CBI RAISES PRICE OF DINAR AGAINST THE DOLLAR

[Carrello]

The central bank raise the price of the Iraqi dinar against the dollar by 3.4%

Thursday, 19 Jan 2012

Central Bank of Iraq Alsumaria News / Baghdad

Central Bank of Iraq, Thursday, for raising the price of the Iraqi dinar against the dollar by 3.4%, confirming that the decision would affect the exchange rate of the dinar against the U.S. dollar in the Iraqi market.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh in an interview for "Alsumaria News", "the Bank worked to raise the prices of the Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign exchange by four dinars and by 3.4% to up to 1166 dinars to the dollar," noting that "The nominal price of the dinar is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar." Saleh added that "current account payments to Iraq, where a large surplus relative to GDP, a rate of 5-8%," stressing that "the surplus is a sign of strength and not vice versa as well as the existence of large reserves of the Bank." Saleh pointed out that "the dollar exchange rate in the Iraqi markets that recently experienced a slight increase will be affected by the decision of the Central Bank of Iraq," adding that "the Iraqi dinar will be attractive in the Iraqi market."

The Central Bank of Iraq announced on Thursday for his buy and sell price of 1166 dinars to the dollar during the auction, hosted by the daily participation of 23 banks, after it was sold and the purchase price of 1170 dinars to the dollar. Sales from Central Bank of Iraq at the conclusion of its sessions for the current week slightly lower at about one million dollars to more than $ 199 million, compared to a Day on Wednesday, which reported a nearly $ 200 million.

The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh (January 14, 2012), intended to put all three categories after the large deletion of three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years. As announced in favor of the (January 6, 2012) for high reserves of the Iraqi Central Bank foreign currency to the $ 60 billion for the first time in the history of Iraq, while stressing its ability to curb inflation if it came to ranking places, considered that current levels do not raise concern. And the foundations of the Iraqi Central Bank as an independent institution under the law issued on the sixth of March of 2004, as an independent body is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the system competitive financial and independent. It is noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays during which depends on those auctions.

http://www.alsumarianews.com/

[fnbplanet]

It was really .34%. 3.4% would have been 39.78 pips.

[mrref]

Thanks for the post but, this article has already been posted several times....

[sxsess]

The central bank raise the price of the Iraqi dinar against the dollar by 3.4%

Thursday, 19 Jan 2012

Central Bank of Iraq Alsumaria News / Baghdad

Central Bank of Iraq, Thursday, for raising the price of the Iraqi dinar against the dollar by 3.4%, confirming that the decision would affect the exchange rate of the dinar against the U.S. dollar in the Iraqi market.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh in an interview for "Alsumaria News", "the Bank worked to raise the prices of the Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign exchange by four dinars and by 3.4% to up to 1166 dinars to the dollar," noting that "The nominal price of the dinar is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar." Saleh added that "current account payments to Iraq, where a large surplus relative to GDP, a rate of 5-8%," stressing that "the surplus is a sign of strength and not vice versa as well as the existence of large reserves of the Bank." Saleh pointed out that "the dollar exchange rate in the Iraqi markets that recently experienced a slight increase will be affected by the decision of the Central Bank of Iraq," adding that "the Iraqi dinar will be attractive in the Iraqi market."

The Central Bank of Iraq announced on Thursday for his buy and sell price of 1166 dinars to the dollar during the auction, hosted by the daily participation of 23 banks, after it was sold and the purchase price of 1170 dinars to the dollar. Sales from Central Bank of Iraq at the conclusion of its sessions for the current week slightly lower at about one million dollars to more than $ 199 million, compared to a Day on Wednesday, which reported a nearly $ 200 million.

