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chattels: Economic Commission alludes to the possibility of re-draft budget to the government
chattels: He guessed be returned draft of the budget bill to the government to amend some paragraphs and demand from the Council of Ministers of Finance and the Ministry of reformat again about more accurate and detailed.” The decision of the Prime Minister to freeze investment projects in the general budget expenses contributed to the expansion into expenses Operating in general. ”
chattels: ” The decision of the Prime Minister to freeze investment projects in the general budget expenses ”  chattels: wealthwatch.world/showthr…
http://wealthwatch.world/showthread.php?tid=2814&pid=7847#pid7847
chattels: Council Anbar: Security situation in the province and more controlled than before 10/12/2015 13:29
chattels: He added that” the security and military forces took control of most areas of Anbar, a continuous purge the other in the province areas and the expulsion of terrorists. ” wealthwatch.world/showthr…http://wealthwatch.world/showthread.php?tid=3264
chattels: The Islamic State’s Sovereign Wealth Fund by Nibras Kazimi This is not a journalistic investigation. I am just sharing concerns that are circulating in Baghdad about the caliphate’s financing. An Iraqi banking source has told me that the Islamic State (IS) is making a minimum of 25 million USD per month by participating in the Central Bank of Iraq’s (CBI) ‘dollar auction’.
This adds up to approximately 300 million dollars a year, far outpacing how much IS is making off oil smuggling, according to some estimates. wealthwatch.world/showthr…http://wealthwatch.world/showthread.php?tid=3266
chattels: An Iraqi banking source has told me that the Islamic State (IS) is making a minimum of 25 million USD per month by participating in the Central Bank of Iraq’s (CBI) ‘dollar auction’.
chattels: wealthwatch.world/showthr…
http://wealthwatch.world/showthread.php?tid=3266
chattels: The US Treasury and the Federal Reserve launched an investigation into the CBI’s dollar auction, which prompted a temporary hold on sending dollars to Baghdad in the summer, according to a Nov. 3 front-page story that appeared in the Wall Street Journal. The investigation looked into whether IS was somehow benefiting from the flow of these large sums of money through the auction, that in the year 2015 amounted to over 42 billion dollars.
chattels: However, a new private sector investigation in Iraq is uncovering troubling signs that IS is continuing to use the dollar auction to generate money. “They learned how to do it in the ‘key card’ channel, and they brought in cash in Iraqi dinars to continue doing it even after that channel was shut down,” an Iraqi banking source who is familiar with the investigation told me.
chattels: “This is the caliphate’s sovereign wealth fund. They invested it in the dollar auction. The monthly revenues, at minimum, add up to 25 million dollars, and can go up to 40 or 50 million dollars depending on many factors, such as the difference in the exchange rate, and how much pay offs there are at any given time,” the source said.
chattels: There has been much said about exactly how much money (in dinars and in hard currency) was there in the vaults of Iraqi state banks in Mosul at the time of the jihadist takeover. There had been press reports, as well as statements from the state banks, suggesting that there was little cash there. The source maintains that estimates placing those funds at anywhere between 1.8 to 2.6 trillion Iraqi dinars are the ones closest to reality.
chattels: What is the “dollar auction”? It is a fishy affair.
chattels: The simplest way money is made lies in the margin of difference between the rate at which the CBI sells dollars in exchange for Iraqi dinars to the private banks, and that of the market. For example, the CBI sells at 1,187 dinars to a dollar, but the market exchange hovers between 1,205 to 1,230 dinars to a dollar (this would be the rate the private banks would sell at).
The CBI takes a cut, and so do the private banks, and then the money flows in a largely unregulated and opaque process through hundreds of exchange houses. Over the last five years, the CBI sold about 320 billion US dollars to some 23 private Iraqi banks.
The CBI is only allowed to sell dollars to the private banks if the private sector needs dollars for an import transaction. It was estimated by the parliament’s Finance Committee that the sale of 200 billion dollars involved in the auction was suspect, and did not reflect actual mercantile activity.
Private banks colluded with exchange houses to create a fake paperwork trail of invoices for private sector companies that don’t exist, or are not registered.
