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

[Synopsis]

1 hour ago, fnbplanet said:

 

Synopsis,  maybe you should open a clinic for Dinaraholics.  

 

We've seen some fairly spectacular flameouts over the years, and some of them "blowed up real good"!   A lot of those seem to have happened when it was assumed that we were "close" to a major breakthrough, and some people got overly ANXIOUS, caught between recent good news and their immediate monetary needs.  Setbacks at that junction can make people react badly to even the slightest negative turn.  

 

Your example above is a great example of how we can coach our Dinarvet friends through the rough patches.  ( I found your response to Carrello, in it's entirety, hilarious, tho )

 

 

 

Yeah, FNBPlanet, I really, really hesitated on THAT post!!! 

 

I have the highest respect for Carrello (as well as many, many others here) so I will eat the appropriate amount of Humble Pie if I offended her. There was no offense whatsoever intended but only lighthearted augmenting of the frustration we all have.

 

Myself included, can get an edge on this crazy ride and can get testy with folks who act like the world blew up on them because the wait is longer. Yes, it is still a wait. Fortunately it is still a wait since no annihilation risks have been realized and the news gets even better as we wait. Just short of Sectarian Violence and Civil War, I think the wait is well worth it and supports the stability and magnitude of the revaluation once it occurs due to all the supporting practices being put in place as time goes on. I think the news bears this out.

 

The reason I comment like I do is I went through this thought process and determination BEFORE I got into this investment. I wasn't going to afford myself the emotional roller coaster although confident this speculative investment is the real deal - some day. I share all this because I had to consider how I would react at any given instance or scenario. So, now I share with others for whatever help I can provide. Each person, like myself, need to make THEIR OWN decisions taking THEIR OWN risks. Nobody should be subject to my or any one else's emotional misgivings although an encouraging word now and then is entirely appropriate.

 

Well, that is my story and I am stuck to it!!! 

 

In The Mean Time......................................

 

Go Moola Nova (YEAH, BABY!!!)!!!

[pokerplayer]

28 minutes ago, Half Crazy Runner said:

I don’t get all the red negs on so many of these posts ...  

 

 

Probably the Red baron again. I had a look at a few of the posts and a neg makes no sesnce what so ever.

 

pp

[Floridian]

1 hour ago, Synopsis said:

 

I am not sure the IMF 2% MultiCurrency Practice (MCP) spread is a hard and fast figure. It may be a 90 day requirement or that requirement may be waived. For the CBI rate of 1,184 IQD = 1 USD, the 2% spread would be 1,207.68 IQD = 1 USD which was nominally achieved yesterday. For the CBI currency auction rate of 1,190 IQD = 1 USD, the 2% spread would be 1,213.80 IQD = 1 USD which was nominally achieved the day before yesterday. So, nominally the 90 day clock could start now and nominally end June 30, 2018.

 

With the ultra modern electronic banking system Iraq has in place for the internal and international exchanges, the IMF 90 day 2% MCP may be mute and waived since a literal flip of the switch could make all that go away with all electronic systems all over Iraq operating under the same exchange protocols and exchanges rates.

 

What will happen and when? That all remains to be seen.

 

In The Mean Time...............................................

 

Go Moola Nova (YEAH, BABY!!!)!!!

 

Synopsis, this is a great thought (below) and something, I'm sure, no one on Kaperoni's board has ever thought of.  It makes me feel a lot better about the whole 90 day thing.  Maybe some of the people that read and post in both places could bring it back to his board and see what he has to say about it.  It might change his mind about the whole Balassa-Samuelson crap.  

 

"With the ultra modern electronic banking system Iraq has in place for the internal and international exchanges, the IMF 90 day 2% MCP may be mute and waived since a literal flip of the switch could make all that go away with all electronic systems all over Iraq operating under the same exchange protocols and exchanges rates."

[justchecking123]

1 hour ago, fnbplanet said:

 

Synopsis,  maybe you should open a clinic for Dinaraholics.  

