Central: the dinar exchange rate will be fixed in Ramadan

[msmortgagewiz]

BAGHDAD - Al Sabah

said the central bank exchange rate of the dinar against the dollar will stabilize during the holy month of Ramadan because of the tendencies of food prices in the world to lower, not higher.

Deputy Central Bank of the appearance of Mohammed Saleh (Center Brief for the Iraqi Media Network) that »the central bank monitors the rate policies foreign exchange to local currency, which indicates that the exchange rate of foreign currency before the local will stabilize in the month of Ramadan, because the food in all countries in science refers to the decline in prices ».

He added that »the month of Ramadan in the summer differs from winter to the availability of agricultural products and fruit in Iraq, leading to a lack of high food prices substantially «. and called on the Finance Committee in the House of Representatives of the Central Bank to lower the exchange rate of foreign currency to reduce the high prices of commodities and goods in the month of Ramadan.

http://www.alsabaah.com/ArticleShow.aspx?ID=30177

[respectron]

I thought A.M. said nothing will happen to the currency during Ramadan? It would either be just before or after that holiday.

[thesjeske]

English version

http://networkedblogs.com/zisQw

[myst]

said the central bank exchange rate of the dinar against the dollar will stabilize during the holy month of Ramadan

Read more: http://dinarvets.com.../#ixzz1zElQ9bvl

Sounds like this article is saying right before Ramadan.......

ohhhhhhhhhhh Wow!!! Let it be true!

Thank you for the post .......

Come on RV.!!!!

myst

[respectron]

said the central bank exchange rate of the dinar against the dollar will stabilize during the holy month of Ramadan

Read more: http://dinarvets.com.../#ixzz1zElQ9bvl

Sounds like this article is saying right before Ramadan.......

ohhhhhhhhhhh Wow!!! Let it be true!

Thank you for the post .......

Come on RV.!!!!

myst

Welllll... that sounds just dandy to me

[keepmwlknfny]

I thought A.M. said nothing will happen to the currency during Ramadan? It would either be just before or after that holiday.

Well the past couple years there has always been a big price hike on goods during Ramadan.....probly getting out of control so they decided this year to step in and ease the increase in prices.....wont be anything huge but maybe they will drop it from 1166 even more.....1000 maybe? Hell would love to see 500 to 1 at least!

Edited June 30, 2012 by keepmwlknfny

[respectron]

Well the past couple years there has always been a big price hike on goods during Ramadan.....probly getting out of control so they decided this year to step in and ease the increase in prices.....wont be anything huge but maybe they will drop it from 1166 even more.....1000 maybe? Hell would love to see 500 to 1 at least!

Thanks keep! Works for me, I just hope they leave the bunnys alone

[Realdinar]

Well the past couple years there has always been a big price hike on goods during Ramadan.....probly getting out of control so they decided this year to step in and ease the increase in prices.....wont be anything huge but maybe they will drop it from 1166 even more.....1000 maybe? Hell would love to see 500 to 1 at least!

Keep. This is clearly a lop article. For the millionth time.Stop believing okie.

[despain]

I think they are just going to make sure that prices don't go up. I don't see how they could do that without raising the value, but I have been in this long enough to expect ANYTHING from these people. Nothing amazes me anymore. BTW...they go to 500:1, and I am going to FREAK OUT! Only one way to go after that, and that is closer to 1:1.

[jon29]

This article has to mean a 1 to 1 dinar rate with the U.S. dollar, better get ready to cash in.

[respectron]

This article has to mean a 1 to 1 dinar rate with the U.S. dollar, better get ready to cash in.

I wanna be on your team!

[hammer911]

Well, I have been wrong several times in this investment, But this is the best article I have seen indicating a Rv. And there is no reason to put it much lower than the dollar. My opinion is they are talking about the importing of the goods so they are cheap enough to sale cheaper. And that would call for a RV of at least $.86......GO RV!!!~~~

[TheArtistFormallyKnownAs]

Ramadan? Well they better be true to there word this time or Allah will get them.

[msmortgagewiz]

Well the past couple years there has always been a big price hike on goods during Ramadan.....probly getting out of control so they decided this year to step in and ease the increase in prices.....wont be anything huge but maybe they will drop it from 1166 even more.....1000 maybe? Hell would love to see 500 to 1 at least!

