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Delta - Iraq will have one currency Dec 1st


WowLewi
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LOL,  multiple currency practice does not mean two currencies.  Iraq will always have two currencies or more in country.

 

Delta you should learn what that means before you make really outlandish stupid comments.  You make my 6th grade class sound smart.

 

http://www.imf.org/external/pubs/ft/sd/index.asp?decision=6790-(81/43)

 

 

Donlop, this problem has nothing to do with the future plan (RV, or float) once the CBI meets the IMF conditons (2%) which is directly related to the in country official rate of the dinar and the market rate (black market).

lol...this statement will come back to bite ya...I guess that why your teaching 6th graders... :lol: 

Edited by yota691
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I say we won't see it until 2014 if at all. Now who are you going to believe me or him. So far I have been 100% right in my predictions and ALL Gurus have been 100% wrong every time.

I Predict 100% Im right you will not see an RV till it Happens, and Im never wrong, if you dont believe me ask my Wife.  :facepalm1:

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I say we won't see it until 2014 if at all. Now who are you going to believe me or him. So far I have been 100% right in my predictions and ALL Gurus have been 100% wrong every time.

Does'nt take balls to say something ain't going to happen................just sayin

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starting dec1, they are directed to sell the dollar at 1177.

if they are selling dollars dec1, what dummy, thinks theres only 1 currency.

fact is, they are stating the opposite. typical delta intel

selling dollars for dinars at 1177 dec 1. dollars (1) and dinars (2) currencies, the way its always been. wth

NO rumor this is FACT!!! this tells us they are ready to make a move whatever it may be.

your calling it a fact? omg

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Makes me wonder why they're throwing out so much misinformation lately, like the newshound article below.

It is because the CBI wants to have time to buy back all of the remaining IQD on EBay? (yea, that's it)

Please tell me that with all this Shi'ite floating around, there's just GOT to be a pony in here somewhere, right?

 

Economic Parliamentary Rule Out The Deletion Of Zeros From The Iraqi Currency
On November 21, 2013 in the economic

Baghdad: News Network Iraq – ruled out of the Commission of Economy in the House of Representatives, the deletion of zeros from the Iraqi currency during the next two years, indicating that the deletion of zeros depends on stability, security, political and economic.

 

A member of the Economic Committee Abdul-Hussein al-Husseini in an interview that “the time is [in]appropriate to delete the zeros of the Iraqi currency, because of the security crisis, political and economic, “stressing that:” the deletion of zeros the current time would disrupt the banking business.

 

and Husseini added:” We need to adjust a lot of laws, but the process of deleting the zeros in the event of approval need to be more than a year in order to apply .

between al-Husseini:” There is a deliberate intention to delete the zeros, but not officially, so it will not change the currency during the next two years, ie when the legislation before parliamentary session new, though the process of deletion of zeros is the process of organization, and does not have economic benefits. “

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starting dec1, they are directed to sell the dollar at 1177.

if they are selling dollars dec1, what dummy, thinks theres only 1 currency.

fact is, they are stating the opposite. typical delta intel

selling dollars for dinars at 1177 dec 1. dollars (1) and dinars (2) currencies, the way its always been. wth

your calling it a fact? omg

 

Sandstorm, 

 

With that announcement and directives from CBI to sell dollar at 1177, the price of dollar between CBI quoted price and the bank (market price)  will be within 2% of each other.  

That is complying with IMF article 8, which says members shall not impose or engage in Multiple Currency Practices (MCP)

 

From IMF : 

1. Article VIII provides in Sections 2 and 3 that members shall not impose or engage in certain measures, namely restrictions on the making of payments and transfers for current international transactions, discriminatory currency arrangements, or multiple currency practices, without the approval of the Fund. 

And what is Multiple Currency Practices according to IMF..?  

 

Action by a member or its fiscal agencies that of itself gives rise to a spread of more than 2 percent between buying and selling rates for spot exchange transactions between the member’s currency and any other member’s currency would be considered a multiple currency practice and would require the prior approval of the Fund.

 

 

 

 

Since CBI is moving away from Multiple currency practices, Delta is not totally wrong with the single currency policy. Technically speaking.  :rolleyes:

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LOL,  multiple currency practice does not mean two currencies.  Iraq will always have two currencies or more in country.

 

Delta you should learn what that means before you make really outlandish stupid comments.  You make my 6th grade class sound smart.

 

http://www.imf.org/external/pubs/ft/sd/index.asp?decision=6790-(81/43)

 

 

Donlop, this problem has nothing to do with the future plan (RV, or float) once the CBI meets the IMF conditons (2%) which is directly related to the in country official rate of the dinar and the market rate (black market).

Looks like you picked up a few Negs on this post Katie, Sorry to see that. Everyone should speak freely here as long as its respectful.

I do have to chime in that there is no Black market for dinar in Iraq.   The market rate  is the price charged for the IQD in a free market. If demand for the dinar goes up the market will tend  to respond by increasing the price,  thus setting a higher market rate. When demand falls, market rates also tend to fall.

 

The market rate is at 1218 today. A little over 4 % spread from the CBI rate

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Thanks Social.  So many do not understand what this IMF request is about.  Just reading this thread we see comments like single currency, cannot survive on a 2% spread.  Etc.  Confusion for sure.  This term 'multiple currency practice' has nothing to do with two currencies functioning in a country.  Countries like Iraq that live on the dollar will always have dollars.  This problem has to do with transactions within a country at two differnent exchange rates.  The IMF is trying to encourage the CBI to make the price of the dinar consistant within 2% throughout the country.  Doing so they eliminate distortions, and different rates at different places (multiple currency practice).  The CBI, the banks still make normal spreads on sales. 

 

I will try to give you an example;  if your and Iraqi selling dollars, you get 1179 dinar, and if your selling dinars, you get .00085 dollars.   Now if you go to another place within Iraq and sell dollars and get 1218 dinar or if your selling dinar and get .00082 dollars that is an example of multiple currency practice because differnet places have different exchange rates for the same currency transaction.  The IMF does not like this and wants it to be within 2%.

 

My dad is an economist for a large banking instution.  He knows.

Edited by katie45
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well i think there just might be some happy people soon and no I would not like too elaborate

R U Feeling A Bit 'Randy' Baby - Break Out The Vodka Red Bulls ! :o

:D:D:D

Great To Hear From Ya Bro - And Let Us Know If U Knock Back A Few (hic) And Decide To Elaborate ! ;)

B)B)

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well i think there just might be some happy people soon 

and no I would not like too elaborate 

Hey, Ole Buddy where have you been? I was worried about you. I was thinking you might be in  the Philippines for some reason. I thought you said in one of your post you might have an intrest there. I told my wife that in my opinion thats probally where your at and the reason for silent running. Well any way glad to see your post. I for one, would like you to elaborate. Thanks for the positive statement. I do hope we get to do a little red bull and vodka together. SOON! :bravo:

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NO rumor this is FACT!!! this tells us they are ready to make a move whatever it may be.

I think your right

Why after all this time are they concerned about fleecing of those selling dollars

It's as if they are about to come out with a policy where people will be selling their dollars more than usual

Like maybe a exchange period is coming

They don't want the streets to get ripped off during this exchange period

It would disrupt Capitol flow through out Iraqis economy

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