Central bank: a plan to raise the exchange rate of the Iraqi dinar

[zigmeister]

You mean the CBI intentionally set things up so the rate Iraqi businesses see (who are the ones dealing in dollars for imports I'd guess) is lower?   What would be the point of that do you think?

The people who are buying are ordinary people, speculators and banks I guess.  Do you think the CBI was so naive to not understand what would happen?

[strolld2]

Another Great Post Yota!

[vomer]

Guess we'll know in a few weeks.

[fib1618]

The "problem" they are trying to address is the price of the IQD in the market (i.e. on the street via banks downstream from the CBI or dealers further downstream) is a bit lower (about 6%) compared to the official CBI rate.  So they are trying to take steps to reduce that spread.

+1

Guess we'll know in a few weeks.

The pumpers will look foolish again. Unfortunately

Another Great Post Yota!

Yes. Yoga does a fine job bringing the news, sadly it is being misinterpreted by many.

[LIBoy]

Unfortunately they are talking about their problem with the dinar vs the dollar within the confines of their country, not the 1166 rate.  The 1166 is what we want to see rise.

Yes but if Han Solo were to come out and say that, it won't sell the MVP memberships for the wolf pack.

[Maggie123]

Yes but if Han Solo were to come out and say that, it won't sell the MVP memberships for the wolf pack.

 

Heck I Can Not Get This Post To Work... Would Someone Please Give LIBoy A + 1

Edited May 25, 2013 by Maggie123

[magawatt]

Why would they make an announcement if they were going to do something significant?

Why would they bother making the announcement if they weren't?

Occam's razor could go dull figuring these guys out.

[Maggie123]

I don't know I am beginning to think they did it on purpose.

 

 

You mean the CBI intentionally set things up so the rate Iraqi businesses see (who are the ones dealing in dollars for imports I'd guess) is lower?   What would be the point of that do you think?

 

 

The people who are buying are ordinary people, speculators and banks I guess.  Do you think the CBI was so naive to not understand what would happen?

 

The Whole Deal Looks To Me That They Have Set It Up For "Dealers".

 

A Lot Like Here... Money Changers... Isn't that special?

[dontlop]

The pumpers will look foolish again. Unfortunately

 

what pumpers .. people talking amongest themselves .. your an idiot

whos pumping what ? the dinars ?

 

no one is pumping anything .. you need to check out ..

[skeptic1138]

The people who are buying are ordinary people, speculators and banks I guess.  Do you think the CBI was so naive to not understand what would happen?

Only banks participate in the auctions which are at the CBI official rate (so I'm not clear why they call them "auctions").  Maybe its the amount they want to buy that is auction-ish, not the price they will pay for it.  Then those banks offer exchange to retail customers.  Now who are those customers that are getting a lower rate from these banks?  I'd think it would be mostly businesses doing imports.  There is lots of forum talk about ordinary Iraqis wanting dollars, but is there good evidence to support this?  I'm not saying its not true, just that I haven't seen support for such a claim.

[Bumper64]

Dontlop, please reframe from the name calling.... Calling someone an "idiot" is a form of bashing! Please read the rules of this site again.

Let's PLAY NICE

Thanks

Bump

[10 YEARS LATER]

About 30 seconds in there are mostly quotes of ' I have a cunning plan ' other quotes equally funny...Blackadder was a great series and put Rowan Atkinson on the map [ along with Mr. Bean ]

 

 

 

[TheArtistFormallyKnownAs]

Blackadder? I thought you were a Yank.

[gregp]

It says "Next June".. that would mean 2014, no?

This june.

[fib1618]

what pumpers .. people talking amongest themselves .. your an idiotwhos pumping what ? the dinars ?

 

no one is pumping anything .. you need to check out ..

[kym13194]

Next June???? 2014? Or this June?

[zigmeister]

Only banks participate in the auctions which are at the CBI official rate (so I'm not clear why they call them "auctions").  Maybe its the amount they want to buy that is auction-ish, not the price they will pay for it.  Then those banks offer exchange to retail customers.  Now who are those customers that are getting a lower rate from these banks?  I'd think it would be mostly businesses doing imports.  There is lots of forum talk about ordinary Iraqis wanting dollars, but is there good evidence to support this?  I'm not saying its not true, just that I haven't seen support for such a claim.

I guess you have not read some of these articles today.  Let's start with this one, but there were others which mentioned speculators and ordinary people.

