Willoninny: Hey family, my lecturer is from Iran, and I found this out yesterday. When I asked him where he was from, I got excited and asked him about Iran and Iraq revaluing their Dinar. He told me he talks with them there everyday and confirmed that they will be going back to their dinar. He didn’t know about the other countries revaluing, but he was able to confirm the immenent RV of Iraq’s currency
PastorJohn: To be encouraged. I went to a tier one bank this morning to conduct some business. I ask the Teller about the Dong. She quoted me a number of .41 pending. This is a fact. God Bless…..Oh by the way I was impressed on her speed to look this currency up for a exchange Bottom they are train or being train to do so.
Slmitcham I have a local friend that is in a small group and came by today needing an IBAN # for his bank (we use CHASE), swift number and a few other things.
I helped him out It was for a small exchange in a small group. Not a lot of details but encouraging none the less
He also said that as we’ve heard this is a process, we are at the end of the process finally and we are the END! Praying this is over soon!
LAS: The International Bank Account Number (IBAN)
LAS: SWIFT/BIC codes are used for transferring money overseas. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication and BIC stands for Bank Identifier Code. Together they make up the 8-11 character identification code of a bank or financial institution.
Tessa: That’s necessary for transfers in Europe and shows the routing and the account number
Tishwash: Discusses Iraq with Switzerland frozen his assets scheduled to be launched
Twilight News / Iraqi Foreign Minister Ibrahim al-Jaafari discussed during the receipt of a copy of the adoption of the non-resident Ambassador of Switzerland in Iraq Heinz Peter Lenz leaves frozen Arsdt Iraq is scheduled to be launched.
According to a statement issued by al-Jaafari’s office, that the latter recognizes Peter During the meeting, which brought together the two sides discussed bilateral relations between the two countries and ways of developing them to serve the interests of the two friendly countries.
The statement added that he discussed the issue of Iraqi assets frozen in Switzerland,which is scheduled to be transferred to Iraq.
For his part, he expressed Heinz Peter Lenz Switzerland’s ambassador his country’s readiness to support Iraq’s political and security, and provide more aid, stressing his country’s pro-Iraq stance in international forums, particularly in the fight against terrorist Daash.
Pat: China and IMF Meeting November 4th
Hmmmm very interesting IMF is meeting with Iraq on the 5th, the day after China!
IMF will probably be supportive of RMB’s inclusion in the SDR .. IMF Meeting on Wednesday, November 4th
November 1, 2015
J.P. Morgan economist spotlights China’s efforts for RMB inclusion in SDR
There is a high chance of RMB inclusion in the IMF Special Drawing Right(SDR) basket, J.P. Morgan economist Zhu Haibin has said, highlighting China’s conspicuous efforts.
“The IMF will probably be supportive of RMB’s inclusion in the SDR as its board will hold a meeting to review the relevant issue on Nov. 4,” said Zhu in a report.
But the IMF decision might not be published soon, according to Zhu.
Zhu attributed his opinion to China’s recent reforms to support the renminbi’s bid for inclusion in the IMF SDR basket.
“Over the past months, China has continued to push ahead with capital account liberalization and the internationalization of RMB,” said zhu in the report.
The People’s Bank of China (PBOC), China’s central bank, announced last Saturday the removal of the deposit rate ceiling, marking the completion of interest rate liberalization, Zhu said.
To promote London as an offshore RMB center, the PBoC has extended on Oct. 20 an agreement on a reciprocal currency swap scheme with the Bank of England. The maximum value of swap was expanded from 200 billion yuan (31.5 billion U.S. dollars) to 350 billion yuan, valid for three years and can be further extended when agreed.
Meanwhile, the PBOC also issued its first offshore RMB note in London. The note is worth 5 billion yuan at an interest rate of 3.1 percent, and falls due in 2016. London is already a top RMB trading center outside China.
The PBOC opened the onshore inter-bank FX market to foreign central banks, sovereign wealth funds and multilateral financial institutions on September 30 to address the technical issue on the ability to hedging RMB-denominated exposures, according to the report.
Earlier in October, the first phase of the China international payment system was launched in Shanghai. On Oct. 8, the central bank announced that China’s official statistics will conform to special data dissemination standards (SDDS), an IMF statistical system to improve transparency.
In the short term, Zhu did not expect strong direct influence on global capital market even if the RMB is to be included in the SDR this month, while stressing the symbolic significance.
In the long run, RMB’s internationalization is hinged on Chinese economic performance and the evolving of China’s capital account and interest rate mechanisms, Zhu said.
“China will continue financial reform in the hope that the RMB will be included in the SDR basket later this year,” said Yi Gang, deputy governor of the PBOC, at the IMF annual talks in Lima last month.
China has opened its inter-bank bond market and forex market to overseas financial institutions; has been promoting data transparency, following SDR requirements; and has freed the RMB exchange rate through changes to the central parity rate mechanism, Yi said.
The SDR is currently constituted by the dollar, euro, Japanese yen and the British pound. Chinese yuan failed to be included in the basket in 2010 as the IMF said the currency did not meet the freely usable criteria. Link
Lobster: All the little DINARIANS on Jaybird Street.