The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh (January 14, 2012), intended to put all three categories after the large deletion of three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years. As announced in favor of the (January 6, 2012) for high reserves of the Iraqi Central Bank foreign currency to the $ 60 billion for the first time in the history of Iraq, while stressing its ability to curb inflation if it came to ranking places, considered that current levels do not raise concern. And the foundations of the Iraqi Central Bank as an independent institution under the law issued on the sixth of March of 2004, as an independent body is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the system competitive financial and independent. It is noteworthy that the CBI is being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays during which depends on those auctions.

http://www.alsumarianews.com/

Thanks for the link Carrello. Now I can show all the naysayers that have told me over the years that I'm in a pipe dream! I love to be right! Which isn't very often!

[Mgigs]

Thanks, it's a start. Hopefully they were testing the small increase in anticipation of the big one we all are waiting for.

[fnbplanet]

Thanks, it's a start. Hopefully they were testing the small increase in anticipation of the big one we all are waiting for.

Ditto!

[Stryker365]

This is the part that I like:

Quote;

," noting that "The nominal price of the dinar is not commensurate with the purchasing power to him or the real price of the exchange rate of the dinar against the dollar."

[Carrello]

Thanks for the post but, this article has already been posted several times....

Thanks for saying thank you, mrref. I have looked and I do not see specific article posted other than this one. I am lacking in sleep. Oh, well. At least it was good news!

Cheers mrref.

[fnbplanet]

Thanks for the post but, this article has already been posted several times....

Link please.

[Shelley]

Thanks, it's a start. Hopefully they were testing the small increase in anticipation of the big one we all are waiting for.

That's exactly what I'm hoping for !!!!

Thanks Carrello it's really nice to see it in writing from the CBI that it is not a glich

[Stryker365]

Thanks for saying thank you, mrref. I have looked and I do not see specific article posted other than this one. I am lacking in sleep. Oh, well. At least it was good news!

Cheers mrref.

By the way Carrello thanks and by the way its the first time I have read it so double thanks....I'll make up for others..lol

[Carrello]

It was really .34%. 3.4% would have been 39.78 pips.

It was a test to see if you are paying attention. Right. I screwed up. I have done that twice this morning. Thanks for your soft touch, fnb.

[fnbplanet]

It was a test to see if you are paying attention. Right. I screwed up. I have done that twice this morning. Thanks for your soft touch, fnb.

You have no idea what a soft touch I am!

Thanks for bringing this, I couldn't find it anywhere else either. You go, girl!

[zigmeister]

I haven't seen this article posted before. So there Mr./Ms Crabby Pants mrref

Okay the part I find very intriguing with this article is this sentence.The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh (January 14, 2012), intended to put all three categories after the large deletion of three zeros from the Iraqi dinar, pointing out that the process of replacing the currency will take two years.

You know what guys I really think all of this talk about taking zero's off the currency was really pulling them in. They way they phrase this, large deletion of three zero's. This is what they are doing now. So the story I was told was not a pump story, it was the plan, first haul those 000 notes in, bring out the new currency and somewhere in these stages raise the value.

Thanks Ms C....

[MovieMaker]

Thanks for sharing Carrello.

[Stryker365]

You have no idea what a soft touch I am!

Thanks for bringing this, I couldn't find it anywhere else either. You go, girl!

You guys need to get a room,.hahah.................just kidding...don't want to start rumors we will wait for that to happen after Vegas...lol

[sxsess]

You have no idea what a soft touch I am!

Thanks for bringing this, I couldn't find it anywhere else either. You go, girl!

Ooh sounds tantalizing!

[Stryker365]

I haven't seen this article posted before. So there Mr./Ms Crabby Pants mrref

You know what guys I really think all of this talk about taking zero's off the currency was really pulling them in. They way they phrase this, large deletion of three zero's. This is what they are doing now. So the story I was told was not a pump story, it was the plan, first haul those 000 notes in, bring out the new currency and somewhere in these stages raise the value.

Thanks Ms C....

Zig, I still believe when Shabibi told Maliki June 19, 2011 that he had the tools to delete the 000's...they started right then and have been storing them in vaults ever since,...JMO

[Sanssouci]

You know what guys I really think all of this talk about taking zero's off the currency was really pulling them in. They way they phrase this, large deletion of three zero's. This is what they are doing now. So the story I was told was not a pump story, it was the plan, first haul those 000 notes in, bring out the new currency and somewhere in these stages raise the value.