 

We've seen some fairly spectacular flameouts over the years, and some of them "blowed up real good"!   A lot of those seem to have happened when it was assumed that we were "close" to a major breakthrough, and some people got overly ANXIOUS, caught between recent good news and their immediate monetary needs.  Setbacks at that junction can make people react badly to even the slightest negative turn.  

 

Your example above is a great example of how we can coach our Dinarvet friends through the rough patches.  ( I found your response to Carrello, in it's entirety, hilarious, tho )

 

 

Absolutely agree. Many inhaled the hopium...

[Shedagal]

9 minutes ago, justchecking123 said:

Absolutely agree. Many inhaled the hopium...

I am a longtime user - wish they would just legalize it!!

[Bakken]

I have had one of those overly ANXIOUSLY moments.  Yup I have read all the good news out there and then a swift kick to the sack because we are still in the same boat. Well now I read the good news and say to myself ( heard it before don't get excited.  )  The only excitement I will have on this ever again is whenough I get to cash in.  I will not even get excited when Adam says this might be your last chance to join VIP because that is his thing to get members.  

 

 

[Synopsis]

2 hours ago, Floridian said:

 

Synopsis, this is a great thought (below) and something, I'm sure, no one on Kaperoni's board has ever thought of.  It makes me feel a lot better about the whole 90 day thing.  Maybe some of the people that read and post in both places could bring it back to his board and see what he has to say about it.  It might change his mind about the whole Balassa-Samuelson crap.  

 

"With the ultra modern electronic banking system Iraq has in place for the internal and international exchanges, the IMF 90 day 2% MCP may be mute and waived since a literal flip of the switch could make all that go away with all electronic systems all over Iraq operating under the same exchange protocols and exchanges rates."

 

Thank You, Floridian, AND The Best Of Your Weekend To You!!! 

 

Hard to say what is really gone on or what is really going to happen. It looks like Iraq is being launched to the forefront of all this domestic and international banking capability so the past qualifications may not be useful to an ultra modern system that could eliminate past corrupt practices and exchange incongruencies going forward with the flip of a switch. It may take 90 days or longer for other reasons not related to the IMF MCP requirement. Maybe not. My opinion is sooner is better than later provided the major considerations are addressed and in place to avoid Sectarian Violence and Civil War due to disenfranchised Iraqis. I suspect the Iraqis are wanting to see the reconstruction, economic development, and foreign investment in a big way to greatly improve their standard of living. The current GOI would seem to need to show this going into the elections.

 

Just my thoughts, opinion, and 

 

In The Mean Time..............................................

 

Go Moola Nova (YEAH, BABY!!!)!!!

[Floridian]

8 minutes ago, Synopsis said:

 

Thank You, Floridian, AND The Best Of Your Weekend To You!!! 

 

Hard to say what is really gone on or what is really going to happen. It looks like Iraq is being launched to the forefront of all this domestic and international banking capability so the past qualifications may not be useful to an ultra modern system that could eliminate past corrupt practices and exchange incongruencies going forward with the flip of a switch. It may take 90 days or longer for other reasons not related to the IMF MCP requirement. Maybe not. My opinion is sooner is better than later provided the major considerations are addressed and in place to avoid Sectarian Violence and Civil War due to disenfranchised Iraqis. I suspect the Iraqis are wanting to see the reconstruction, economic development, and foreign investment in a big way to greatly improve their standard of living. The current GOI would seem to need to show this going into the elections.

 

Just my thoughts, opinion, and 

 

In The Mean Time..............................................

 

Go Moola Nova (YEAH, BABY!!!)!!!

 

Thanks, Synopsis.  

Another great post!  