I think you are right, maybe trying to restore some confidence to the Iraqi citizens so that they might feel they could afford some Ramadan festivities.

[littlefeet]

Thx for article WIZ , seems like last year we were doin this ' right before Ramadan ' dance, but we shall see....we shall see

[fnbplanet]

Well, I have been wrong several times in this investment, But this is the best article I have seen indicating a Rv. And there is no reason to put it much lower than the dollar. My opinion is they are talking about the importing of the goods so they are cheap enough to sale cheaper. And that would call for a RV of at least $.86......GO RV!!!~~~

Two things:

ONE - there is no such thing as a $.86 RV. If they were to drop the three zeroes from .00086, you STILL have to do the math and divide it into $1.00, giving you about $1.16 or $1.17 ish.

$1.00 divided by .000857632 equals 1166. $1.00 divided by .857632 equals 1.168.

TWO - they talk about two different subjects when they mention the exchange rate. One is about the currency reform, the way we are interested in. The second way is about the difference in the stated value of the dinar ( 1166, from the CBI) and the actual "market" value, that they get "in the street" for it with money changers and vendors. When they talk about the low value of the dinar, they mean that in the real (their) world, they have to pay about 1220 dinars to buy a dollar, even though the official exchange rate is 1166. THIS is what they are talking about in this article. The goods coming across their borders (food, clothing, gifts for Ramadan) are costing more because of the "market value" of the dinar is down. Everyone wants them to finish their (CBI) responsibility of managing the rate so the poor won't get ripped off during the holy month with a bad market rate.

Edited June 30, 2012 by fnbplanet

[Carrello]

Keep is right about the rise in pricing during Ramadan. We see it every year and it is always a burden on the poor:

Price Hike In Ramadan; Causes and Solution

August 25, 2010 By Zia Saqib

As soon as the holly month of Ramadan was commenced so the prices of the commodities began to increase. People have hobson’s choice to purchase things on the price, they are forced to pay. The shopkeepers set the price-rate according to their own will and often they sell the products defying the price imprinted on the article. Because of hoarding and black marketing, an artificial shortage of commodities is created by the market players which causes price hike as a result.

The essence of writing throws light on main causes of price hike in the holy month of Ramadan and it shares the possible solutions of this crumbling front. It will also explain the current situation of market with some illustrations while taking into consideration the public response to the market forces. Finally it will discuss the measures adopted by government and their corollary.

Hoarding and black marketing are the core reasons of price-hike. Traders extract unlawful and unethical benefits by selling commodities on a price higher than the original one. For this end, they start hoarding in the earlier months of Ramadan. They create artificial shortage of some products in the market by storing these products at cheaper rates. All the hoards are solely purchased by them and later on they sell it according to their own rates. As a corollary people are victimized by over charging and extra profiteering. That particular commodity cannot be acquired from anywhere else in the market, so people can do nothing but to purchase it on offered prices.

Hegemonic monopoly in fruit market counts much in price hike during Ramadan. The main traders get unite to make a consensus for maximum price rate on fruit products. As the use of fruits is inevitable to restore energy in Ramadan, so people are exploited for fulfilling their dire need. If government tries to cope with the situation the traders go on a strike and as a result, people face fruit shortage.

Most of the markets do not have retail price list mechanism. The shop-keepers are free to do well with their personal stakes. The proportion between demand and supply of grain, sugar, chilliy and other products is disturbed and it seems that they are a law unto themselves.

During the first week of Ramadan, markets have represented very deplorable condition in many cities. Sugar is being sold at 80 rupees per kg while it has been 68/-to 70/-rupees per kg before the beginning of Ramadan and oil is being sold at 125 rupees per kg while it was 115/-rupees per kg. Prices of banana, apple, mango and grapes have increased with the ratio of Rs 20, Rs 30, Rs 15 and 50 per kg respectively...."

My link

[powerpager]

Go Ramadan !!!

[TXNOLE]

Well, I have been wrong several times in this investment, But this is the best article I have seen indicating a Rv. And there is no reason to put it much lower than the dollar. My opinion is they are talking about the importing of the goods so they are cheap enough to sale cheaper. And that would call for a RV of at least $.86......GO RV!!!~~~

Hammer, I'm afraid you missed another free throw - does your little guy ever make a basket? HA! Once again, does anyone really believe they are going to telegraph their plans? This exchange rate, IMHO, has nothing to do with any potential RV..........sorry guys!

