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Restored Republic via a GCR: Update as of July 16, 2018

Restored Republic via a GCR as of July 16, 2018 Compiled 16 July 12:01 am EST by Judy Byington, MSW, LCSW, ret. CEO, Child Abuse Recovery,...

Friday, July 28, 2017

"Coincidences?" - Fri. PM KTFA Thoughts/News


BillA » July 28th, 2017

OK, so the question in my mind is, if they intend to use the USD as a reserve currency, then the USD would have to be backed by say GOLD - Oil - Minerals - and/or other asset backed foreign currencies itself.......wouldn't it?

Walkingstick » July 28th, 2017

Zimbabwe: Gold Reserves to Back Currency

28 JULY 2017

Government is building diamond and gold reserves to back the local currency upon its re-introduction in future, Vice-President Emmerson Mnangagwa has said. VP Mnangagwa refused to disclose when the local currency would be re-introduced, but said it would only come back when mineral reserves reached desired levels.

He was speaking during an advocacy meeting on the new Constitution that was organised by the Ministry of Justice, Legal and Parliamentary Affairs in Chiredzi.

VP Mnangagwa oversees the Justice Ministry.

Responding to questions on the prevailing cash shortages, the Vice President said Government was working on ways to stem the shortages.

"We are building reserves of gold and diamonds which if they reach a certain level I will not tell you here, it will then allow us to introduce our own currency that will be backed by those minerals. I am not at liberty to disclose to you the level that we want those minerals to reach before they can back our own currency," said VP Mnangagwa.

He narrated the history of cash shortages in Zimbabwe saying problems started after the country embarked on the land reform programme. He said Government introduced bond notes to plug the smuggling of the US dollar outside the country.

"We only get foreign currency when we export something or through NGOs that come into our country. Forex also comes from bilateral and multilateral financial support or through Foreign Direct Investment and if we do not get this there will be no forex because the US dollar that we are using is a reserve currency," he said.

VP Mnangagwa also said Government was concerned that bond notes were now being found in some neighbouring countries, saying investigations of how they ended up there were ongoing.

He revealed that the Chiredzi leg of his ministry's visit was the first in a series of nationwide new Constitution advocacy meetings at district level.


Mexsal » July 28th, 2017

One of my uncles told me to buy some Zim for him and I told him "it will look nice in your living room as a decoration" but with WS article and the re introduction of their currency there might be something about ZIM after all.

Justwhoiam » July 28th, 2017

Why would you be worrying about having large reserves to basically back toilet paper? IMO, super glad I bought Zim long ago when it was dirt cheap. Anyone else smell something cooking in Zimbabwe?

Shangdoodles » July 28th, 2017

OH BUDDY! This article either reveals a trend or an amazing coincidence, and I don't believe in coincidences. Everything happens for a reason

Aggiedad77 » July 28th, 2017

Family this stuff about the Zim......I wouldn't get too caught up with it.....just talked to Frank.....it's not a positive thing.....the Zim is still considered a novelty currency....IOO. Aloha Randy

Shangdoodles » July 28th, 2017

Thanks, Randy! What appealed to me about our friend bringing in this article was not Zimbabwe's currency. I have not invested in it.

What appealed to me was that it described the country's efforts to back its currency with minerals and diamonds (both of which are 'hard assets'), and a threshold goal that had been set to be reached prior to the country then reintroducing that currency.

So ... it was the PROCESS that was described that reinforced what we've been studying with regard to another currency ... (wink) Does that make sense?

Walkingstick » July 28th, 2017

The Iraqi Trade Bank (TBI) will open a branch in Mosul


Walkingstick » July 28th, 2017

Buy and sell currency window

the latest instructions issued by the Central Bank of Iraq, the adoption of new mechanisms to facilitate procedures in the use of foreign currency to cover imports and confirm the identification of the last beneficiary in order to preserve Iraq's funds from misuse of the bank, while the governor of the Central Bank Ali Mohsen Alalak, :

"The Central will adopt in 2017 new visions of the applications of monetary policy for the purpose of achieving the objectives set out in Law 56 of 2004 and most important to maintain the exchange rate of the dinar and its value covered in foreign currency, through the construction of foreign currency reserves and In accordance with international standards in calculating the external cash reserve to cover the dinar and cover the imports entering Iraq "; and the other main objective is to preserve foreign currency from its use for non-economic purposes and development.

Therefore, the Central Bank has worked during the past two years with deliberate, sequential and coordinated steps with the concerned government authorities, while maintaining its independence in its law. It has drawn up the procedural, organizational and structural policies and issued its strategy for the years 2016-2020 and set its objectives to achieve financial stability and develop banking work technically, Access to financial coverage, where the year 2016 year, the preparation and development of financial and technical foundations appropriate to the reality of the Iraqi economy and mechanisms of banking, which formed a solid base that led to the transfer of the state of the Iraqi economy in its main rings, Financial obeyed, from the follow - up phase to the gray stage based on the financial report of the ILO.

All this led the center to start a new phase in 2017 based on the basic pillars, including dealing with banks new mechanisms to lift the pressures of the previous hard-line instructions and give them many flexibility and facilities to achieve the central objectives of economic and banking reform based on transparency and disclosure.

The other pillar is dealing with the banks based on the provision of new banking services and high-level products and restore the confidence of the public in the banking sector, in addition to the results of its work and the extent of its commitment to implement the monetary policy directions of the Central Bank and reflect on their actual contribution to GDP and its contribution to sustainable development and its transition from the role of Banking to the development role; in addition to dealing with banks according to classification criteria adopted by the Central.

