Central Bank denied its intention to stop the auctions and currency exchange rate of the dollar against the dinar exceeding 1,300

[yota691]

Central Bank denied its intention to stop the auctions and currency exchange rate of the dollar against the dinar exceeding 1,300

11 April, 2012 12:39:00

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh, said that the bank is still going to hold daily Mzhadath aimed at creating a balance of price between the dollar and the dinar.

He noted the benefit according to a statement that the Central Bank of touch recently mismatch between the needs of the market from the dollar and what is being purchased in daily auctions of the coin, which invited him to look for reasons for this popularity is not reasonable to buy the dollar at a time does not need the size of the exchanges, only a quarter of what is pumped from the dollar.

Denied the benefit of the bank's determination to stop the currency auctions, explaining that the action taken in seeking to identify those who can participate in these auctions, which can be used from the dollar amounts sold in daily business operations of the private sector effectively.

In the view of many economists that speculative currency are behind the rise in the dollar exchange rate, confirming that the central has all possibilities to keep the policy in this direction, something that the whole by a number of experienced and view, emphasizing gravity of the Iraqi economy as much as it came to an abundance of foreign currency They pointed out that all market participants have complete confidence in monetary policy in the country. also called on the Economic Commission representative, the central bank to intervene to keep the Iraqi dinar exchange rate against foreign currencies, as he said, the Commission's decision Mahma Khalil: He made ​​contact with the Central Bank Governor Sinan Shabibi and asked him to take urgent action in order to keep the exchange rate of the Iraqi dinar against foreign currency.

This witness and the exchange rate of the dinar against the dollar rose, reaching a commercial rate of the dinar against the dollar yesterday 1320. Prompting the government and the central bank to reinforcing the measures taken to control the exchange rate at the time of the House of Representatives decided to climb the central bank governor Sinan Shabibi, which in turn causes attributed the rise to regional events and several other reasons. http://translate.google.com/translate?hl=en&rurl=translate.google.com&sl=ar&tl=en&twu=1&u=http://www.alfayhaa.tv/news/iraq/78858.html

[truthful1]

Wheres any urgency to revalue your currency. backed into a corner and they still wont rv..parliaments had months and months to pass any needed legislation...but they took on steroid and animal laws instead. im not seeing this desire to rv in the slightest

[Nani?]

Come on truthful surely you know but now they aren't going to show their intentions...

[truthful1]

Come on truthful surely you know but now they aren't going to show their intentions...

Every reason on earth to rv is presently in front of them. dinar going all the way to 1300, increasing inflation. i dont see the intent or desire.....i mean what are they waiting for ...rv the dang dinar and dedollarize. i take more from what they dont do, as much as what they do. and the fact their not rving is very revealing to me. but its just my opinion

Edited April 11, 2012 by truthful1

[keepmwlknfny]

Every reason on earth to rv is presently in front of them. dinar going all the way to 1300, increasing inflation. i dont see the intent or desire.....i mean what are they waiting for ...rv the dang dinar and dedollarize. i take more from what they dont do, as much as what they do. and the fact their not rving is very revealing to me. but its just my opinion

I know what you mean.....they have told us their reserves are strong, they do have more then enough to cover just the currency in circulation at a higher value, not anything near a dollar but still....unless they are def required to back the whole M2.....

But all these problems are coming up and no action.....

[tim5400]

if it is true that the value of the dollar is going to plummet why would the iraqis chose to use it..knowing it may fall below the value of the dinar????...I cant figure out their reasoning ....but who can .???

[Nelg]

It has been said in earlier posts that when the crisis gets to the worst point and the darkest clouds cover the investors, it is then that they act. Don't know if that is true or not, but it gives me hope. Last month the news was positive and everything was in place; well nearly. This past couple of weeks things have been relatively quiet and the crisis for the Iraqis has gotten worse: inflation has risen, HCL is nearly completed, yet the Kurds still have problems with it, Maliki is trying to replace Shabibi, there is move to enact a no confidence vote for Malike, the dollar is rising against the dinar, and Chapter VII has not been removed completely.

Now, if the they are going to act, this would seem like the perfect time.

[zigmeister]

I said it before I will say it again, in response to truthful whom makes a reasonable observation. An RV is looking them straight in the face. I am not much of believer in Erbil, chapter 7, so on and so on is required to push the RV in motion. I do believe all banking systems need to be complete. I do believe they need their ducks in a row to deal with funny money, because they will be getting the fake bills. I do believe all banking structures need to be cleaned up and held to a higher level. They do have a problem with less than honest practices in some of the banks. They need to be ready for people to set up accounts, so on and so forth.

Having said that, while an RV would be a perfect solution right now, but they have not pushed the button as of yet, an RD has been talked about for 6 years! Have they done it? No. Why not? While many countries have gone down this road, there have also been a few that said they were going to RD but have not. Japan talks about it almost every year.....but they don't do it.

So whats the hold up? The government does not want an RD and will not pass the legislation to make it happen. The CBI does not want to RV, because they have not done it.

Whats it going to take one way or another? Political stability would be very helpful for both causes.

