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CBI confirms raise the exchange rate to 3.4%


Carrello
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CBI confirms raise the exchange rate to 3.4% and reduces the anticipated increase in the value of the dinar to 100%

BAGHDAD - Muntazer Nasser

The Central Bank of Iraq, raising the value of the dinar against the U.S. dollar by 3.4 percent, taking into account the real value of which increased significantly due to higher reserves, as well as a surplus in current account of balance of payments relative to gross domestic product.

The optimism level of the local currency, reduced the propaganda launched by the speculators, against the backdrop of a global deployment of propaganda for the Iraqi dinar, which is near the high disbursed to 100 percent. While it welcomed the move specialists, economists, because of the increased demand for the dollar from neighboring countries which are subjected to international sanctions, considered that this step in the interests of the Iraqi citizens in general, but they are not in favor of the government revenues that depend on the dollar.

In an interview with "the world," said the adviser to the CBI appearance of Dr. Mohammed Saleh on Saturday, that "the central bank's target is to strengthen the local currency, and maintain the purchasing power of that, and exchange rate against the dollar, represents the outer face of the coin," adding that "the situation economic for the currency very satisfactory if not excellent, because the current account of the balance paid in relation to the GDP of Iraq has a surplus of as much as 5-8 percent, which is a great financial accounts, and gives us more optimism, the value of local currency, and regardless of the fluctuations and political changes. "

Saleh added that "the Iraqi Central Bank reserves of foreign currency reached the highest number in the history of contemporary Iraq, more than $ 60 billion dollars, which of course enhances the power of the dinar." He explained that "after the exchange rate depreciates because of regional factors and internal, we have an amendment to the value of the exchange, on the grounds that the nominal value, estimated at 1170 dinars Iraqis against the U.S. dollar, is much lower than the real price, so felt the central bank raising the dinar exchange rate, to suit with its true value ", in the past to say," We expect every opportunity to raise the favorable exchange rate, with no effect on maintaining the stability of the currency, as it reflects the entry of citizens, we are forced to support the form in which the benefit. "

The Central Bank of Iraq, announced to raise the price of the Iraqi dinar against the dollar during the sessions for the sale and purchase of foreign currency by 4 dinars, and by 3.4%, up to 1166 instead of 1170 dinars, in front of the dollar, stressing that the decision would affect the exchange rates the dinar against the dollar in the Iraqi market. And on the expectations of international high exchange rate of Iraqi dinar to 100 percent, said the central bank adviser said that "this work of speculators looking for a profit anywhere in the world, and their words are not credible, and what concerns us is the interest of the Iraqi economy," adding that "the dinar has attracted by the force of bank reserves, which is covered by 100 percent. "

The Iraqi dinar has recently dominated the attention of companies selling foreign currencies, especially on the Internet, when you browse these sites often read phrases such as "buy dinars, the government will raise the current value of the currency, and will become rich." According to the site "Twilight News" yesterday, the relocation of Georgia Pablk Brodcastnk U.S. mail for an expert on financial planning Brian Hancock as saying that there is nothing guaranteed in the world of foreign exchange exhibition of the variables at all times, adding that "there are many who are selling the Iraqi Dinar in the United States by what I heard recently, and they convince people that its value will rise to a hundred times. "

He said Hancock, "base their arguments to convince people of what happened with the Kuwaiti currency after the first Gulf War." Concerning the draft raise zeros from the currency, he drew Saleh said "the plan brought before the House of Representatives and awaiting government approval, after extensive discussions with the committees concerned," noting that "The project is a sovereign, and it needs to be given full approvals."

