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Delta - Iraq will have one currency Dec 1st


WowLewi
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From another site. Just bringing over the Rumor.

 

11-20-2013 Intel Guru Delta - The Arabic one (not English) the CBI has implemented a new policy that the banks in Iraq must be within 2% on all profit margins dealing with currency exchange. BASICALLY it means anyone selling their dollars to the bank for dinars would not get “fleeced”…why would they want to sell their dollars? because once Iraq gets put in to article 8 by the IMF, Iraq can only have 1 currency, (Dinar), article 8 means their currency is international!!! This new policy starts DEC 1st and JMO, after DEC 1st…Iraq feel free to raise the value if you like!!!

 

Thoughts?

 

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Delta is referring to this announcement by CBI ~ http://cbi.iq/documents/Announcemen-A-13-11-2013.pdf ( 

 

 

 

Beginning Dec. 1, 2013 all banking and financial transfer companies are directed to sell dollar at 1177 dinar per dollar. 

 

That is just 1%  more of CBI price (#1166 dinar per dollar).

If CBI were to maintain their  commission of 13 dinar per dollar, we could possibly see a movement on CBI rate as well../ perhaps to 1164. 

Edited by zul
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LOL,  multiple currency practice does not mean two currencies.  Iraq will always have two currencies or more in country.

 

Delta you should learn what that means before you make really outlandish stupid comments.  You make my 6th grade class sound smart.

 

http://www.imf.org/external/pubs/ft/sd/index.asp?decision=6790-(81/43)

 

 

Donlop, this problem has nothing to do with the future plan (RV, or float) once the CBI meets the IMF conditons (2%) which is directly related to the in country official rate of the dinar and the market rate (black market).

Edited by katie45
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IMF MULTIPLE CURRENCY PRACTICES—POLICY

 

"Action by a member or its fiscal agencies that of itself gives rise to a spread of more than 2 percent between buying and selling rates for spot exchange transactions between the member’s currency and any other member’s currency would be considered a multiple currency practice and would require the prior approval of the Fund."

 

So, this new action by CBI & its fiscal agencies, to sell dollar within the spread of 2%, is equivalent to moving away from multiple currency practices and complying to IMF article 8 obligations.

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the banks wont survive on a 2% spread without depositors.  Well the only way to do that is make the value appealing to the citizens.  hmm.. wonder how they will do that? by raising the value of their currency perhaps? at some point they have to start using their own currency instead of the U.s dollar. The show is over Iraq time to start showing your hand.

Edited by easyrider
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the banks wont survive on a 2% spread without depositors. Well the only way to do that is make the value appealing to the citizens. hmm.. wonder how they will do that? by raising the value of their currency perhaps? at some point they have to start using their own currency instead of the U.s dollar. The show is over Iraq time to start showing your hand.

And when the bombings die down, they can show us their hands........

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