to host the Governor of the Central Bank, Mustafa Ghaleb Mikhaif, in the coming days.

Committee member Faisal Al-Naeli said in a press statement that “after the circumstances that the council went through, which led to its suspension during the last stage, the repair of all the damages that befell it has now been completed.”

He added, “This week may witness hosting the governor of the Central Bank, to discuss all matters related to the bank’s work, especially the data of the currency sale window, which amounts to billions of dinars per week, as well as the challenges and problems facing their work.”

Al-Naeli confirmed that “the committee will present all these files on the discussion table and listen to the answer of the governor of the Central Bank according to the administrative and scientific evidence and evidence,” noting that “the committee will take measures if it is not convinced of the answer and submit it to the House of Representatives.”

He explained, “The committee cannot be certain that illegal operations have taken place unless it listens to the governor’s answers, which may be adequate to all of the committee’s questions according to legal evidence.”

Data of the currency sale window in the Central Bank of Iraq revealed that it sold about one billion dollars during the past week.

The window indicates that the sale was at a daily rate of 245 million and 914 thousand dollars, an increase of 1.86 percent over the previous week.

Source: Dinar Recaps


Harambe:
Vietnam’s economy to expand 7.2% in 2022: World Bank | Vietnam+ 9/27/22

Vietnam’s economy is expected to grow by 7.2% in 2022, on the back of a strong rebound in domestic demand and continued solid performance by export-oriented manufacturing, according to the World Bank East Asia and Pacific Economic Update, October 2022.

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The economy rebounded strongly from COVID-19-related lockdowns in the third quarter of 2021, expanding by 6.4% in the first half of 2022, the report said.

The WB attributed the rebound to a recovery of exports and the release of pent-up demand following the removal of COVID-19-related mobility restrictions and, more recently, the gradual return of foreign tourists.

In the medium to long term, achieving Vietnam’s goal to become an upper-middle income economy will depend on transitioning to a productivity and innovation-led growth model based on a more efficient use of productive, human, and natural capital, the bank said.

The WB forecast that growth in the region is projected to decelerate from 7.2 percent in 2021 to 3.2 percent in 2022, which is about two percentage points slower than was expected in April 2022.

Potential output in the region is now projected to expand 4.6% year-on-year over the 2022-2030 period, down from 6.5% in the decade preceding the pandemic. 

According to a forecast by the WB in April, East Asian and Pacific countries can achieve an economic growth of 5% in 2022.

https://en.vietnamplus.vn/vietnams-economy-to-expand-72-in-2022-wb/239040.vnp

Bank Indonesia Intervention Lifts Rupiah From Lowest Since 2020 | Bloomberg 9/27/22

Indonesian authorities are intervening in the spot and domestic non-deliverable forwards markets to prevent the rupiah from weakening excessively, Edi Susianto, executive director of monetary management, said in a text message Tuesday. The currency erased a loss of as much as 0.3% against the greenback after his comments.

From Japan to South Korea and India, Asia’s policy makers are stepping up the defense of their currencies as the dollar’s rally shows few signs of easing. Bank Indonesia has also deployed its own version of Operation Twist — selling short-term notes and buying up longer ones — in an effort to shore up the rupiah.

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“It seems like many Asian central banks have become more aggressive in trying to reduce downside pressure on their currencies,” said Mitul Kotecha, head of emerging-market strategy at Toronto Dominion Bank in Singapore. “However, it’s a hard battle given ongoing USD strength.”

Bank Indonesia had spent $4.21 billion of its foreign-exchange reserves in July as it sought to limit the rupiah’s losses amid the nation’s widening rate gap with the US.

The rupiah traded little changed at 15,123 per dollar as at 3.33 p.m. local time after sliding to 15,171 earlier, the weakest since April 2020.

Still, it’s worth noting that Indonesia’s currency has held up relatively well since the dollar started rallying last month. It has fallen less than 2% since Aug. 10, beating all but one of its Asian peers.

