Tlar & Dinar Alert Member Discussion

Turki: Central Sufficient Reserves To Cover Next Year’s Budget Ceiling

Tgirl:  Haider Ali Jawad – 07/03/2013

The Central Bank Governor Abdul Basit Turki, on Wednesday, that the bank has sufficient reserves to cover the state budget in the event of increased roof next year, pointing out that the Bank’s gold reserves has not been affected by changes in the global market.

Turki added that “Raising the numbers of the coin is the project delayed due to the conditions experienced by the country,” noting that “the Bank’s gold reserves has not been affected by changes in the global market, and it will be a great supporter of the Iraqi currency.”  FULL ARTICLE & LINK BELOW

Tlar:       Turki added that “Raising the numbers of the coin is the project delayed due to the conditions experienced by the country,” noting that “the Bank’s gold reserves has not been affected by changes in the global market, and it will be a great supporter of the Iraqi currency.”

  I find this interesting in that gold has dropped significantly from a high of the 1900′s to today a low of 1200′s while Turki claims the gold reserves have been unaffected by the global market.
…
Read More Link On Right

  Tlar Continues:  Another thing that stands out in this sentence to me is once again Turki uses the word “delayed” as he describes the removal of the zeros.

The use of this term and the last paragraph in this article imply to me that Turki is running the show, not the government and it is Turki who will make the decision to go or not to go.

Also “delayed” means what, a week, a month, until next year? If Turki is doing this on his own, no longer seeking government approval because it always becomes an adversarial fight and he knows it , then delayed means whatever Turki wants it to mean.

   ”The governor of the central bank and agency Abdul Basit Turki confirmed, in (June 13, 2013) that the Reserve Bank will exceed $ 80 billion at the end of next July, indicating that there is a review of the development of mechanisms to use the bank to the reserve, regardless of the existence of the current government or not for specific purposes.”

 All this paragraph says is there is a” review and/or the development of mechanisms to use the bank reserves” It does not say what for nor does it imply usage in the normal term as in a loan to the government or financing of infrastructure. It does suggest that this is a procedural bank review because it ends, ” regardless of the existence of the current government or not for specific purposes

 Sweetpea:         Sounds to me like Turki is saying he will make his own decision whether or not to move forward, Maliki and his bunch be damned.

Turki just may have more grit than any of us realize. I certainly hope so…

It’s like watching a kid standing at the edge of the pool, too afraid to jump in, but he knows that once he does he can swim like a fish. Jump in Turki. Start the float. You can swim!!!

Carolena:            Tgirl or Tlar:   To what is the following paragraph referring?  Is it addressing that lifting the zeros couldn’t be done at that time due to counterfeiting?  Or is it about lifting zeros in relation to counterfeiting issue (“mafias currency”) and new dinar denoms to be released?   Appreciate your input and all you do, Tgirl and Tlar.

“He said an adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge, in (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of “mafias currency” is preparing to rig the trillions of dinars Iraq to replace them in the light of the upcoming changes.

Tlar:       Carolena, That is just an historical review of the excuse the Maliki forces used in 2011 to stop Shabibi from removing the zeros back then. I don’t believe it is pertinent to what’s happening today unless the Maliki forces try to resurrect this lame excuse again. It meant nothing back then. It means nothing today. There will always be those “mafias” that will try to take advantage of the switch.

C36:       I too find this interesting:

“The Central Bank Governor Abdul Basit Turki, on Wednesday, that the bank has sufficient reserves to cover the state budget in the event of increased roof next year, pointing out that the Bank’s gold reserves has not been affected by changes in the global market.”

This is telling me that they have more in their reserves than they are stating. It also tells me that their gold is more than adequate in quantity that any market price will not have an effect on their reserves.

I believe that Iraq is wealthier than what we are led to believe. I also believe they are playing the game of “why should we”? That they, as I mention many times, do not care about what is going on around them. So, why should they say how much they really have when everyone around them wants a piece of the pie?

FULL ARTICLE & LINK

Turki: Central Sufficient Reserves To Cover Next Year’s Budget Ceiling

Tgirl:  Haider Ali Jawad – 07/03/2013

The Central Bank Governor Abdul Basit Turki, on Wednesday, that the bank has sufficient reserves to cover the state budget in the event of increased roof next year, pointing out that the Bank’s gold reserves has not been affected by changes in the global market.

Said Turki, on the sidelines of his visit to the city of Karbala to open House Financial Supervision, said that “reserves the central bank sufficient to cover the expenses of the Iraqi state in the event of increased roof in the next year,” attributing the cause to “a reserve strong and revenues going to the treasury of the bank.”

Turki added that “Raising the numbers of the coin is the project delayed due to the conditions experienced by the country,” noting that “the Bank’s gold reserves has not been affected by changes in the global market, and it will be a great supporter of the Iraqi currency.”

The governor of the central bank and agency Abdul Basit Turki confirmed, in (June 13, 2013) that the Reserve Bank will exceed $ 80 billion at the end of next July, indicating that there is a review of the development of mechanisms to use the bank to the reserve, regardless of the existence of the current government or not for specific purposes.

And rejected the central bank, in (the fifth of May 2009), the efforts of government to borrow from the Reserve Bank funds to meet the shortfall in the budget, arguing that such a step contrary to the law and a violation of the independence of the bank, was charged in (12 September 2011), government agencies of obstructing monetary reform and vowed blaming those actors exposing the financial interests of the country to danger.

He said an adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge, in (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of “mafias currency” is preparing to rig the trillions of dinars Iraq to replace them in the light of the upcoming changes.

It is noteworthy that some economists believe that Iraq is not ready at the present time to delete the zeros from the Iraqi dinar, pointing out that the deletion needs to security and political stability as well as economic stability.

It is noteworthy that the Iraqi Central Bank was established as a bank independent under its law issued on the sixth of March of 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and being sessions a day for the sale and purchase of foreign currencies with the exception of public holidays which stops Bank of the auction.  LINK