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


yota691
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9 minutes ago, DoD said:

 

Rmc, the 2% spread the IMF speaks of is the difference in the market price and real price. I have taken a few snap shots from the CBI and Warka Bank website to illustrate below. The CBI is showing the market rate which you will notice their disclaimer at the bottom compared to the real rate Warka is showing. They need to get the spread to round 1200, hope this helps a little.

 

Rate.thumb.PNG.c66ae78a6615a0937489dddc84624677.PNG5a68cc76594e8_WarkaRate.thumb.PNG.78acae5d8ecb7271e5a4de31f02539af.PNG

 

Thanks so much! :)

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  • (i) 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.

  • (ii) An exchange spread that arises without official action would not give rise to a multiple currency practice.

  • (iii) Deviations between the buying and selling rates for spot transactions and for other transactions would not be considered multiple currency practices if they represent the additional costs and exchange risks for these other transactions.

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

  • MULTIPLE CURRENCY PRACTICES—POLICY

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1 hour ago, Maserati said:

The CBI website still says 1184. I have not seen any change in years. What an I missing?

 

Maserati, this screen shot from the CBI is of the "Market Price" not the Buy, Sell rate of the Dinar at the bank. Click around on the site you will find it, look at the auctions.....

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8 hours ago, NEPatriotsFan1 said:

Haha.... sorry I’m a bit scatterbrained right now. Just flew home and was texting that from baggage claim. My grandfather passed on Sunday night after 90 great love filled years! Coming home to pay respects and celebrate his life..... so yeah my math is off! ;) 

 

i appreciate you keeping me honest and grounded. :) 

I'm sorry for your loss.

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  • yota691 changed the title to Source in the Central Bank of Iraq: The gap between the official price of the dollar and the market is 4%
 
BAGHDAD / Press tomorrow: 
revealed a government source said on Thursday, that the gap between the price difference to the dollar in the market and the official exchange rate is 4%. 
The source told "Al-Gharab" that "the Central Bank of Iraq sells to banks in the window selling foreign currency dollar at 1190 dollars per dollar, which in turn funds the market and passengers and for treatment and other, and note that the difference in price for the official price and the market in the sale of the dollar, Do not exceed 4% between the two prices. "
The source said that "the problem is not within the Central Bank of Iraq in relation to the volume of sales of the dollar, because the banks are deposited in dinars and received in dollars and according to the law does not affect the financial centers is legally available, and the credibility of the entry of materials imported through the dollar or not, Following the Central Bank, such as customs and government outlets in general. "
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  • yota691 changed the title to Rasheed Bank opens branch in Mosul
 
Thursday, January 25,
 
 
Search Bigger
 
 
 
 
 

Alsumaria News / Baghdad Al-Rasheed Bank
announced on Thursday the opening of a branch in Mosul , stressing the immediate reception of all citizens to walk their transactions in all kinds. The bank said in a statement received by Alsumaria News that "opened today branch Khalid bin al-Walid, which is on the right side of the city of Mosul." The bank said it had "set a plan to reopen its branches after it was destroyed by terrorism," noting that "the bank began to receive all citizens to walk their transactions of all kinds."

 


Most of the government departments in Mosul were destroyed because of the control of "Daesh" by the military operations that occurred in the region, while government banks have been there to steal their money by organizing Daesh before they destroy.

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1 hour ago, davis411 said:

so cause i am not that quick. is this good then??

 

 Absolutely GOOD, Davis. But don't be so hard on yourself, Mr. President.

Here's a puzzle to keep you busy while we wait for the RV. Take your time.

                                 Go Davis. Go Canada. Go RV. :D

              Puzzle-coloring-pages-10.jpg

Edited by King Bean
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4 hours ago, King Bean said:

 

 Absolutely GOOD, Davis. But don't be so hard on yourself, Mr. President.

Here's a puzzle to keep you busy while we wait for the RV. Take your time.

                                 Go Davis. Go Canada. Go RV. :D

              Puzzle-coloring-pages-10.jpg

Beautiful photo of a blizzard! Kudos to the photographer. 

Edited by olivesman
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3 hours ago, NoviceInvestor said:

I read that the rate has to hold firm at 2% for a period of time.. so we are a while away yet..

Other Conventional Fixed Peg Arrangements

The country (formally or de facto) pegs its currency at a fixed rate to another currency or a basket of currencies, where the basket is formed from the currencies of major trading or financial partners and weights reflect the geographical distribution of trade, services, or capital flows. The currency composites can also be standardized, as in the case of the SDR. There is no commitment to keep the parity irrevocably. The exchange rate may fluctuate within narrow margins of less than ±1 percent around a central rate-or the maximum and minimum value of the exchange rate may remain within a narrow margin of 2 percent-for at least three months. The monetary authority stands ready to maintain the fixed parity through direct intervention 

https://www.imf.org/external/np/mfd/er/2004/eng/0604.htm

 

Edited by danielchu
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1 hour ago, danielchu said:

Other Conventional Fixed Peg Arrangements

The country (formally or de facto) pegs its currency at a fixed rate to another currency or a basket of currencies, where the basket is formed from the currencies of major trading or financial partners and weights reflect the geographical distribution of trade, services, or capital flows. The currency composites can also be standardized, as in the case of the SDR. There is no commitment to keep the parity irrevocably. The exchange rate may fluctuate within narrow margins of less than ±1 percent around a central rate-or the maximum and minimum value of the exchange rate may remain within a narrow margin of 2 percent-for at least three months. The monetary authority stands ready to maintain the fixed parity through direct intervention 

https://www.imf.org/external/np/mfd/er/2004/eng/0604.htm

 

 

Well, this would mean no RV before/during/immediately after Feb. 12th to 14th - since they have to hold the 2% for 3 months.  

Also, don't they have to RV at the beginning of the year, or at least during the first quarter, in order not to have to re-do all their books for such a long period of time?  (Too much trouble to re-do the books if it's longer than 3 months.)

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  • yota691 changed the title to Stability of the exchange rate of the Iraqi dinar and some currencies at closing
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