Walkingstick: Washington intends to monitor the Central Bank of Iraq for this reason
The Lebanese MTV channel revealed, today, Tuesday, the US administration’s intention to place the Central Bank of Iraq under supervision for its involvement in withdrawing the dollar illegally, she said.
The channel said that its sources in the American administration told it that Washington was preparing for the possibility of putting the Iraqi Central Bank under surveillance because of its “involvement in illegally withdrawing the dollar and smuggling it to Iran and its arms in the region.” LINK
Clare: IMO, REMEMBER FRANK SAID LAST NIGHT “GIVE IT A MINUTE ” ….ABOUT THE CURRENCY MANIPULATION LAW GOING INTO EFFECT 4/6 ….AND BOOM!……
WALKINGSTICK, POST #177….JUST NOW
Washington intends to monitor the Central Bank of Iraq for this reason 2020-04-07
FRANK TOLD US TRUMP WAS ANGRY WITH IRAQ SAT. NIGHT…..WOW!
Patrik73: smuggling, not manipulation
Clare: YES, THE ARTICLE TALKS ABOUT SMUGGLING.. THAT IS TRUE…I AM ONLY POINTING OUT WHAT IS STARTING TO TAKE PLACE SINCE APRIL 6TH, AS IT SURFACES ..& CONNECTING IT WITH WHAT FRANK AND WALKINGSTICK HAVE ALREADY TOLD US… …TRUMP WILL TAKE WHATEVER MEASURES NECESSARY NOW…IMO
Currency Manipulation and Countervailing Duties
For more than a decade, some policymakers and analysts have expressed concerns that U.S. exports and
jobs have been harmed by unfair exchange rate policies of other countries (“currency manipulation”).
They argue that other countries have purposefully weakened their currency relative to the dollar to boostexports, at the expense of U.S. firms and workers.
However, there are a number of factors that drive exchange rates, and it is difficult to estimate the extent to which a currency is undervalued, and why it is undervalued.
On April 6, 2020, the rule is to go into effect …
Godlover: I am guessing this current threat, until they implement the supervision is why we see the CBI changes? Also, I again can only guess this supervision will continue long after the MR (monetary reform)
Walkingstick: Yes, in part … supervision, by the U.S…. a part of their new mechanism… Oversight, by… the U.S. is and will remain in place….. Regards…..
Frank26: KTFA KONA ……….. TODAY WORD FOR WORD ……………. WS AND I ……………….. FREAKEN TOLD YOU SO !!! !!! !!!
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DELTA: The response of the Central Bank … is procedural related to its law and not to economic logic … Abdel-Hussein Al-Anbuge
Books: Prof. Abdul Hussein Al-Anbaki
In fact, I was not going to respond to the central bank, but to clarify the picture in front of the non-specialist reader. As for the specialist, he knows what I meant in my article on inflationary financing,
It is true that I have not worked in the central bank, but I have been a professor of macroeconomics and monetary theory for years, unless the central bank works according to unscientific contexts that are not consistent with what we have studied. Moreover, over the past 15 years I have evaluated and put an opinion on all Central Bank reports that come To the Prime Minister by virtue of my consultative work, just as my article does not care about procedural and administrative matters or how to organize the public (assets and liabilities) and accounting restrictions for the central bank, but rather I talk about monetary policies and focus on the impact of monetary issuance on the overall economy in a recession situation which is the goal of the paper, perhaps Or e explained that the following things:
First: It is not my responsibility if Brother Hussein, an expert at the Central Bank, does not differentiate between issuing a new currency and issuing a new cash, so we are close to economists, and we have the picture as I mentioned in my article.
Second: It is certain that the new and old currency issuance, but that any dinar that is outside the central bank is on the side of the liabilities and the right of the bearer over who issued it, and I do not know why he supplies this axiom, but he issues the money against deposits with the central bank, this is the natural mechanism for controlling the offer Cash is not what is intended in our article, because what is meant in the article is a monetary issuance (exceeding) the requirements for regular money supply, and therefore it is tied to the requirements of monetary policy to influence the overall economy due to a recession crisis so the central bank makes the cash flow greater than the commodity flow, which is greater than Volume of transactions in Lq thereby contributing to inflationary financing of monetary policy with its policy in ridding the financial economy from recession, creating any inflationary pressures by increasing money supply
Third: If the new currency issuance will create inflationary pressures to get the economy out of recession, then how does it say that this measure is not a tool of monetary policy, are not monetary policy tools used for the purposes of restoring economic stability due to its imbalance in crises?
