Stability of the exchange rate of the Iraqi dinar and some currencies at closing

[CaptainBVI]

3 minutes ago, Synopsis said:

 

Top Of The Morning To You, Climber7! 

 

I suspect You are referencing the 2% spread in the markets which then is 1,190 x 1.02 = 1,213.80. The markets in Iraq are nominally 1,250ish. I suspect, though, with all the banking system integration(s), potentially the 2% spread will not need to be met since all the conversions could occur electronically and instantaneously to curtail any associated corruption.

 

Just my opinion and 

 

Go Moola Nova!

Mr Synopsis,

Being familiar with many subjects but master of only a few, the spread subject has alluded me and I would appreciate some clarification in a basic level.

How could the CBI ever control the street rate?

Let's say theoretically,

The CBI, (General Motors) build a car and send it to a dealer in the US posting the Manufacturers Suggested Retail Price (MSRP) of $100.00.

The car dealer (currency dealer on street) then adds his preparation fees, service fees and dealer markup. Of coarse this would a little lower than his competitors unless it is in short supply/high demand then the dealer markup goes up. At that point the law of supply and demand takes over at the street level and it sells for $120.00.

I'm possibly over thinking this or missed a detail along the way but that's 20% and GM has no way to control it.

I'm not afraid to ask even the simplest questions if it makes no sense to me and your input is appreciated.

Thank you.

[Bama Girl]

34 minutes ago, Synopsis said:

 

Top Of The Morning To You, Climber7! 

 

I suspect You are referencing the 2% spread in the markets which then is 1,190 x 1.02 = 1,213.80. The markets in Iraq are nominally 1,250ish. I suspect, though, with all the banking system integration(s), potentially the 2% spread will not need to be met since all the conversions could occur electronically and instantaneously to curtail any associated corruption.

 

Just my opinion and 

 

Go Moola Nova!

Thank you Synopsis on your well written and well thought out comments. You are a huge asset to this forum. 😊

[Synopsis]

32 minutes ago, CaptainBVI said:

Mr Synopsis,

Being familiar with many subjects but master of only a few, the spread subject has alluded me and I would appreciate some clarification in a basic level.

How could the CBI ever control the street rate?

Let's say theoretically,

The CBI, (General Motors) build a car and send it to a dealer in the US posting the Manufacturers Suggested Retail Price (MSRP) of $100.00.

The car dealer (currency dealer on street) then adds his preparation fees, service fees and dealer markup. Of coarse this would a little lower than his competitors unless it is in short supply/high demand then the dealer markup goes up. At that point the law of supply and demand takes over at the street level and it sells for $120.00.

I'm possibly over thinking this or missed a detail along the way but that's 20% and GM has no way to control it.

I'm not afraid to ask even the simplest questions if it makes no sense to me and your input is appreciated.

Thank you.

 

The Best Of Your Week To You, CaptainBVI! 

 

I like Your analogy, CaptainBVI! 

 

The 2% spread is something shared by astute posters from some time ago. I am not sure how applicable that is at present with the conversion to paying salaries electronically and all the integration that has occurred with the central and private banks. I suspect there could be a “go live” date where all the systems operate off the same conversion electronically provided the central and private banks are sufficiently integrated. I suspect this will also simultaneously eliminate associated corruption at the various venues.

 

I suspect there are things on paper, proper protocols, holding periods, etc. I also suspect these could all be ignored provided all the risks have been identified and eliminated. For example, the 2% spread between the Iraqi Market Rate (nominally 1,250ish now) apparently would need to be held for 2 months. I suspect this was due to ensuring the exhcnages were occurring properly and there was no corruption involved. With the ultra modern banking systems, I suspect this is a flip of the switch provided comprehensive integration is in place and maintained between the central and private banks outside of a semi manual system that is practiced today.

 

In my opinion, there is urgency to get everything up and running for the tsunami of foreign investment that is about to hit so that all the  multitude of transactions are real time and not once a week day through the CBI currency auctions while simultaneously eliminating associated corruptions.

 

Let me know what You think. My opinion here for sure.

 

And (if I may add)..................................

 

Go Moola Nova!

[Synopsis]

34 minutes ago, Bama Girl said:

Thank you Synopsis on your well written and well thought out comments. You are a huge asset to this forum. 😊

 

              

 

I am just trying to keep up with You, Bama Girl!!! 