[winterset]

This is probably the one month of the year where there is a huge increase of purchases and a large decrease of income. I can see a large amount of dinar being spent out of the citizens pockets which would make just following the holiday a great time to RV if they are trying to minimize too much individual wealth. On the other side of the coin, if they RV before the holiday there would be much to celebrate and a quick boost to there economy. Either way this could very well be the end of the ride. GO RV!!!!!!

[Tennesseegirl]

This is probably the one month of the year where there is a huge increase of purchases and a large decrease of income. I can see a large amount of dinar being spent out of the citizens pockets which would make just following the holiday a great time to RV if they are trying to minimize too much individual wealth. On the other side of the coin, if they RV before the holiday there would be much to celebrate and a quick boost to there economy. Either way this could very well be the end of the ride. GO RV!!!!!!

Plus one and it would be when we least expect it and that's how they want it... We're not looking at a big meeting here or certain deadline for this and that. It would come as a huge surprise to the Iraqi citizens and to us

[Carrello]

Hammer, I'm afraid you missed another free throw - does your little guy ever make a basket? HA! Once again, does anyone really believe they are going to telegraph their plans? This exchange rate, IMHO, has nothing to do with any potential RV..........sorry guys!

Ditto on the exchange rate.

[Carrello]

This is probably the one month of the year where there is a huge increase of purchases and a large decrease of income. I can see a large amount of dinar being spent out of the citizens pockets which would make just following the holiday a great time to RV if they are trying to minimize too much individual wealth. On the other side of the coin, if they RV before the holiday there would be much to celebrate and a quick boost to there economy. Either way this could very well be the end of the ride. GO RV!!!!!!

Your premise makes sense, and we have heard it before. I think Hallmark should start a RV card series:

Make your weekend a special event with an RV....

One, Two, Three, Go! Be the first in line at the bank!....

Get ready to call your mother, this is it!....

Did I tell you how much I love you. Did you cash in yet?...

Our divorce was so wrong and I have changed my mind. How much IQD did you buy behind my back?

I am sorry to hear of your IQD addiction....

I am sorry to hear you are a LOPPER

Your lost your job...not your IQD. Cheer up!

As your boss, we need to talk about your attitude at work. Did you buy dinar?

Just some fun for a Saturday!

This is probably the one month of the year where there is a huge increase of purchases and a large decrease of income. I can see a large amount of dinar being spent out of the citizens pockets which would make just following the holiday a great time to RV if they are trying to minimize too much individual wealth. On the other side of the coin, if they RV before the holiday there would be much to celebrate and a quick boost to there economy. Either way this could very well be the end of the ride. GO RV!!!!!!

Your premise makes sense, and we have heard it before.

I think Hallmark should start a new RV card series:

Make your weekend a special event with an RV....

One, Two, Three, Go! Be the first in line at the bank!....

Get ready to call your mother, this is it!....

Did I tell you how much I love you. Did you cash in yet?...

Our divorce was so wrong and I have changed my mind. How much IQD did you buy behind my back?

I am sorry to hear of your IQD addiction....

I am sorry to hear you are a LOPPER

Your lost your job...not your IQD. Cheer up!

As your boss, we need to talk about your attitude at work. Did you buy dinar?

Just some fun for a Saturday!

[JWJW11]

Your premise makes sense, and we have heard it before. I think Hallmark should start a RV card series:

Make your weekend a special event with an RV....

One, Two, Three, Go! Be the first in line at the bank!....

Get ready to call your mother, this is it!....

Did I tell you how much I love you. Did you cash in yet?...

Our divorce was so wrong and I have changed my mind. How much IQD did you buy behind my back?

I am sorry to hear of your IQD addiction....

I am sorry to hear you are a LOPPER

Your lost your job...not your IQD. Cheer up!

As your boss, we need to talk about your attitude at work. Did you buy dinar?

Just some fun for a Saturday!

Howabout....i know you didn't believe this was gunna happen.....

[icfaith]

This has nothing to do with an RV as we are looking for. It is simply stating that government will put in place ways to keep shopkeepers from exploiting the pricing of goods during Ramadan. Nothing more. It has nothing to do with us seeing a change in the exchange rate.