Crisis Level Risks Loom in Asia as Major Currencies Crack

Elevated commodity prices have buttressed the nation’s trade surplus, while stock inflows and Indonesia’s robust growth also helped shield the rupiah against the worst of the dollar’s onslaught.

“Psychologically, it’s still important to slow depreciation pressures against the dollar so that spillover drags from current elevated US Treasury yields are contained,” said Yanxi Tan, a strategist at Malayan Banking Berhad in Singapore. “The relative resilience of the rupiah, which is seeing support from benign trade surpluses and BI rate hike expectations, could mean that interim FX concerns are somewhat less urgent.”

https://www.bloomberg.com/news/articles/2022-09-27/bank-indonesia-intervention-lifts-rupiah-from-lowest-since-2020

IMF says it will not provide loans for Zimbabwe | 9/27/22

The International Monetary Fund has ruled out providing financial assistance to Zimbabwe, following a staff mission to the country. The mission’s leader, Dhaneshwar Ghura, said the IMF was “precluded from providing financial support to Zimbabwe due to unsustainable debt and official external arrears”. The IMF urged the Reserve Bank of Zimbabwe (RBZ) to continue raising rates and to liberalise the foreign-exchange market.

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“The IMF is precluded from providing financial support to Zimbabwe due to an unsustainable debt and official external arrears,” the fund said in a statement after a month-long mission to the African country.

“A Fund financial arrangement would require a clear path to comprehensive restructuring of Zimbabwe’s external debt, including the clearance of arrears and obtaining financing assurances from creditors.”

The IMF said its staff had completed a virtual mission to Zimbabwe from October 16 to November 16, and noted “significant” efforts by authorities there to stem inflation, contain budget deficits and reserve money growth.

Zimbabwe, which has suffered from bouts of hyperinflation in the last 15 years, has not received funding from lenders like the IMF and the World Bank for more than two decades due to arrears.

The country has more than $10 billion in debt, most of which is in arrears.

In September, the government said it had made symbolic debt repayments to some creditors for the first time in 20 years.

After several years of economic contraction, and despite the fallout from the coronavirus pandemic, the IMF forecast that Zimbabwe’s economy would expand by six percent this year.

Zimbabwe is still reeling from decades of financial mismanagement under its late former president Robert Mugabe.

The southern African country has been in severe economic crisis for years, during which many have helplessly watched their savings evaporate and prices soar.

Manufacturing and exports have shrunk, and foreign currency is continuously in short supply.

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https://www.zimcitizen.com/imf-says-it-will-not-provide-loans-for-zimbabwe/

Source: Dinar Recaps


Tishwash:
Central Bank Governor: There is no intention to reduce or change the dollar exchange rate

Today, Tuesday, the Central Bank of Iraq announced its intention to issue a new denomination of the Iraqi currency, worth 20 thousand, while stressing that there is no intention of the Central Bank to change the exchange rate of the dollar.

Central Bank Governor Mustafa Makheef said during his speech at the Al-Rafidain Forum that “the central bank has no intention to reduce or change the dollar exchange rate,” stressing that “Iraq is still in the early stages of reaping the positive effects of the exchange rate change, and there are some negative indicators that it is working to address during the period.” coming.”

He added that “the process of deleting zeros from the currency needs to legislate a law and requires some modifications, and the atmosphere must be available to accept such modifications,” noting that “the central bank presented earlier a project on the process of deleting zeros.”

He pointed out that “the Central Bank is working to complete a new category of 20 thousand dinars based on a study and research compared with neighboring countries, and is working to complete the form of the paper and in the coming days it will be announced,” noting that “the Central Bank has reduced the interest rate on loans.” provided to finance projects, and that the initiatives largely targeted the housing sector, which occupies more than 30% in various sectors.”

He explained that “the central bank has a plan and strategy for five years, and it may be delayed because of what it faces in several areas,” noting that “the central bank has taken several steps to develop the banking and financial sectors, including canceling interest and setting simple fees for the development of industrial, residential and agricultural projects.”