The Finance Committee uncovered hundreds of such examples over many months of investigation, and the issue has been the subject of public debate in Iraq for a while. The private banks and the exchange houses (in many cases owned by the same owners of the banks) work with several regional banks in Jordan, Lebanon, Turkey and the United Arab Emirates.
According to an Iraqi intelligence source, there were companies in Dubai with tens of employees creating such fake invoices over the last few years. In the last few months, this counterfeiting operation has largely moved to Baghdad. The imported goods never get to Iraq, but there is no reliable mechanism to match up the paperwork submitted to buy dollars with customs invoices at Iraq’s borders.
Anyways, the customs offices in Iraq are notoriously difficult to regulate. The Iraqi banking source quoted above tells me that only 20 percent of the invoices are legitimate, that is, that they are actual
chattels: The dollar auction is primarily controlled by five banks and several exchange houses. One of the exchange houses is owned by a Palestinian who holds Syrian, Iraqi, Jordanian, and Turkish citizenship. He used to be a partner of Uday Saddam Hussein’s in the cigarette trade.
Two of the prime movers on the private banking side are Iraqis in their early thirties, having made fortunes amounting to hundreds of millions of dollars within the span of a few years. One of them now resides in Los Angeles, CA.
chattels: Several influential Iraqi politicians are tied into the dollar auction through relationships with these banks and exchange houses. At least two political parties have their own ‘sovereign wealth funds’—just like that of IS—that amount to tens of millions of dollars that they circulate through the dollar auction. The problem of complicity is not confined to Iraq; influential nationals of Jordan, Lebanon, Turkey and the UAE are also involved.
chattels: Can it be fixed? Read more at wealthwatch.world/showthr….
http://wealthwatch.world/showthread.php?tid=3266
chattels: This example highlights how difficult it would be to shine a light onto the inner workings of the Iraqi banking sector, both governmental and private.
Trying to parse through the local corruption, and Iran’s money, while going after the IS ‘sovereign wealth fund’ is going to be exceedingly difficult, not to mention it may take a long time to figure out.
In the meantime, IS is potentially raking-in a minimum of 300 million dollars a year from the CBI’s dollar auction, according to the private investigation.
chattels: Reidar Visser ?@reidarvisser 10h10 hours ago Whatever interpretation Turkey may have of meeting Thur, #Iraq PM Abadi is unimpressed, asks for UNSC intervention pmo.iq/press2015/11-12-20… … http://pmo.iq/press2015/11-12-20152.htm
chattels: Alliance forces looking house Jubouri budget 2016 :: 2015/12/11 20:49 • [Baghdad-where] Search alliance of the Iraqi forces, the home of House Speaker Salim al [leader of the Alliance] project financial budget for the 2016 law. Information Office of the Office of al-Jubouri said told all of Iraq [where] that the meeting “discussed the general budget for 2016 and the need to speed up adopting the terms.”
chattels: The head of the parliamentary finance committee Faleh ……………………
chattels: “the completion of the budget discussion with the Ministry of Finance and all the concerned authorities and the completion of discussions over the next five days.”
Donnie: ‹@chattels› “completion of discussions over the next five days”?? so maybe the budget being put off until next month may not be true?
chattels: Artillery shelling with the start of the second page to edit the gray center :: 2015/12/11 20:41 • [Baghdad-where] Joint Special Operations Command announced that, starting the second page of the process of liberalization of the center of the city of Ramadi Daash terrorist gangs. www.alliraqnews.com/modul…
http://www.alliraqnews.com/modules/news/article.php?storyid=23821
chattels: ‹@Donnie› Maybe, but discussions, even if timely and completed, may not result in a vote, eh ?
chattels: We have yet to hear from the Kurds about the budget.
chattels: Of course, I do not pretend to know and even if the budget is passed then what significance has it for our event ?
chattels: Just observing the ink content without much expectation of anything from / on the budget relevant to our event.
chattels: 1/4 of Iraq is still controlled by DAESH, the political agreement installing the Abadi government is incomplete, there has been no real movement toward National Reconciliation, no HCL, etc., etc., the list is long
chattels: Will dinar exchange rate impact Iraqi financial crisis? In light of the suffocating financial crisis plaguing the Iraqi economy following the sharp decline in oil prices, experts and concerned parties are discussing the most appropriate option to fix the exchange rate.
chattels: wealthwatch.world/showthr…http://wealthwatch.world/showthread.php?tid=3268
chattels: The Iraqi Parliament had discussed the possibility of reducing the dinar-dollar exchange rate by 10% to reach 1,300 dinars per dollar to supply the general budget with 5 trillion dinars ($4.2 billion), or by 20% to reach 1,400 dinars per dollar to supply it with 9 trillion dinars (about $8 billion).
