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Currency controls on IQD loosened

LastMinuteMan

By LastMinuteMan,
in Iraq & Dinar Related News

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hi-five Newbie

hi-five

Posted
Posted

Good article worth listing - -

Iraq's central bank eases restrictions on dollar sales

October 03, 2012

RECORDER REPORT

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Iraq's central bank has eased restrictions on the sale of dollars in a step likely to boost the dinar currency, officials said on Tuesday. The central bank tightened rules in April over who could participate in its daily dollar auctions and the amount they could buy, seeking to stabilise the dinar and stem the illicit transfer of US currency to neighbouring countries under sanctions.

Reversing those moves on Tuesday, the central bank said it would double lenders' weekly share of cash and allow them to determine the price, which was previously fixed at 1,189 dinars to the dollar. Iraq is recovering from decades of war and sanctions, and its economy is still very centralised. Oil accounts for 95 percent of government revenues.

The latest easing of restrictions also mean traders taking part in the central bank's dollar auctions will no longer be subject to money transfer quotas. The steps were taken because the dinar-dollar exchange rate is now stable and better implementation of anti-money laundering regulations will prevent dollars being sold on to countries under sanctions, Deputy Central Bank Governor Mudher Kasim said.

"We passed through a difficult experiment for a year but this experiment ended with a success," Kasim told Reuters. The dinar had come under strong downward pressure from traders snapping up dollars to sell on to Syria and Iran. But measures designed to stop the trade drove up the value of the US currency in the Iraqi market, hurting local businesses reliant on dollars to buy foreign imports.

The easing of the controls "will strengthen the dinar and eliminate the difference between the official and the secondary market price," said Waleed Eedi, head of the central bank's statistics and research department. In May, the central bank allowed dollars to be sold at a fixed rate through two state-run banks, helping to push the dollar down from 1,280 dinars to 1,210 dinars and closing the gap between the official rate and the market price.

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jerry333 Newbie

jerry333

Posted
Posted

this is great news, and indicates a free market float. What do you think? IMO, this will lead to an RV. I telling you, I am already pack to go to BELIZE, and one of those fruity drinks or a beer in the sand. Join VIP while you still can!!! RV IS ON IT'S WAY!!!!

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Nani? Newbie

Nani?

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Posted

Here is my thinking on this... and it maybe off or maybe I don't understand but if it's a free float till they decide to redenominate does that mean they will just let the value go wherever till they are able to implement the process of the three zeros? Also if they do that then do we just sit and wait for the value of the currency to go up till it's at a point we think "ok I'm cashing in", If the currency is indeed set at a free float does that mean now till the beginning of the year is our cash in window? or maybe 2014 as the article the other day said? Or is this method used to determine how much the currency of Iraq would be in demand. How many of us think if this was suddenly set in motion that the value would go up fast... say to equal with the Dollar then we would use our own discretion as to when to cash it in? arrrrgh I think these are the most questions I have had about this. Couldn't they just say ok the IQD is now equal to the Dollar and on a free float let's see where it is at the end of the year then we are going to RD? Ok maybe I should be posting this in the Ask Adam Questions Post.

Here is my thinking on this... and it maybe off or maybe I don't understand but if it's a free float till they decide to redenominate does that mean they will just let the value go wherever till they are able to implement the process of the three zeros? Also if they do that then do we just sit and wait for the value of the currency to go up till it's at a point we think "ok I'm cashing in", If the currency is indeed set at a free float does that mean now till the beginning of the year is our cash in window? or maybe 2014 as the article the other day said? Or is this method used to determine how much the currency of Iraq would be in demand. How many of us think if this was suddenly set in motion that the value would go up fast... say to equal with the Dollar then we would use our own discretion as to when to cash it in? arrrrgh I think these are the most questions I have had about this. Couldn't they just say ok the IQD is now equal to the Dollar and on a free float let's see where it is at the end of the year then we are going to RD? Ok maybe I should be posting this in the Ask Adam Questions Post.