[DaveD]

All the gurus claim that Iraq/CBI is telling us the dinar will RV to near $1 or more in the near future.

I find it amazing that a currency that will soon increase in value 100,000% or more... is sinking in value.

Seems that no one in Iraq believes there will be a RV

Edited April 11, 2012 by DaveD

[bamagirl]

Zig... 1000% agree with your above post....CBI doesn't want an RV, GOI doesn't want an RD.....somethings got to happen, we are just waiting now to see who wins....

[okane]

Having said that, while an RV would be a perfect solution right now, but they have not pushed the button as of yet, an RD has been talked about for 6 years! Have they done it? No. Why not? While many countries have gone down this road, there have also been a few that said they were going to RD but have not. Japan talks about it almost every year.....but they don't do it.

So whats the hold up? The government does not want an RD and will not pass the legislation to make it happen. The CBI does not want to RV, because they have not done it.

Whats it going to take one way or another? Political stability would be very helpful for both causes.

Good point about Japan. Most people don't realize that they use 10K,5K and 1K. But their 10K note is only worth about $115 USD

[truthful1]

I said it before I will say it again, in response to truthful whom makes a reasonable observation. An RV is looking them straight in the face. I am not much of believer in Erbil, chapter 7, so on and so on is required to push the RV in motion. I do believe all banking systems need to be complete. I do believe they need their ducks in a row to deal with funny money, because they will be getting the fake bills. I do believe all banking structures need to be cleaned up and held to a higher level. They do have a problem with less than honest practices in some of the banks. They need to be ready for people to set up accounts, so on and so forth.

Having said that, while an RV would be a perfect solution right now, but they have not pushed the button as of yet, an RD has been talked about for 6 years! Have they done it? No. Why not? While many countries have gone down this road, there have also been a few that said they were going to RD but have not. Japan talks about it almost every year.....but they don't do it.

So whats the hold up? The government does not want an RD and will not pass the legislation to make it happen. The CBI does not want to RV, because they have not done it.

Whats it going to take one way or another? Political stability would be very helpful for both causes.

I agree zig. The cbi not wanting to rv leads me to believe they dont have the economic capabilities, like we all think. if they have been working for years to reduce the amount in circulation and have done so....they wouldnt have a problem rving. its exciting to see the pressure thats being applied...because its real..........and something has to give. The windows to pull off a rv have been perfect with security and when the entire economy was basically closed for a week. along with all this pressure on the exchange rate.....and still nothing.......im. hoping shabbi is forced to move the exchange past 1000:1, and really eliminate the idea of deleting three zeroes.....

[rightsonword]

Good point about Japan. Most people don't realize that they use 10K,5K and 1K. But their 10K note is only worth about $115 USD

And that the coins are 500, 100, 10, 5, and 1. You get used to it after a while, but getting change is sometimes a drag. Luckily, prices are rounded for the most part, so it makes purchasing easier. I'd assume this is what Iraq does as well.

Anywho, Iraq hasnt RD after 6 years, so what's the hold up for that? RV or RD, personally, I don't expect anything to happen until all the necessary tariff laws, the banking system, and the government completely seated are all done with. Why else would they not have at least RD, yet?

[cooked]

I agree zig. The cbi not wanting to rv leads me to believe they dont have the economic capabilities, like we all think. if they have been working for years to reduce the amount in circulation and have done so....they wouldnt have a problem rving. its exciting to see the pressure thats being applied...because its real..........and something has to give. The windows to pull off a rv have been perfect with security and when the entire economy was basically closed for a week. along with all this pressure on the exchange rate.....and still nothing.......im. hoping shabbi is forced to move the exchange past 1000:1, and really eliminate the idea of deleting three zeroes.....

Really makes you wonder what in the world is the reason for the delay, if they even really plan to do so at all? If all the actions have actually happened, as have been purported in these threads, is there a possibility they just don't want/need to do so?

[zigmeister]

Really makes you wonder what in the world is the reason for the delay, if they even really plan to do so at all? If all the actions have actually happened, as have been purported in these threads, is there a possibility they just don't want/need to do so?

Cooked I think the issues with banking structure is the true hold up. I also think the political scenario, the lack of stability according to these articles is big factor as well. Along with the counterfeiting issues which could cripple Iraq.

Actually the ideal time if they were going to RD imo was when the US was there. But they did not do it. Either they missed their window or parliament held them up to do so.

I think an RV right now, is the window. But do they have to? Maybe not.

[AkinNAUY]

Cooked I think the issues with banking structure is the true hold up. I also think the political scenario, the lack of stability according to these articles is big factor as well. Along with the counterfeiting issues which could cripple Iraq.

Actually the ideal time if they were going to RD imo was when the US was there. But they did not do it. Either they missed their window or parliament held them up to do so.

I think an RV right now, is the window. But do they have to? Maybe not.

I believe you're right on point sir...

