Central Bank allows for money transfer companies to participate currency auction

[yota691]

 

Central Bank allows for money transfer companies to participate currency auction

 

Monday, April 21, 2014 12:09

 

 

 

 

 

 

 

Alsumaria News / Baghdad 
Central Bank of Iraq, Monday, for allowing the money transfer companies to participate ERA currency, stressing that this would contribute to the stability of the exchange rate permanently. , the bank said in a statement received "Alsumaria News", a copy of "The bank's management has agreed to the money transfer companies to open accounts directly with the CBI, (the Iraqi dinar and the U.S. dollar) for the implementation of the procurement of foreign currency. " the bank said, "This operation will expand special events auction of foreign currency and contributes to the stability of the exchange rate permanently." and established the Iraqi Central Bank bank independent under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for buying and selling currencies.

 

[gregp]

I like the word "permanently." What are the money transfer companies?

[hammer911]

It says they have agreed, is this in effect? Because this is the same system of banking most country's have!!!~~~ Go RV!!!~~~

[gregp]

That's how I was taking it. Open banking?

[yota691]

Allowing money transfer companies to participate currency auction

 

21-04-2014 01:16 PM

 

Free -

Central Bank of Iraq, Monday, for allowing the money transfer companies to participate ERA currency, stressing that this would contribute to the stability of the exchange rate permanently. , the bank said in a statement that 'the management of the bank has agreed to do money transfer companies to open accounts directly with the CBI, (Iraqi dinar and the U.S. dollar) to carry out the purchase of foreign currency. " the bank said 'this process will expand special events auction of foreign currency and contributes to the stability of the exchange rate permanently.' and established the Iraqi Central Bank as a bank independent under the law issued on the sixth of March of 2004 , as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for buying and selling currencies.

[gregp]

Yota, I'm doing the Scooby Dance!

[Butifldrm]

 

Central Bank allows for money transfer companies to participate currency auction

 

 

 

Monday, April 21, 2014 12:09

   

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+

 

 

 

 

 

 

Alsumaria News / Baghdad 
Central Bank of Iraq, Monday, for allowing the money transfer companies to participate ERA currency, stressing that this would contribute to the stability of the exchange rate permanently. , the bank said in a statement received "Alsumaria News", a copy of "The bank's management has agreed to the money transfer companies to open accounts directly with the CBI, (the Iraqi dinar and the U.S. dollar) for the implementation of the procurement of foreign currency. " the bank said, "This operation will expand special events auction of foreign currency and contributes to the stability of the exchange rate permanently." and established the Iraqi Central Bank bank independent under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for buying and selling currencies.

http://www.alsumaria.tv/news/98449/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%B3%D9%85%D8%AD-%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%AA%D8%AD%D9%88%D9%8A%D9%84-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A/ar

Edited April 21, 2014 by Butifldrm

[dontlop]

Looks like there will always be a way to unload your dinars now

I can see ex forex coming aboard possibly now that they have access to buying and selling dinar at the cbi auctions

Banks should also get on board

This was the big deal before

You can buy them buy they didn't have a place to sell them back

Well now they do

Hopfully this goes thru for people who need to sell dinars sometimes

[yota691]

one more...21/04/2014 10:26

Central agrees to do money transfer companies to open accounts directly has

 

 

BAGHDAD / obelisk: Iraqi Central Bank decided on Monday to approve the money transfer companies to open accounts directly to him.

A statement by the bank got "obelisk" a copy of "The Board of Directors of the Iraqi Central Bank to approve the money transfer companies to open accounts directly with the CBI dinar or the dollar."

He added that "this decision was made to carry out the purchase of foreign currency, including special events expands the auction of foreign currency and contributes to the stability of the exchange rate permanently."

[MyLadiesDaddy]

Whatever this is exactly I don't know. But with this many articles about it sure

seems like someone is excited.

[Nelg]

But has the exchange rate changed?  No.  Will the exchange rate change?  Hopefully.  I'm still wondering HOW it will make the rate stable or higher.  Does anyone have a reason why it would make the rate more stable?  

[MyLadiesDaddy]

Nelg. This is definitely above my pay grade, but it sounds allot like forex traders

can buy and sell through the CBI. I mean isn't, "money transfer", by definition what Forex

does?

