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CBI: Dinar Rise against the Dollar On January 23, 2012, In Iraq Finance News, By William Burbank

E. 1999

By E. 1999,
in Iraq & Dinar Related News

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E. 1999 Newbie

E. 1999

Posted
Posted

Baghdad / term

Central Bank of Iraq, said Thursday, 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’s work on raising 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 price of the dinar nominal is not commensurate with the purchasing power to him or the real price of the exchange rate 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, yesterday, Thursday, for his buy and sell dollar price of 1166 dinars during the auction, hosted by the daily participation of 23 banks, up from the selling and purchase price of 1170 dinars to the dollar and recorded sales of 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 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), all intended to put three categories significantly after deleting 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.

http://almadapaper.net/news.php?action=view&id=57989

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http://www.ameraq.org/?p=695

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tandy Newbie

tandy

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thx for the post...got to be careful on reading too much into that but it seems the CBI is laying ground work to start implementing a substantial change in the value of the dinar soon while trying to look like they are going to be long and drawn out??? <_<

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NWGUY Grand Master

NWGUY

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Posted

Thank you for the post....+1. I like the part about the Nominal Value is not commesurate to the Dollar. I think that this might be a good thing! This maybe is where they have been hinting about raising the zero's! :)

Things seem to be getting better daily!! :D

Go RV!!!

:D:D:D

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wealthhound Mentor

wealthhound

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thx for the post...got to be careful on reading too much into that but it seems the CBI is laying ground work to start implementing a substantial change in the value of the dinar soon while trying to look like they are going to be long and drawn out??? <_<

[/quoteYeah. That's the feeling I got reading it too...

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DiveDeepSix Newbie

DiveDeepSix

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Not mine.........................yet.

http://www.hatterasyachts.com/Page.aspx/pageId/11570/pmid/251623/Hatteras-GT60.aspx

yes Hatteras GT60, they do have a nice line up.

Nice, I used to be a marine dealer, nothing that big up here, but always liked the Hatteras line, I've got a friend with one down in Costa Rica what a great boat, his is smaller than the 60 though, caught a lot of sailfish on it. You have great taste my friend, and hopefully we will get this RV done soon and I will see ya out on the big pond! B)

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sportfisher Newbie

sportfisher

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Posted (edited)

3.4% would mean every 100000.00 dinar would be worth 3400.00. If that is the rate then that is what it would mean in dollars.

wow................ok..........................a 3.4% increase from 1170iqd / 1usd would be 1130iqd / 1usd

1170 x 3.4% = 39.78

1170 - 39.78 = 1130.22 (3.4% increase in value)

every 100,000 iqd at 1170 = $85.47 usd

every 100,000 Iqd at 1130 = $88.49 usd

that would be an approx 3.4% increase

:)

3.4% would mean every 100000.00 dinar would be worth 3400.00. If that is the rate then that is what it would mean in dollars.

just for clarification, the increase from 1170 to 1166 is only .34%

and not the 3.4% we have been reading.

Edited by sportfisher
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KiaKaha Newbie

KiaKaha

Posted
Posted

what if it really was 3.4 :blink:

What he said!

KK

I like cheese burgers.

Not sure why you were negged, Alex... Evened you out. I thought it was funny! Reminds me of a family joke... Mr KK was grilling a little kk's new girlfriend on politics & son was getting uncomfortable, so out of the blue he says "I like cheese!" LOL

KK

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