CBI News 11/08/2017

[yota691]

Journal of Monetary and Financial Studies

 

 November 08, 2017

 

Monetary and Financial Studies Journal (refereed scientific semiannual magazine published Central Bank Iraq) Volume ( 1 ) Second Issue : August 2017 ... Download Click here

 

[jeepguy]

Hey!  Finally the results from 10 years of the top scholar thinkers of the financial schools ...

[DinarDavo]

Page 6 - Item #6:

......in addition to determining the 
Dollar sell rate for that operation at 119 Iraqi 
dinar per dollar ,provided that it should not 
exceed the sell margin 10 dinar per Dollar for 
all mediators or brokers.

 

Anyone want to take a shot at this?

[Gypsygirl11]

21 minutes ago, DinarDavo said:

Page 6 - Item #6:

......in addition to determining the 
Dollar sell rate for that operation at 119 Iraqi 
dinar per dollar ,provided that it should not 
exceed the sell margin 10 dinar per Dollar for 
all mediators or brokers.

 

Anyone want to take a shot at this?

Great find!! Just wish it was reality right now.

[mr.unlikely]

Sure Dinardavo, I'm thinking they have mentioned a rate of 119/1 dinars to dollar with no more than a 10 dinar spread charged by the currency dealers. I wish that I read Arabic, cause I have a sneaking hunch that the actual rate they want to use is in there somewhere.

Yota thanks for this article, it has a ton of monetary info. I'd give half my kingdom for a translator right now.

[DinarDavo]

1.00 divided by 119 = 0.0084 Looks like they want to delete one zero from the exchange rate.....they can do better than that !!!   Hopefully a translation issue.

Edited November 8, 2017 by DinarDavo

[sandfly]

thanks

[MFA]

[Synopsis]

1 hour ago, DinarDavo said:

Page 6 - Item #6:

......in addition to determining the 
Dollar sell rate for that operation at 119 Iraqi 
dinar per dollar ,provided that it should not 
exceed the sell margin 10 dinar per Dollar for 
all mediators or brokers.

 

Anyone want to take a shot at this?

 

Here is the segment You were mentioning from the article:

 

6. 6-  The Central Bank adopted new instructions and models for buying and selling foreign currency effective early August 2017 in order to facilitate currency sale procedures and activate verification and control mechanisms for the daily selling operations ensuring their non – violation of Anti money laundry and terrorist financing Law; the most important provisions of those instructions were: the Central bank of Iraq should enhance banks' balances with their correspondent banks abroad in foreign currency to finance the legally authorized banking operations , in addition to determining the Dollar sell rate for that operation at 119 Iraqi dinar per dollar ,provided that it should not exceed the sell margin 10 dinar per Dollar for all mediators or brokers.

The attachment appears to be a collection of papers where only the Abstract is also noted in English (along with some Bibliographies).

 

I bolded the appearing key piece as noted. The "their correspondent banks abroad in foreign currency to finance other legally authorized banking operations" suggests, to me, there have been things going on behind the scenes to get the international IQD up and running. In my imagination, there needs to be some IQD in circulation at some high level before the "consumer" or "speculative investor" can exchange at the international IQD rate. The noted "early August 2017" is nearly on the heels of the freeing of Mosul. I am not sure if there are other mechanisms to be brought on line or not before this all goes unquestionably public. The complete eradication of ISIS from Iraq may be a key mechanism to aid in jump starting the reconstruction and rocketing of the Iraqi economy. As always, we will have to wait and see.

 

In The Mean Time, Happy, Happy Hump Day AND.................................

 

Go Moola Nova!

[Officiallytook]

23 minutes ago, Synopsis said:

 

 

I bolded the appearing key piece as noted. The "their correspondent banks abroad in foreign currency to finance other legally authorized banking operations" suggests, to me, there have been things going on behind the scenes to get the international IQD up and running. In my imagination, there needs to be some IQD in circulation at some high level before the "consumer" or "speculative investor" can exchange at the international IQD rate. The noted "early August 2017" is nearly on the heels of the freeing of Mosul. I am not sure if there are other mechanisms to be brought on line or not before this all goes unquestionably public. The complete eradication of ISIS from Iraq may be a key mechanism to aid in jump starting the reconstruction and rocketing of the Iraqi economy. As always, we will have to wait and see.

