Dinar Move a Plus for Stocks

[humveee]

"the CBI is doing more than just narrowing the spread. It is also eliminating uncertainty about the future direction of the dinar by signaling that no further deprecation will be tolerated."

http://www.iraq-businessnews.com/2012/05/30/dinar-move-a-plus-for-stocks/

[haymon]

SWEET!!!!!

[zigmeister]

Thanks Humvee this is a good article. There were more stories following this story....very interesting.

Iraq Central Bank to sell Dollars facing Iraqi Dinar Depreciation

In a series of measures to face Iraqi dinar depreciation facing the Dollar, Iraqi Central Bank authorized Al Rafidain and Al Rashid governmental banks to sell the Hard Currency in direct auctions in order to provide larger quantities of Dollar and fulfill increasing demand thereof. Our new measures helped increasing dinar exchange rate which is expected to become stable in the few coming days, Deputy Governor of Iraqi Central Bank revealed.

“To enhance competitiveness and diversity, governmental banks were provided with cash in Dollars to be sold to citizens in the auction,” Deputy Governor of Iraqi Central Bank Mazhar Mohamed Saleh said noting that 10 dinars are added to the original price as bank commission. “This measure intended to diversify competition and stop monopolization which positively influenced dinar exchange value decrease,” he advanced. “Central Bank of Iraq approved measures to control Dollar leakage outside the country through registering buyers and indicating 10 thousand Dollars as the maximum amount to buy for each individual per day,” Saleh uttered.

“We refer to banks, tax departments and Trade Registry to discover everything about our clients and allow each individual to carry 10 thousand Dollars in international airports,” Saleh announced explaining that instructions stipulate that individuals are not allowed to carry more than 10 thousand Dollars in cash.

It is necessary to undertake tighter security measures to prevent Hard Currency transfer outside the country, economic experts pointed out.

“When there is a gap, demand increases unexpectedly,” economic expert Jamil Antoine stated noting that increasing the offer of Dollar could solve the issue only if security and observation measures to stop Dollar leakage are increased.

Central Bank of Iraq increased Dollar offer intending to increase Dinar exchange rate as well as fix the latest increasing inflation, and stop monopolization of money transfer and exchange companies that are benefiting from difference in exchange rates.

My link

Also The Weekly Bulletin has ISX charts and more News from Iraq, very interesting.

My link

[Dinar Buddy]

The link is to a bogus website controlled by IQD dealers... Anyone can craft a few words. We just need to be careful...

[humveee]

"a bogus website controlled by IQD dealers"

ehhhh????

[unirod]

This move will no doubt improve the asset value of these two state banks that have been debt ridden for 20 years. The cash flow will allow them to open internationally for operations. It's a pretty good plan I might say....

[KamelKeeper]

This move will no doubt improve the asset value of these two state banks that have been debt ridden for 20 years. The cash flow will allow them to open internationally for operations. It's a pretty good plan I might say....

Unirod, I would assume that R&R Banks have had their assets revalued from the past inflated numbers?

[KamelKeeper]

The link is to a bogus website controlled by IQD dealers... Anyone can craft a few words. We just need to be careful...

I am not sure which link you are referring to, Iraq Business News or Rabee Securities, but neither one look like dinar dealers to me. If they are dinar dealers, they have include extensive information on agriculture, oil and gas, stocks, economic and political forecasts, etc. Our IQD dealers need to step up the pace because they are lagging with their storefronts if this is the case.

Iraq Business News: We source news locally with offices/agents in Amman, Baghdad, Basra and Erbil. Our expert bloggers give in depth analysis on Economics, Security, Politics, Marketing, Oil & Gas and Agriculture. We run a highly successful ‘Jobs in Iraq’ feature which offers free advertising to employers on a reciprocal basis. Our Iraqi Arabic language course is a valuable resource for expatriates working in Iraq. Recent additions include the Reports, Tenders and Investment pages.

Rabee Securities (RS) was founded on January 7th 1995, and is headquartered in Baghdad. RS is licensed and regulated as Securities Brokerage Company by the Iraq Stock Exchange (ISX). We are one of the premier brokerage houses catering to institutional investors from US, through a partnership with Auerbach Grayson of NY, and from western Europe.