KTFA:
Samson: **THIS WAS POSTED BY THE CBI YESTERDAY**
MilitiaMan: Thank you Samson!! The education continues.. imo ~ MM
History of the Iraqi Dinar
24th August, 2022
When Iraq was part of the Ottoman Empire, a number of European currencies were in circulation alongside the Ottoman lira. After the British mandate after World War I, Iraq merged with the Indian monetary system run by the British and the rupee became the major currency in circulation at the price of dinar = 13.33 rupees.
(1950-1930)
In 1931, the Iraqi Currency Council was established in London for the purposes of issuing banknotes and keeping a reserve of the new dinar currency. Currency board, a conservative monetary policy concluded by holding extremely high reserves as a cover for the dinar. The strength of the dinar has been strengthened by its tie to the British pound, where it was tied at the equivalent price with the British pound until 1959.
In 1947, the National Bank of Iraq was founded, a government bank and abolished the Currency Council in 1949, which was founded in London, when the new bank was handed over the responsibility of issuing banknotes and retaining the reserve. The Iraqi National Bank continued to follow the reserve monetary policy and retained 100% of the reserves as a cover for the existing local currency.
During the recent years of Ottoman rule, the commercial exchange became an important player in foreign trade during the British mandate. British banks have dominated, but traditional cash agents have continued to grant some local credit and offer limited banking services.
Banking expansion may have stumbled by limited use of cash, smaller economy size and savings as banks offered services almost exclusively to foreign trade. In the mid-thirties, the Iraqi government decided to create banks to provide credit to other sectors of the economy. In 1936 the government established the Agricultural and Industrial Bank. In 1940, the bank was divided into the agricultural bank and the industrial bank and the capital provided by the government each increased significantly.
The government established Rafidine Bank in 1941 to be the main commercial bank with the central bank, but the Iraqi National Bank became the government bank in 1947. The real estate bank was founded in 1948 and its main purpose was to finance the purchase of the role by individuals, the Mortgage Bank was founded in 1951 and the Co-operative Bank in 1956. In addition to these government banks, branches for foreign banks and private Iraqi banks have been opened as a result of the expansion of the economy.
(1990-1950)
In 1956, the National Bank of Iraq became the Central Bank of Iraq. His responsibilities included issuing and managing currency, oversight of foreign currency transactions, supervision and monitoring of the banking system. The bank kept government accounts and worked on managing government loans. Over the years, the legislation has lost the authority of the Central Bank. In 1959, the currency was linking from the British pound to the US dollar and the dinar = 2.8 dollars.
On July 14, 1964, all banks and insurance companies ruled and strengthened banking during the second decade. Following the depreciation of the dollar in 1971 and 1973, the value of the Iraqi dinar rose to $3,3778 per dinar.
By 1987, the banking system was composed of the Central Bank of Iraq, the Bank of Mesophants, the Agricultural Bank, the Industrial Bank, and the Real Estate Bank. A 5% reduction in the value of the dinar led to its value falling to $ 3,2169, the official price that lasted until the Gulf War although in late 1989 the black market price recorded 1.86 dinar per dollar.
» (2003-1990)
After the Gulf War of 1991 and due to the imposition of economic siege, Swiss printing technology was no longer used as before, a new issue of poor quality banknotes emerged. The previous edition of the Swiss edition became known and it continues to be circulated in the Iraqi Kurdistan region. Due to the excessive government printing of new securities, the value of the dinar decreased rapidly to 3000 dinars per dollar in late 1995.
» (2003-Today)
Following the removal of Saddam Hussein when he invaded Iraq in 2003, the Council of Judiciary and the Office of Ages and Humanitarian Aid began printing more Saddam Hussein banknotes as a temporary alternative to maintain the cash offer until the new currency is introduced.
The Banking Law was issued on September 19, 2003, which made Iraq’s legal framework in the field of banking consistent with international standards and the law seeks to strengthen confidence in the banking system by creating an open, secure, sound and competitive banking system.
Between October 15, 2003 and January 15, 2004 the Provisional Coalition Authority issued a new Iraqi currency, metal and paper, where it printed banknotes using anti-counterfeit technologies in order to create a single currency used throughout Iraq and make money suitable More for use in daily life of the public The old banknotes have been replaced by new banknotes and the price of one old dinar is equal to one new dinar except the Swiss dinar which was replaced by the old Swiss dinar is equaling to the new 150 dinars.
The Central Bank of Iraq was established as an independent Iraqi bank under the Law of the Central Bank of Iraq issued on March 6, 2004, and the bank is responsible for:
– Maintaining prices stable
– Implementing monetary policy (including exchange rate policies)
– Management of foreign reserves
– Issuing and Management of Currency
– Organizing the banking sector to promote a competitive and stable financial system
The main headquarters of the bank is located in #Baghdad and it has four branches in (#Basra, #Mosul, #Sulaymaniyah, #Erbil) LINK
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Samson: The unified card reaches Iraqis abroad
08/25/2022 07:51:39
The Directorate of Unified Card Affairs in the Ministry of Interior will soon start opening new issuance offices for residents outside the country.
The directorate recently obtained the required approvals to secure five million unified cards within the 1/12 exchange mechanism to ensure the continuation of the printing process.
The Assistant Director-General of the Unified National Card Affairs, Brigadier General Muhammad Sadiq, said, “The opening of offices abroad comes with the aim of facilitating their issuance and facilitating the procedures for registering residents within the project, in addition to establishing a database that includes adequate information for citizens to be approved within the e-government project.”
The Directorate of Unified Card Affairs announced on August 17 that the process of issuing cards to citizens will return to normal during the coming period after securing five million copies of them. Citizens recently complained about the delay in issuing the unified cards for up to months, especially after completing the procedures for obtaining them.
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MilitiaMan: What do we have here? They are issuing cards outside the country? Would that because they have taken care of everyone or at least real close at home?
Satellite banks around the world would need to be up to date on any new mechanisms coming out..imo Add in the past education and more even today.. Looks promising..
Even if the political side looks to be in an emergency situation.. Which if does get to the emergency powers state then the RI may began in full force.. We shall see. imo. ~ MM
Samson: The Federal Court sets August 30 as the date for hearing the case for dissolving Parliament
25th August, 2022
The Federal Supreme Court has set 08/25/2022, the 30th of August, as the date to consider the case submitted to dissolve Parliament.
The Secretary-General of the Sadrist bloc had filed a lawsuit to dissolve the House of Representatives for its fifth session, and to oblige the President of the Republic to set a date for the legislative elections in accordance with the provisions of Article 64/second of the constitution.
This lawsuit is accompanied by several other lawsuits filed by people against the prime ministers, parliament and the republic, asking them to dissolve the parliament.
On August 23, 2022, Saleh Muhammad al-Iraqi, Minister of Sadr, directed the demonstrators in front of the Supreme Judicial Council to withdraw while keeping the tents. LINK
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MilitiaMan: There we go. They again stick to the 08/30/22 date for dissolution.. I wonder if the UN pressure gives it support and global legitimacy that they can do it and move forward with reforms.. We shall see.. ~ MM
