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Dretown39

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Posts posted by Dretown39

  1. 20 minutes ago, BETTYBOOP said:

    Iraq's Finance Committee reveals CBI's steps for currency sale window cancellation

    Iraq's Finance Committee reveals CBI's steps for currency sale window cancellation
    2024-04-20 18:58
     
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    Shafaq News/ On Saturday, Iraq's Parliamentary Finance Committee revealed that the Central Bank of Iraq (CBI) has outlined a pre-cancellation plan for the currency sale window, citing the necessity of preparatory measures before implementing this decision.

    According to Hussein Mouanes, a committee member, the CBI's decision to cancel the currency sale window for 2024 has been made, but the exact commencement date for this change has not been specified.

    Mouanes clarified to Shafaq News Agency that the cancellation is conditional upon private banks' reliance on international bank correspondence and currency transfer methods.

    This move follows the CBI's transfer of its "correspondent" role to several foreign banks, which has raised concerns among some observers due to its ambiguous implications.

    Central Bank Governor Ali Mohsen Al-Alaq had previously announced in November 2023 the initiation of dollar supply within Iraq through accounts held by Iraqi banks overseas. However, Mouanes pointed out that this step necessitates an enhancement in the rating of Iraqi banks to enable their interaction with international counterparts, highlighting the current lack of foreign accreditation and correspondence for Iraqi banks.

    The currency exchange system, which includes foreign currency auctions, meets the demand for foreign currency and supports various monetary policy objectives. However, criticisms of this system have surfaced due to its substantial daily costs and impact on the central bank's reserves.

    Analysts have pointed out that overreliance on fixed exchange rates tied to oil revenues has led to the currency window being perceived as a function of oil rents, hindering economic transformation in Iraq. Despite its drawbacks, the currency sale window has played a role in stabilizing the Iraqi dinar exchange rate and bridging the gap between official and parallel markets

    "According to Hussein Mouanes, a committee member, the CBI's decision to cancel the currency sale window for 2024 has been made, but the exact commencement date for this change has not been specified."

     

    This tells me they won't wait until the end of the year to cancel the auctions. I could be wrong.🙏

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  2. 11 hours ago, cranman said:

    Just looking for an end to this ride.

    We have no control of the outcome.

     

    I'm looking for an end too..one of the reasons is so I don't have to come across negative/left field comments about this investment. This silly ongoing discussion about LOPS & so on is ridiculous! I

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  3. 1 hour ago, horsesoldier said:

    Certainly been many "coincidences" leading up to this moment. Perhaps this has always been part of a greater plan to keep the M.E. in constant chaos & uncertainty.

    Preventing Iraq from going the distance is part of that plan. I agree 💯 with your suggestion.

    You ain't lying..it seems they could've pulled it off back in the fall of '23 & then chaos popped off then!

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  4. 6 hours ago, BETTYBOOP said:

    I don't read it as us having 3 months to exchange or that we would need to change out our 3 zero note for the new notes. 

    Read it again. they are talking about the process when they were getting rid of the saddam notes. They had 3 months to exchange them for the new currency (3 zero notes ) and or dollars. There is nothing about what would apply this time. IMHO.

    Correct! Basically we will need to pay attention to the CBI. The notes are supposed to coexist with the new notes for some years. CBI will announce any notes that we hold when they will be phased out that's what we want to keep an eye on. 

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  5. Just now, 6ly410 said:

    I agree .. i believe the new rate is in the budget… they did not spend the budget yet 

    Yeah Breitling mentioned how connected it is especially in regards to the barrels of oil prices. For example, if the barrels of oil is based on $55 per barrel then they would need at a $.55 rate..$75per barrel then a rate of $.75 is needed & so on. 

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  6. 12 minutes ago, 6ly410 said:

    I agree there is some confusion on that… I found this just now https://www.ena.et/web/eng/w/eng_4268680 

    Addis Ababa, April 7/2024 (ENA) Ethiopia will hold a pivotal fifth-round World Trade Organization (WTO) meeting that would help the country in joining the organization, according to the Ministry of Trade and Regional Integration.

    Minister of Trade and Regional Integration, Gebremeskel Chala confirmed to ENA that the meeting is anticipated to be held in the next month, May 2024.

    Thanks!

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  7. 8 minutes ago, BETTYBOOP said:

     I don't believe he has been in it as long as he tries to make out. This is somebody who didn't do any research before buying dinar and is only interested in when the rv is happening. There is no desire or comprehension in regards to what is needed to let it happen. Sick to the back teeth of the "in the last 20 years" comments, when they haven't been in it 20 years! Sick of stupid point less comments about people who may or may not hold dinar. "Does trump hold dinar, does Zuckerberg hold dinar? " who cares? It is none of our buisness and even if they do, does any body think they would advertise it. He laughs at every comment whether it is funny or not . Either that he gives out rubies for no obvious reason. NOW IF ANYBODY WANTS TO GIVE ME RUBIES CARRY ON BUT I DONT SUFFER FOOLS GLADLY AND THIS INDIVIDUAL IS STUPID AND A WAIST OF TIME. We have all at something, tried to educate him and nothing has worked.

    @Betty Boop @pokerplayer I stopped responding to this individual long time ago. They'll get the picture if folks on here don't respond to them👍 Let him talk to himself.

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  8. 24 minutes ago, NWGUY said:

     Although I don't think there has been any banks that sell the IQD in the US anymore?

     

     

     

    If I remember correctly, there are a couple banks that are offering dinar.  At least that is what I remember reading.  One of knowledgeable people on here did say something along those lines, and had some names, but I didn't recognize the names, and they were not banks in the Northwest area that I live in.  So, I really feel we are good to go, and don't listen to someone that says the government is going to stop this investment.

    :jester:

    That's good u don't listen to that garbage about the government blocking us. People take this investment too far with their conspiracy theories!🤦‍♂️😖

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