The Central Bank issued new mechanisms to regulate the mediation of banks between importers and the Bank adopt the facilitation of procedures and controls and adopt transparency and disclosure of the final beneficiary came to achieve the goal of maintaining the exchange rate and ensure the use of foreign currency out of order to meet the needs of the economy and market and development and non-directed to non-purposes;

Provided new policies and visions and mechanisms of smooth implementation, but monitoring and follow-up on a daily and accurate in Iraq and abroad to achieve economic objectives, which requires banks, and in cooperation and coordination between the Central Bank and the Association of Banks Ash Iraqi National Economic and media that the central plan is implemented in 2017 to serve the national economy and our sector banking.


Boxman » July 28th, 2017
Dang that was a hard read...but my pea brain seems to think it shows they are setting up new mechanisms to provide daily(up to date) data to achieve their economic objectives, in other words they will have real time data to monitor the banking activity..but could be completely wrong..as i said a hard article to comprehend..bet it also deals with the high speed internet and fiber optics...maybe???

Godsgurl » July 28th, 2017

Love the international standards part!

Walkingstick » July 28th, 2017

Financial braking

Mustafa Mohammed Ibrahim

Within the latest trends of the International Monetary Fund on the economic reform in Iraq, especially after their recent meetings of the Standby Arrangement (SBA) Stand By Arrangement, the IMF has called for a policy of financial restraint.

Financial restraint is a set of restrictions placed by the monetary authorities on the financial and banking system, which is mainly aimed at satisfying the financial needs of the government by imposing a low or no interest rate and forcing banks to purchase government treasury bonds with a low yield as well as restrictions Strict on the movement of capital.

Among the manifestations of the policy of financial restraint is the administrative determination of the interest rate on loans and deposits as well as the allocation of credit and the imposition of a high implicit tax on the banking sector, as most countries of the world practiced a policy of financial restraint or financial liberalization through the imposition of a set of laws and controls and quantitative and qualitative restrictions imposed by the government which does not allow for financial intermediation employ capabilities available from this side, and another side prevail fiscal restraint policy or financial liberalization for many systems rate of exchange the most important of the fixed exchange rate regime, as the central bank to determine the value of the currency is fixed by money the Of gold and the proposal was designed foreign assets, so the need to provide legal and technological reforms in government banks to take their role in providing banking services to all sectors

At the same time focus on the policy of financial liberalization as an international and domestic option that helps to achieve economic development and create a sound banking system.

Therefore, monetary policy should continue to achieve its objective of building a sound banking system capable of achieving all the challenges facing banking by building an efficient and effective system to cope with all macro-economic variables. Supervision and follow-up of the International Auditing Company and on this basis shows the mutual impact of fiscal policy in the preparation of the financial budget, but the important question remains how long will continue to borrow external.


Aggiedad77 » July 28th, 2017

WalkingStick.....thank you sir for your diligence and delivery.....with these last articles what can be left......they so appear ready....poised......and even anxious to do what is expected of them.....to do what their people need....what the world is looking for......prayerfully they use all this momentum to jump with warp speed into a new arena of world economics for the betterment of all mankind from their actions.....thank you again. Aloha Randy

JesusLovesBaseball » July 28th, 2017

Seems like international everything is coming to Iraq!!

Iraq hopes to bring FIFA soccer back to its stadiums

BAGHDAD — Iraq has been working to get the FIFA ban on its soccer stadiums lifted by hosting showcase games and wooing international soccer stars to tour the country's facilities.

An interesting part of the article:

“There are international companies ready to cooperate with Iraq in organizing international games. … Also, the most prominent game between international and Iraqi soccer stars will take place in August.”


JesusLovesBaseball » July 28th, 2017

Iraq receives new Boeing 737 passenger plane, names it ‘Nineveh’

BAGHDAD, Iraq – Iraq has received a new Boeing 737 Wednesday after an Iraqi team flew the passenger plane to Baghdad direct from the United States, a first for an Iraqi pilot.

The Minister for Transport hailed the new addition to the Iraqi Airways fleet as he welcomed the plane at Baghdad International Airport.

Iraq will name the plane Nineveh after the northern province in recognition of the sacrifices made by Iraqi Security Forces liberating its capital city of Mosul from ISIS, Minister Kazem Finjan al-Hamami stated.

“The Iraqi Airways for the first time in its history will pay for the new aircrafts directly without any support from the bank,” the national carrier Iraqi Airways quoted Hamami in a statement last month.

The statement said that a second Boeing 737 will be received in August, with Iraqi pilots flying the aircrafts direct from the factory in the US to Baghdad.

The transport minister said that Iraq is on the right track with regard to modernizing its air transport sector.

“The Iraqi expertise and capabilities possessed by Iraqi Airways are able to assume the responsibility entrusted to them in order to upgrade the quality of the services and to develop and modernize the Iraqi air fleet,” Al-Hamami said, according to the statement.
Iraqi Airways has about 32 active Boeing 737 planes, according to the industry monitor Air Fleets.

Under the contract signed in 2008, Iraq agreed to buy 40 Boeing 737 and 787 airplanes for Iraqi Airways with the option to purchase 15 more, Reuters reported at the time.

It said that Iraq would receive the last planes by the end of 2019.




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