Delta, MilitiaMan and KTFA Members Saturday Afternoon 10-3-2020
KTFA:
Samson: US Embassy in Baghdad congratulates Iraqis on the occasion of the Iraqi National Day
3rd October, 2020
The United States Embassy in Baghdad congratulates Iraqis on the occasion of the Iraqi National Day.
We look forward to continuing to work with our Iraqi partners and friends to build a secure, stable and prosperous Iraq. LINK
GodLover: Looks as though the vote on the law was passed. National day had not been officially observed since 2003 imo. It also appears that not only is National day observed Oct 3rd of every year....it is also observed as independence day per article below imo. FWIW
https://www.thenational.ae/world/mena/iraqi-government-proposes-october-3-national-day-1.1072589
Don961: The central bank imposes a fine on the shortage of small groups
Saturday 03 October 2020
The Central Bank of Iraq decided to re-impose a shortage fine on banks on the small categories of (1,000,500,250) dinars, starting from the date of October 1, 2020, according to the instructions of the standards for circulation and replacement of banknotes and the mechanisms of counting and sorting.
In a statement followed by Al-Sabah, the bank stated that this came, based on the minutes of the Currency Affairs Committee meeting No. (6) for the year 2020 held on 9/23/2020.
The Central Bank had earlier addressed all licensed banks regarding instructions and standards for the circulation and replacement of banknotes and the mechanisms of counting and sorting.
"Due to lack of commitment to the instructions and standards for the circulation of banknotes, their replacement and the counting and sorting mechanisms, we confirm what was stated in the book of the Department of Issuance and Treasury / Department of Banking and Conformity Follow-up / Banking Follow-up Division numbered 12/8/1470 and dated 10/4/2018, noting that The extent of your banks' compliance with the above will be monitored through inspection bodies and on-site inspection.
On the other hand, the Central Bank of Iraq participated in the meetings of the Board of Directors of the Arab Monetary Fund, and the Board of Directors of the Arab Trade Financing Program, each separately.
The bank discussed with the member states of the Arab Monetary Fund’s board of directors issues that support joint Arab action, most notably the "Arab Payments and Clearing System" Buna "and its importance in facilitating inter-Arab payments and financial transfers.
While the meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms for re-arranging funding priorities for the national agencies organizing the program, in a manner that helps mitigate the effects of the Corona pandemic on Arab trade. LINK
TheSnod: Fam, not only does this have an obvious international flavor, but if you were going to run a rate up to around 3 or 4-1 wouldn’t you possibly need these denominations for change.....? Pray KTFA, I think we are right in the pocket of this.
MilitiaMan: This was what was in the news just over two years ago now. They plan on restructuring the currency back then and are still planning on it now. imo ~ MM
Monday September 17, 2018
"He added that "the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others."
MilitiaMan: October 01, 2020 is the USAs start of the new 2021 fiscal year. Which happens to be 2 years to the day from October 04, 2018. Interesting 2 year timing of things. Notice below. ~ MM
Thursday October 04, 2018
""Due to lack of commitment to the instructions and standards for the circulation of banknotes, their replacement and the counting and sorting mechanisms, we confirm what was stated in the book of the Department of Issuance and Treasury / Department of Banking and Conformity Follow-up / Banking Follow-up Division numbered 12/8/1470 and dated 10/4/2018, noting that The extent of your banks' compliance with the above will be monitored through inspection bodies and on-site inspection.
MilitiaMan: The beginning above article says they started the process of fines in respect to the currency on October 01, 2020, a Thursday, last banking day of the present week. The below is what was on a Monday two years ago. ~ MM
Monday October 8, 2018
""The world is beginning to turn into plastic prints, Malaysia, so the currency is long and non-perishable and counterfeit, and here we call on the Central Bank of Iraq to take the same step because the life span of the current paper currency does not exceed 6 months," suggesting "conversion Coins of small groups of paper to metal and thus longer life link
Wednesday October 10, 2018
"On Sunday, the Central Bank issued its second edition of the banknotes (25000, 10000, 1000, 500 and 250) dinars, while noting that the new currency included writing the name of the governor instead of signing it in the old version, in line with what is followed Now in other countries, and the dates Hijri and Gregorian dates have been modified (1440 H-2018 AD).
The bank issued a clarification on the new currencies, indicating that it is entitled to determine the categories of coins and metals, paper and its dimensions, forms, material, content, weight and design.