In an interview with "the world" Wednesday, welcomed Abdul Aziz Goldfinch director of the Association of private banks the idea of ​​raising the value of the dinar, saying, "Well, did the central bank, because its main function to tackle inflation and maintain exchange rate, as recently witnessed osteoporosis exchange rate as a result of regional factors led to the increased demand for foreign currency and smuggled across the border, which led to higher demand for the dollar and the high exchange rate was 1250 dinars to the dollar, an increase of 80 dinars unnecessary, "noting that" the Bank succeeded in dealing with the subject in a more realistic, with the reduction out to the borders of 1200 dinar since 2007. "

He predicted the economic expert and professor at the University of Baghdad, Dr. Nassif Jassem Mohammed Ali, in his interview for "the world" yesterday, that "the central bank is planning the move to access to the exchange rate of 1150 dinars," noting that "the positive impact on the local market and the Iraqi citizens, as they will contribute to raising the purchasing power, and improve the exchange value against other currencies. " He cautioned the economist that "it would not be in favor of the state because of the imports that are in dollars, for example, when you receive oil revenues in dollars, they phase into the dinar, and here the difference," adding, "But the power of the dinar in general be marked on the strength of the Iraqi economy."

http://www.alaalem.com/

Edited by Carrello
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So it appears, 1150.

So what happened to all the talk about making the Dinar the strongest currency in the region ? Have you noticed that they haven't said that lately ? With that said I don't think by raising the Dinar by .34% makes it the strongest in the region, thanks for the post Carrello.

But Tony the next stop is 1150, which will read on the CBI site, thats how I read this. Out of curiousity wat would 3.4%

be from 1170? Im not good at math.

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Guys: nothing new-this happens from time to time -we are making it worse by checking every 5 seconds. If Adam comes on tells us it means something then get excited.

Gotta go check the site now .... I mean watch the game.

:P :P :P :P :P

Excuse me. I wasn't checking Forex or CBI, and who is checking every 5 seconds. You? This is a news article that was published in Iraq and last I checked, this is the News section. Of course, we could always wait for you to produce some news, but who wants to wait until next Thursday.

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So it appears, 1150.

But Tony the next stop is 1150, which will read on the CBI site, thats how I read this. Out of curiousity wat would 3.4%

be from 1170? Im not good at math.

Thanks zig, but my point was they'll never be the stongest currency raising it by small percentage like this, to me this is more of a test than anything else.

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Thanks for the edit. I won't bother re-quoting that then.

So, the next move to 1150?

You know. It took 3 years for the Dinar to go to 1166. In 3 more years it'll be at 1162 and 3 more years after that it'll be 1158 and by the year 2525 it should be where it's supposed to be. Just saying. Go RV

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Thanks zig, but my point was they'll never be the stongest currency raising it by small percentage like this, to me this is more of a test than anything else.

But hey they said the dinar would never RV, who cares if its test or not they did. So there is another test, our shoe box's become more valuable. Now I am not sure what to think because they also mentioned 1117 in an article, that would be a bigger test.

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So it appears, 1150.

But Tony the next stop is 1150, which will read on the CBI site, thats how I read this. Out of curiousity wat would 3.4%

be from 1170? Im not good at math.

As fnbplanet pointed out Friday, the rate is not 3.4%, it's .34%

1166/1170=0.996581197

take that number and subtract from 1 = 0.003418803

move the decimal point two = 0.34%

*******

3.4 percent% = 39.78 dinar

1170 * 0.034 ( 3.4 %) = 39.78

New rate of 1130.22

1170 minus 39.78 = 1130.22

bada bing!

Edited by Carrello
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But hey they said the dinar would never RV, who cares if its test or not they did. So there is another test, our shoe box's become more valuable. Now I am not sure what to think because they also mentioned 1117 in an article, that would be a bigger test.

Until we see if they really make another move to 1150, 1117 or a full blown rv it's all speculation.

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As fnbplanet pointed out Friday, the rate is not 3.4%, it's .34%

1166/1170=0.996581197

take that number and subtract from 1 = 0.003418803

move the decimal point two = 0.34%

3.4 percent% = 39.78 dinar

1170 * 0.034 ( 3.4 %) = 39.78

New rate of 1130.22

1170 minus 39.78 = 1130.22

bada bing!

I know the 0.34 percent, but why do they keep making the same mistake? I am just wondering what 3.4%, what if that is where they are headed? I know, I know probably not, but I wonder.

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I know the 0.34 percent, but why do they keep making the same mistake? I am just wondering what 3.4%, what if that is where they are headed? I know, I know probably not, but I wonder.

Sorry, Zig. I should have reversed my input. I was addressing your question about what 3.4% was:

3.4 percent% = 39.78 dinar

1170 * 0.034 ( 3.4 %) = 39.78

New rate of 1130.22

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