Iraqi Central Bank to take a new financial measures in the coming days

[hame55]

Wow ! Never expected such a great response to this article. Thanks to all of you for your comments and even more special (to me at least), thank you for such a warm and gracious welcome back to DV !

RSS

great article skelton

[Carrello]

i am an economic professor, i used to teach currency trading classes, i am here to learn as well, just because i teach doesn't mean i know anymore than some of the very bright people on here do. just saying

i am a male, 3 kids, i know the name probably threw some off, but its been my nickname since grade school, i used to be bad news.

Sorry I thought you may have been female. Your comments were gentle and teaching, without a condescending tone, therefore soft, and that is a compliment. I enjoy your analysis whatever your gender.

[sourpuss]

i am an economic professor, i used to teach currency trading classes, i am here to learn as well, just because i teach doesn't mean i know anymore than some of the very bright people on here do. just saying

i am a male, 3 kids, i know the name probably threw some off, but its been my nickname since grade school, i used to be bad news.

Im thankful that you have joined us here and have contributed to this news this morning:)

[zigmeister]

this problem is because the dinar is so cheap, and everyone knows that it is worth more, they will do auctions-inter bank trading still, what i was saying, is if they want this problem to stop they need to stop the auction til the value is high enough so it is only bought and sold to cover the banks, now anyone can afford the dinar, and it is a smugglers dream. 1000-1 doesn't stop this problem it would have to be over $.1 to stop this problem, i do respect your opinion, but your 1000-1 makes no sense, if this is really the problem that iraq claims

So glad to have your expertise on the board.

You are saying an RV of one cent is really the only way to stop the problem

[nawty1]

So glad to have your expertise on the board.

You are saying an RV of one cent is really the only way to stop the problem

or they can completely stop the auctions, but at some point they are going to have to use there own currency, if you were an investor in the private sector, would you go to a war torn nation, one were security is a huge risk, and start a business when that country doesn't even use there own currency.

at some point the dinar will have to be used as there main currency, not the u.s.d.

[Alex38]

So glad to have your expertise on the board.

You are saying an RV of one cent is really the only way to stop the problem

I think it's 10 cents. The way it was written was .1 not .01 ... I could be wrong??

[zigmeister]

I think it's 10 cents. The way it was written was .1 not .01 ... I could be wrong??

You are probably right.....and I am as well, as usual.

[milo825]

I personally got the impression when the said we could move the exchange rate up to 1000:1 i thought the were saying we could move it anwhere up to and or between 1166:1 and 166:1 (i.e. 444:1 200:1......) or whatever they wanted as long as it was in the 1000:1 range. Guess i just figured with it being translated their lack of words might mean something else then again could be wrong..

[Canuklady]

This is what happens when you go to bed early, you miss everything! Thanks RSS for the great post and everyone for your insights! Today I was walking my dog and I thought to myself I can't wait to get on DV because I bet there's good news there. I was right!

On a different note, about a month ago I had a dream I was talking to my ex husband on the phone and he was out of the country and I said that he'd better get back home, cause he was rich (friendly divorce after 10 years of marriage, both of us are invested in Dinars). The problem with that dream is my ex rarely ever leaves Georgia, especially to go out of the country, and he had no plans to travel.

This week he is in London to take a deposition. All last minute. Coincidence? I hope not!

Can't wait to meet all of you! I have butterflies in my stomach from reading this thread! Go RV!

[Alex38]

You are probably right.....and I am as well, as usual.

I'm usually NEVER rite... hahahahah... but I like .1 better then .01

[zigmeister]

I'm usually NEVER rite... hahahahah... but I like .1 better then .01

I like 1.00 even better and leave those zero's alone!

[Tubbs]

Woaaaaa......My bad on the newbie comment. Actually you and I have been involved in this about the same length of time. Open mouth, insert foot, lol!

Still, a great post and much appreciated. As for your rate, hope it comes out on your High Side.....and could you throw in another nickel?

