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CBI Now In 2% Compliance, IQD Buy-Sell Spread Rate.


Luigi1
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Luigi says...

CBI may now be in compliance of the IMF requirements to maintain a buy-sell rate spread of 2% or less.

CBI must maintain that spread rate for at least 90 days before they would be allowed to adjust their rate of exchange.

This is both good & bad news. The good news, a change is coming. The bad news we may have to wait another 3 months.

Treat as a rumor. Not verified. Your opine.

 

 

19 Feb 2018   Tgirl...

The exchange rate of the dollar in the Stock Exchange Baghdad 
Purchase price $ 100 = 122.750 Iraqi dinars
Selling price $ 100 = 122.800 Iraqi dinars. 
North Stock / Arbil 
Purchase Price US $ 100 = 123.350 Iraqi Dinar 
Selling Price US $ 100 = 123.400 Iraqi Dinar.

Punisher              Still holding .
invinrv  Thanks Tgirl.  The selling rate is ranging from 1228 to 1234.  Good stuff :) Keep dropping!
Punisher    Dinar is getting stronger.
invinrv       A significant reduction of the dollar in Iraq
Release date: 2018/2/18 9:56 • 948 times read
A significant reduction of the dollar in Iraq
[Ayna-Baghdad]   Foreign exchange markets in Baghdad, on Sunday morning, a significant decline in the exchange rate of the dollar against the Iraqi dinar.
The market price in the Kifah Stock Exchange in Baghdad was 1225.5 dinars per dollar, ie 122 thousand and 550 dinars per hundred dollars.
The prices of selling and buying dollars in banking companies were:
The sale price per dollar is 1230 dinars, or 123 thousand dinars, for one hundred dollars.
The purchase price of the dollar is 1220 dinars, or 122 thousand dinars, for one hundred dollars.

 

 

20 Feb 2018  Kaperoni...

Article: “Dollar rates: a slight rise in Baghdad, Erbil and stability in Basra”

1221 to $1. I believe the 2% goal is 1213 to $1  (1184 + 6 dinar CBI commission =1190 x .02 = 1213)

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20 Feb 2018  Don961...

Article: “Abadi vowed to overthrow the corrupt .. These laws will protect investors

imo…the article and Abadi is stating they are getting the high commission in place to follow up on any possible corruption… reducing/removing bureaucracy…and the next few months will show the results of what they have in place…to assure potential investors that their money will be safe…and used only for its intended purposes.

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2 hours ago, mr.unlikely said:

Show me any article that says that Iraq must hold the 2% of CBI rate for 90 days. Anyone remember when Shabibi bumped the rate four dinars just to show Maliki that he could? I do. As long as the MOF is in agreement the. CBI can do whatever they want to the exchange rate.

 

I believe I have read that CBI must hold the buy/sell rate within 2% "to move to Article 8 and allow it to become international". They can change those numbers in-country anytime they choose to, like Shabibi did (back in 2011 I think). You are correct in that MOF and CBI can change those numbers at will, but the IMF has more strict benchmarks that must be met for this thing to go international. There's another article on DV somewhere, from the past few days, where someone brought in link to actual IMF article discussing 2% and 90-day targets. I will see if I can find it.

                              B)

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3 hours ago, mr.unlikely said:

Show me any article that says that Iraq must hold the 2% of CBI rate for 90 days. Anyone remember when Shabibi bumped the rate four dinars just to show Maliki that he could? I do. As long as the MOF is in agreement the. CBI can do whatever they want to the exchange rate.

 

Here it is:

 

“The exchange rate may fluctuate within narrow margins of less than ±1 percent around a central rate, or the maximum and minimum values of the exchange rate may remain within a narrow margin of 2 percent for at least three months.”

http://www.imf.org/external/pubs/ft/issues/issues38/ei38.pdf

 

Originally posted by Danielchu.

Edited by Floridian
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On ‎2‎/‎20‎/‎2018 at 6:04 AM, Luigi1 said:

Luigi says...CBI may now be in compliance of the....buy-sell rate spread of 2% or less.

The market price....in Baghdad was 1225.5 dinars per dollar.

20 Feb 2018  Kaperoni...

I believe the 2% goal is 1213 to $1  (1184 + 6 dinar CBI commission =1190 x .02 = 1213)

 

Luigi. Nowhere in any of this garbage does it say they are at 1213. It says 1225. And someone needs basic math skills my dachshund possesses.

1190 x .02 = 23.8

1190 x 1.02 = 1213.8

 

Class dismissed. Detention hall for you. B) 

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here's another article that suggests IMF & the 90 day, 2% spread rule...

IMF can make exceptions to the ruling in some cases.