 

 

BAGHDAD / With: stressed member of the Finance Committee parliamentary Abdul Hussein al-Yasiri the need to keep the central bank on the exchange rate of the dinar   against the dollar and puts controls and treatments for benign currency, noting that the purchase of speculators to the dollar by ordinary people was behind the rise in the dollar exchange rate.

Yasiri said in a press statement on Saturday that "the reasons for the high price of the dollar against the dinar is that the central bank was selling dollars to anyone who wants and without controls, which kept the exchange rate of the dollar in the past but what happened is that the new controls prompted buyers of dollars to buy dollar of ordinary people and speculators, which led to the high exchange rate of the dollar against the dinar. "

Yasiri pointed out that "the new controls led to draws people and owners of capital to buy the dollar speculators and ordinary people without controls because the government controls imposed on buyers to provide guarantees as taxation or warranty request passport, which led to the high exchange rate of the dinar against the dollar.

 

The MP for the mass of the parliamentary Abdul Hussein Abtan stressed that his bloc will not remain silent about the continuing decline in the value of the dinar and its impact on the country's economy and the lives of citizens, especially low-income and poor people who unfortunately make up half of society. / End

 

Read more: http://dinarvets.com/forums/index.php?/topic/149699-parliamentary-finance-controls-the-new-central-bank-to-sell-the-dollar-and-behind-the-high-sarabv-of/#ixzz2ULI5C3yG

 

Now maybe they consider ordinary peeps money changers and such.  They have mentioned this in a couple of articles as of late.  I am just relaying what they are saying.  So you have your bankers, your gangstas and ordinary people.  Whats your definition of ordinary Mr. Skeptical?

Dontlop, please reframe from the name calling.... Calling someone an "idiot" is a form of bashing! Please read the rules of this site again.

Let's PLAY NICE

Thanks

Bump

But Bumper Fib is pushing buttons here.  Fib is not an idiot for sure.....but I have another name......  well I will just think it....I am thinking it now.  I won't post it, just think it!

[dinarbeleiver]

Bring on the RV for June go RV!!!!!!!

[fib1618]

I guess you have not read some of these articles today.  Let's start with this one, but there were others which mentioned speculators and ordinary people.

 

 

BAGHDAD / With: stressed member of the Finance Committee parliamentary Abdul Hussein al-Yasiri the need to keep the central bank on the exchange rate of the dinar   against the dollar and puts controls and treatments for benign currency, noting that the purchase of speculators to the dollar by ordinary people was behind the rise in the dollar exchange rate.

Yasiri said in a press statement on Saturday that "the reasons for the high price of the dollar against the dinar is that the central bank was selling dollars to anyone who wants and without controls, which kept the exchange rate of the dollar in the past but what happened is that the new controls prompted buyers of dollars to buy dollar of ordinary people and speculators, which led to the high exchange rate of the dollar against the dinar. "

Yasiri pointed out that "the new controls led to draws people and owners of capital to buy the dollar speculators and ordinary people without controls because the government controls imposed on buyers to provide guarantees as taxation or warranty request passport, which led to the high exchange rate of the dinar against the dollar.

 

The MP for the mass of the parliamentary Abdul Hussein Abtan stressed that his bloc will not remain silent about the continuing decline in the value of the dinar and its impact on the country's economy and the lives of citizens, especially low-income and poor people who unfortunately make up half of society. / End

 

Read more: http://dinarvets.com/forums/index.php?/topic/149699-parliamentary-finance-controls-the-new-central-bank-to-sell-the-dollar-and-behind-the-high-sarabv-of/#ixzz2ULI5C3yG

 

Now maybe they consider ordinary peeps money changers and such.  They have mentioned this in a couple of articles as of late.  I am just relaying what they are saying.  So you have your bankers, your gangstas and ordinary people.  Whats your definition of ordinary Mr. Skeptical?

But Bumper Fib is pushing buttons here.  Fib is not an idiot for sure.....but I have another name......  well I will just think it....I am thinking it now.  I won't post it, just think it!

I guess you have not read some of these articles today.  Let's start with this one, but there were others which mentioned speculators and ordinary people.

 

 

BAGHDAD / With: stressed member of the Finance Committee parliamentary Abdul Hussein al-Yasiri the need to keep the central bank on the exchange rate of the dinar   against the dollar and puts controls and treatments for benign currency, noting that the purchase of speculators to the dollar by ordinary people was behind the rise in the dollar exchange rate.

