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CBI authorizes the governor to raise the price of the Iraqi dinar against the U.S. dollar


yota691
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The dinars value at market has slipped again in the past two weeks. it was around 1190-1200 range, since then its back up around 1220. They are referring to the market rate when buying dollars. a little check onto the auctions pdf file, spells it out.

also notice, the cbi gave the governor permission. so everyone should now see, shabibi or whoever is the governor, doesnt execute policy indepently. the board of the cbi controls policy

Edited by truthful1
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GM YOTA,

I went to check how stable the IQD has been since 2008 at the PDF page at the CBI showing Auctions.

I have seen these pages many many times. But today they changed page 31 to a photo copy. I dont think I ever bothered to keep a copy of this to see if anything has been changed. Seems strange to me. Anyone have the original page 31 downloaded?

http://www.cbi.iq/documents/CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf

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On the Arabic side of the CBI can anybody get this translated!! News and advertisements - 2012

Press Release on the decision of the Board of Directors of this Bank of many decisions in the framework of the keenness and the pursuit of the Central Bank of Iraq in the development of his tools in the monetary policy and support the national economy stable market

11/12/2012 http://www.cbi.iq/documents/press%20for%2011-12-2012.pdf

The dinars value at market has slipped again in the past two weeks. it was around 1190-1200 range, since then its back up around 1220. They are referring to the market rate when buying dollars. a little check onto the auctions pdf file, spells it out.

also notice, the cbi gave the governor permission. so everyone should now see, shabibi or whoever is the governor, doesnt execute policy indepently. the board of the cbi controls policy

all the Currency auction that been posted for last couple weeks has had the pdf file include with the rates.. The CBI is an Independent Body, it has a Board that votes on decision by the CBI. It consist of a 5 member board, in case of a tie the Governor of the CBI make the Final decision.. This article plainly state's they intend on raising the value of the IQD.. Sorry you fell so negative about this investment, hope you not sold all your IQD..

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iraq is under a stand by arrangement with the imf . in this stand by arangement they are using a program rate for monitoring purposes...... the meeting is tommarro for its third review with the imf .... its a real cooincidence that they recieved permission to raise the value the same day they have a press release of imf meeting tommarro... and they specify the rate is undisclosed in this article

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On the Arabic side of the CBI can anybody get this translated!! News and advertisements - 2012

Press Release on the decision of the Board of Directors of this Bank of many decisions in the framework of the keenness and the pursuit of the Central Bank of Iraq in the development of his tools in the monetary policy and support the national economy stable market

11/12/2012 http://www.cbi.iq/documents/press%20for%2011-12-2012.pdf

all the Currency auction that been posted for last couple weeks has had the pdf file include with the rates.. The CBI is an Independent Body, it has a Board that votes on decision by the CBI. It consist of a 5 member board, in case of a tie the Governor of the CBI make the Final decision.. This article plainly state's they intend on raising the value of the IQD.. Sorry you fell so negative about this investment, hope you not sold all your IQD..

What do you mean negative about this investment?? I clearly, mentioned the auctions pdf file and the high price of the dollar, that the file shows. also oits a misconception that shabs or the governor pushes the rv button. i was showing the structure of the situation, given, the article says" cbi gives governor permission". Im stating whats been recorded as the currency auction and what the article says.

im making no predictions, or stance......ive just stripped the facts from the pdf file based on the article. Ill leave it up to you, to forecast how everything will play out.

Edited by truthful1
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GM yota. Thanks for bringing the good news. Let's hope it's a substantial increase and not 4 pips at the expense of the CBI decreasing it's spread. biggrin.gif

shabbs did the 4 pips to delay!!! this is why he was accused of currency mainpulation. They have came out numerous times and are shooting for what it looks like a 1 to 1 which would more than ikely be .86 cents which if you convert it to U.S dollars it becomes 1 IQD= 1.17 USD

Edited by easyrider
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shabbs did the 4 pips to delay!!! this is why he was accused of currency mainpulation. They have came out numerous times and are shooting for what it looks like a 1 to 1 which would more than ikely be .86 cents which if you convert it to U.S dollars it becomes 1 IQD= 1.17 USD

Huh?? Shabs did the 4 pips two delay? Wasnt it to increase the market rate, given he knew, he was adding restrictions to the currency auction, which would be lowering the total volume. shabs was accused on currency manipulation? Wasnt the charge, violations within the currency auctions. you really think, the. cbi told the governor to rv to a dollar, then the cbi and ministry of finance decided to call up the media and tip off everyone? More like, reassuring the iraqis that the price of the dollar will return soon, so dont get all po

This has happened several times in the last year. everytime the pdf file shows the market rate above 1200-1210, we see these articles qboit the cbi to increase the vwlue of the dinar, or the high price of the dollar. we have seen this pony come to town before. sorry if bringing it up.....gets everone so aggrivated.