Thanks again,

RSS

I was thinking throwing in .09 and my prediction is on the spot $2.49

Go RV B)

[trooper]

Alabtan calls for the central bank to a study to raise the price of the dinar against the dollar

The member of the Committee on Energy and Investment parliamentary MP / National Alliance / Hussain Alabtan to raise the price of the Iraqi dinar against the dollar to improve the living conditions of the individual.

Alabtan said in a statement on Thursday the central bank to do a study to raise the proportion of the Iraqi dinar against the dollar and foreign currency in excess of (60) billion dollars.

The Alabtan to: that the Iraqi dinar at a standstill for four years since he was a cash reserve (20) billion dollars so far.

The Alabtan: to raise the price of the dinar up to (1000) dinars to the dollar at the present time suitable for economic recovery and increases the reality of living of the individual and restore its distinguished position among nations.

This is noteworthy that the central bank stressed that raising the value of Iraqi dinar by 3.4%, which may seem at first glance a low rate, although it is in fact a monetary value large part of the financial settlement large inter-bank "that this lifting" sends a strong message confirms the strength and stability of the currency national and the promising future of the Iraqi economy "and dispel all fears of the possibility of a deterioration of the latter, as he put it.

http://translate.googleusercontent.c...-ksVZyA8qGaUoA

[wookie]

Sorry, but I still feel end of 2013 and oh, how I hope I will be wrong.

[Tubbs]

If we had Doc31, Mr. Rich, and Scooter (and others!) it would be old home week.

I second that !

Go RV B)

[Abarvets]

Alabtan calls for the central bank to a study to raise the price of the dinar against the dollar

The member of the Committee on Energy and Investment parliamentary MP / National Alliance / Hussain Alabtan to raise the price of the Iraqi dinar against the dollar to improve the living conditions of the individual.

Alabtan said in a statement on Thursday the central bank to do a study to raise the proportion of the Iraqi dinar against the dollar and foreign currency in excess of (60) billion dollars.

The Alabtan to: that the Iraqi dinar at a standstill for four years since he was a cash reserve (20) billion dollars so far.

The Alabtan: to raise the price of the dinar up to (1000) dinars to the dollar at the present time suitable for economic recovery and increases the reality of living of the individual and restore its distinguished position among nations.

This is noteworthy that the central bank stressed that raising the value of Iraqi dinar by 3.4%, which may seem at first glance a low rate, although it is in fact a monetary value large part of the financial settlement large inter-bank "that this lifting" sends a strong message confirms the strength and stability of the currency national and the promising future of the Iraqi economy "and dispel all fears of the possibility of a deterioration of the latter, as he put it.

http://translate.googleusercontent.c...-ksVZyA8qGaUoA

How will this stop the Irans and Syrians from buying the dollar. It is still to inexpensive at that rate. Unless it is a test to see how the market will react?

[carlos in san diego]

no problem, i have been reading this site for a while, and i have much respect for you.

what there doing here is there going to raise the rate so smugglers do not buy it anymore, they need to get it to a rate, were smugglers and crooks don't find it attractive to purchase for flip , and profitability reasons

I agree with you evaluation. The dinar is at 1166 to 1 right now. They are proposing raising the value to 1000 to 1. After they RV, it shoukld disuade many speculators from flipping the currency, but I believe that there is still much incentive for the smuggling of dollars to Iran to continue, because their currency will continue to decline in value as time moves forward and the exchange rate will not matter that much.

This smuggling may just be the catalist that drives up the value of the dinar to where we can cash in with a respectable gain. I believe this may become a trend in this currency. i guess we watch and see.

Thanks to all for the contributions...

Carlos

[JustNTime]

does this day count as one of the "coming days"? Somebody needs to start the countdown.

[Elixirbaby]

i am an economic professor, i used to teach currency trading classes, i am here to learn as well, just because i teach doesn't mean i know anymore than some of the very bright people on here do. just saying

i am a male, 3 kids, i know the name probably threw some off, but its been my nickname since grade school, i used to be bad news.

