Call to support the dinar transactions instead of the dollar

[yota691]

Call to support the dinar transactions instead of the dollar

 

 

         

2/10/2015 0:00 

High hard currency «spongy» and return to a normal level  
 BAGHDAD - Mostafa Hashemi 
Mokhtassan predicted that the dollar exchange rate back to stability and Bmadlath normal soon after work alternatives and solutions Sulaima.oukal banking advisor Dr. Essam Mahouelle that the rise in the dollar exchange rate is the rise of temporary squishy and will return to a normal level, but it will take two to three months beyond the border. 
The dollar rate in the past few days, due to specify a dollar amount of $ 75 million at a time when the markets absorb about $ 300 million a day, to rates seen by those with large low-income compared to their potential and resources Finance Limited where he weighed in buying and selling and the general commercial traffic and daily transactions. 
He said in a statement the "morning" that the central bank sober institution able to handle such an imbalance that got by binding to sell a specific dollar amount to the local markets, noting that Iraq is a rich country have not stopped by revenues derived from the export of oil, despite the low price of a barrel globally, stressing that prices will return to their rates normal after a period of time passing. 
He stressed that proper planning to spend would facilitate the recovery of the country's economy, despite the financial conditions facing, pointing to the possibility of borrowing from the inside bonds and remittances instead of borrowing from international financial institutions, as well as solutions and actions can be large economic mentalities invented and proposed to the executive bodies to be applied in order to pass the Iraq of this temporary crisis. 
banking consultant, said that the reactivation of the productive sectors would reduce the effects of low dinar exchange rate against the dollar since he final nutshell reduces imports of goods that can be produced and manufactured locally, which costs a lot of money can be employed and invested in the revitalization of these sectors.  
He called Mahouelle not to buy the dollar and dealing in the sale and purchase and reliance in daily trading on the dinar because it will reduce demand over supply Thus, the abundance will contribute greatly to reduce the exchange rate, stressing the need to support the dinar in this economic phase through which Iraq. 
The number of banking companies stopped selling the dollar for fear of achieving the losses caused by the instability of foreign currency exchange rate at the time of retreat where Iqbal citizens buy Atar.bdorh said economist Dr. Ali Anbure: that such a disruption in the process of exchange rate due to the circumstances of the country, along with Article 50 of the budget, which is the main reason for the rise in the dollar exchange rate against the dinar, which compelled him «central bank» to sell about law a third of the amount that was sold before the budget bill while the market was more accommodating. In 
adding Anbure "morning" This fluctuation in the price will continue for a period until the gap back between supply and demand to its normal size, adding that this imbalance was not expected because of the stability of the dollar exchange rate during 2013 and 2014.
The central bank is responsible for maintaining stability and rates of exchange rate of foreign currency against the dinar.

[captl1]

Another good find! Thanks Yota.

[Sk 1962]

Sounds good to me!

[yota691]

add this...Central Bank sold $300 billion in past years to preserve local currency

 

 

Azzaman, February 5, 2015

The Central Bank of Iraq has spent $300 billion in the past few years as part of its daily auctions in which up to $180 were offered almost every working day.

 

The sale which made it possible for local banks and the public to change their dinars to dollars has helped stabilize the value of the dinar against the dollar. But the government, in response to a parliamentary condition to approve the budget, is restricting the sale of dollars to the public.

 

“The parliament has imposed this paragraph because dealing with hard cash (in this way) had become a way for money laundering and corruption,” said Abduljabbar Abdulkhaliq, member of the parliamentary commission on finance. “The volume of hard cash sold in the past years (by Central Bank) amounted to more than $300 billion.

 

Abdulkhaliq said most of the hard cash auctioned by the Central Bank was smuggled abroad and Iraq received no goods or investments in return.

 

The auction was believed to be a source of stability for the local currency vis-à-vis the dollar.

 

With the plunge in oil prices and the country having problems closing a widening budget deficit, the government has ruled that the bank is no longer under obligation to meet hard cash demand at the official rate.

 

The ruling was part of conditions the parliament imposed for approving the budget.

 

But financial analysts in the capital Baghdad say the measure would certainly weaken the dinar against the dollar. The reduction in dollar volume offered at the auction has already resulted in the dinar losing value.

 

“The rise in the dollar against the dinar is due to a budgetary ruling that compels the Central Bank to limit its sales of hard cash,” said Manaf al-Saigh, a financial expert.

 

“The limitation will lead to the emergence of black where traders and capitalists will turn and where hard cash will be offered at a high price resulting in higher prices.”

 

The government, which imposed the restriction, disagrees.

 

“The current rise in the value of the dollar against the dinar in local markets is merely a bubble and is mainly due to speculators,” said government spokesman Mudhir Saleh.

 

The parliament, which made limiting the amount of dollars offered for sale a condition for approving the budget, stood firmly by its stand.

 

“The fall in the value of the local currency may occur but it will only be temporary,” said Abdulkhaliq.

 

Read more: http://dinarvets.com/forums/index.php?/topic/196591-central-bank-sold-300-billion-in-past-years-to-preserve-local-currency/#ixzz3RHvsj6H5

Spending this 300B to preserve the Local Currency is Crazy...they should have used the word Invested.... 

[pontiyak]

We'll see an RV when the Rothchilds say so....

 

The best things in life RV

 

yak

[Texstorm]

I hope that Iraqs plan works out pretty quick.......Dedollarize and the RV !

[v-star 650]

wow ,  good articles  ,  will not be long  before we  see an article  stating , "  a rush  to obtain dinar ,   scarce dinar ,  making a  mad  buy out  of local supply  of dinar  "    <  -------  this   will be  a  big  movement  that I think the central bank will  want too see ,    which  will let  them  give  the  go -ahead  to  let  those  new notes  and coins  out , -------along  with  a  new  rate  ....................  {  just  my thinking  only  folks  }  

[TBomb]

We'll see an RV when the Rothchilds say so....

 

The best things in life RV

 

yak

If it's solely up to them, uhhhhh, then I think we'll be waiting a loooonnnnng time.

[uncirculd]

Wow, this should have been tagged.  It's pretty hot.  It is a good find.  

[navira45]

Excellent article

[Boozer]

SOON

[Laid Back]

Increase the value and we will support the dinar.!

Go dinar

Go strong $1.13:1