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Saleh: Dinar is covered heavily by $60B in foreign reserves; Goal is to be equal to the dollar


JustNTime
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Saleh: Dinar is covered heavily by $60B in foreign reserves; Goal is to be equal to the dollar

FEBRUARY 11TH, 2012

Baghdad (news) .. Commended the deputy governor of the Central Bank of the appearance of Mohammed that the dinar covered in hard currency by more than (100%) and not fear him from the vagaries of currencies of neighboring countries.

Saleh said the Agency (news) said on Saturday: The dinar today has become a strong and like a hard currency through the Bank’s policy Central control of the cash raised in the local market.

He explained: that the dinar covered in hard currency at a rate of more than (100%), and this rare condition, and has a cash reserve large hard currency than for (60) billion dollars retained by the face of difficult circumstances that may occur in the country, giving the power of the dinar against foreign currency.

He pointed to: that the goal of central bank policy at the moment is the stability of the exchange rate of the dinar against the U.S. dollar, but our goal in the long run be equal to it being a process needs a strong economy and inflation is low and a cash reserve large

and it was a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri who said it may likely equal to the price of the Iraqi dinar against the dollar during the next biennium after the implementation of the project to delete three zeros from the Iraqi currency.

Jubouri said in an earlier statement (the news): The approach undertaken by the Bank Central retention rate of the dinar against the dollar during the current indication that monetary policy in the country able to make the dinar equivalent of the U.S. dollar.

http://www.ikhnews.com/news_view_32720.html

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Wow - so a $1 to $1 exchange rate within the next two years - but after deleting the zeros? This could be great - although another 2 years seems long it will be worth it depending on how the deleting of the zeros goes down! Thanks JustNTime - Great find! Come on RV!

Edited by Dinarduo
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Yes, indeed it all depends on what/how we or they translate the removing of the 0's

I hope it's for the best for all of us. We all have waited this long...what is another few days, months, or even years....lets hope it comes sooner than later.

Go RV!

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our goal in the long run be equal to it being a process needs a strong economy and inflation is low and a cash reserve large

It seems they can lay claim to all of these right now prior to The Meeting. They have shown in media good economic indicators in growth rates and growth potential. They have been running articles of low inflation and Huge reserves. The date to be announced for the National Meeting tomorrow is something to look forward to. If the articles come to fruition and they seat security, HCL, and Erbil at the National then we will see something happen prior to UN eval of chapter 7 in June. IMO

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our goal in the long run be equal to it being a process needs a strong economy and inflation is low and a cash reserve large

It seems they can lay claim to all of these right now prior to The Meeting. They have shown in media good economic indicators in growth rates and growth potential. They have been running articles of low inflation and Huge reserves. The date to be announced for the National Meeting tomorrow is something to look forward to. If the articles come to fruition and they seat security, HCL, and Erbil at the National then we will see something happen prior to UN eval of chapter 7 in June. IMO

Now, with less than three months to go before the March 23 event, Moussa cheered the Iraqi government on.

Read more:

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and it was a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri who said it may likely equal to the price of the Iraqi dinar against the dollar during the next biennium after the implementation of the project to delete three zeros from the Iraqi currency.

I am afraid this is not good news:(

If they raise the value after the deletion of three zeros...we maybe break even (in 2 years).

If the $60 Billion covers the 30 Trillion Dinar out, this also tells us it is not a RV at a dollar:( If it were they would need $30 Trillion to cover the RV.

Plus they say it will take up to 2 years to do so. I would think that means delete the zeros first,then the RV equals $.86 to slowly go up to a dollar in 2 years....so that means One Million Dinar equals $860...IMO

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and it was a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri who said it may likely equal to the price of the Iraqi dinar against the dollar during the next biennium after the implementation of the project to delete three zeros from the Iraqi currency.

I am afraid this is not good news:(

If they raise the value after the deletion of three zeros...we maybe break even (in 2 years).

If the $60 Billion covers the 30 Trillion Dinar out, this also tells us it is not a RV at a dollar:( If it were they would need $30 Trillion to cover the RV.

Plus they say it will take up to 2 years to do so. I would think that means delete the zeros first,then the RV equals $.86 to slowly go up to a dollar in 2 years....so that means One Million Dinar equals $860...IMO

Pretty much......if they werent talking about deleting the zeros first then this would be awesome....

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and it was a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri who said it may likely equal to the price of the Iraqi dinar against the dollar during the next biennium after the implementation of the project to delete three zeros from the Iraqi currency.