Yasiri said in a press statement on Saturday that "the reasons for the high price of the dollar against the dinar is that the central bank was selling dollars to anyone who wants and without controls, which kept the exchange rate of the dollar in the past but what happened is that the new controls prompted buyers of dollars to buy dollar of ordinary people and speculators, which led to the high exchange rate of the dollar against the dinar. "

Yasiri pointed out that "the new controls led to draws people and owners of capital to buy the dollar speculators and ordinary people without controls because the government controls imposed on buyers to provide guarantees as taxation or warranty request passport, which led to the high exchange rate of the dinar against the dollar.

 

The MP for the mass of the parliamentary Abdul Hussein Abtan stressed that his bloc will not remain silent about the continuing decline in the value of the dinar and its impact on the country's economy and the lives of citizens, especially low-income and poor people who unfortunately make up half of society. / End

 

Read more: http://dinarvets.com/forums/index.php?/topic/149699-parliamentary-finance-controls-the-new-central-bank-to-sell-the-dollar-and-behind-the-high-sarabv-of/#ixzz2ULI5C3yG

 

Now maybe they consider ordinary peeps money changers and such.  They have mentioned this in a couple of articles as of late.  I am just relaying what they are saying.  So you have your bankers, your gangstas and ordinary people.  Whats your definition of ordinary Mr. Skeptical?

But Bumper Fib is pushing buttons here.  Fib is not an idiot for sure.....but I have another name......  well I will just think it....I am thinking it now.  I won't post it, just think it!

Thanks for just thinking it. Lol

I'm a fragile human being.

[zigmeister]

Thanks for just thinking it. Lol

I'm a fragile human being.

[TBomb]

Economists: central bank tightening reason behind the rise in prices of the dollar against the dinar

 

28/03/2013

BAGHDAD / obelisk: attribute a number of economists reason for the high dollar prices in the local market in Iraq to tighten controls followed by the central bank in the currency auction day to sell the dollar, and an illustration of the central bank governor said shop owners banking baptized to raise the exchange rate, calls subject to the laws of Bank.

The director of the Center for Economic Information Iraqi Dergham Mohammed Ali for "obelisk", "The controls applied by the central bank on the buyer the U.S. currency needs to pass through the routine long and provide identification documents may not be available to the buyer only after a long time due to lack of time, and therefore there will be need to buy dollars from other outlets, even if a higher profit margin ".

He adds that "the central bank became currently imposes on the trader or investor to bring the papers that prove to buy the dollar for the introduction of the goods and subsequently requires it be sure to enter the goods and this may not suit many, but from investments or types of trade that need to expedite the implementation of the transactions" .

For his part, confirms the economic expert Hamid ornaments for "obelisk", that "these measures, even if they are necessary to control the smuggling of hard currency from Iraq to the outside, but it must occur is something wrong in the joints of trade and investment, and this calls for revision of laws and regulations sponsors for these things. "

And points out that "the Iraqi Central Bank issued new instructions a few days ago in this regard, but not controls that fit with the import requirements and the Iraqi trade", calling the central bank to "engage trader or an economist in the legislation of these laws for benefit of his experience not only."

Turn sees Bassem Jamil Antoine's "obelisk", that "there is a major imbalance in the economic system of Iraq as a whole, can not say that there is an economy integrated in Iraq," noting that "Iraq will depend on the returns of oil and this in itself makes the economy as a concept needs to review, as well as the adoption of a rentier economy that disables many of the joints of the economy. "

Shows Antoine that "Iraq depends on oil only so Vabanny infrastructure investment, industry and trade are semi parked in full and this certainly makes the importer of controlled economy, so the restrictions on the merchant and importer makes looking for alternatives and therefore looking for alternative to buy dollars from the central bank is smooth and this is what exploited by sellers of the dollar or currency traders and therefore the currency rise against the dinar is thoughtful and controlled. "

And added that "this mess in the foreign currency rates against the Iraqi dinar create inflation is thoughtful and makes calculations in the budget is the same as it is in the records, and this is reflected on an area larger than expected for the local and national economy and not on the individual."

