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The currency auction stops for a week as a result of banks ’fear of changing the dollar’s ​​price


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Well this is a very interesting post:

 

"

Posted 5 hours ago

 

The currency auction stops for a week as a result of banks ’fear of changing the dollar’s price

 

First off, it's the CBI who decides whether the auctions are a go or not, not the banks. However, it the banks are so fearful, the auctions should still take place showing a zero demand for the dollar. There's always a demand for the dollar esp. in remittance - the purchase of imports into Iraq payable by an international currency the USD.  The customer who would demand the USD would give the bank dinar for the currency exchange, the bank in turn would purchase on behalf of the customer the USD from the CBI at the currency auction. The bank itself doesn't take a risk so then why be fearful.  Just a very odd and unbelievable headline in my opinion. 

 

One thing is sure, the currency auctions can't be functional with a Forex traded dinar.

 

 

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The CBI released an article about a week ago stating that they intend to lower the exchange rate to 1500 and this is a good thing for us but not for the Iraqi people. To my understanding they are doing this to pull in the large notes and they also are trying to encourage the Iraqi people to convert their dinar to dollar. I hope they go ahead and lower the exchange rate to 1500 so they can complete the process of "deleting the 000's from the dinar" by getting the large notes from the Iraqi people. The article above said the banks will start  buying dollars again so I can't read a RV from this article. I just don't see them moving fast on this exchange rate. I hope I am wrong. 

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1 hour ago, Donziman said:

Economist know that to have a market economy they must have under valued money

China is the best example. There under value has allowed them to sell world wide to

the extent they now have the second biggest economy in the world.Iraq wants to stop

importing everything and stop relying on oil 95%  

Keynesian economics, go figure blind leading the blind.

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This is Iraq they have always had a high rate on there money, but as things build up oil is not looked on as the world goes to everything Electric , car , bikes, etc but we use oil in pavement and different things

So oil will always be there in use.

If they the way Vtnam did the money will go down and never come up, China can user people in there homes to make things and the production of things we use are cheep but we get by with it and so on.

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I agree with you Denster. As much as I want this dinar to RV I am getting a feeling we are not close. I am not a smoke and mirrors type of guy. Another video said the white paper reform can take 3 to 5 years to be completed so where do the RV falls in that time frame? There are so many things to consider. The exchange rate has been lowered to stop the auctions and they have passed the budget which is a good thing. Now it is all talk and MOU's being signed. You made a good point with China and Vietnam. I believe they will RV but I don't think they are in a hurry to do it. And when did any Central Bank or Government ever give a damn about the people not having  money or living in poverty. The rich don't give a damn about the poor and never will unless it benefits them. We have been chasing this dream for 18 years I just hope they don't drag this out.

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3 hours ago, Wheelman said:

Master Card International,

Ration Cards. 

They told us they wanted to stop using the USD and use the Dinar on the day the budget was voted on.

  •  
  •  Time: 03/31/2021 17:10:06
  •  
  •  Read: 13 times
  •  
      
    Parliament transfers the budget from the dollar to the dinar to overcome the dispute
      
    {Policy: Al Furat News} The House of Representatives decided in its meeting held today, Wednesday, to convert the federal budget for 2021 from the dollar to the Iraqi dinar.
     

    A representative source said {for the Euphrates News} that "it was agreed to transfer the budget from the dollar to the Iraqi dinar, in order not to delay its approval and isolate it from the differences of the rise of the dollar."
    He pointed out that "a proposal was made to follow up on the issue of the dollar with the central bank and finance in other sessions without marketing the crisis to the budget after it was agreed to transfer the budget from the dollar to the dinar."
    Wafa Al-Fatlawi

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33 minutes ago, Wheelman said:

 

  •  
  •  Time: 03/31/2021 17:10:06
  •  
  •  Read: 13 times
  •  
      
    Parliament transfers the budget from the dollar to the dinar to overcome the dispute
      
    {Policy: Al Furat News} The House of Representatives decided in its meeting held today, Wednesday, to convert the federal budget for 2021 from the dollar to the Iraqi dinar.
     

    A representative source said {for the Euphrates News} that "it was agreed to transfer the budget from the dollar to the Iraqi dinar, in order not to delay its approval and isolate it from the differences of the rise of the dollar."
    He pointed out that "a proposal was made to follow up on the issue of the dollar with the central bank and finance in other sessions without marketing the crisis to the budget after it was agreed to transfer the budget from the dollar to the dinar."
    Wafa Al-Fatlawi

Either they build stronger wheelbarrows to carry they dinars, or give the Iraqi citizens purchasing power on the dinar! Shabibi stated gradual, spontaneous, no fanfare!

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3 minutes ago, Wheelman said:

Either they build stronger wheelbarrows to carry they dinars, or give the Iraqi citizens purchasing power on the dinar! Shabibi stated gradual, spontaneous, no fanfare!


Wouldn’t surprise me if they built stronger wheelbarrows....hoping we’re close to the finish line.

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This is Iraq they have always had a high rate on there money, but as things build up oil is not looked on as the world goes to everything Electric , car , bikes, etc but we use oil in pavement and different things

So oil will always be there in use.

If they the way Vtnam did the money will go down and never come up, China can user people in there homes to make things and the production of things we use are cheep but we get by with it and so on. Just my opinion when they go from dollars to Dinars then that's when they need buying power

They don't have China's money

But they have oil , so do we , we have Reserve oil lots of it so what makes there oil better is the price so if they keep it lower they have buyers higher only buyers with big money , so  just a little bugged by this.

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Iraq is sixth largest oil producer in the world ,behind the US ,China ,Russia ,Saudi Arabia , Much of it is sweet crude and easy to access ,bubbling out of the ground . Then there's the natural gas , biggest Sulfur supply in the world , and don't forget the GOLD. All this wealth is shared by a mere 40,000,000 people . Many huge international businesses  have set up shop in Iraq . No worries ,you crazy diamonds.

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8 hours ago, Dog eat dog said:

Yet another fiscal period with NO RV or RI. Maybe next year. But I doubt it. 

@Dog eat dog, your comment and the negative reaction it got, reminded me of something "Norm" from "Cheers" once said:

 

 

 

 

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3 hours ago, Wheelman said:

Shabibi stated gradual, spontaneous, no fanfare!

 

exactly ... the rate will be different one day ( positive )

iraq will continue and speculators / investors / business will too .... anticipation 

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4 hours ago, Wheelman said:

 

  •  
  •  Time: 03/31/2021 17:10:06
  •  
  •  Read: 13 times
  •  
      
    Parliament transfers the budget from the dollar to the dinar to overcome the dispute
      
    {Policy: Al Furat News} The House of Representatives decided in its meeting held today, Wednesday, to convert the federal budget for 2021 from the dollar to the Iraqi dinar.
     

    A representative source said {for the Euphrates News} that "it was agreed to transfer the budget from the dollar to the Iraqi dinar, in order not to delay its approval and isolate it from the differences of the rise of the dollar."
    He pointed out that "a proposal was made to follow up on the issue of the dollar with the central bank and finance in other sessions without marketing the crisis to the budget after it was agreed to transfer the budget from the dollar to the dinar."
    Wafa Al-Fatlawi

great news now rate change.....if budget is now in dinar rate must chnage,

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