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Iraq calls for a review of the dinar exchange rate


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Friday, April 17 / April 2015 (01: 0)

 


The CBI has issued resolutions aimed at raising the value of the dinar against the dollar, which included doubling the share of banking from companies, and allow banks «rational» and «Iraq» and «Government Commerce» open windows to sell the dollar for banking companies and small importers, reflected on the commercial market, which saw a significant decrease in the dollar's exchange rate after rising from 1228 to 1334 dinars to the dollar.

 

The decisions of the «Central» repercussions deemed interested in it contributed to the improvement in the dinar exchange rate, especially in light of the increasing demand for the dollar to settle import goods from the requirements, arguing the stability of the market accompanied by a relative increase in the value of the dinar.

 

He suggested the former deputy governor «Central» Economic Adviser to the Prime Minister the appearance of Mohammed Saleh correct path and the value of the dinar new prices in line with the economic situation faced by the country, saying that the official price of the dinar against the dollar is unrealistic in the current circumstances.

 

He said in a statement to «life» that «the central reserves» covers currency in circulation increased by one and a half times and is built on the basis of the $ 103 price for a barrel of oil with a surplus in the balance of payments, but the situation has now changed after the decline in oil prices, causing a deficit in the current account the balance of payments. He stressed the need to «lift restrictions on the central determining amounts sell the currency within Article 50 of the federal budget for the 2015 law, because of this restriction, the risk to the stability of the Iraqi market, as the central pricing is not conducive to stability in the presence of the parallel market». Article 50 of the federal budget bill that «Central is committed to identifying sales of the dollar in daily auction ceiling does not exceed $ 75 million». Saleh pointed out that «there is no room to deal with the deficit in the current account of the balance of payments official Baltsairh followed the dinar, which leads to the depletion of foreign currency».

 

He quoted economist Maytham Laibi saying that reducing the number of outlets selling the currency policy did not achieve results because they limited the ability of the market to expand into selling the dollar across multiple ports. He explained that the inventory of outlets selling the currency led to a monopoly, which in turn led to price controls in a larger format, so it has been working on the expansion of the number of ports. He added that the decline in the dollar exchange rate will remain subject to the height or the dollar amounts that can «Central» available to the market, and this depends on oil prices.

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the articles  keep  saying , or  referring too,   the values  against the dollar  and  the oil pricing ,  if they  are  waiting on the value of dinar to go along with oil , and in their thinking  value will go up  too over  or around 100 a barrel on oil ,  they are in for a 5 year ride just to see oil  get  back too 85.oo  and stable ....  oil and gas economics  have been stated , that oil will be  the  price  , right now  or in the area ,  for  next 5 years  , gas will be  at  the same level in price ,  { around 2.30  in my area }  ....  now  with all of that said ,  in the past  the dinar  was at a high value , around 3. dollars  per  1 dinar ,  oil was  cheap  back then also ,  I believe  the  taste  of  high oil has made  their  ideas on  pricing and values  un realistic  for  todays markets ,   now  if  they  truly want  a value on dinar  with  the markets  pricing  ,  just  bring it out  at  .05  cents per  dinar  ,  and  see how  the  students of  economics   in Iraq  go nuts  trying to figure out  what to do next !    

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Thanks Markinsa...Put the dinar chips on the private sector at 1:1 with the dollar and rare back and throw the dice...This's a ''High-Roller's'' game...if your scare just say so and go play the nickel slots.... :shrug:

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I remember back in the day the Gurus were saying..."as soon as oil hits $100 a barrel we will see and RV....well I did not complain of gas prices...actually got excited to see a gas price increase...and then $100 a barrel came and went..and came again..nothing.

 

Hard to believe that the price of oil per barrel is tied to an IMMEDIATE rv. I think it is a process. Does the price of oil have anything to do with it. yes...but it has to do with a bigger picture than an immediate RV.

 

I am older and wiser now...but I am jaded on the old guru spew of ..'''oil price per barrel has to do with the RV.

 

Not buying what you are selling 

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Again, referring to balancing it out to the official exchange rate (which is artificially imposed anyway by the CBI) and not "RVing".

I don't think they can RV until they set new laws for banking, oil and gas, and electronic currency improvements.

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Ohhhhhhhhhhhhhh 0.O


. Lets get it!

Im at the point of no return...so keep moving forward...

Talk actions or not but key is propaganda.
Lets not forget the articles past few days...

All pointing at a change in the exchange rate against international currencies. Doubling the supply of funds to banks for exchanging dallars or decreasing dinar...how ever u want to see it...its all good...


Now them basically sending shots at those who imposed the sanctions on them and this dummy currency raiting...To acknowledge now is a time to change...cbi is ready...the people of iraq are ready...now its up to the big boys of when it will happen...imf world bank U.N. etc...

Edited by Markinsa
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They're talking about the street rate which, since the closing of the auctions, has been running around .1340 +/- a few. They are not talking about the international rate of exchange here at all.

Also the IMF, World Bank, UN, etc. have little to do with when Iraq will or won't RV and how much they will RV to. Balls in Iraq's court, nowhere else.

Edited by _RFJ
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Now them basically sending shots at those who imposed the sanctions on them and this dummy currency raiting...To acknowledge now is a time to change...cbi is ready...the people of iraq are ready...now its up to the big boys of when it will happen...imf world bank U.N. etc...

 

 

Yeah, I agree. What does the dollar or the price of oil have to do with the value of the IQD anyway? Bring the Dinar up to the same value and allow a market economy to ensue. If the price of the dollar goes up or down, the value of the Dinar should follow. Besides they now have a second medium in which the Dinar could actually out value the Dollar. So if the dollar is stronger, you use the dollar. If the dollar is weaker, you pay in Dinar. Same thing for Gold.

Edited by djgabrielie1
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Like I said,  something to leave in my will (Iraqi dinar).   Five years from now they will still be dithering around.  Sorry to sound pessimistic,  but this is getting really old and the world will change and pass the Iraqi people by.

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Again, referring to balancing it out to the official exchange rate (which is artificially imposed anyway by the CBI) and not "RVing".

I don't think they can RV until they set new laws for banking, oil and gas, and electronic currency improvements.

Why not? They have the currency and banking system already established, the have had a working agreement with the Kurds. The only thing that was stopping them was the imposed rate which isn't imposed anymore.

 

They could Rv anytime. So what are they really waiting on?

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I concur ''dj'' in how you view the situation...I  was writin' and typin' as you postin'...and see that it would have givin' increased value to my rebuttal includin' your views.... :twothumbs:

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