Confidentiality measures to revive the dinar against the dollar

[yota691]

Confidentiality measures to revive the dinar against the dollar

Created on Sunday, 02 June / June 2013 09:05 | |

BAGHDAD / Walid al-Mahdi

 With the continuing decline in the exchange rate of the dinar against the dollar and the central bank sales since the change of Directors of the Bank, said sources familiar with the Central Bank of Iraq will begin next month to open letters of credit in the banks to re-dollar exchange rate against the dinar to normal and prevent a repeat of volatility the exchange rate.

 

Said an economist close to the bank "that the administration of the Central Bank decided to start the application of measures to curb rising dollar against the dinar most important opening letters of credit in the government and private banks," noting that the bank refuses now to disclose details of some of the procedures being will be confidential for fear of exploitation of some beneficiaries of the auction currency. The expert added that the central bank hopes to make the exchange rate under (120) dinars through the new procedures, which will begin next month.

 And plunged the value of the Iraqi dinar gradually over the past weeks to reach the price per dollar to about 1290 dinars after it had been stable on 1210, the highest rate up to the exchange rate during the past two years. For his part, MP Haitham al-Jubouri said the CBI told the Parliamentary Finance Committee that will begin next month, the application of new measures to curb the rise of the dollar against the Iraqi dinar. Jubouri said that the parliamentary Finance Committee has informed the Iraqi Central Bank support for all procedures in reducing the rise in the dollar against the Iraqi dinar.

The parliamentary Finance Committee ضيفت this month and central bank governor Abdul Basit Turki agency and discussed with him the reasons for the high price of the dollar against the Iraqi dinar without to announce the details of what has been reached in this regard.

Edited June 2, 2013 by yota691

[coolbeans]

"The expert added that the central bank hopes to make the exchange rate under (120) dinars through the new procedures, which will begin next month."

 

120 IQD to 1 USD = .008 cents!

 

1,000,000 IQD X .008 = $8,000

 

At $8,000 per million I will be at the bank in one hour!

 

That is over 800% profit!

 

[staunch]

That has to be a misprint. I really hope it's not, but I can't see them pre announcing something like this. Wonder if dinar sales have increased significantly?

[handy]

Again I think this is just talking about trying to get it closer to the bank rate , 1290-120=1170 . It's misleading because of how they word things but hopefully I'm wrong.

[yota691]

The bank charges a commission of 13 dinars per dollar, with a discount of 8 dinars per dollar on the amounts purchased, ie, that the purchase price of the dollar cash equal to the cash sales price of the dollar minus 8 dinars.

 

Read more: http://dinarvets.com/forums/index.php?/topic/150193-central-bank-sales-of-dollar-decline-at-an-auction-saturday/#ixzz2V3ftjyF5

[jeepguy]

Again I think this is just talking about trying to get it closer to the bank rate , 1290-120=1170 . It's misleading because of how they word things but hopefully I'm wrong.

I believe that your right on the meaning handy ----> they keep referring too the  big spread between the dollar and dinar in exchanges , ----> a big confidential secret ,  but  man would that not be sweet too see the dinar value move too 1.20 per dinar against the dollar ,,,  here`s to wishing it is    thanks yota  for the articles 

[sandfly]

IT'S POST TO BE THIS MONTH

[fib1618]

"The expert added that the central bank hopes to make the exchange rate under (120) dinars through the new procedures, which will begin next month."

120 IQD to 1 USD = .008 cents!

1,000,000 IQD X .008 = $8,000

At $8,000 per million I will be at the bank in one hour!

That is over 800% profit!

Congratulations

Again I think this is just talking about trying to get it closer to the bank rate , 1290-120=1170 . It's misleading because of how they word things but hopefully I'm wrong.

Yep

[EagleEye]

Interesting find Yota........Iraq-lish continues to challenge our interpretations of things

[JMULS31]

Call me greedy if you want but At $.008 I wouldn't be cashing out. That's for sure

[fib1618]

It's 3.42 or bust for me.

[TLHUBER]

I will take $ 1 any day.

[zigmeister]

Again I think this is just talking about trying to get it closer to the bank rate , 1290-120=1170 . It's misleading because of how they word things but hopefully I'm wrong.

Unfortunately this would probably be their formula because it brings the rate back to normal.  The question is how?

[dontlop]

ill take a internationally exchangable dinar

[TBomb]

(Slightly diff translation - back up for yours Yota...HUGS)

 

Secret procedures for recovery of the dinar against the dollar
Ur news agency-02/06/2013-4: 08 pm | Hits: 9

 

Baghdad, Walid Al-Mahdi

With the continuing decline of the dinar against the dollar since the Central Bank sales and change management, informed sources said that the Central Bank will start next month with the opening of documentary credits in banks to the dollar exchange rate dinar to normal and prevent a recurrence of the situation of exchange rate volatility.

He said economic expert close to the Bank, "the Central Bank decided to start procedures to limit the dollar's rise versus the dinar including opening documentary credits in Government and private banks", indicating that the Bank now refuses to disclose details of certain procedures as will be confidential for fear of exploitation of some of the beneficiaries of an auction to sell the currency. The expert added that the Central Bank hopes to make the exchange rate under (120) DT through new procedures which will begin next month.

And the value of the Iraqi dinar fell gradually during the past few weeks, bringing the price of the dollar to around 1290 DT was stable at 1210 and is the highest rate of exchange-rate mechanism for the last two years. Attorney Haytham said that the CBI informed the parliamentary Finance Committee that will begin next month with the new measures to reduce the high dollar against the Iraqi dinar. Al-jubouri said the parliamentary Finance Committee informed the Central Bank of Iraq to support its all in the high limit of the dollar against the Iraqi dinar.

The parliamentary Finance Committee daift this month Central Bank Governor Abdel Basset Turki Agency and discussed the reasons for the high rate of the dollar against the Iraqi dinar without announcing details of what was achieved in this regard.

 

http://www.alrafedain.net/index.php?show=news&action=article&id=102702

[10 YEARS LATER]

The patient is dying . . . better get the paddles out . . . Clear !!

 

Oh look we have a pulse.

 

See, that wasn't to difficult now was it ?

 

Is failure really an option or is it success you fear so much ?

[SWFloridaGuy]

Thanks Yota

[TQueezy]

Unfortunately this would probably be their formula because it brings the rate back to normal.  The question is how?

It's a secret, they can't tell you. Sigh...

[Boozer]

It's 3.42 or bust for me.

Why neg this man, it's his call to cash when he wants. I on the other hand will cash out at, 1.50

[zigmeister]

Why neg this man, it's his call to cash when he wants. I on the other hand will cash out at, 1.50

Boozer, Fib was just being silly.

[fib1618]

Boozer, Fib was just being silly.

Thanks

[aliciadogz]

I'm only cashing out at .50 on up.

[TQueezy]

Yeah I'm in the $.50 and up crowd.

[ALBUNDY]

coolbeans : "The expert added that the central bank hopes to make the exchange rate under (120) dinars through the new procedures, which will begin NEXT MONTH." , the articles was posted on June 02 , does that mean " NEXT MONTH " is referring to the month of JUNE or JULY 2013? I hope " NEXT MONTH " doesn't mean " Month of July ". I just want to get this RV done in june 2013.

 

[JMULS31]

Same here

Yeah I'm in the $.50 and up crowd.