[moneysoon]

But has the exchange rate changed?  No.  Will the exchange rate change?  Hopefully.  I'm still wondering HOW it will make the rate stable or higher.  Does anyone have a reason why it would make the rate more stable?

I'm thinking this would support a float mechanism by increasing liquidity at minimum. Should the rate increase, then this will ignite our supply and demand needs exponentially.

[gamaray]

Here is Stryker's take on this article this morning...............

 

It sure looks like the CBI just may be looking to move away from the daily auctions and into more of an international way of doing business.

 

Quote:

"This measure will expand special events auction of foreign currency will also contribute to the stability of the exchange rate permanently."

By signing up these money transfer companies directly the CBI will have a way of selling off the petrodollars without the daily auctions. This should occur once they move to a one exchange rate system, which is the internationally standard. 

 

Quote:

"The Board of Directors decided to approve the money transfer companies to open accounts directly with the Central Bank of Iraq and the Iraqi dinar to the dollar carry out procurement of foreign currency."

 

[Ms.Bean]

Ok so... correct me if I'm wrong here, but if they have open the doors for the Dinar to be transferred internationally, wouldn't it make sense that this would allow for the IQD's value to increase? Whether it would be instantaneous or over a gradual period of time?

[k98nights]

Central Bank allows opening accounts for money transfer companies in the bank

 

21/04/2014 10:20:00

 

 

 

BAGHDAD / NINA / Central Bank of Iraq declared that it granted approval to the companies of money transfer to open accounts directly in the Bank.

A statement for the Central Bank of Iraq cited that: "The Board of Directors, in its meeting yesterday, decided to let money transfer companies to open accounts in the Bank directly deal with both / Iraqi dinar and dollar / to carry out the purchase of foreign currency."

The Bank asserted that the opening accounts for the companies directly will contribute to the expansion of auction of foreign currency and contribute in the stability of the currency exchange rate permanently. / End

 

http://www.ninanews.com/english/News_Details.asp?ar95_VQ=HDMGFF

[SocalDinar]

But has the exchange rate changed?  No.  Will the exchange rate change?  Hopefully.  I'm still wondering HOW it will make the rate stable or higher.  Does anyone have a reason why it would make the rate more stable?  

Not sure Nelg but I do know that the Market rate has been stable all of this year

 

Thanks Yota, Butifl and K98

Edited April 21, 2014 by SocalDinar

[Tubbs]

Nelg, on 21 Apr 2014 - 05:50 AM, said:

But has the exchange rate changed?  No.  Will the exchange rate change?  Hopefully.  I'm still wondering HOW it will make the rate stable or higher.  Does anyone have a reason why it would make the rate more stable?

I'm thinking this would support a float mechanism by increasing liquidity at minimum. Should the rate increase, then this will ignite our supply and demand needs exponentially.  =  B    M

 

Hope everyone had a Blessed Easter Day   

Read more: http://dinarvets.com/forums/index.php?/topic/176484-central-bank-allows-for-money-transfer-companies-to-participate-currency-auction/#ixzz2zWsDFYQc

[dontlop]

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Who knows

If we could buy petro dollars with our phisical cash dinars

Someone will open the door

I'm thinking once this goes international

Then that's the rate

This would mean anyone could buy and sell on demand to dealers of all kinds

[mariejose]

It seems to me that we are seeing more "action" as opposed to talk, talk, talk.  I'm feeling really positive about the way things are shaping up.

[SnowGlobe7]

looks like a float to me....anyone agree...or am I crazy?

[MyLadiesDaddy]

looks like a float to me....anyone agree...or am I crazy?

I agree. That is what it sounds like. And it goes with Adams comment a while back,

"By the time you see. 10cents on the CBI my VIPs will be cashing in at the bank for

.25cents.

[gregp]

looks like a float to me....anyone agree...or am I crazy?

It sounds like a float, and you're crazy! Bah! T-Town LooLoo! You left yourself wide open!

[SnowGlobe7]

I knew someone would get me...    

[DoD]

I wonder if this has anything to do with the post that Kaperoni made yesterday about a big announcement on Monday...