He noted that “there are several measures taken in the field of the private banking sector, and they can be classified into three categories, very good banks that have good relations and transactions, and there are good banks, and emerging banks,” stressing that “there is a previous decision to convert banking companies into banks, and this affected the banks.”

He continued, “All sectors are affected by the general situation in the country, especially the banking sector, whether political or security, and despite that the banking sector had a role in moving the wheel of the economy, especially in the housing sector in particular,” stressing that “the Central Bank took the initiative to develop the banking sector and strengthen relations with banks. Arab and international.

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And he indicated that “the Central Bank has distinguished relations with the World Bank and the IMF, and it has a strategy, and there is communication with the International Monetary Fund, and Iraq’s openness with them is very important despite the challenges facing the country.”

He pointed out that “the Central Bank is now completing a new building designed by the architect Zaha Hadid, and he has a branch in Basra province that covers the southern region, and we have Mosul in the northern region, and we have a branch in the Kurdistan region, and the intention was to open a branch in the central region of Najaf, but within the law The Central Bank cannot establish a branch if it does not have its own land, and a piece of land has been allocated, and we are working to establish a branch in Najaf  link

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An interview with the Central Bank of Iraq regarding the deletion of zeros from the currency and the completion of a new 20 thousand banknote link

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Central Bank: We are preparing to issue a new Iraqi currency, and this is our position on deleting zeros link

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Fuze:
This is a good read and not necessarily negative, why? A Central Bank Governor will never ever admit when the Central Bank is close to changing its exchange rate. It’s a non-negotiable no-no! To the contrary most Central Banks if not all put out an announcement claiming they will not change their exchange rate right before they change their exchange rate.

So, why is such an article beneficial? It enables a glimpse into the remaining obstacles. We know the Financial Management Law which set the specific parameters and further empowered the CBI to delete the 3 zeros and adjust the exchange rate was passed years ago, in fact the CBI has already legally exchanged the rate several times, we all know this.

Now they may DESIRE to pass additional laws to govern the rate once changed for sure, but the power and processes to do it even with a fully recognized internationally exchanged currency is done.

So, what’s the real hold up? The political environment has a direct impact on a SUCCESSFUL REINSTATEMENT AND REVALUATION of any nations currency. Which simply means the People must trust the currency and the change. It must not fail with the People.

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RVAlready:
I can’t take the 20000 note and delay article to heart, because it runs contrary to what the CBI has been telling the banks for the last several months.

PaulW:
Rvalready, I feel the same as you do re CBI article, it does not compute

PaperChaser:
Probably it’s the smoke and mirrors game. These games are so tiring to the rest of the world. It would be wonderful for the world to revalue without Iraq!  I wouldn’t miss Iraq in the least bit.

Yada:
Read the articles and not discouraged. Fuze’s posted a comment that I think is a good look at the article. Fact is the CBI has to be cautious in alerting the people of an expected change in the rate and we’ve seen this with Kuwait and China and viola, the change was there. Think of the reason they would say this now. If they were not going to increase the rate, none of the other countries would be waiting, they would invest now.

Tru4ever:
I think it”s not negative because they will NEVER let us know when they change the rate. Remember…watch what they do and NOT what they say

MountainMole:
If I remember correctly. Kuwait gov. took out a full page in their newspaper informing the people that they would not increase or change the rate of currency. 24 hours later, BOOM, there it is, boom there it is!!!!

Red:
fyi about Kuwait The dinar was introduced in 1961 to replace the Gulf rupee, equal to the Indian rupee. It was initially equivalent to £1 stg.[3] As the rupee was fixed at 1/6d, that resulted in a conversion rate of Rs.13+1⁄3 to KD

#2 1. When Iraq invaded Kuwait in 1990, the Iraqi dinar replaced the Kuwaiti dinar as the currency and large quantities of banknotes were stolen by the invading forces. After liberation, the Kuwaiti dinar was restored as the country’s currency and a new banknote series was introduced, allowing the previous notes, including those stolen, to be demonetized.

Source: Dinar Recaps

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