[Goldiegirl]

I said it before I will say it again, in response to truthful whom makes a reasonable observation. An RV is looking them straight in the face. I am not much of believer in Erbil, chapter 7, so on and so on is required to push the RV in motion. I do believe all banking systems need to be complete. I do believe they need their ducks in a row to deal with funny money, because they will be getting the fake bills. I do believe all banking structures need to be cleaned up and held to a higher level. They do have a problem with less than honest practices in some of the banks. They need to be ready for people to set up accounts, so on and so forth.

Having said that, while an RV would be a perfect solution right now, but they have not pushed the button as of yet, an RD has been talked about for 6 years! Have they done it? No. Why not? While many countries have gone down this road, there have also been a few that said they were going to RD but have not. Japan talks about it almost every year.....but they don't do it.

So whats the hold up? The government does not want an RD and will not pass the legislation to make it happen. The CBI does not want to RV, because they have not done it.

Whats it going to take one way or another? Political stability would be very helpful for both causes.

Zig, that is the key and for me it has been the biggest key all along. Do you remember when they placed that PO for all those Del La Rue machines last summer? It's all prep and their banking policies and structures were archaic. Scooter has explained all of what was needed to be done by Dec 2011 when he posed that last Dec. There were still many tasks that were not done by Dec 31, 2011 and they are working on them as we speak. They can't RV unless this is in place. I just hope the CBI can get all of this done in 2012 (OMG did I just say that?) Yes, I want this as much as everyone but I know this is not going to happen because they are suffering, poor and need the money for the contracts they have signed. It's Shabibi's call and he's not going to be pushed prematurely for anyone.

I wish I could find Scooter and if he's posting any more details on the banking tasks. I miss him.

Keep, in all fairness to you comments, you made on comment yesterday somewhere about the banking policies. You are correct on that. Without that the GOI, HCL, Erbil and Chapter VII mean nothing.

BTW I believe the GOI is done. JMHO

[Carrello]

I said it before I will say it again, in response to truthful whom makes a reasonable observation. An RV is looking them straight in the face. I am not much of believer in Erbil, chapter 7, so on and so on is required to push the RV in motion. I do believe all banking systems need to be complete. I do believe they need their ducks in a row to deal with funny money, because they will be getting the fake bills. I do believe all banking structures need to be cleaned up and held to a higher level. They do have a problem with less than honest practices in some of the banks. They need to be ready for people to set up accounts, so on and so forth.

Having said that, while an RV would be a perfect solution right now, but they have not pushed the button as of yet, an RD has been talked about for 6 years! Have they done it? No. Why not? While many countries have gone down this road, there have also been a few that said they were going to RD but have not. Japan talks about it almost every year.....but they don't do it.

So whats the hold up? The government does not want an RD and will not pass the legislation to make it happen. The CBI does not want to RV, because they have not done it.

Whats it going to take one way or another? Political stability would be very helpful for both causes.

Ding! Ding! Ding! Ding! Ding! The Golden Ring goes to Dr. Zigmeister, once again.

You have banking fundamentals that must be in place prior to implementation. You can't get far in your new car if you don't have a map to the destination, otherwise chaos and definite failure.

Most unbelievable, other than nobody seems to have been paying attention to anything in the past year, is that I agree with Truthful on something.

Zig, that is the key and for me it has been the biggest key all along. Do you remember when they placed that PO for all those Del La Rue machines last summer? It's all prep and their banking policies and structures were archaic. Scooter has explained all of what was needed to be done by Dec 2011 when he posed that last Dec. There were still many tasks that were not done by Dec 31, 2011 and they are working on them as we speak. They can't RV unless this is in place. I just hope the CBI can get all of this done in 2012 (OMG did I just say that?) Yes, I want this as much as everyone but I know this is not going to happen because they are suffering, poor and need the money for the contracts they have signed. It's Shabibi's call and he's not going to be pushed prematurely for anyone.

I wish I could find Scooter and if he's posting any more details on the banking tasks. I miss him.

Keep, in all fairness to you comments, you made on comment yesterday somewhere about the banking policies. You are correct on that. Without that the GOI, HCL, Erbil and Chapter VII mean nothing.

BTW I believe the GOI is done. JMHO

Goldie, Zig is right on, as usual, i.e., you have a simple law that states how contracts and payments will be revalued after an RV, that have not been done. Every contract: car, house, business, international loans, international companies, etc., that will have to be re-figured, unless chaos is the soup of the day.

I agree that Chapter VII is nothing to what is happening. Scooter does have a site, posts on others, and speaks on conference calls all the time. See you around.

[zigmeister]

Ms. C, Trixie and I will be at the cooler.

[Carrello]

Ms. C, Trixie and I will be at the cooler.

Trigger is so excited he wet himself.

[thatoneguy]

explaining that the action taken in seeking to identify those who can participate in these auctions,

Read more: http://dinarvets.com/forums/index.php?/topic/113473-central-bank-denied-its-intention-to-stop-the-auctions-and-currency-exchange-rate-of-the-dollar-against-the-dinar-exceeding-1300/#ixzz1rkoe2VQb

A little pre-RV intel. I like it.

[zigmeister]

Trigger is so excited he wet himself.

:D