I am afraid this is not good news:(

If they raise the value after the deletion of three zeros...we maybe break even (in 2 years).

If the $60 Billion covers the 30 Trillion Dinar out, this also tells us it is not a RV at a dollar:( If it were they would need $30 Trillion to cover the RV.

Plus they say it will take up to 2 years to do so. I would think that means delete the zeros first,then the RV equals $.86 to slowly go up to a dollar in 2 years....so that means One Million Dinar equals $860...IMO

DUCK

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Pretty much......if they werent talking about deleting the zeros first then this would be awesome....

It would be awesome. I hate these articles, I am tired of debating them, I am damn sick and tired of reading them. The one up shot is they are still talking about deleting zero's! Which they have been doing for what 2 years?

Question does CBI need Parliament approval for a RD? I can't remember.

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my quote from another article

Jassim added that lifting the three zeroes will lead to an exchange rate of one dollar per dinar

They are trying to explain, as simple as possible, to the ragheads (and lopsters) that all the hear say and articles talking of lifting 3 zeros really means that the dinar will be equal to the dollar.

<br style="font-family: tahoma, arial, verdana, sans-serif; font-size: 13px; text-align: left; ">

The process, or implementation of this project, is what makes this happen.

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It would be awesome. I hate these articles, I am tired of debating them, I am damn sick and tired of reading them. The one up shot is they are still talking about deleting zero's! Which they have been doing for what 2 years?

Question does CBI need Parliament approval for a RD? I can't remember.

As far as I know, the CBI needs approval for issuing a new currency....changing the rate doesnt matter, but the currency itself does....

my quote from another article

Jassim added that lifting the three zeroes will lead to an exchange rate of one dollar per dinar

They are trying to explain, as simple as possible, to the ragheads (and lopsters) that all the hear say and articles talking of lifting 3 zeros really means that the dinar will be equal to the dollar.

<br style="font-family: tahoma, arial, verdana, sans-serif; font-size: 13px; text-align: left; ">

The process, or implementation of this project, is what makes this happen.

Yes, that it will be equal to the dollar AFTER deleting the zeros....which means after redenominating/lopping the zeros....smaller money supply=higher valued dinar....

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It would be awesome. I hate these articles, I am tired of debating them, I am damn sick and tired of reading them. The one up shot is they are still talking about deleting zero's! Which they have been doing for what 2 years?

Question does CBI need Parliament approval for a RD? I can't remember.

Try 7 years :lol:

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and it was a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri who said it may likely equal to the price of the Iraqi dinar against the dollar during the next biennium after the implementation of the project to delete three zeros from the Iraqi currency.

I am afraid this is not good news:(

If they raise the value after the deletion of three zeros...we maybe break even (in 2 years).

If the $60 Billion covers the 30 Trillion Dinar out, this also tells us it is not a RV at a dollar:( If it were they would need $30 Trillion to cover the RV.

Plus they say it will take up to 2 years to do so. I would think that means delete the zeros first,then the RV equals $.86 to slowly go up to a dollar in 2 years....so that means One Million Dinar equals $860...IMO

You are assuming there is 30 trillion in circulation. The cbi data is close to that, but do you believe it??? If theres 30 trillion, then i think this article holds some real details. but, i choose to believe the money supply has been reduced, and there is more than one way to delete the zeroes.

and it was a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri who said it may likely equal to the price of the Iraqi dinar against the dollar during the next biennium after the implementation of the project to delete three zeros from the Iraqi currency.

I am afraid this is not good news:(

If they raise the value after the deletion of three zeros...we maybe break even (in 2 years).

If the $60 Billion covers the 30 Trillion Dinar out, this also tells us it is not a RV at a dollar:( If it were they would need $30 Trillion to cover the RV.

Plus they say it will take up to 2 years to do so. I would think that means delete the zeros first,then the RV equals $.86 to slowly go up to a dollar in 2 years....so that means One Million Dinar equals $860...IMO

You are assuming there is 30 trillion in circulation. The cbi data is close to that, but do you believe it??? If theres 30 trillion, then i think this article holds some real details. but, i choose to believe the money supply has been reduced, and there is more than one way to delete the zeroes. The only thing i take from this article, is the value of the dinar is undervalued. given its backed by more than 100%

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It would be awesome. I hate these articles, I am tired of debating them, I am damn sick and tired of reading them. The one up shot is they are still talking about deleting zero's! Which they have been doing for what 2 years?

