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CBI dispels the fears brought about by Iranian crisis and the rise of the dollar’s value

jeepguy

By jeepguy,
in Iraq & Dinar Related News

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jeepguy Mentor

jeepguy

Posted
Posted

Baghdad, February 8 (Rn) – The Central Bank of Iraq on Wednesday that the rise of the value of hard currency to buy does not threaten the local value of the dinar.

The deputy governor of Central Bank of Iraq the appearance of Mohammed Saleh told the Kurdish news agency (Rn) “No worries on the value of the dinar by the rise of the value of the dollar.”

He said that the arrival of the purchase value of U.S. dollar to 1300 resulting from the reorganization of the banks.

Emerged in recent times the phenomenon of selling hard currency to Iranian businessmen at border crossing points because of a package of international sanctions on Iran following its nuclear program.

is this the rise we are waiting too see ,,, it is moving but creeeeeppping :huh: 2nd movement in two months ??

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tamiflyer Newbie

tamiflyer

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What movement do you speak of?

Still 1166 on CBI

It is not posted yet on the CBI under the Exchange Rate Spreadsheet but the "Market Price" as of yesterday was 1240 and the CBI sell rate was 1166. This is a huge gap between these two, specially if it reached 1300. IMO, Dr. Shabbibi would have to act quickly to close that gap. Thanks for your post and GLTY and All. Go RV.

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tamiflyer Newbie

tamiflyer

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Am I wrong, but it is going the wrong way. (LACK OF UNDERSTANDING MAYBE)

@1240 value has dropped.

1000igd to 1.00usd delete 3 zero equals 1:1 (confused but still hopeing) blink.gif

IMMHO, the lack of Dollars being traded at the Market is driving the Dinar up. In other words, supply and demand. It takes more IQD's to purchase one Dollar now, if they can get their hands on it, but at the CBI, it is still 1166. This is what Dr. Shabbibi was talking about dispelling all rumors that the IQD had reached 1300 per Dollar but it sure is heading that way, if you follow the Exchange Rate Spreadsheet from the CBI website. He has the power to close the gap by small RV's, just like he did from 1170 to 1166. Thank you for your post. GLTA and Go RV.

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mrref Newbie

mrref

Posted
Posted

Baghdad, February 8 (Rn) – The Central Bank of Iraq on Wednesday that the rise of the value of hard currency to buy does not threaten the local value of the dinar.

The deputy governor of Central Bank of Iraq the appearance of Mohammed Saleh told the Kurdish news agency (Rn) “No worries on the value of the dinar by the rise of the value of the dollar.”

He said that the arrival of the purchase value of U.S. dollar to 1300 resulting from the reorganization of the banks.

Emerged in recent times the phenomenon of selling hard currency to Iranian businessmen at border crossing points because of a package of international sanctions on Iran following its nuclear program.

is this the rise we are waiting too see ,,, it is moving but creeeeeppping :huh: 2nd movement in two months ??

Yep its rising alright in the wrong direction....

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mrref Newbie

mrref

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Am I understanding this correctly - the "black market" sales so to speak of the USD has increased in price - so those paying with dinar are now paying up to 1300 instead of the actual official rate of 1166?

Yep you got it newbie, like I said its going in the wrong direction for us...

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Dinarduo Newbie

Dinarduo

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Yep you got it newbie, like I said its going in the wrong direction for us...

Thanks! So in reality it will cost more for these folks to buy USD no matter what currency they pay with - so an RV will still happen assuming that is their plan and this is of little importance when dealing with the official rates - whew - I was worried for a moment! Thanks again!

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Duckhead Newbie

Duckhead

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Am I understanding this correctly - the "black market" sales so to speak of the USD has increased in price - so those paying with dinar are now paying up to 1300 instead of the actual official rate of 1166?

Your understaning is correct. According to this article, the value of the dinar is weakening so it takes more dinars to buy USD.

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tamiflyer Newbie

tamiflyer

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Yep you got it newbie, like I said its going in the wrong direction for us...

It is sure going the wrong way for us but is it? If this starts to get out of hand, Dr. Shabbibi will have no choice but to close the gap and RV to par to keep it from getting worse. in other words, if he RV's @ 1000 per USD, then the 66 IQD should be subtracted from the market price ATPT or make it around 1134 if it was really 1300. This would keep it relatively close to what it used to be, 1166 but for us it is now 1000, without any spreads. He has worked too hard to keep the stability of the IQD throughout the years, even at an artificial rate, so he will not go backwards, he will adjust accordingly until they are ready for the big jump, the real RV. JMMHO and I hope that I am more right than wrong. :) Thank you for your post. GLTA and Go RV.

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Dinarduo Newbie

Dinarduo

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Your understaning is correct. According to this article, the value of the dinar is weakening so it takes more dinars to buy USD.

I'm a glass half full girl - the dinar isn't weakening, the USD is just getting stronger (over there only) due to demand - Shabbibi can fix that should he choose to. :)

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SgtFuryUSCZ Apprentice

SgtFuryUSCZ

Posted
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***//

So...... no chance this may be more smoke to encourage fewer purchases of Dinar

or for more folks to dump Dinar prior to RV...?

Probably wouldn't have that much of an effect anyway what with all the Dinar that are out there...

Hard to imagine they'd let this thing backfire on them...

What are they thinking...?

Sarge Sad :( and skeptical <_<

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Dinarduo Newbie

Dinarduo

Posted
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Cheer up Sarge! We have way to much to be excited about. There is so much movement and they are actually moving fast for them! There is an urgency about them now - this is a great time to be a dinar holder! This is a black market situation that will have to be addressed but it doesn't change the big picture! Think of all the other articles coming out, and all the movement we are seeing! It is a positive time with lots of positive activity and I feel we are getting close! Happy Thursday! :)

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JayLee202 Newbie

JayLee202

Posted
Posted (edited)

It is sure going the wrong way for us but is it? If this starts to get out of hand, Dr. Shabbibi will have no choice but to close the gap and RV to par to keep it from getting worse. in other words, if he RV's @ 1000 per USD, then the 66 IQD should be subtracted from the market price ATPT or make it around 1134 if it was really 1300. This would keep it relatively close to what it used to be, 1166 but for us it is now 1000, without any spreads. He has worked too hard to keep the stability of the IQD throughout the years, even at an artificial rate, so he will not go backwards, he will adjust accordingly until they are ready for the big jump, the real RV. JMMHO and I hope that I am more right than wrong. :) Thank you for your post. GLTA and Go RV.

Absolutely, great point. What we all have to be mindful of is that, with investments, you're going to experience some ups and downs. Iraq is focusing on bringing their economy up to country standards. IF the USD goes up and it causes the IDQ to go down, then it only makes sense for Shabbibi to play chess and make sure that the IDQ will be profitable. I've heard some speculations of a .10Cent RV out the gate, but to be honest, I don't see that happening now. A much higher RV shall surface. I'm sticking to my guns at $1.13. So we should want the USD to increase in value, knowing the IDQ will be profitable during the RV.

"I love it when a plan comes together." ~ Hannibal Smith (The A-Team) :twothumbs:

Go RV

Edited by JayLee202
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SPRAYERDUDE Newbie

SPRAYERDUDE

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Posted

Anything is possible but in my opinion, they really have a hardon for the U.S. and this loss in the Dinar Value and gain in the Dollar could be our gain. I think the only thing the Iraqi parties have in common is the same attitude towards the U.S. Maybe this will spur some agreement between them and we will see sum REAL VALUE currency adjustment.

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