 

In The Mean Time, Happy, Happy Hump Day AND.................................

 

Go Moola Nova!

This makes me think of how much USD is actually floating around...I mean since most nations use our currency for something or other...and we are still pretty high Oona currency rate to the rest of the world...

 

So if you ask me, I'll say anything is possible, 1 IQD - 3 USD super possible... makes me remember one of the smallest places in the world's currency is around 1 to 4 or 5 USD...I thinks ots an island too...maybe wrong a bit here but close enough for you to get the picture...

 

Let's go Iraq!!!

Edited November 8, 2017 by Officiallytook

[navira45]

The Central Bank adopted new instructions and models for buying and selling foreign currency effective early AUGUST 2017.in order to facilitate currency sale procedures and activate verification and control mechanisms for the daily selling operations ensuring their non – violation of.....hmmm

[Officiallytook]

Looks like you maybe right Navira

[Rmc10]

So are they saying if we bought 1 milion dinar it's only going to be worth $800? Hope not. 

[DinarDavo]

5 minutes ago, Rmc10 said:

So are they saying if we bought 1 milion dinar it's only going to be worth $800? Hope not. 

 

I'm holding out for a translation error....we have seen articles where they translate the decimal point as a comma (or vise versa). Also, there was an economic analyst that stated a few weeks ago that the goal is to bring the IQD out at $1.20 to 1.   

[pokerplayer]

10 minutes ago, Rmc10 said:

So are they saying if we bought 1 milion dinar it's only going to be worth $800? Hope not. 

 

$1,000,000 IQD /119 = $8403.36  USD so you can let out a {{{ sigh }}} of relief as this appears to be the worst we would get.

 

  Hope that helps

 

pp

[blueskyline]

119 to 1 is that not .10 ? Have not had coffee yet ...

[Rmc10]

Okay, lol. I just woke up and had trouble with the math. Thanks.

[Floridian]

2 minutes ago, blueskyline said:

119 to 1 is that not .10 ? Have not had coffee yet ...

 

I hope you're right, blueskyline, because I don't like the other choices, but how did you get .10 out of that information?

[Tuck]

11 minutes ago, Floridian said:

 

I hope you're right, blueskyline, because I don't like the other choices, but how did you get .10 out of that information?

1.00 / 119 =0.008...

[Floridian]

4 minutes ago, Tuck said:

1.00 / 119 =0.008...

 

Yup!  That's what I get too, and I don't like it.  

 

Who are these people that came up with these numbers? Are they in government, or are they economists , or who? 

Edited November 8, 2017 by Floridian

[Synopsis]

2 hours ago, Synopsis said:

it should not exceed the sell margin 10 dinar per Dollar for all mediators or brokers.

 

Looks like there could be some "artificial bands" applied where 119 IQD = 1 USD is the lower band and 10 IQD = 1 USD is the upper band with limited amounts of IQD traded for USD or other foreign currency to stabilize the IQD values over a comprehensive range of platforms.

 

Just my opinion and 

 

Go Moola Nova!

[Rmc10]

Well I just divided 1/119 then multiplied it by 10 million dinar and I got $50,000. Not impressed lol.... but better than nothing. Waiting 7 years for $50,000. Lol. Ugh... I hope Synopsis is right.

[pokerplayer]

Well all I did was take a Million dinar and divided by 119. That is how I arrived at $8400 per Million IQD, so 10 Million would be 84,000 USD

 

But I think this is worst case senario.

 

pp

Edited November 8, 2017 by pokerplayer

[Synopsis]

4 minutes ago, Rmc10 said:

Well I just divided 1/119 then multiplied it by 10 million dinar and I got $50,000. Not impressed lol.... but better than nothing. Waiting 7 years for $50,000. Lol. Ugh... I hope Synopsis is right.

 

 RMC10! I hope so, too! The Best Of Your Day To You and All DV! 

 

Go Moola Nova!

[DinarDavo]

3 hours ago, mr.unlikely said:

I'd give half my kingdom for a translator right now.

 

"Earth to Delta..................Earth to Delta..........Come back Delta".

Should have a complete translation coming forth SOON....