Question does CBI need Parliament approval for a RD? I can't remember.

As i remember, CBI needs approval for funds to print currency, and does not need approval to restructure. Anybody have a different story?

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and it was a member of the Finance Committee and the representative / National Alliance / Haitham Jubouri who said it may likely equal to the price of the Iraqi dinar against the dollar during the next biennium after the implementation of the project to delete three zeros from the Iraqi currency.

I am afraid this is not good news:(

If they raise the value after the deletion of three zeros...we maybe break even (in 2 years).

If the $60 Billion covers the 30 Trillion Dinar out, this also tells us it is not a RV at a dollar:( If it were they would need $30 Trillion to cover the RV.

Plus they say it will take up to 2 years to do so. I would think that means delete the zeros first,then the RV equals $.86 to slowly go up to a dollar in 2 years....so that means One Million Dinar equals $860...IMO

They can always lop.

It's good news to me because they could double the rate today and still be more than 100% backed. No need for a lop. Then their next budget could be reduced by half. This would shrink the M2. They could then build up the reserves and then double the rate again.:D

This model doesn't even consider what could be done with fractional banking. They have the US dollar and other currencies backing the Dinar but they're all fiat currencies. :P

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Very good find and IMO, very important information here.

"He explained: that the dinar covered in hard currency at a rate of more than (100%), and this rare condition, and has a cash reserve large hard currency than for (60) billion dollars retained by the face of difficult circumstances that may occur in the country, giving the power of the dinar against foreign currency."

I am going to take a stab at this:

1. All Dinar notes are covered over 100% (Rare condition = Undervalued)

2. Plus

3. Cash reserve of 60 Billion Dollars for the sole purpose of difficult circumstances

4. Giving the power of the Dinar against foreign currency = It may be as strong as the Dollar

now but not reflected yet.

"Commended the deputy governor of the Central Bank of the appearance of Mohammed that the dinar covered in hard currency by more than (100%) and not fear him from the vagaries of currencies of neighboring countries."

va·gar·y

   [vuh-gair-ee, vey-guh-ree] Show IPA noun, plural -gar·ies. 1. an unpredictable or erratic action, occurrence, course, or instance: the vagaries of weather; the vagaries of the economic scene. 2. a whimsical, wild, or unusual idea, desire, or action.

Here he must be talking about Iran, Siria and neighboring countries. Perhaps how some of these currencies devaluations, due to sanctions, are not affecting the strength of the Iraqi Dinar.

"He pointed to: that the goal of central bank policy at the moment is the stability of the exchange rate of the dinar against the U.S. dollar, but our goal in the long run be equal to it being a process needs a strong economy and inflation is low and a cash reserve large"

1. Policy at the moment is the exchange rate of the Dinar for the Dollar.

2. Long run goal is 1:1

3. Need a strong economy

4. Low inflation (I have a problem with this one)

5. Large cash reserve

"Jubouri said in an earlier statement (the news): The approach undertaken by the Bank Central retention rate of the dinar against the dollar during the current indication that monetary policy in the country able to make the dinar equivalent of the U.S. dollar."

The Central Banks retention rate = Indications that the CBI has been taking the higher notes off the markets.

The CBI, under its current monetary policy, has the power to make the Dinar and the Dollar 1:1

In conclusion:

All the Dinars that are in circulation are covered by over 100% which means it can be revalued and adjusted to the right percentage. The 60 billion dollars in the reserve are extra and are not being counted to cover the Dinar. If all the numbers were in place, correctly the value of the Dinar could be just as strong as the Dollar. The mention of a strong economy is very important. Right now, the GOI is trying to establish better economic reform to allow investments in Iraq with less red tape and guarantees. The low inflation is the kicker. I am willing to bet that there are at least 2 prices for every commodity in Iraq right now, one in Dollars and one in Dinars and the gap has to be very big. The Dollars are running out on the streets of Iraq, purposely done by the CBI to dedollarize the country but this phenomenon is also making commodities more expensive to buy since Dinars are in the play now. Inflation is going to shoot through the roof if the CBI does not adjust the Dinar accordingly and closes the gap to the Dollar. I see a small RV on the way very shortly to adjust the gap. I see the real RV shortly after, perhaps once the GOI passes the budget, specially if the budget reads in Dollars and not Dinars. Simultaneously, the RV and the Budget can run together once it is affirmed and becomes law. Remember folks, this is my pure opinion and observation with this important article. Thank you for your find and post. GLTA and Go RV.

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