Fourth: If the central bank lends to the government any purchase of its bonds, then it pays a dinar to the government for the value of the loan, and this means that the dead dinar in the central will be revived, which means that the money supply increased, and this means that the cover inevitably expanded and the cover did not shrink, but the effect of the two measures on the economy is the same.
Fifth: It is unfortunate that an economist said that the central bank deducted government bonds in favor of government banks, which in turn discounted them for the benefit of contractors in the previous crisis 2014 according to his law and I do not care about his law. I am talking about the result and impact, and I do not know what the difference is in what I mentioned because the result is an offer Cash is the same. Money is with the public and banks are part of the money supply in its broad sense. As long as bonds are discounted to banks or deducted directly to contractors, the same will lead to the effect of inflationary financing inevitably.
Sixth: The rescue packages that countries made, I also mentioned that it is through the general budgets of these countries, but how the deficit was financed inevitably through the compatibility of an expansionary fiscal policy with an expansionary monetary policy where the central banks sought to issue a cash, so America is now printing $ 3 trillion, and I do not understand why It is presented at the same point in other vocabulary.
Seventh: I would like to refer to my recent book on the exaggerated exchange rate in it … suppression of the local product and support for the importer, which is entirely dependent on the Central Bank data as these data show that the difference between the value of private sector imports that the central bank claims is that the currency sale window was found for it and what He sold him one dollar in that window for the period from 2010-2017, that is, in 8 years, up to 202 billion dollars, which is money in foreign exchange that bled without a commodity import.
Eighth: I would also like to point out that raising the value of the dinar in an imaginary way has created a big difference between its real value and its subsidized value. This difference is a net addition that supports imported goods in a way that exceeds all margins of customs protection to protect the local product in Iraq, which made the central bank with this monetary policy destroying the base Productivity in favor of imports behind millions of unemployed, and Mr. Hussein continues to object to the Central Bank’s call to adopt a strict monetary policy.
Clare: WOW!! THANKS DELTA!! HERE COMES THE “MORE” WALKINGSTICK & FRANK TOLD US ABOUT!!! AWESOME!!
YoungSC: And the rise of the exchange rate agaisnt the dollar is supposed to stop this week.
Samson: Pompeo: America is ready to work with any prime minister who serves the interests of the Iraqi people
04/7/2020 2020 17:51:16
US Secretary of State Mike Pompeo confirmed today, Tuesday, that his country is ready to work with any prime minister that serves the interests of the Iraqi people.
“The United States is seeking to continue our good relationship with Iraq and we proposed a strategic dialogue last June,” he told a news conference.
And that “all strategic issues will be discussed in dialogue with the Iraqi government, including the future of the American military presence.”
He continued: “The Corona virus should not limit our ability to fight against the Islamic State in Iraq.”
Samson: By name .. Al-Zarfi keeps 4 ministers from the Abdul Mahdi government
7th April, 2020
Political sources said, on Tuesday, that the Prime Minister-designate, Adnan Al-Zarfi, has re-nominated 4 ministers in the government of resigned Prime Minister Adel Abdul-Mahdi to the portfolios.
The sources said in an interview with “Mawazine News” that “Al-Zrafi decided to keep the Interior Minister Yassin Al-Yasiri.” She added, “He also decided to keep the three Kurdish ministers, who are the Minister of Finance Fuad Hussein, the Minister of Construction and Housing, two bankers, and the Minister of Justice Farooq Amin Shwani.”
The Prime Minister-designate, Adnan Al-Zorfi, requested the Presidency of the House of Representatives to fix a session to grant confidence to his cabinet. LINK
Don961: The Minister of Finance discusses the collapsed Iraqi financial situation with the Bank and the International Monetary Fund
Last updated: April 6, 2020 – 1:41 PM
Baghdad / Iraq News Network –
The Minister of Finance, Fuad Hussein, met Monday (06 April 2020) with the ambassadors of the United States of America and Britain, and officials from the Bank and the International Monetary Fund via closed circuit.
Hussein said in a tweet via the Twitter platform: “I participated in a meeting via closed-circuit television, to discuss the economic and financial situation and the implications of falling oil prices on the Iraqi economy, and to study some proposals to overcome the crisis. ”
He added:“ We also discussed the meeting in which the ambassadors of the United States, Britain, and the World Bank representative participated, and The International Monetary Fund, in addition to the Under-Secretary of Health, is a crisis
Corona epidemic and the steps taken to support the health sector in Iraq, to contain this dangerous epidemic. ”
The United States of America had announced, on Sunday (05 April 2020), its willingness to assist Iraq in confronting the new corona virus, during a meeting with the American ambassador Matthew Tooler with the President of the Council The Iraqi Supreme Judiciary. LINK