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Maggie123 Newbie

Maggie123

Posted
Posted

Here is my thinking on this... and it maybe off or maybe I don't understand but if it's a free float till they decide to redenominate does that mean they will just let the value go wherever till they are able to implement the process of the three zeros? Also if they do that then do we just sit and wait for the value of the currency to go up till it's at a point we think "ok I'm cashing in", If the currency is indeed set at a free float does that mean now till the beginning of the year is our cash in window? or maybe 2014 as the article the other day said? Or is this method used to determine how much the currency of Iraq would be in demand. How many of us think if this was suddenly set in motion that the value would go up fast... say to equal with the Dollar then we would use our own discretion as to when to cash it in? arrrrgh I think these are the most questions I have had about this. Couldn't they just say ok the IQD is now equal to the Dollar and on a free float let's see where it is at the end of the year then we are going to RD? Ok maybe I should be posting this in the Ask Adam Questions Post.

Hi Nani smile.gif I'm no expert so I'll go out on a limb here and say what I think it would mean for us...

If they are indeed going to put it on a free float... it would be in their best interest to start low and see where the markets take it.

I hope that it would be our option to cash in at any point we choose and that we would have until 2014 before an RD.

JMHO But if true I think it would be Awesome For Us! biggrin.gif

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Nani? Newbie

Nani?

Posted
Posted

Hi Nani smile.gif I'm no expert so I'll go out on a limb here and say what I think it would mean for us...

If they are indeed going to put it on a free float... it would be in their best interest to start low and see where the markets take it.

I hope that it would be our option to cash in at any point we choose and that we would have until 2014 before an RD.

JMHO But if true I think it would be Awesome For Us! biggrin.gif

Thanks! Yeah I was kind of leaning the same way in that thinking but there are so many differing scenarios out there and I guess it would be nice to know how it will play out but I think it is more encouraging that something will play out and hopefully soon.

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Maggie123 Newbie

Maggie123

Posted
Posted

Thanks! Yeah I was kind of leaning the same way in that thinking but there are so many differing scenarios out there and I guess it would be nice to know how it will play out but I think it is more encouraging that something will play out and hopefully soon.

Your Welcome Nani smile.gif

It Would Certainly Be Better Than A "Neutral Event"!!! biggrin.gif

Yes I Think We Are All Ready For Them To Do SOMETHING! ANYTHING! but an RD...

Cheers Maggie

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Maggie123 Newbie

Maggie123

Posted
Posted

From Paragraph 2 of this article..."the central bank said it would double lenders' weekly share of cash and allow them to determine the price, which was previously fixed at 1,189 dinars to the dollar".

Does this not indicate a float of currency?

Not Sure... But It Sounds Like It To Me!!! biggrin.gif

Love Your Enthusiasm Hammer911 laugh.gif

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easyrider Newbie

easyrider

Posted
Posted (edited)

Here is my thinking on this... and it maybe off or maybe I don't understand but if it's a free float till they decide to redenominate does that mean they will just let the value go wherever till they are able to implement the process of the three zeros? Also if they do that then do we just sit and wait for the value of the currency to go up till it's at a point we think "ok I'm cashing in", If the currency is indeed set at a free float does that mean now till the beginning of the year is our cash in window? or maybe 2014 as the article the other day said? Or is this method used to determine how much the currency of Iraq would be in demand. How many of us think if this was suddenly set in motion that the value would go up fast... say to equal with the Dollar then we would use our own discretion as to when to cash it in? arrrrgh I think these are the most questions I have had about this. Couldn't they just say ok the IQD is now equal to the Dollar and on a free float let's see where it is at the end of the year then we are going to RD? Ok maybe I should be posting this in the Ask Adam Questions Post.

Here is my thinking on this... and it maybe off or maybe I don't understand but if it's a free float till they decide to redenominate does that mean they will just let the value go wherever till they are able to implement the process of the three zeros? Also if they do that then do we just sit and wait for the value of the currency to go up till it's at a point we think "ok I'm cashing in", If the currency is indeed set at a free float does that mean now till the beginning of the year is our cash in window? or maybe 2014 as the article the other day said? Or is this method used to determine how much the currency of Iraq would be in demand. How many of us think if this was suddenly set in motion that the value would go up fast... say to equal with the Dollar then we would use our own discretion as to when to cash it in? arrrrgh I think these are the most questions I have had about this. Couldn't they just say ok the IQD is now equal to the Dollar and on a free float let's see where it is at the end of the year then we are going to RD? Ok maybe I should be posting this in the Ask Adam Questions Post.

you should take a listen to Kaperoni's CC and Ennorste IMHO they explained it pretty well and i believe this is exactly what is gonna happen but its gonna rise fast.