[Pitcher]

Iraq’s central bank governor Ali al-Alak announced on Thursday the opening of a branch of the Iraqi Bank for Trade in Saudi Arabia, adding that Riyadh would also decide to open a branch of one of its banks in Iraq.
“The monetary relations between Iraq and the Kingdom are good, and soon a branch of the Iraqi Bank for Trade will be opened in Saudi Arabia in order to facilitate the trade exchange between the two brotherly countries,” al-Alaq said in a statement to the Riyadh newspaper.
Al-Alak added that “Saudi Arabia will also decide to open a branch of one of its banks in Iraq soon, which will ease the economic relations between the two countries.”

http://en.economiciraq.com/2018/03/29/iraq-and-saudi-arabia-exchange-the-opening-of-a-branch-bank-in-baghdad-and-riyadh/

[fnbplanet]

I think the best thing about Dinarvets is the abundance of level-headedness combined with just the right amount of skepticism.  With all of the great news of late, we need to remind each other that the last quarter of the track leading to the finish line may very well be the hardest.

 

Thanks to all of you who take your valuable time to bring the news and to help others to understand!  

[Gypsygirl11]

On ‎3‎/‎27‎/‎2018 at 6:12 AM, gregp said:

A solid 2%

 

Thanks, Yota.

Hey greg, How did you come up with Feb 10th that they have been within the 2%?  Just curious. 

I like this thread...

 

On ‎3‎/‎27‎/‎2018 at 6:40 AM, gregp said:

 

Their street rate is higher than the CBI rate.

They are trying to reach a single exchange rate.  

We’re hoping for the removal of the zeros at that time.  

The IMF wants the street rate and CBI rate within I believe 2% for about 3-months before they can flip the switch.  

They have been compliant since about the 10th of Feb.  

The Forex flatlined on about the 10th.  It remains flat. 👍👍

Nice break-down. U be on fire.....For Gods sake, I pray they just do something this year!!!!!!! Its been a long ride and Mama is tired, and ready for retirement! 

[2fast4u2c]

3 minutes ago, Gypsygirl11 said:

Hey greg, How did you come up with Feb 10th that they have been within the 2%?  Just curious. 

I like this thread...

 

Nice break-down. U be on fire.....For Gods sake, I pray they just do something this year!!!!!!! Its been a long ride and Mama is tired, and ready for retirement! 

I was wondering on the Feb date as well.....I thought we just got within 2% a week or two ago

[10 YEARS LATER]

34 minutes ago, 2fast4u2c said:

I was wondering on the Feb date as well.....I thought we just got within 2% a week or two ago

Hell, haven’t we been at 2% + or - since early January ? This merry-go- round is going way too fast again . . . Big sigh . . . 

[10 YEARS LATER]

Looking at he chart on axe.com The CBI has done this 2%  + or - gig approximately since 3Feb’18. With the exception of a tiny bump, it’s been pretty much a flat line. Behind that, There’s been some slight peaks and valleys from 13 Dec. to 3 Feb. 

Please look at the chart on xe.com for yourself. This 2% thing has opinions all over the place. Yea, I’m probably Nucking Futs, so what - War does make us peculiar, huh.  let’s nail this thing down, yes ?

Edited March 29, 2018 by 10 YEARS LATER

[navira45]

Why in the world is everyone talking about within the 2%..and become compliance for article 8..let me ask everyone...did we worry about this when the dinar was worth 4thou dinar/1dollar? We are at 1197 dinar/1 dollar. Yesterday. Ok, I get...u probably get this from pepperoni. Guys, we are days away. Stay away from this pizza pepperoni..

 

 

[chris2028]

41 minutes ago, navira45 said:

Why in the world is everyone talking about within the 2%..and become compliance for article 8..let me ask everyone...did we worry about this when the dinar was worth 4thou dinar/1dollar? We are at 1197 dinar/1 dollar. Yesterday. Ok, I get...u probably get this from pepperoni. Guys, we are days away. Stay away from this pizza pepperoni..

 

 

I really appreciate your optimistic attitude! Hope this ride is coming to an end soon!

