April 8th, 2014
Tuesday News Summaries
Iraq announces its intention to buy more gold in Alshahuralamqublh
90 tons of gold isn't enough for Iraq......they have purchased 60 tons over the last 2 months and have intentions of purchasing more in the future....it will be dependent on the needs of their investment.
CBI: News and announcements
CBI announces that it is printing new money, money that will have new characters in it to help prevent counterfeiting....now before you turn all negative regarding this....give DELTA time to do some explaining tonight on the CC.
Expectations of an increase of the rate of growth of domestic banks to more than (20%)
A 2014 prediction for Iraqi banks is a growth rate of 20% or more. The rate of growth for 2013 was 20%. They are seeing more citizens coming to banks with renewed confidence.
.... Bank re-printed banknotes Iraqi "pictures of new and more protection"
So the Iraqi's are printing new currency to combat counterfeiting and to help the visually impaired....yes this includes the 000's as well.....to me they are taking measures to solidify their currency....a positive step.....this is something that I am sure has been in the works for quite sometime....it wasn't just an idea that sprouted overnight.
Sell gold to the public strengthens the dinar
The sale of gold thru the CBI will help strengthen the Iraqi currency and help reduce dollarization....they will be minting 11 tons of gold to be sold to the public.
Commercial Bank of Iraq opens a new branch in Wasit
The Commercial Bank of Iraq....the Trade Bank of Iraq.....call it what you will.....a new branch was opened in Wasit province....to provide liquidity to the province and help finance projects.
The launch of trading on the shares of Union Bank of Iraq (before the increase) as of Thursday, 10/04/2014
The Union Bank of Iraq announced the trading of shares of the company to increase their capital.
Central : reshuffles security on the new edition and raise the image of Ibn al-Haytham category 10000
Here the CBI says the old and new will co-exist together.....they are dealing with counterfeiting issues....especially with the 10k notes....and they are helping the visually impaired with new enhancements......and.....here is another fact that most seem to be overlooking.....Turki's signature will be on these new notes.....that by itself is an indicator that this printing was probably started months ago....IMO.
Iraq briefs participants at the crossroads of Baghdad's international anti-corruption efforts to recover funds
The Integrity Commission will brief participants in the Baghdad International Anti-Corruption forum which begins tomorrow...as Iraq attempts to recover funds looted from its citizens in conjunction with the UN Convention against Corruption....they are getting Interpol involved in the issue as well.
Central distribute Iraqi funds abroad between different banks
The CBI has met with international consultants to devise legal mechanisms and financial procedures that will protect Iraqi money held abroad....this in front of the May deadline that the US has announced where it will no longer protect Iraqi funds....this is being done for protection against some creditors for doubtful debts....who are apparently already trying to harass Iraq through legal means.
Tuesday Morning News Summaries Randy