"The second point of Article 33 of the law of the bank says that {the Central Bank of Iraq is making the necessary arrangements for the printing of paper currency and coins and for the purpose of providing security and safety for the preservation of paper and metal coins that have not been issued) and we say whether the change of currency means that The old was unsafe? " link
MilitiaMan: They were going to do the MR two years ago. But they didn't have the security and stability they have now. Looking so very good. Lets hope International Day turns into a new international currency for the citizens.. If not, shortly.. imo ~ MM
Godlover: You mean independence day? If not, where are you getting this information?
MilitiaMan: "The importance of this day is due to the fact that it is an official and international recognition of the establishment of the Iraqi state, to be among the first Arabs to gain independence," the ministry said.
""tomorrow the national day must be celebrated and its law must be enacted," adding that "tomorrow is the anniversary of the third of the tenth month 1932, the day that Iraq was transferred from a mandate subject to the state No. (57) In the world with independence and full powers in accordance with international law.
MilitiaMan: How about that it is both a) national day b) independence day c) both are effectively the same thing, yet what is new is they are are to be in accordance with international law? So call it what one or they may, what is to come from being in accordance with international law, is my main focus.. imo ~ MM
Samson: Learn about Iraq’s ranking among the most borrowers from the World Bank
3rd October, 2020
The American "Forbes" magazine published a new classification of 10 countries in the Middle East and North Africa region that are the most borrowers of the World Bank Foundation.
Egypt topped the list of ten countries with nearly $ 23.4 billion from the International Bank for Reconstruction and Development ( IBRD) and the International Development Association ( IDA) , both affiliated with the World Bank Group.
Morocco came second with loans amounting to about 19.3 billion dollars, Tunisia came in third place, borrowing 10.8 billion dollars, then Jordan with 7.5 billion dollars, followed by Algeria with 5.8 billion dollars.
As for Iraq, it ranked sixth by borrowing an amount of about $ 5.6 billion, Lebanon $ 2.9 billion, Sudan $ 1.5 billion, Syria with $ 628.3 million, and Oman with $ 157 million.
In total, the total loans obtained by ten countries in the region amounted to approximately $ 77.6 billion. LINK
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DELTA: WAS SEND TO ME VIA PM ...THANK YOU TO SENDER!!!
(See Pictures at Link)
Iraq: Baghdad
1The economist Ahmed Al-Salami wrote an explanation about some countries deleting zeros from their currency and the possibility of applying them in Iraq, while referring to the possibility of making the Iraqi currency strong and has global demand, in what he described as the free dinar.
"Iran will soon delete four zeros from its currency and convert it from the riyal to the new toman officially and have completed the legal series for that, and at that time it will be 100 dollars equal to 300 toman only instead of 3 million tomans or 30 million riyals," Al-Salami said in a clarification received by "Yes Iraq." .
He added: "A digital deception previously carried out by the United States, Italy and Turkey, the United States deleted its dollar currencies with zeros against the previous European currencies, the French franc, the German mark and the English pound, and canceled the $ 10,000 currency and the $ 1,000 currency and withdrew it from banking and personal circulation forever."
He continued: “Italy also re-zeroed the Italian lira, adjusted its value and deleted six zeros from it, and the million lira turned into one lira and a hundred million lira into 100 lira before it was merged with the euro currency in 2002, as well as that of Turkey, which converted one million Turkish liras into one lira and converted one hundred million pounds One hundred Turkish liras only ”.
He explained: “Suddenly, the Turkish currency was circulated and used abroad for circulation, and it entered Iraq and was used for dealing and the exchange rate as a store of value, and whoever used to work in the Shorja knows this after the Turkish currency was forgotten throughout the nineties and eighties and was an attempt to integrate Turkey with European economic values.”
And that "the current Iraqi dinar differs slightly because the Iraqi economy is consumerist, but that does not prevent it. It is possible to apply that and use the deleted Iraqi currency zeros by buying and importing industrial production lines for the manufacture of basic and luxury goods as much as possible, and this will revive the exchange rate of the dinar and the demand for it externally and shrinking."
Depletion of foreign currency to buy the most insignificant commodities and deplete the cash balance, instead of facilitating official and accounting transactions, packages, storage, transportation, use of versatile metal change and revolutionary digital currency through cards and gain confidence internally and externally, needs a revival, stimulation and progress in this aspect, easy projects that are waiting for their hero, below. Conceptual models for the deleted Iraqi currency, the "free dinar" zeros.
DELTA