[Half Crazy Runner]

6 hours ago, Shedagal said:

I am a longtime user - wish they would just legalize it!!

 

Good stuff, isn’t it! I live on it myself 😆

[blueskyline]

22 hours ago, yota691 said:

A slight decrease in the exchange rate of the dollar on the stock exchange and its stability in local markets

 

Thursday, March 29

 

 

 

 

 

Alsumaria News / Baghdad  fell , US dollar exchange rate against the Iraqi dinar, slightly to exchange the central struggle in Baghdad, while the prices of local markets stabilized on Thursday (March 29 2018).  Kifah Stock Exchange - Baghdad 120.200, while yesterday's prices were 120.500.  Selling and buying prices in the money  market The selling price of the dollar = 121,000 dinars.  The price of buying the dollar = 120.000 dinars

I thought this to be of interest being that it is taking place across borders at the same time .........irannewsupdate.com/news/economy/4789-us-dollar-continues-its-record-rise-against-the-rial.html........

 

 

 

 

 

INSIDER NEWS & ANALYSIS IN IRAN

 

 

 

• CONOMY

US DOLLAR CONTINUES ITS RECORD RISE AGAINST THE RIAL

  Published: 29 March 2018

By INU Staff

INU - Iranians are angry at President Hassan Rouhani over the record fall of the Iranian currency. While the president has repeatedly dismissed the rise of the dollar against the rial as insignificant and transient, on March 28th the rial hit a new low of 52,000 to the US dollar. Just one year ago, the rial was around 38,000 to the dollar.

Many people are using social media to express their fury over what they are calling Rouhani’s campaign of “deceit and lies”.

"The main issues of this year” are the economy and people's livelihood Supreme Leader Ayatollah Ali Khamenei claimed in his New Year speech. "I have given this year the name and motto of ‘Support for Iranian Products’,” Khamenei stated.

"I have given this year the name and motto of Purchase US Dollars", one citizen mocked, saying that you cannot buy foreign goods with Iran's money.

Many Iranians are sharing pictures of the US $1 bill on social media, tweeting that, "One George Washington is worth 5,000 Khomeinis". In Iran, the term toman is used to refer to their currency in unofficial conversations. Each toman is 10 rials, therefore, the dollar is now 5,200 tomans. Khomeini is pictured on the toman, just as George Washington is on the dollar.

Periods of fluctuations directly influence the livelihood of the people and leave considerable psychological impact on the society, as the rising dollar was usually followed by sky-rocketing prices.

Hassan Rouhani announced that he intended to "return dignity to the Iranian passport” in his presidential campaign, but one year into his second term in office, with the Iranian passport standing where it used to be, the national currency is going a downward spiral.

Scriptwriter Mehrab Ghasemkhani has 1.4 million followers on Instagram. He recently blasted Rouhani, saying, "After Nowrooz holidays they are going to bring in their usual experts saying that the dollar and the housing bubble are going to burst in the coming weeks. The way that bubble would really pop is if the dollar becomes 4,000 tomans.” Ghasemkhani believes that after the dollar reaches 5,500 tomans, but then goes down to 5,000, the government will claim victory and say we controlled the exchange rate. Then again, after a few weeks, the dollar will reach a new high and then they'll bring it down a bit and again claim victory, according to Ghasemkhani.

The failure of the nuclear deal between Iran and the world powers, the Joint Comprehensive Plan of Action, JCPOA, to achieve its highly expected objectives is upsetting to the Iranian people. Slogans such as, “These days two things have become unpredictable: 1) The fate of JCPOA; 2) Value of USD,” appear to be trending on Twitter.

Meanwhile, reports of workers protesting their unpaid wages continue across the country, and many conservatives are concerned about the economic crisis the Islamic Republic seems to be headed toward.

[yota691]

Iraq and Saudi Arabia exchange the opening of banks

Date of release: 2018/3/29 22:51 • 351 times read

{International: Al-Furat News} The governor of the Central Bank Ali Al-Alak, announced on Thursday, close to the opening of the branch of the Iraqi Bank for Trade in Saudi Arabia.