 

You Go, Girl!!!! 

 

Well, OK, Thank You for the kudo considering the class of all the folks such as Yourself here on DV!!! 

 

The Best Of Your Week To You AND All DV!!! 

 

Go Moola Nova!

[Floridian]

6 minutes ago, Synopsis said:

 

The Best Of Your Week To You, CaptainBVI! 

 

I like Your analogy, CaptainBVI! 

 

The 2% spread is something shared by astute posters from some time ago. I am not sure how applicable that is at present with the conversion to paying salaries electronically and all the integration that has occurred with the central and private banks. I suspect there could be a “go live” date where all the systems operate off the same conversion electronically provided the central and private banks are sufficiently integrated. I suspect this will also simultaneously eliminate associated corruption at the various venues.

 

I suspect there are things on paper, proper protocols, holding periods, etc. I also suspect these could all be ignored provided all the risks have been identified and eliminated. For example, the 2% spread between the Iraqi Market Rate (nominally 1,250ish now) apparently would need to be held for 2 months. I suspect this was due to ensuring the exhcnages were occurring properly and there was no corruption involved. With the ultra modern banking systems, I suspect this is a flip of the switch provided comprehensive integration is in place and maintained between the central and private banks outside of a semi manual system that is practiced today.

 

In my opinion, there is urgency to get everything up and running for the tsunami of foreign investment that is about to hit so that all the  multitude of transactions are real time and not once a week day through the CBI currency auctions while simultaneously eliminating associated corruptions.

 

Let me know what You think. My opinion here for sure.

 

And (if I may add)..................................

 

Go Moola Nova!

 

This makes a whole lotta sense to me, Synopsis.  Thank you.

 

Do you think the 2% rule no longer applying might also have something to do with the money changers having to put up big guarantees?  (I forget the amount.)

[Wiljor]

Hey Synopsis, good afternoon brother  

 

“In my opinion, there is urgency to get everything up and running for the tsunami of foreign investment that is about to hit so that all the  multitude of transactions are real time and not once a week day through the CBI currency auctions while simultaneously eliminating associated corruptions.”

 

I like what you said, and,  your thought process makes sense, now, if they can just get it together and put one foot in front of the other we can all go home    

[Synopsis]

17 minutes ago, Floridian said:

 

This makes a whole lotta sense to me, Synopsis.  Thank you.

 

Do you think the 2% rule no longer applying might also have something to do with the money changers having to put up big guarantees?  (I forget the amount.)

 

The Best Of Your Day To You, Floridian! 

 

I am not totally sure how everything is connected. I suspect the money changers having to put up big guarantees is specifically related to the CBI daily currency auctions whereas the 2% spread is with regard to the CBI various branch rates to the private banks, etc. Looks like the CBI currency auctions are 1,190 IQD = 1 USD whereas the CBI various exchange rates with the private banks, etc. is 1,250ish = 1 USD. This likely has to do with the Multiple Currency Practices (MCPs) that is supposed to be within the 2% band. This is why I think highly integrated exchanges electronically between the CBI, CBI branches, and the private banks could occur simultaneously to eliminate the MCPs and associated corruption provided sufficient electronic integration is in place.

 

Just my opinion and 

 

Go Moola Nova!

[Synopsis]

4 minutes ago, Wiljor said:

Hey Synopsis, good afternoon brother  

 

“In my opinion, there is urgency to get everything up and running for the tsunami of foreign investment that is about to hit so that all the  multitude of transactions are real time and not once a week day through the CBI currency auctions while simultaneously eliminating associated corruptions.”

 

I like what you said, and,  your thought process makes sense, now, if they can just get it together and put one foot in front of the other we can all go home    

 

.......................we can all go home AND I'll hand deliver Your selection of Your favorite Tim's!!! 

 

Deal, Wiljor Brother???!!! 

 

Go Moola Nova (YEAH, BABY)!!!

[CaptainBVI]

1 hour ago, Synopsis said:

 

The Best Of Your Week To You, CaptainBVI! 

 

I like Your analogy, CaptainBVI! 