 

 

2-22-2018   Newshound Guru Kaperoni   Article:  "Source: The increase in the depreciation of the dollar against the dinar due to the actions of the Central Bank "   ...the Market Rate will never be less than the Official Rate at the CBI.  And the CBI cannot stop the auctions until there is an alternative for international commerce.   I believe I am correct, the 2% rule is calculated off the Official Rate plus CBI commissions (1182 + 8 dinar commissions X .02 = 23.8) which puts it at 1213 to $1.   How long the CBI must wait may be subject to IMF review.  We know they were not giving them an exception on the spread, but they may give them an exception on time (90 day rule) due to the urgency of maintaining stability and encouraging investment.

 

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2-22-2018   Newshound Guru Kaperoni   Article:  "Source: The increase in the depreciation of the dollar against the dinar due to the actions of the Central Bank"   ...the Market Rate will never be less than the Official Rate at the CBI.  And the CBI cannot stop the auctions until there is an alternative for international commerce.   I believe I am correct, the 2% rule is calculated off the Official Rate plus CBI commissions (1182 + 8 dinar commissions X .02 = 23.8) which puts it at 1213 to $1.   How long the CBI must wait may be subject to IMF review.  We know they were not giving them an exception on the spread, but they may give them an exception on time (90 day rule) due to the urgency of maintaining stability and encouraging investment.

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here's another article related to the above...

 

 

2-23-2018   Newshound Guru mike    ...the current reality is that the dinar is pegged to the dollar and under Article XIV, there is just about zero demand for a currency you can't spend outside the country, pragmatically, why would anyone want it? To become a currency that's internationally recognized under Article VIII with the IMF they have to hold this rate for a minimum of 90 days, it's too easy to manipulate the rate for a short term and it doesn't prove that Iraq has it's act together and has the ability to maintain stability. There's no reason any other country would accept it for payment for imports, they want the dollar. Like always, time will tell us what's really going on, if Iraq can get the rate within the 2% band for minimum compliance with the IMF"s MCP requirements, all they have to do is hold it and hopefully they can accept the responsibilities Article VIII. 
 

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here's another article related o the above...

CBI has been 2% compliant for a month, must be for 90 days.

 

 

3-2-2018  Newshound Guru Kaperoni  …Over the last year or so the central bank has taken the development of the banking system seriously and started to make some serious changes in Iraq…The reality is the Central Bank of Iraq can’t do anything until they are in compliance [2% rule].  That’s the bottom line.   If they want to open their banking system.  If they want to make the dinar International tradable…where the dinar is traded among the Central Banks around the world…they have to get into compliance like every other bank in the world.  This was the last restriction on Iraq.  When you make your currency internationally recognized and internationally convertible more than likely they are also going to change the exchange rate regime…right now it’s pegged.  We believe they are going to go to some kind of float which will allow the currency value to go up.
 

 

 

 

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  • 4 weeks later...
here's another artile related to the above...
 
3-29-2018  ***  Dinar Guru News Update ***  For the THIRD straight day, the CBI is reporting a new 52-week high for the dinar market rate...it's now 1205 (remember the lower this number, the stronger the dinar).  Guru Kaperoni, along with a few other gurus, feels the IMF "2%-for 90 days rule" must be satisfied before the dinar can reach international acceptance...he feels the dinar official rate and market rate have been within 2% for the past couple weeks already!  You can follow the CBI official rate and CBI reported market rate in the Dinar Guru Recource Bar on the left of this page.  [The latest guru updates will continue below..]    
3-29-2018   Newshound Guru Kaperoni   Another low auction day around 1205 to $1 US dollar.  My calculations put this at about two and a half weeks now of auctions that are within compliance.  If the 90-day rule is true, I would expect the CBI to request article VIII in early June.  Could or would the CBI wait before moving to Article VIII?   It seems unlikely they would since continuing the auctions at these levels reduces the reserves. And initiating foreign investment is a top priority.  One wild card in all of this is the timing of the upcoming new elections that coincidentally are occurring at the same time monetary policy needs to engage with the world financial system.
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  • 2 months later...
On 2/21/2018 at 10:34 AM, King Bean said:

 

I believe I have read that CBI must hold the buy/sell rate within 2% "to move to Article 8 and allow it to become international". They can change those numbers in-country anytime they choose to, like Shabibi did (back in 2011 I think). You are correct in that MOF and CBI can change those numbers at will, but the IMF has more strict benchmarks that must be met for this thing to go international. There's another article on DV somewhere, from the past few days, where someone brought in link to actual IMF article discussing 2% and 90-day targets. I will see if I can find it.

