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zul

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About zul

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    seconds away from nearest bank

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  1. Iraq has no choice but to investigate claims of fraud as advised by the UN. 10 days....what is 10 more days compared to the more dreaded "soon" "Kubiš, who heads the United Nations Assistance Mission for Iraq (UNAMI), called on Iraqi authorities to investigate claims of fraud in the election and "to adjudicate all appeals properly." On May 17, the UN called on Iraq to "immediately" investigate the claims."
  2. IQD will become a convertible currency and hopefully with their new true value, whatever that might be.
  3. Wow!!! I've been gone for a while and come back to this. Now we know the hold up to article 8.....i'm all too excited to say anything else.
  4. There are 329 constituencies. With 111 votes in the bag, all he needs is another 54 votes to form a govt based on simple majority. I bet Allawi (32 votes) is with him (being a Sunni party). That leaves another 22 votes which he could easily get from PUK or Sadr (27 votes). My 2 cents.
  5. zul

    Kap says years away....

    This is the most likely option for Iraq. Once they have determined the true value of IQD, they could move to a more flexible managed float where CBI will allow the dinar to float within a predetermined fluctuation band.
  6. zul

    CBI News 05/07/2018

    More dollars on the street of Iraq means more dinar in the banks.
  7. zul

    Is this true?

    This is the kind of news that Kaperoni seems to be missing. He keeps looking at the huge amount of money in circulation. Those figures will always remain huge. The question he should really be asking is where are those money? Are they still in circulations or not? Somebody once said, those money should remain in circulation because you can't pull them out without causing major disruptions to the economy. Well....that statement is true BUT only IF dinar is the only currency they are using. And we know that's not the case. Iraq has the luxury to pull their currency out of circulation without causing any major disruption to their economy. In fact for years, CBI has been transferring the 'wealth' of the country (IQD) to USD (all Iraqis love dollar) and gold (yes, not many Central Banks do this), so overtime, instead of dinar circulating in the country, it is the dollar that rules. Recent news on the localization of the salaries (e-payment) reduced the need of physical dinar even more. To complete the whole exercise of pulling dinar out of the street or mattresses, if u prefer them, they had a successful week long program on financial inclusion. And now, this news is saying they have pull out 80% of the total volume of cash!! And you can bet, most of them are the 3 zero notes, because the big chunk of cash in Iraq are these notes. Now...Kap may ask ~ where are these money? The amount of money in circulations is still the same, according to CBI data. Of course they are still the same. But most of those, if not all, are now sitting idle as bank reserves. No, not CBI reserves but commercial banks reserves. All commercial banks have current account with central bank. They (the commercial banks) only hold minimum amount of cash as reserves, the rest are sent to the central bank. Bank reserves are a commercial banks' holdings of deposits in accounts with a central bank. Mebbe that's where Kap should be looking at, for a start.
  8. They used to have 'Saddam dinar' and 'Swiss Dinar' (Kurdishtan region). The new Iraqi currency they are talking about is the one that we hold right now.
  9. zul

    CBI News 05/02/2018

    Tq Yota. But I'm still as clueless😓. Polish commemorative notes on CBI's announcement?
  10. zul

    Is this true?

    😀 you are welcome Flo.
  11. zul

    Is this true?

    Basically, South Korea is an export oriented economy, which means they need a competitive 'cheaper' currency (cheaper price) to stay ahead of competitons. Whereas Iraq, like most other Gulf Nations, is an importing country. Their economy relies mainly on imports, so they need a 'stronger' currency to reduce the outflow of their wealth. That's why we see countries like Kuwait, UAE, Bahrain and Qatar have higher exchange rates.
  12. zul

    Kap says years away....

    For the sake of argument, let say Kap is right. He is right on the '2%-90 days rule' and he is right ~ dinar will float in an open market ~ gradually, starting from 1184 or 1190. Now...let's walk the theory. We have 2 situations. 1. Ali: a regular govt employee who earns about $1000 a month salary, which is equivalent to 1.2 million dinar today. 2.Ahmed: a small time businessman, whose loan had just been approved for 6 million dinar (USD 5,000), payable over a period of 3 yrs. According to Kap's theory, as their economy improves, the value of dinar will rise accordingly, gradually over a period of time. Let say, after 3 yrs, the exchange rate of IQD vs USD is now 1:1. What happens to Ali's salary of 1.2 million dinar which is now equivalent to 1.2 million dollar? And what happens Ahmed's loan? He borrowed an equivalent amount of $5,000 USD, will he still have to pay 6 million dinar (=$6 million dollar now)? If they were to adjust the amount, at which point ~ will the amount be adjusted? As they dropped the zeros? The delete 3 zeros process, as we know it, will have a cut off date. One date where adjustment to the salaries, loans and prices will be made (and whatever else that need adjustment). Wouldn't that be more practical more doable and less complicated. I know Kap has a lot of support on his theory. But maybe he needs more time to walk them thru, seriously. 🐒
  13. zul

    Kap says years away....

    By the time Kap get to his '2% for 90 days', we'll be long gone.
  14. zul

    Kap says years away....

    1215 is the market rate.
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