"The monetary relations between Iraq and the Kingdom are good, and soon a branch of the Iraqi Bank for Trade in Saudi Arabia will be opened in order to facilitate the trade exchange between the two brotherly countries," the Saudi daily Al-Riyadh reported. 
Al-Alak added that "Saudi Arabia will also decide to open a branch of one of its banks in Iraq soon, which will ease the economic relations between the two countries." 
The Iraqi-Saudi relations witnessed a steady development in various political, economic, sporting and other fields, especially after the establishment of the Joint Coordinating Council between the two countries on October 22, 2017. Ended

[dinareffic]

Iraq and Saudi Arabia exchange the opening of banks

 

+

----

-

{International: Al-Furat News} The governor of the Central Bank Ali Al-Alak, announced on Thursday, close to the opening of the branch of the Iraqi Bank for Trade in Saudi Arabia.


[ltr]"The monetary relations between Iraq and the Kingdom are good, and soon a branch of the Iraqi Bank for Trade in Saudi Arabia will be opened in order to facilitate the trade exchange between the two brotherly countries," the Saudi daily Al-Riyadh reported.
 
Al-Alak added that "Saudi Arabia will also decide to open a branch of one of its banks in Iraq soon, which will ease the economic relations between the two countries."
 
The Iraqi-Saudi relations witnessed a steady development in various political, economic, sporting and other fields, especially after the establishment of the Joint Coordinating Council between the two countries on October 22, 2017.

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=ar&sp=nmt4&tl=en&u=http://alforatnews.com/modules/news/article.php%3Fstoryid%3D162185&xid=17259,15700023,15700124,15700149,15700168,15700173,15700186,15700201&usg=ALkJrhgOOEdJSuMkXlV2ZEwdFcCeHu0-Og
[/ltr]

[2fast4u2c]

16 hours ago, 10 YEARS LATER said:

Hell, haven’t we been at 2% + or - since early January ? This merry-go- round is going way too fast again . . . Big sigh . . . 

IMO we have only been at 2% since March 15 or so

[2fast4u2c]

16 hours ago, navira45 said:

Why in the world is everyone talking about within the 2%..and become compliance for article 8..let me ask everyone...did we worry about this when the dinar was worth 4thou dinar/1dollar? We are at 1197 dinar/1 dollar. Yesterday. Ok, I get...u probably get this from pepperoni. Guys, we are days away. Stay away from this pizza pepperoni..

 

 

Its actually one of the IMF requirements

[Integrativedoc]

GCC country's can do whatever they want, but not be international. Unfortunately!

I think Iraq is just trying to get in good with GCC

Edited March 30, 2018 by Integrativedoc

[Donziman]

AL-Alak said they were 'close to opening"  then added the dreaded word  SOOON  ouch

[OfCamelot]

The middle-east is a quandry of political theology. 

In recent months there have been pledges of financial and project support from countries like Saudi Arabia, Qatar, Kuwait and the UAE to the benefit of Iraq.  There are several reasons for such support.  One prime reason is to equalize the Irani presence and influence in Iraq.  This has also largely been brought about by Trump's economic talks with the Saudi's.  It serves the US that Iraq does well economically which enables them to be independent of Iran and lean their support for those assisting.

This activity has caused a hope of recovery for the Iraqi's.  Hence to minute raise in the Iraqi Dinar.

While this is a positive step forward, I do not believe we will see any true heartwarming appreciation for another couple of years.  Also I dont believe that the "zero's" will be eliminated in the near future.  The Currency has to significantly stabilize and appreciate for that to occur.

JMO.  Though, I hope, like everybody here, I am wrong and the value jumps to a buck and at par.  I would be overjoyed and cash out that same day

 

Edited March 30, 2018 by OfCamelot
spelling correction