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  1. #1
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    Post CBI Removes Requirement for Currency Auctions

    By John Lee.
    The Central Bank of Iraq (CBI) has taken a number of decisions with the intention of supporting and developing the Iraqi economy; the following list is taken directly from an announcement by Rabee Securities:

    1. Approving appointment of a representative of the private banks in the Board of directors of the CBI;
    2. Approving to cover the banks’ accounts abroad with the US dollar to meet clients’ imports and other necessities without the need to participate the currency auctions in the CBI. The CBI will control those operations through a simplified and transparent mechanism. The CBI will develop a plan to improve the capacities and capabilities to activate the letters of credit instead of the current method and coordination with banks;
    3. Expediting the legislation of the Deposit Insurance Act;
    4. Recommending the government and the state’s institutions to accept checks issued by private banks as well as the receipt of taxes and fees for the government;
    5. Forming a committee to restructure the interest ratio to expand the provision of credit and liquidity.

    (Source: Rabee Securities)
    (Iraqi dinar image via Shutterstock)


    Source: Iraq-BusinessNews.com.

    Post your commentary below.

  2. #2
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    nice - hopefully this isn't all talk, and it'll get the ball rolling on insuring deposits retroactively.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  3. #3
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    Has anyone heard about the fate of Warka Bank? Is Mr. Issa still working there? I was hoping that when Maliki was neutralized that the new government would resurrect Warka and restore the billions of dinar that camel face Maliki stole from them.
    The POTUS, Barack Hussein Obama, (aka Barry Soetoro) continues to prove that he is now the MOTUS - Marxist of the USA with much more collateral damage yet to come.

  4. #4
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    Quote Originally Posted by dinar shore View Post
    Has anyone heard about the fate of Warka Bank? Is Mr. Issa still working there? I was hoping that when Maliki was neutralized that the new government would resurrect Warka and restore the billions of dinar that camel face Maliki stole from them.

    Last contact I've had was about a month ago, Mr I forwarded an email to the proper dept. for password issue that was resolved, but no word on current status of the bank.

    I'm not surprised and I didn't really expect an answer to that question. I believe the formal letters by Warka, the court judgements, etc are apparently considered sufficient information for depositors at this time, by the powers that be. I tend to agree. Everyone understands the impact this has had on depositors because life can be tough, and this is war. The fact that Warka announced they were expecting to be attacked by corrupt forces and yet they were committed to overcoming the same, prior to any government required withdrawals and the CBI's (Maliki's) accusations and forced takeover, coupled by the Court judgement (twice) against the CBI gives me hope for Warka's future.


    I'm inclined to wait patiently, not throwing in the towel just yet. I've have learned over the years that some projects (in Iraq, most projects), don't always take the exact direction desired during evolution, but eventually reach the originally intended goal, particularly if supported by wise men of integrity. I am confident Abadi is our man.

    I cringed when Malaki first took office, but never dreamed his corrupt influence would have had so much negative impact on progress, yet it seems Iraq is beginning to move forward now, and perhaps Warka will likewise be restored by the CBI as ordered by the Court.

    For depositors, it seems currently to come down to a question of Kung-Fu.. "How hard to you want your heart to pound during this fight?" Staying relaxed conserves vital energies.
    [Still kicking]

  5. #5
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    Scientifically speaking, being brain dead is the most relaxing.
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

  6. #6
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    Quote Originally Posted by HumbleGenius View Post
    Scientifically speaking, being brain dead is the most relaxing.
    Had to sign in just to LOL - nice one.

    The Loyal Dog. I don't remember the movie - a western I believe. A man's dog keeps a constant vigil on the farm house porch, waiting for him to return. And where is the owner ? - well... if you peer out into the distance you see him swinging by a rope around his neck, from a lone tree. While you can certainly admire the loyalty - the dog just ain't too bright.
    Last edited by ChinaGirl; 02-10-2015 at 02:43 PM.

  7. #7
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    The Ignore function on this site is an awesome feature!

    I can see that the two 'who love to hate' have posts immediately after mine, nipping hot after my heels..but I don't even see it!!!!!! YHEA!!!!!.....I AM FREE!!!!!!!!!!!! YOU CAN'T TOUCH ME NOW, BABY!!!!!!!!!

    But, but...can I possibly go on without knowing what they posted..won't I be missing out on a wealth of knowledge...it could be life-changing, maybe they even could get my money freed up....shouldn't I just take a little peek?


    Um....naw..guess not.
    Last edited by 40plus; 02-10-2015 at 07:44 PM. Reason: can't let go
    [Still kicking]

  8. #8
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    Thanks, 40plus. Over 90% of my dinar speculation (not investment) has been in the ISX. I purchased my first dinar in the Spring of 2004. So long ago.....Good luck to all.

    Quote Originally Posted by 40plus View Post
    Last contact I've had was about a month ago, Mr I forwarded an email to the proper dept. for password issue that was resolved, but no word on current status of the bank.

    I'm not surprised and I didn't really expect an answer to that question. I believe the formal letters by Warka, the court judgements, etc are apparently considered sufficient information for depositors at this time, by the powers that be. I tend to agree. Everyone understands the impact this has had on depositors because life can be tough, and this is war. The fact that Warka announced they were expecting to be attacked by corrupt forces and yet they were committed to overcoming the same, prior to any government required withdrawals and the CBI's (Maliki's) accusations and forced takeover, coupled by the Court judgement (twice) against the CBI gives me hope for Warka's future.


    I'm inclined to wait patiently, not throwing in the towel just yet. I've have learned over the years that some projects (in Iraq, most projects), don't always take the exact direction desired during evolution, but eventually reach the originally intended goal, particularly if supported by wise men of integrity. I am confident Abadi is our man.

    I cringed when Malaki first took office, but never dreamed his corrupt influence would have had so much negative impact on progress, yet it seems Iraq is beginning to move forward now, and perhaps Warka will likewise be restored by the CBI as ordered by the Court.

    For depositors, it seems currently to come down to a question of Kung-Fu.. "How hard to you want your heart to pound during this fight?" Staying relaxed conserves vital energies.
    The POTUS, Barack Hussein Obama, (aka Barry Soetoro) continues to prove that he is now the MOTUS - Marxist of the USA with much more collateral damage yet to come.

  9. #9
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    Dear Dr. 40IQplus despite your sound medical advice in relaxation methodologies my response was directed at Kung Fu. Not sure why I expected you to comprehend that. I think your aluminum foil alien deflector hat might be on to tight. All IMHGO of course and wishing the best to all.
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

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