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Interbank foriegn exchange


dontlop
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  • 2 weeks later...

Posted Today, 01:00 PM

ARTICLES VIII AND XIV

There has been in recent years a substantial improvement in the balance of payments and the reserve positions of a number of Fund members which has led to important and widespread moves to the external convertibility of many currencies.

Most international transactions are now carried on with convertible currencies, and many countries have progressed far with the removal of restrictions on payments.

In consequence of these developments, it seems likely that a number of members of the Fund either have reached or are nearing a position in which they can consider the feasibility of formally accepting the obligations of Article VIII, Sections 2, 3, and 4. Previous decisions taken by the Fund, such as those on multiple currency practices, bilateral arrangements, discriminatory restrictions maintained for balance of payments purposes, and payments restrictions for security reasons, indicate the Fund’s attitude on these matters.

The present decision has been adopted as an additional guide to members in pursuance of the purposes of the Fund as set forth in Article I of the Articles of Agreement.

https://www.imf.org/external/pubs/ft/sd/index.asp?decision=1034-(60/27)

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Makes ya wonder how close Iraq was before they decided to attack Iraqs stability and te Kurds decided to defy the central govt and say they want their own country and currency

They worked with the Sunnis to destroy all Maliki did

I hope Maliki remains the pm and deals the cards reguard less

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  • 2 weeks later...

So I wonder how the interbanking is coming

Three years ago > http://www.rferl.mobi/a/iraq_said_planning_currency_overhaul_redenomination/24245867.html

BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.

Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.

He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.

He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.

In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.

He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.

Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.

Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund, of which Iraq has been a member since 1945.

The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament.

Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign.

6 trillion notes in 2011?

This article was from June 2011

None of these articles ever made sense to me

If they had 29 trillion dollars total

And they deleted. Three zeros

That leaves Iraq with 29 billion dinars

Which is less than a thousand dinars per capita and leaving the govt with zero dinars

The govt alone needs more than 29 billion dinar every year

Geez that's only 29 billion in dollars if they were worth a dollar each

They had more than that in 1980 when the population wasn't near what it is today

In 1980 they had 28 billion dinar but they were worth over 3 dollars each or around 90 billion dollars

In today's dollars 29 billion dollars would only be worth around 10 billion dollars compared to 1980 dollars

So they increase population and go from 90 billion dollars worth of dinar to 10 billion dollars worth of dinar but increase their population

Doesn't add up

This is why everyone calls it smoke and mirrors

All the neighboring country's m2 money supply adds up to around 10,000 dollars worth of currency per capita

Iraq would need around 350 billion dollars worth of currency to equal what their neighboring country's need on a daily basis

It says they adopted this policy

Wonder what they mean by adopted it

Edited by dontlop
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Hey donlop

Thanks for the response! I, like Snowglobe, am interested in the Forex. I am interested in using mechanisms like I use for stock trading. If this is possible, I will like to investigate active trading strategies like I am able to use with stocks akin to level II trading. I will reach out to Snowglobe as if seems we are on the same quest.

Blessings,

Moneysoon I started researching this back in April before I came here. The only caveat I have never traded a day in my life. I started out with a Safari Books Online and perused their selection. I then set after how to learn how to trade and was met with various techniques like Fibonacci and Pivots etc. I searched for training into this as well. The car salesmen abound. The training is not cheap either. I finally settled on a company that would work best for me. I looked into several brokers and I settled on one mainly because of the offer I received with the training company I settled with. Currently, I am back testing the trade plans I have been given. They have a live trafing room but I am not really prepared for that. I am only trading Forex until I can trade Futures. While its true you spend a few hours a day trading but that is if you daytrade. Swing trading I spend no more than fifteen minutes in the morning and fifteen minutes at night . A majority of that time is just entering trades. You can get into automated trading if you want or you can trade manually. You can use basically whatever trading platform you want provided the broker is compatible. Most brokers have their own. Personally I don' t like trading individual stocks and prefer the futures and indexes. You can trade almost 24 hours a day but with everything there is advantages withtrading certain times of the day. For me usually 830Am until noon then around 1pm til 4PM works best for daytrading. You need to backtest to find what works for you. Hope this helps. If you want names of companies I didn't mention I am sure there is a way to get them to you. Without me trying to be a mouthpiece for them.

However since you posted this back in June hope you are much further alongi in your research.

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Moneysoon I started researching this back in April before I came here. The only caveat I have never traded a day in my life. I started out with a Safari Books Online and perused their selection. I then set after how to learn how to trade and was met with various techniques like Fibonacci and Pivots etc. I searched for training into this as well. The car salesmen abound. The training is not cheap either. I finally settled on a company that would work best for me. I looked into several brokers and I settled on one mainly because of the offer I received with the training company I settled with. Currently, I am back testing the trade plans I have been given. They have a live trafing room but I am not really prepared for that. I am only trading Forex until I can trade Futures. While its true you spend a few hours a day trading but that is if you daytrade. Swing trading I spend no more than fifteen minutes in the morning and fifteen minutes at night . A majority of that time is just entering trades. You can get into automated trading if you want or you can trade manually. You can use basically whatever trading platform you want provided the broker is compatible. Most brokers have their own. Personally I don' t like trading individual stocks and prefer the futures and indexes. You can trade almost 24 hours a day but with everything there is advantages withtrading certain times of the day. For me usually 830Am until noon then around 1pm til 4PM works best for daytrading. You need to backtest to find what works for you. Hope this helps. If you want names of companies I didn't mention I am sure there is a way to get them to you. Without me trying to be a mouthpiece for them.

However since you posted this back in June hope you are much further alongi in your research.

 

Thank You Theseus,

 

I met a fellow at an event at the end of June who happens to be a speculator in exotics. He also happens to be a FOREX trader. We have spoken extensively and he is advising me on "pair matching" concerning when this goes lives. I am looking to expand my knowledge and capabilities though. I am still looking for a piece of technology adapted for the MENA states and our Country specifically. Let me know if you have found anything along your travels that addresses this need.

 

Many Thanks,

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