Is your wife nawty2? Sorry couldn't resist. Thanks for your input.

Go RV

[bamagirl]

Is your wife nawty2? Sorry couldn't resist. Thanks for your input.

Go RV

LOL...you're a trip Elixir!

[nawty1]

Is your wife nawty2? Sorry couldn't resist. Thanks for your input.

Go RV

no, she is the nawty1, hence 3 kids in 3 years.

[Maggie123]

How will this stop the Irans and Syrians from buying the dollar. It is still to inexpensive at that rate. Unless it is a test to see how the market will react?

I was wondering that also...

Wasn't Hillarious just telling Iraq to get their act together? I am sure the US is quite concerned about USD$$'s getting into the wrong hands.

We will see if they are thinking 1000 to 1 will do it. Iraq will most certainly be urged by "the powers that be" to dry up the dollar and quick! If they come out at 1000 to 1... I for one will hang on just a little longer because I don't see 1000 to 1 doing the job. Perhaps that will be an interim rate to dump speculators while they are getting out of chapter 7 and passing HCL... I can see them doing this right now as I post.

Hey they have to try don't they?

[Trigger the old biker]

I was wondering that also...

Wasn't Hillarious just telling Iraq to get their act together? I am sure the US is quite concerned about USD$$'s getting into the wrong hands.

We will see if they are thinking 1000 to 1 will do it. Iraq will most certainly be urged by "the powers that be" to dry up the dollar and quick! If they come out at 1000 to 1... I for one will hang on just a little longer because I don't see 1000 to 1 doing the job. Perhaps that will be an interim rate to dump speculators while they are getting out of chapter 7 and passing HCL... I can see them doing this right now as I post.

Hey they have to try don't they?

Right on.

I agree

There not going to dump me, either.

I came in for a better return than that, and I'm in for the long haul.

[SgtFuryUSCZ]

I was wondering that also...

Wasn't Hillarious just telling Iraq to get their act together? I am sure the US is quite concerned about USD$$'s getting into the wrong hands.

================================================================

***///

Didn't you hear...? They did put an "act together"...

Iran n' Iraq are going into the "Shipping" business together...

Now you know what they'll be 'shipping'....

Edited January 30, 2012 by SgtFuryUSCZ

[skitealwedrop]

there are 2 things they almost need to do to stop this.

first: stop the auctions, if they stop the auctions they reduce the risk of money landing in the wrong hands.

second: they need to revalue the rate of exchange, if they stop the auctions, which they will have to do soon, until a new rate is high enough that the corrupt will not find it attractive enough to purchase anymore. they need to revalue for purchasing power, there purchasing power for an oil rich country is sad at best. then when the rate is too high for these corrupt to buy, they will start auctions, and interbank trading again.

lotsofdinar asked why would they announce a rv before an actual rv, well if they are not printing dinar anymore, which you would have to believe since they are buying it back, then announcing this would not be a big deal, they know how much dinar will be out, and how much they will be on the hook for. even if some sell there personal dinar, it doesn't get back to iraq, it goes from one speculator to another, so cbi can't count on getting the u.s dinar holders dinar back to the cbi. if iraq is truly done printing the dinar we currently own, them telling us there intentions isn't a big deal at all.

I understand your first point in that stopping the auctions would preserve the CBI's USD that they currently have on their balance sheets (notice I say balance sheets, plural, apparently the CBI maintains multiple sets of books and KPMG can't even provide a definitive audit report). Also, stopping the auctions would prevent the corrupt from accumulating USD. In turn, I'm a speculator, as we all are. It seems to me that currency speculators would want Iraq to deplete their USD reserves and force them to RV or RI the IQD so that they have a viable currency to trade with. Iraq can't indefinitely continue to trade with USD, IMO. Please correct me if I'm wrong. I'm here to learn as well.

I hope that I don't sound too greedy in my post. My hope is that we all walk away making a few bucks and that the US taxpayers recover a significant portion of our tax dollars that were spent on the war.