Edited by easyrider
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abby01 Newbie

abby01

Posted
Posted

you should take a listen to Kaperoni's CC and Ennorste IMHO they explained it pretty well and i believe this is exactly what is gonna happen but its gonna rise fast.

Oh, how I hope it will!!!!

I do not see how a free float will be stable for Iraq, but it could just be a dream come true!!

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bamagirl Newbie

bamagirl

Posted
Posted

I think a market driven rate will be much better than a straight up RD and I think that very well is what could happen but I don't think that was the point of this article... seems to me they are trying to make it easier for the Iraqi citizen to deal in dinar, a step toward dedollarizing... things are coming together without an RD very nicely!

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SPRAYERDUDE Newbie

SPRAYERDUDE

Posted
Posted

Here is my thinking on this... and it maybe off or maybe I don't understand but if it's a free float till they decide to redenominate does that mean they will just let the value go wherever till they are able to implement the process of the three zeros? Also if they do that then do we just sit and wait for the value of the currency to go up till it's at a point we think "ok I'm cashing in", If the currency is indeed set at a free float does that mean now till the beginning of the year is our cash in window? or maybe 2014 as the article the other day said? Or is this method used to determine how much the currency of Iraq would be in demand. How many of us think if this was suddenly set in motion that the value would go up fast... say to equal with the Dollar then we would use our own discretion as to when to cash it in? arrrrgh I think these are the most questions I have had about this. Couldn't they just say ok the IQD is now equal to the Dollar and on a free float let's see where it is at the end of the year then we are going to RD? Ok maybe I should be posting this in the Ask Adam Questions Post.

Here is my thinking on this... and it maybe off or maybe I don't understand but if it's a free float till they decide to redenominate does that mean they will just let the value go wherever till they are able to implement the process of the three zeros? Also if they do that then do we just sit and wait for the value of the currency to go up till it's at a point we think "ok I'm cashing in", If the currency is indeed set at a free float does that mean now till the beginning of the year is our cash in window? or maybe 2014 as the article the other day said? Or is this method used to determine how much the currency of Iraq would be in demand. How many of us think if this was suddenly set in motion that the value would go up fast... say to equal with the Dollar then we would use our own discretion as to when to cash it in? arrrrgh I think these are the most questions I have had about this. Couldn't they just say ok the IQD is now equal to the Dollar and on a free float let's see where it is at the end of the year then we are going to RD? Ok maybe I should be posting this in the Ask Adam Questions Post.

Until Iraq gets out of Chapter VII and their currency is Internationally traded "there is no Cash In Window" Dinar Dealers and sites like this, will be the only way to sell until then.

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sandstorm Newbie

sandstorm

Posted
Posted (edited)

you should take a listen to Kaperoni's CC and Ennorste IMHO they explained it pretty well and i believe this is exactly what is gonna happen but its gonna rise fast.

Did you just refer us to the gurus? They explained it well? Why..on gods green earth...after years of failed predictions....do you still have faith and follow gurus..like they are the know all. im really surprised. there is enough brain power on this site.....to dissect and interpret this article. Exwmple....just a week ago.....they were predicting a rv...because of the article about increasing the value of the dinar compared to the dollar in the coming days. it was all about the market price iraqis are paying and how the cbi was improving that rate...by lifting restrictions at the currency auction. they were all clueless...just a few days ago. its up to everyone where they get their info. im just astonished....that a tenured veteran...whos followed the gurus for so long.....still has that much faith.....after all the years of being wrong. My jaw hit the floor when i read that....im just so surprised to see you say that. where does your confidence come from?? Because no one else is recommending gurus. easy...i trust yoir personal opinion over a guru any day.