There is no doubt that a reduction of the dinar exchange rate would provide additional resources for the general budget. It will increase the quantity of Iraqi dinars obtained by the Ministry of Finance in return for converting into the dinar its oil revenues or foreign loans it received through the Central Bank of Iraq in dollars. However, this method increases government resources at the expense of citizens.
The losing parties are ordinary citizens, especially those with limited incomes. The purchasing power of their income will drop, especially with the rise in prices of imported goods. The creditors in local currency will also be affected, including those holding Iraqi treasury bonds.
chattels: The Iraqi dinar’s exchange rate was equal to $3.3 before the outbreak of the Iran-Iraq War. Then $1 became equivalent to 3,000 dinars during the economic blockade from 1990 to 2003.
Anyone who has followed the dinar will realize that the problem lies in the difference between the dollar’s supply and demand and the dinar’s supply and demand. It is a simple equation that controls not only the currency prices, but also the prices of all kinds of goods and services.
So, for the state to control one side of the equation, it has to control the other side to ensure that the exchange rate will be stable.
chattels: Anyone who has followed the dinar will realize that the problem lies in the difference between the dollar’s supply and demand and the dinar’s supply and demand.
chattels: When Iraq’s oil resources were limited before OPEC first raised prices in 1973, the country relied on the currency law, a remnant of the gold standard. This law necessitated that 70% of exported currency be backed with gold and foreign currencies to control the dinar supply through government spending.
After the Iran-Iraq War, the currency law was abolished, disturbing the balance between the supply and demand of foreign currency with increased military and civilian government spending.
chattels: The government allowed the private sector to directly import goods from producers and sell them at prices that were not subject to its control. Thus, there were two exchange rates: an official rate that maintained the $3.3 price and was used for official expenses, and a parallel rate determined by the supply and demand of foreign currency.
The difference between the two rates widened in the wake of the economic embargo on Iraq in 1990. As a result, the parallel exchange rate rose to 3,000 dinars at points.
chattels: After the occupation and after the export of Iraqi oil was allowed again and deposits were unfrozen, Iraq was expected to undergo monetary reform, whereby surplus banknotes would be withdrawn from circulation.
However, it used the daily currency auction, in which specific amounts of dollars are sold to the banks and the private sector to meet the domestic demand for foreign currency, especially for the purposes of importation. The steady increase in oil revenues led to a gradual improvement in the exchange rate until it reached 1,220 dinars to the dollar.
chattels: Many politicians and analysts believe that the daily currency auction is a way to smuggle the dollar through private banks under the pretext of importation, and their criticism has increased in light of the current financial crisis.
chattels: See wealthwatch.world/showthr…
http://wealthwatch.world/showthread.php?tid=3266
chattels: The question asked by those concerned in Iraq is: Does the daily currency auction have to continue despite the claims made about it? Or should we abandon it and turn to other means so that the process of buying and selling the dollar is free, without restrictions, as some suggest?
chattels: Choosing the appropriate exchange rate for any state is a critical scientific process that depends on the state’s economic and financial situation as well as its economic ideology.
The states that choose a free floating exchange rate for its currency and make its buying and selling a free process without restrictions are usually powerful, developed economies that have important and multiple foreign currency sources and currencies of importance in international trade and investment flows, as well as large reserves of international currencies.
chattels: To preserve the exchange rate, a country that pegged its currencies to a foreign currency such as the dollar or to a currency basket has two options. The first is to have large foreign currency and gold reserves to support the pegged exchange rate when necessary, as the GCC countries do.