 

The 2% spread is something shared by astute posters from some time ago. I am not sure how applicable that is at present with the conversion to paying salaries electronically and all the integration that has occurred with the central and private banks. I suspect there could be a “go live” date where all the systems operate off the same conversion electronically provided the central and private banks are sufficiently integrated. I suspect this will also simultaneously eliminate associated corruption at the various venues.

 

I suspect there are things on paper, proper protocols, holding periods, etc. I also suspect these could all be ignored provided all the risks have been identified and eliminated. For example, the 2% spread between the Iraqi Market Rate (nominally 1,250ish now) apparently would need to be held for 2 months. I suspect this was due to ensuring the exhcnages were occurring properly and there was no corruption involved. With the ultra modern banking systems, I suspect this is a flip of the switch provided comprehensive integration is in place and maintained between the central and private banks outside of a semi manual system that is practiced today.

 

In my opinion, there is urgency to get everything up and running for the tsunami of foreign investment that is about to hit so that all the  multitude of transactions are real time and not once a week day through the CBI currency auctions while simultaneously eliminating associated corruptions.

 

Let me know what You think. My opinion here for sure.

 

And (if I may add)..................................

 

Go Moola Nova!

Got it.

Basically an over hyped goal unattainable until the controls were put in place technologically thus establishing controls.

With electronic controls/auditing in place in order to play by the rest of the world's rules, I can see that.

It appears they are ready to flip the switch but the corruption in the "soon to be former cash society" is attempting to squeak out every last dollar prior to being cut off.

They do however, needto do it quickly before the momentum is lost.

Thank you very much  for the concise explanation, Sir.

And of coarse,

GO MOOLA NOVA!!!

[Floridian]

49 minutes ago, Synopsis said:

 

The Best Of Your Day To You, Floridian! 

 

I am not totally sure how everything is connected. I suspect the money changers having to put up big guarantees is specifically related to the CBI daily currency auctions whereas the 2% spread is with regard to the CBI various branch rates to the private banks, etc. Looks like the CBI currency auctions are 1,190 IQD = 1 USD whereas the CBI various exchange rates with the private banks, etc. is 1,250ish = 1 USD. This likely has to do with the Multiple Currency Practices (MCPs) that is supposed to be within the 2% band. This is why I think highly integrated exchanges electronically between the CBI, CBI branches, and the private banks could occur simultaneously to eliminate the MCPs and associated corruption provided sufficient electronic integration is in place.

 

Just my opinion and 

 

Go Moola Nova!

 

Thanks, Synopsis.  I like the way you think!  

 

 

[Half Crazy Runner]

2 hours ago, Floridian said:

 

This makes a whole lotta sense to me, Synopsis.  Thank you.

 

Do you think the 2% rule no longer applying might also have something to do with the money changers having to put up big guarantees?  (I forget the amount.)

 

If I remember correctly, the amount was 100,000,000 dinar. Roughly $85,000. 

[ChuckFinley]

9 hours ago, Synopsis said:

 

Thank You, Yota, AND The Best Of Your Day To You Hoping Your Favorite Morning Beverage Is Plentiful, Hot, Good, AND Just The Way You Like It!!! 

 

www.xe.com has been acting a little weird lately with the IQD vs. USD. Here is a link to the graph for the last week:

 

http://www.xe.com/currencycharts/?from=USD&to=IQD&view=1W

 

Currently, the conversion on www.xe.com is 

 

1 USD =1,188.73IQD

US Dollar1 USD = 1,188.73 IQD

↔

Iraqi Dinar1 IQD = 0.000841232 USD

2018-01-16 08:38 local time

About an hour ago and a few hours before that, the conversion was about 1,190.47 IQD = 1 USD.

 

Are things lining up on all the world wide financial platforms in preparation for an IQD rate change???!!!

 

We wait and see!

 

Go Moola Nova!

I hope so. That darn ship sailed about 10 times on me.   

[Floridian]

3 hours ago, Half Crazy Runner said:

 

If I remember correctly, the amount was 100,000,000 dinar. Roughly $85,000. 

 

Thanks, HCR.  That was it!

[Synopsis]

41 minutes ago, ChuckFinley said:

I hope so. That darn ship sailed about 10 times on me.   

 

Yeah, I hear You, ChuckFinley! Looks like quite a few really good things going on in Iraq with a few bumps left to address. I liked the commentary where reconstruction needs to get started to prevent any adverse consequences. With all the investment opportunities with the untapped natural resources and the strategic location of Iraq, I suspect things will smooth out.

