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Fadel Muhammad: Convert $ 200 billion out of Iraq through the Central Bank auction


k98nights
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Fadel Muhammad: Convert $ 200 billion out of Iraq through the Central Bank auction

Ali Abdullah - 14/04/2012 AD - 11:13 AM | Hits: 252

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Detect an adviser to Prime Minister for Legal Affairs Mohammad Fadel on the transfer of more than $ 200 billion out of Iraq by the Central Bank auction to support the fixed exchange rate of the dinar.

Saw the Iraqi dinar exchange rate declined significantly over the past few days against the U.S. dollar to reach in local markets to 126.5 thousand dinars percent of the paper dollar category .

Said Fadel told {Euphrates News} on Saturday that he "does not have in the world today a central bank continues to hold auctions and pumping the dollar to support the fixed exchange rate of the dinar," noting that "the fact that this new experience has emerged in which mistakes and thus benefited the people who are not traders" .

He says, "we are buying the dinar and give the dollar and turn these amounts to the auction abroad through remittances. "

He added that "there are people who a participated in the auction the central bank, they are not really traders did not go these amounts for the purposes of the state and the private sector and cover the needs, but I went into the pockets of speculators and smugglers, and they became the beneficiaries of the money allocated to the projects of the people and well-being. "

The Fadel that "there is a representative of the bank is the bank governor, a member of the Economic Commission."

http://www.burathanews.com/news_article_153317.html

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I look at that picture and think "I've held their dinars like that, ironically they hold our dollars like that.."

I wouldn't mind all the cash in that picture...

I caught and found funny how they state that they're pumping the dollar to support the fixed exchange rate. So, the dinar gets pumped over here while the dollar over there gets pumped, bizarre.

Last time the dinar was falling against the dollar, the CBI adjusted the exchange rate. I bet we may see another small pip movement in the short-term. (Or maybe even more substantial, as I cross my fingers)

It's late, but who wants to do the math and find out what the market value is to the dollar when it is 126.5 thousand percent of the dollar?

I am thinking that means it is 1265 in market while the CBI buys and sells at 1164/1166

That is basically a 100 dinar difference in value, which is about 8.6 cents. Crazy!

Imagine a business person buying from the CBI and selling to the private market smugglers.. They'd be generating a 8.6 percent return basically.

No wonder the dollar is in demand, huh?

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hahahahaa good one darin --- i have held a few dinars like you have ,,, in photo,,, but i`m kind of glad my stacks are not like the ones in the photo behind the hand full,,, that would mean i lost my mind in dinar speculation !!! :D although i`m sure if the dinar ever reaches 1 too 1 --- that i would wish i had that stack on tables :blink: --------- but in thinking ,,are the iraqi folks baffeled by the idea the u.s. dollar is sought after in the sand land ,,, would it make better cents <---- ;) too value dinar and get the dinar moving like the dollar ??? say make the dinar = too .86 cents too one u.s.dollar be interesting too see how the demand for the dinar would be

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This dude has to be talking about the CBI pulling in 200B Dinar thru the auctions. Their foreign reserves are only 60B ish. From the way the article reads it looks like he's saying the CBI transfered more than 200B out of Iraq. Well if that's true, someone is definitely lieing about the amount of foreign currency reserve, Iraq actually has. :)

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This dude has to be talking about the CBI pulling in 200B Dinar thru the auctions. Their foreign reserves are only 60B ish. From the way the article reads it looks like he's saying the CBI transfered more than 200B out of Iraq. Well if that's true, someone is definitely lieing about the amount of foreign currency reserve, Iraq actually has. :)

of course they are lying they are NOt going to put out the real figures on how much they hold in their reserves.

Edited by easyrider
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Ok, so I'm wondering if my take on this is the same, or close to anyone else's take on it. Anxious to hear the comments. By the way...so sorry if it's posted elsewhere...I went 3 pages back and didnt see it, so here it is:unsure:

April 14th, 2012 06:46 am 4/14/2012 | (Voice of Iraq) – add comment – BAGHDAD – The Euphrates News revealed Advisor to the Prime Minister for Legal Affairs Fadel Muhammad from the conversion of more than $ 200 billion out of Iraq by the Central Bank auction to support a fixed rate for the dinar exchange.

saw the Iraqi dinar exchange rate declined significantly over the past few days against the U.S. dollar to reach in local markets to 126.5 thousand dinars for the paper category percent dollars. said Fadel told {Euphrates News} on Saturday that he “does not have in the world today a central bank continues to hold auctions and pumping the dollar to support the fixed exchange rate of the dinar,” noting that “the fact that this new experience has emerged in which mistakes and thus benefiting people who are not traders. ” and went on to say “we are buying the dinar and give the dollar and turn these amounts auctioned to the outside through remittances.” and added that “there are people involved in the auction the central bank, they are not really traders did not go these amounts for the purposes of the state and the private sector and cover the needs, but I went into the pockets of speculators and smugglers, and they became the beneficiaries of the money allocated to the projects and Welfare of the people. ” said Fadel and that “there is a representative of the bank is the bank governor, a member of the Economic Commission.”

LINK

April 14th, 2012 06:31 am · Posted in NEWS (Iraq & World Currency) The independent Iraqi news agency / follow-up. The member of the parliamentary Economic Committee Abdul-Hussein Abtan to take bold steps and quick to raise the Iraqi dinar exchange rate against the U.S. dollar.

Abtan said in an interview quoted (and independent Iraqi news agency) that the low price of the Iraqi dinar had burdened the poor citizen because of the openness of the domestic market is witnessing As well as import goods from abroad. “

He added That everyone is aware that the price of the Iraqi dinar four years ago is Xaara three months ago did not see any fluctuation in price, despite the reserve of the Central Bank of Iraq.

Stressing that strengthening the purchasing power of the citizen comes by increasing the Iraqi dinar exchange rate against the dollar. “

He noted that the Parliamentary Economic Committee has hosted more than once, the central bank governor and asked him to take bold steps and quick to enhance the value of Iraqi dinar against the U.S. dollar. “

LINK

These 2 articles make me think more about the so-to-speak decision they made yesterday "not to delete the 3 zeros" until further notice....

Not sure about you all, but the last 2 days have got my head spinnin and actually believe something will happen to us real soon that we expected, but really not expecting it....(did that make sense?...:blink:)

Edited by suzieQ
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He says, "we are buying the dinar and give the dollar and turn these amounts to the auction abroad through remittances. "

Read more: http://dinarvets.com.../#ixzz1s29clTR5

Sounds like full phase 1 effect.

Understand that post RV/RI, citizens will exchange their dollar for dinar, thus replenishing CBI reserves. Yes?

So if every man, woman,and child holds at least one dollar... That would equal 30 billion to go back in the coffers.

Edited by thatoneguy
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