So illustrates the central bank governor and agency Abdel Basset Turki for "Obelisk", that "the bank is committed to providing hard currency to the local market, and that the imposition of controls is to maintain the national economy of smuggling," adding that "the bank According controls issued a few days ago A few committed to sell the dollar at a rate 1166 Iraqi dinars. "

He continues, "As for the commission in remittances has become dollar 1175 dinars instead of 1179 and this order came from in order to create more flexibility in selling the dollar."

And refers Turkish that "some of the owners Chierfat are paying the price up where in some places to 1275 dinars to the dollar and this is against the law and this Chierfat should be subject to the laws of the central bank for the sale of foreign currency and maintain the national economy."

The Iraqi market has witnessed a major upheaval for weeks in the price of the U.S. dollar against the Iraqi dinar as the sale price of one dollar to 1280 dinars.

http://translate.google.com/translate?hl=en&sl=auto&tl=en&u=http%3A%2F%2Fwww.almasalah.com%2F

Yota asked me to post this as a reminder article; re currency traders as the only "approved" dealers for cash in.  I believe there's a cbi announcement on this as well, ..still searching for it...

[skeptic1138]

BAGHDAD / With: stressed member of the Finance Committee parliamentary Abdul Hussein al-Yasiri the need to keep the central bank on the exchange rate of the dinar   against the dollar and puts controls and treatments for benign currency, noting that the purchase of speculators to the dollar by ordinary people was behind the rise in the dollar exchange rate.

Yasiri said in a press statement on Saturday that "the reasons for the high price of the dollar against the dinar is that the central bank was selling dollars to anyone who wants and without controls, which kept the exchange rate of the dollar in the past but what happened is that the new controls prompted buyers of dollars to buy dollar of ordinary people and speculators, which led to the high exchange rate of the dollar against the dinar. "

Yasiri pointed out that "the new controls led to draws people and owners of capital to buy the dollar speculators and ordinary people without controls because the government controls imposed on buyers to provide guarantees as taxation or warranty request passport, which led to the high exchange rate of the dinar against the dollar.

The CBI is not a retail bank. The auction listings only list banks as buyers.  He is talking about controls the CBI might issue for control of buying and selling dollars in general, not (just) from the CBI.  The exchange rate at the auctions is always very close to if not exactly 1166, he is talking about the exchange rate on the street.  Its speculators buying from ordinary people, i.e. on the street (we've got some usual translation issues of corse), or at least that is I think what it says.

 

Is that how you read it?

[MyLadiesDaddy]

But Bumper Fib is pushing buttons here.  Fib is not an idiot for sure.....but I have another name......   well I will just think it....I am thinking it now.  I won't post it, just think it!

Read more: http://dinarvets.com/forums/index.php?/topic/149671-central-bank-a-plan-to-raise-the-exchange-rate-of-the-iraqi-dinar/page-4#ixzz2ULbpQDdj

 

 

LOL, I love it. 

[fib1618]

But Bumper Fib is pushing buttons here. Fib is not an idiot for sure.....but I have another name...... well I will just think it....I am thinking it now. I won't post it, just think it!

Read more: http://dinarvets.com/forums/index.php?/topic/149671-central-bank-a-plan-to-raise-the-exchange-rate-of-the-iraqi-dinar/page-4#ixzz2ULbpQDdj

LOL, I love it.

[zigmeister]

The CBI is not a retail bank. The auction listings only list banks as buyers.  He is talking about controls the CBI might issue for control of buying and selling dollars in general, not (just) from the CBI.  The exchange rate at the auctions is always very close to if not exactly 1166, he is talking about the exchange rate on the street.  Its speculators buying from ordinary people, i.e. on the street (we've got some usual translation issues of corse), or at least that is I think what it says.

 

Is that how you read it?

True they only list banks as buyers.  But some of these banks are money changers I believe, speculators.  The people in Iraq would prefer to deal with the money changers.  The money changers are adding on their additional charge, the people pay it.  They give them their dinar take the hit, and its not pretty.  So how I see it is this.  The ordinary person wants dollars, more so than yesterday.  They do not want to deal with the banks because they still do not trust them so they are victims of the money changers.  In a nutshell, the banks have not many clients, the money changers do.

 

Still CBI makes money from these transactions.  The dinar still suffers within Iraq, while they still hold 1166 internationally.  The people want dollars....and they complain about the dinar....I don't know seems like there is a skunk in the outhouse to me!  The CBI knows what they are doing, or they have a map.  I am not speaking of an RV, only what I am reading with their so called delima.