                              B)

chrome-distiller://877e394c-da51-4367-961c-bb38c2a10a43/?time=106701403&url=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fnp%2Fmfd%2Fer%2F2004%2Feng%2F1204.htm

 

How do you know that they will move to article 8 after the 90 2% compliance?

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Luigi asks...Co-incidence?

Does timing have to do with the RV?

CBI within IMF 2% compliance around the 15th.

UN Operational Rates posted around the 15th.

Ramada-EID ends around the 15th.

G7 Summit concludes.

NK-US peace talks conclude.

 

 

6-10-2018   Newshound Guru  Kaperoni    So if we're waiting for the formation of the government to occur before any kind of monetary reform can go forward, it looks like we might be waiting an extra month or so.  I think we were all hoping for the formation of the government to occur by the end of June and to coincide with the cbi's three-month IMF requirement (June 15 or so) compliance but that looks like it might be pushed back until the end of July or August.  If so we have to hope that the CBI can continue to maintain spread within 2% or less for that duration.   In the meantime I am looking for some news that would indicate that the IMF has scheduled their Article IV Consultation with Iraq. I believe this will occur at the same or about the same time as the CBI's begins monetary reform. 

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41 minutes ago, IQD=freedom said:

chrome-distiller://877e394c-da51-4367-961c-bb38c2a10a43/?time=106701403&url=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fnp%2Fmfd%2Fer%2F2004%2Feng%2F1204.htm

 

How do you know that they will move to article 8 after the 90 2% compliance?

 

They had better accept Article VIII.  If they don't they can't have an internationally traded currency.

Without that, how will they come into this century?  Rebuild their war-torn country?  Etc, etc, etc.

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2 hours ago, IQD=freedom said:

How do you know that they will move to article 8 after the 90 2% compliance?

 

We don't, but they are 'eligible' to apply for that change once they have met the 90-day requirement. If they are going to move ahead on their monetary reform, and all that will bring to their economy, then it's a next logical move. But like Botz implied......this is Iraq we're talking about. Logic goes out the window.

                                                                                                                                                                                                                          ;)

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27 minutes ago, King Bean said:

 

We don't, but they are 'eligible' to apply for that change once they have met the 90-day requirement. If they are going to move ahead on their monetary reform, and all that will bring to their economy, then it's a next logical move. But like Botz implied......this is Iraq we're talking about. Logic goes out the window.

                                                                                                                                                                                                                          ;)

It does make sense. Is there an article or site that says they'll be eligible?

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46 minutes ago, IQD=freedom said:

It does make sense. Is there an article or site that says they'll be eligible?

Let me suggest a site called DinarVets, a lot of smart people on there. Let me also suggest staying out of the rumor section on there an get into the news section until you learn an get caught up on the news an IMF guildlines. This rumor section is for entertainment purposes only, do not take anything read here seriously.

Some fellas on there name Yota an Thugs have posted thousands of news articles you can read an get caught up on Iraq, hope this helps...

Edited by DoD
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22 minutes ago, DoD said:

Let me suggest a site called DinarVets, a lot of smart people on there. Let me also suggest staying out of the rumor section on there an get into the news section until you learn an get caught up on the news an IMF guildlines. This rumor section is for entertainment purposes only, do not take anything read here seriously.

Some fellas on there name Yota an Thugs have posted thousands of news articles you can read an get caught up on Iraq, hope this helps...

Lol I pull others out of the guru pit. I know. I tried asking about this months ago to no avail. The articles that come up from dinarvets, in a Google search, have been moved into VIP. So I have read the IMF article over and over periodically for months and no where does it state the repercussions of not being in compliance nor does it state what happens once obtaining the 2% compliance for 3 months. 

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11 hours ago, Floridian said:

 

They had better accept Article VIII.  If they don't they can't have an internationally traded currency.

Without that, how will they come into this century?  Rebuild their war-torn country?  Etc, etc, etc.

it’s difficult to trade without own currency to big business . I miss saddam . Saddam is like lion in iraq everyone scared to fight with him about desicion 

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The gurus finally found the reason to show this being dragged down the road another 90days. Bet we don't see an RV in 90 days .hey I bet we won't see an RV this year.   Don't know what there reasoning will behind it by .  but I am sure they will twist some news around to justify it.   

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13 hours ago, DoD said:

Let me suggest a site called DinarVets, a lot of smart people on there. Let me also suggest staying out of the rumor section on there an get into the news section until you learn an get caught up on the news an IMF guildlines. This rumor section is for entertainment purposes only, do not take anything read here seriously.

Some fellas on there name Yota an Thugs have posted thousands of news articles you can read an get caught up on Iraq, hope this helps...

I found the answer if you'd like to listen.

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