 

The Best Of Your Evening To You, ChuckFinley! 

 

Go Moola Nova!

[TOMINVEGAS]

I really hope you all have a correct sense of what is going on over there. I really do. Because I don’t see them in a hurry to get anything done.... that’s why I don’t see any monetary changes (that we will benefit from) taking place until after the election and early 2019. I sincerely hope I’m wrong. 

[yota691]

 

The dollar exchange rate falls in local trading

Economie

14:18

Last updated

The time now is 02:25 PM

329

Watch

 

 

 

BAGHDAD / Al-Ghad Press: 
The exchange rate of the dollar against the Iraqi dinar, on Wednesday, a decline in local trades. 
The price of selling the dollar in the stock market - Baghdad, on Wednesday, a significant decline from yesterday, where he reached:
Selling price $ 100 equals 124 thousand and 950 dinars. 
The purchase price of $ 100 equals 124 thousand and 950 dinars. 
The exchange rate of the dollar against the dinar on the stock exchange - Erbil: 
Selling price $ 100 equals 125 thousand and 550 dinars. 
The purchase price is $ 100, equal to 125 thousand and 500 dinars. 
The exchange rate of the dollar against the dinar in the bourse - Basra: 
selling price $ 100 equals 125 thousand and 100 dinars. 
The purchase price of $ 100 equals 125 thousand and 100 dinars.

[yota691]

11 hours ago, TOMINVEGAS said:

that’s why I don’t see any monetary changes taking place until after the election and early 2019

A monetary change prior to to the elections would give Abadi a boost from the folks in the region..you would think. 

[chinadawg]

2 hours ago, yota691 said:

A monetary change prior to to the elections would give Abadi a boost from the folks in the region..you would think. 

AGREED,,That is why I still have a warm fuzzy feeling for first quarter 2018.

[Rmc10]

2 hours ago, yota691 said:

A monetary change prior to to the elections would give Abadi a boost from the folks in the region..you would think. 

 

I'm also thinking it will help Trump win his next election if our debt goes down. 

[Wiljor]

2 hours ago, yota691 said:

A monetary change prior to to the elections would give Abadi a boost from the folks in the region..you would think. 

 

13 minutes ago, chinadawg said:

AGREED,,That is why I still have a warm fuzzy feeling for first quarter 2018.

 

Morning Gents, maybe that’s Abadi’s ace in the sleeve so to speak. Imagine, he is the one responsible for bringing the entire nation back from the ashes and giving power to the IQD, if that doesn’t bring these tribes together and unite Iraq as ONE, I feel we could be here a while. 

What ever happens, it’s gotta happen soon or I feel they will once again head down the dreaded path of the past. We can see news articles coming out which point in that direction  

I believe Abadi can do it, but he can’t do it alone........time will tell........as we patiently wait .............( rocking chair borrowed from 10 YearsLater) 

[boosterbglee]

Seems like even the crooks would benefit from a value change....hurry up! 

[Artitech]

2 hours ago, chinadawg said:

AGREED,,That is why I still have a warm fuzzy feeling for first quarter 2018.

This is in the RV window of Bravo 11! He has been the only one right so far! I'm praying he is right on this! 

[NEPatriotsFan1]

Just now, Artitech said:

This is in the RV window of Bravo 11! He has been the only one right so far! I'm praying he is right on this! 

I remember him saying something regarding a couple years out back in 2016.... do you have any link to his references? Just curious

[Artitech]

1 minute ago, NEPatriotsFan1 said:

I remember him saying something regarding a couple years out back in 2016.... do you have any link to his references? Just curious

Someone found them last week and I went back and read them. Very intresting to see just how much he really knew! Everything he was talking about has happened! I sure wished the DV members that have his number would contact him for an up date. I always liked hearing from him, its just I didnt want yo accept what he was saying. 

[TOMINVEGAS]

Yes an RV before the elections would guarantee Abadi a win.... seems like he would do it if he could. I hope he does..... but there are some that are fighting that really really hard, and those people might have to be shoved aside before an RV can happen. Again, I hope I’m wrong, but so far I have underestimated Maliki  and company (and the Iranian PTB) and I have been disappointed every time. This has been dragging on for fifteen years....