Edited by sandstorm
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RodandStaff Rookie

RodandStaff

Posted
Posted

you should take a listen to Kaperoni's CC and Ennorste IMHO they explained it pretty well and i believe this is exactly what is gonna happen but its gonna rise fast.

It would have to rise very fast imo easy, otherwise investors would jump on the dinar like a duck on a June Bug!!! wink.gif Could you imagine the landslide of last minute investing if investor were practically guaranteed to double/triple/or whatever their investments almost overnight... unlike some of us who have be "patiently" rolleyes.gif waiting (some for 8+yrs.).

And btw as to some of the beach comments.... I'm way past ready for that "toes in the sand.. cold drink in my hand thingy"!!! laugh.gif

Come On RV Baby!!!cool.gif

Thanks for the post LastMinuteMan!wink.gif

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SWFloridaGuy Newbie

SWFloridaGuy

Posted
Posted

I don't think it's fair to lump in Kaperoni and Enorrste with the Guru pumper group. Not fair at all. Whether or not someone agrees with their findings, at least they provide a basis for their conclusions and do their best to elucidate a highly convoluted and speculative topic. I appreciate their efforts and would venture to say that their approach is the very antithesis of the imbecilic hype spewed from the pumpers who reference pathetic vague analogies filled with 747s, gag orders, manufactured rumors, fake contacts, ridiculous rates, in country RVs, bank screens, bogus prosperity package memos and super secret intel that "I would tell you but it would stop the RV" nonsense. I also appreciate the efforts of those who offer opposing views to Kaperoni and Enorrste (both of whom I like), such as Scooter, Proteus, Patriot and Enoch 8. I appreciate the efforts of that group for the exact same reason. They provide a detailed explanation of their findings and I can then decide for myself what to believe. We all have our preference I guess, this is just mine. Good morning by the way DV.

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SocalDinar Proficient

SocalDinar

Posted
Posted

I don't think it's fair to lump in Kaperoni and Enorrste with the Guru pumper group. Not fair at all. Whether or not someone agrees with their findings, at least they provide a basis for their conclusions and do their best to elucidate a highly convoluted and speculative topic. I appreciate their efforts and would venture to say that their approach is the very antithesis of the imbecilic hype spewed from the pumpers who reference pathetic vague analogies filled with 747s, gag orders, manufactured rumors, fake contacts, ridiculous rates, in country RVs, bank screens, bogus prosperity package memos and super secret intel that "I would tell you but it would stop the RV" nonsense. I also appreciate the efforts of those who offer opposing views to Kaperoni and Enorrste (both of whom I like), such as Scooter, Proteus, Patriot and Enoch 8. I appreciate the efforts of that group for the exact same reason. They provide a detailed explanation of their findings and I can then decide for myself what to believe. We all have our preference I guess, this is just mine. Good morning by the way DV.

GM SWFG Hope all is well.

I agree the truth is very subjective in this investment. Have a great day!

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sandstorm Newbie

sandstorm

Posted
Posted

I don't think it's fair to lump in Kaperoni and Enorrste with the Guru pumper group. Not fair at all. Whether or not someone agrees with their findings, at least they provide a basis for their conclusions and do their best to elucidate a highly convoluted and speculative topic. I appreciate their efforts and would venture to say that their approach is the very antithesis of the imbecilic hype spewed from the pumpers who reference pathetic vague analogies filled with 747s, gag orders, manufactured rumors, fake contacts, ridiculous rates, in country RVs, bank screens, bogus prosperity package memos and super secret intel that "I would tell you but it would stop the RV" nonsense. I also appreciate the efforts of those who offer opposing views to Kaperoni and Enorrste (both of whom I like), such as Scooter, Proteus, Patriot and Enoch 8. I appreciate the efforts of that group for the exact same reason. They provide a detailed explanation of their findings and I can then decide for myself what to believe. We all have our preference I guess, this is just mine. Good morning by the way DV.

Im not group everyone together. but a week ago....none of them was mentioning anything about the market rate. none. instead they looked through the prism of.......how do i get a rv out of this article. thats the attempt. how do i tie a rv into this article? Rather than interpreting the article for what it is...and then trying to fit into a category. i enjoy your opinions swfloridaguy....very balanced and appreciated.

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