LOPsters:

Crow. It's what's for dinner.

[Darin]

I haven't seen this article posted before. So there Mr./Ms Crabby Pants mrref

You know what guys I really think all of this talk about taking zero's off the currency was really pulling them in. They way they phrase this, large deletion of three zero's. This is what they are doing now. So the story I was told was not a pump story, it was the plan, first haul those 000 notes in, bring out the new currency and somewhere in these stages raise the value.

Thanks Ms C....

Interesting... See, they're probably pulling in 000 notes from neighboring nations as they send out USD in exchange. If you read the articles, it appears that is the supposedly reasoning for the increase in value at this moment from what Saleh says. Now, if you step back and look at the big picture..

Take a map of the entire globe and guesstimate in %s where a lot of the IQD sits & exists

Exclude theories of foreign govts holding, etc.

You would probably put a relatively low % in the U.S., while neighboring regions likely hold an abundance of it.

For simple figures, lets say 65% in the country alone, 10% in the U.S., & 25% in neighboring countries.

What if, they reduced the 25% down to 5-10%, from their current procedure.

They can strengthen the value, reduce their liabilities, and feel more comfortable with a more dramatic rate increase.

See, they can R/D, and the ball is in the court of speculative holders & their responsibility to exchange as it really does not benefit them whatsoever.

However, if they R/V, the ball is in the CBI's court to try and acquire as many notes as possible to reduce the money supply.

Technically, it would appear as if the CBI could R/D at any given moment of their choosing. Processing a R/V of any substantial change may require additional work, a detailed plan to follow, and strategy to reach their goal.

Just my thoughts.

[fnbplanet]

Float rumors (WITH FEW DETAILS) about "removing zeroes", mentioning Turkey, and what do you think the iraqi public will do? Buy USD! Then, you educate them.

[Sanssouci]

Float rumors (WITH FEW DETAILS) about "removing zeroes", mentioning Turkey, and what do you think the iraqi public will do? Buy USD! Then, you educate them.

At a 1:1 parity, that would be a piece of cake.

[zigmeister]

Interesting... See, they're probably pulling in 000 notes from neighboring nations as they send out USD in exchange. If you read the articles, it appears that is the supposedly reasoning for the increase in value at this moment from what Saleh says. Now, if you step back and look at the big picture..

Take a map of the entire globe and guesstimate in %s where a lot of the IQD sits & exists

Exclude theories of foreign govts holding, etc.

You would probably put a relatively low % in the U.S., while neighboring regions likely hold an abundance of it.

For simple figures, lets say 65% in the country alone, 10% in the U.S., & 25% in neighboring countries.

What if, they reduced the 25% down to 5-10%, from their current procedure.

They can strengthen the value, reduce their liabilities, and feel more comfortable with a more dramatic rate increase.

See, they can R/D, and the ball is in the court of speculative holders & their responsibility to exchange as it really does not benefit them whatsoever.

However, if they R/V, the ball is in the CBI's court to try and acquire as many notes as possible to reduce the money supply.

Technically, it would appear as if the CBI could R/D at any given moment of their choosing. Processing a R/V of any substantial change may require additional work, a detailed plan to follow, and strategy to reach their goal.

Just my thoughts.

Interesting isn't it, this thing with Syria and Iran was convenient when it comes to pulling dinars from the system. Too me this seemed very well thought out, these two countries have no choice but to send the dinar back to Iraq.

[fnbplanet]

Interesting isn't it, this thing with Syria and Iran was convenient when it comes to pulling dinars from the system. Too me this seemed very well thought out, these two countries have no choice but to send the dinar back to Iraq.

in my best Glenda the good witch voice:

"and terrorists too!"

[zigmeister]

in my best Glenda the good witch voice:

"and terrorists too!"

:D