Central Bank of Iraq launches mechanism to support local banks

[SocalDinar]

Busy news day. Sorry if someone posted this article.

Central Bank of Iraq launches mechanism to support local banks

Wednesday, 12 December 2012 14:50 | | |

Baghdad (AIN) -The Central Bank of Iraq decided to include a number of local banks in the foreign currency auction and increase the financial shares granted to the banking companies.

A statement by the CBI cited "Within the framework of the CBI's efforts to develop its monetary policy and support the national economy, the managing council of the Bank took many measures including attracting several local banks through opening the bonds and financing them by the CBI according to specific mechanism set for this purpose in addition to allow these banks to take part in the currency auction."

"It was also decided to grant the governor of the CBI power to decrease the US dollar price which is IQD 1179 for one dollar as an enhancement to the cost of the Iraqi dinar according to the requirements of the market," the statement concluded. /End/

http://www.alliraqnews.com/en/index.php?option=com_content&view=article&id=24439:central-bank-of-iraq-launches-mechanism-to-support-local-banks-&catid=37:economy&Itemid=41

Edited December 12, 2012 by SocalDinar

[Deborah Layne]

Awesome, blossom! Thank you!

It seems like they're spitting this same basic information out often in the last couple of days. Me likey!

What do you think, Socal?

Edited December 12, 2012 by Deborah Layne

[SocalDinar]

GM Deborah,

I don't know what to think. Seems like things are getting done but we still hold currency valued at a 10th of a penny.

Truly hoping to see a rate change soon. I don't forsee huge movement out of the gate but any upward movement would be awesome news.

[katie45]

Float.

[zigmeister]

The more articles out on the same subject probably means something is in the air! We will see.

[fastarnie]

There's always talk. Same agendas have been talked about for years. When Iraqis talk, they talk the subject in circles never to reach common ground. I think I might be starting to figure these guys out. I mean, ok for example the H.C.L. has been almost done since '05- '06. Almost done. 6-7 years later still not done. If I couldn't get something done in 6-7 years I would be fired. I know it's complex, but come on. These guys make snail racing enjoyable. Ok here's another one. They've had a voted in government since what '03-04. Still not complete, not so sure it ever will be. Today I believe Iraq is a sinking ship. Maybe tomorrow will be better.