Edited by truthful1
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Huh?? Shabs did the 4 pips two delay? Wasnt it to increase the market rate, given he knew, he was adding restrictions to the currency auction, which would be lowering the total volume. shabs was accused on currency manipulation? Wasnt the charge, violations within the currency auctions. you really think, the. cbi told the governor to rv to a dollar, then the cbi and ministry of finance decided to call up the media and tip off everyone? More like, reassuring the iraqis that the price of the dollar will return soon, so dont get all po

I'm sure Easy heard you the first time around....must you say it 3 times? :Dsrc="http://dinarvets.com/forums/public/style_emoticons/default/biggrin.gif"> :peace:src="http://dinarvets.com/forums/public/style_emoticons/default/peace.gif">

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24. Staff supports the CBI’s policy of managing the exchange rate of the Iraqi dinar

to keep inflation low. A stable exchange rate continues to provide a solid anchor for the

public’s expectations in an otherwise highly uncertain environment. Over time, rising oil

revenues could put upward pressure on the real exchange rate, which would warrant allowing

greater exchange rate flexibility. Staff also welcomes the authorities’ continued commitment

to safeguard the independence of the CBI, which is critical for maintaining confidence in the

Iraqi dinar.

page 14 ...on the imfs 2nd review .. http://www.imf.org/external/pubs/ft/scr/2011/cr1175.pdf

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I'm sure Easy heard you the first time around....must you say it 3 times? :Dsrc="http://dinarvets.com/forums/public/style_emoticons/default/biggrin.gif"> :peace:src="http://dinarvets.com/forums/public/style_emoticons/default/peace.gif">

That problem wa corrected. dang smart phone lagged and triple posted. chill

if they move another 4 pips what is that seriously gonna do for their budget and their people? absolutely nothing. They need to be at par with the dollar as for the 4 pip desperate move i call it by Shabbs it bought him time imho to try to weed out all the corruption associated with the CBI he wanted to do it right and his plan worked and the UN came and now we have 30k troops in baghdad lets see what ole Maliki wants to try now. So now they have the security as well to raise the value plus at the start of their fiscal year right as they can potentially get released from chapter 7 this year and go international with their currency and the ISX in 2013, Coincidence? i think NOT.

Well i dont know their intentions or how they will do what they need to do. im just saying, this pony show has come to town before, and threw us all off. i see a pattern with the market rate being high and then the release or these type of articles.

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24. Staff supports the CBI’s policy of managing the exchange rate of the Iraqi dinar

to keep inflation low. A stable exchange rate continues to provide a solid anchor for the

public’s expectations in an otherwise highly uncertain environment. Over time, rising oil

revenues could put upward pressure on the real exchange rate, which would warrant allowing

greater exchange rate flexibility. Staff also welcomes the authorities’ continued commitment

to safeguard the independence of the CBI, which is critical for maintaining confidence in the

Iraqi dinar.

page 14 ...on the imfs 2nd review .. http://www.imf.org/external/pubs/ft/scr/2011/cr1175.pdf

Interesting insert....

Its almost like the program rate is simply just to wait out instability & uncertainty while when the economy & country stabilizes things can change.

Also, as oil revenues increase, it allows for flexibility of the exchange rate.

So oil sales play a large role in hoping the value rises going from that insert.

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Interesting insert....

Its almost like the program rate is simply just to wait out instability & uncertainty while when the economy & country stabilizes things can change.

Also, as oil revenues increase, it allows for flexibility of the exchange rate.

So oil sales play a large role in hoping the value rises going from that insert.

Its quite understandable why there was a target rate projected by the cbi and the imf. by having stability it assures the imf, they will be repaid. so when you get lent money or need the imf's help, they do this to reassure they get their return. it in no way, guarantees its a bogus rate, or that the true rate is relatively different at all. as you can see, its all the cbi can do to keep the market from crashing. so the fact the market rate is in trouble, signifies the economics and the true rate are not that far off. they are using the typical m2/foreign reserves to determine the rate. the audited stats are comparable to the 1166.

Edited by truthful1
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Sorry folks but I don't want to be a downer....We seen such article in the past :rolleyes:

Yep, there might be a raise in the value against the us dollar but if it's like in the past

a few numbers up ?? from 1179 to 1225 ?? beside, do you realy believe a reval will be announce publicly ??

I'm not holding my breath on this one.....Sorry!

TNX for the post yota :D :D

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