The second is to maintain the exchange rate through the management of the monetary authority, which influences the factors determining the demand for foreign currency. This is what Iraq was doing prior to the first oil boom.
chattels: Presently in Iraq, the government does not have an official Iraqi dinar to dollar exchange rate, or a currency basket. The $3.3 exchange rate is no longer used for any currency, although it has not been officially canceled.
Accordingly, in light of the limited foreign currency resources and difficulty to go beyond oil resources, it is imperative that the state manages the current exchange rate through the development of a foreign exchange budget by the Central Bank, which will determine the allocation of imported goods, services and transfers without charges.
chattels: This way, it is possible to maintain the current exchange rate’s stability and to limit expenditures in foreign currency to the available resources until the circumstances are favorable for monetary reform and the adoption of an appropriate official exchange rate.
chattels: ” …………. until the circumstances are favorable for monetary reform and the adoption of an appropriate official exchange rate.”
chattels: ” …………. until the circumstances are favorable for monetary reform and the adoption of an appropriate official exchange rate.”
chattels: ” …………. until the circumstances are favorable for monetary reform and the adoption of an appropriate official exchange rate.”
chattels: ” Choosing the appropriate exchange rate for any state is a critical scientific process that depends on the state’s economic and financial situation as well as its economic ideology. ”
chattels: ” …………. a critical scientific process that depends on the state’s economic and financial situation as well as its economic ideology. ”
chattels: ” …………… in light of the limited foreign currency resources and difficulty to go beyond oil resources, …………… ”
chattels: ” …………. it is imperative that the state manages the current exchange rate through the development of a foreign exchange budget by the Central Bank, which will determine the allocation of imported goods, services and transfers without charges.”
chattels: wealthwatch.world/showthr…
http://wealthwatch.world/showthread.php?tid=3268
Donnie: ‹@chattels› “1/4 of Iraq is still controlled by DAESH”
Donnie: “Shirley” you jest.  :) With all the progress against Daesh reported lately I wouldn’t be surprised if Daesh control has dropped to 3/16 of Iraq!  lol LOL
chattels: ‹@Donnie› The last quantitative or statistical news report I have read said that 10 % of the original 1/3 lost had been recovered
chattels: which leaves approximately 1/4 still occupied by DAESH according to my math, but math is not my forte
Donnie: it would take a 25% recovered area to bring 1/3 down to 1/4. 1/3 = .33 x .25 (25%) = .0825 and .33 – .0825 = .25 =
chattels: UK Prime Minister David Cameron has told the House of Commons, at the beginning of the vote on whether to extend UK bombing to Syria, that Britons should cease referring to the terrorist group that controls swathes of Iraq, Syria, Libya and Egypt’s Sinai as Islamic State, Isis or Isil and begin using Daesh.
More about ISIS Isis: British attacks on Daesh oil fields seek to strangle terrorist finances in Syria Isis in numbers: Daesh kills 1,600 people in 83 attacks in 20 countries in 18 months I was an Isis hostage:
Daesh wants the West to kill Muslims to justify their terror War on Isis:
Tony Blair warns of attacks ‘larger than Paris’ by Daesh
The term has already become official terminology in Russia and France, where it was adopted as far back as September 2014, and has a major advantage in that IS fighters and leaders hate it.
The word is an Arabic acronym of al-Dawla al-Islamiya fi Iraq wa ash-Sham – meaning the Islamic State of Iraq and al-Shams
but Daesh when spoken sounds similar to the Arabic words for “the sowers of discord” (Dahes) or “one who crushes underfoot” (Daes).
chattels: Due to Arabic wordplay, it could also be an insult and IS threatened “to cut the tongue of anyone who publicly used the acronym Daesh, instead of referring to the group by its full name”, the Associated Press wrote in September 2014.
Muslims have always preferred to use the term Daesh rather than Islamic State, given that, they argue, the territory the terrorist group controls in Iraq and Syria is neither Islamic nor a state.
chattels: wealthwatch.world/showthr…http://wealthwatch.world/showthread.php?tid=3269
chattels: Daesh when spoken sounds similar to the Arabic words for “the sowers of discord” (Dahes) or “one who crushes underfoot” (Daes)
KTFA
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