CBI: Reduce The ER Of USD By Strengthening The IQD.

[Luigi1]

Here's an article of Dinarian interests...

IQD will strengthen against the USD.

CBI committed to strengthening the IQD.

It sounds more like a gradual float.

Treat as a rumor.  Not verified.  Your opine.

 

 

 

Tlm724 Administrator Bondlady’s Corner Central:  Commitment To Strict Currency Financing Instructions Will Significantly Reduce The Exchange Rate.
ARTICLE: The Central Bank revealed its plans to raise financial & gold reserves, while noting that adherence to foreign currency financing packages will contribute to a significant decrease in the Dollar exchange rate in the coming days.

 

Al-Alaq said, in an interview with an official news agency, that “packages of instructions for financing in foreign currencies abroad were launched with the launch of the electronic platform,” noting that “the aim of this package is to meet the requests of all the needs of the Iraqi economic sectors in addition to the needs of citizens for travel, treatment & study.”  “. Al-Alaq added, “These packages contributed to organizing a large part of the trade process in Iraq through the entry of various sectors into the official channels of transfer & mitigated the fluctuations in exchange rates, which at the beginning of the launch of the platform in the market reached approximately 160 thousand dinars per Dollar.” “.

 

He stressed, “There is a significant improvement in the work of the trade financing platform & the cash payment platform & that proceeding in this framework will contribute to a significant decrease in the exchange rate in the coming days.”   Regarding plans to raise financial reserves and gold in the central bank, Al-Alaq said, “The two most important factors that determine the accumulation and depletion of foreign reserves are external, as the accumulation of reserves is mainly linked to the amount of oil exports & the price of a barrel, while the depletion of reserves takes place through importing goods & services as well as external transfers.” “, stressing that “under normal circumstances, this bank aims to build a sustainable level of foreign reserves while ensuring high liquidity & relatively good returns.”


 

[Bob]

160,000 Dinars per USD!  BS

[BETTYBOOP]

Is there anywhere that states they must return to the foreign? or can they trundle on as they are?

[Luigi1]

1 hour ago, BETTYBOOP said:

Is there anywhere that states they must return to the foreign? or can they trundle on as they are?

 

From the above article, it sounds like they are going to float based on the strength of the IQD against the USD. 

It appears the strength of the IQD will be based on how it does against other currencies besides the USD.

[Luigi1]

HOT:  Here's an article related to the above...the HCL will pass as soon as the Budget Law is implemented...

 

 

TNT  via  Tishwash:  The Council Of Ministers Holds An Emergency Session Headed By The Sudanese. 

ARTICLE: Today, the Council of Ministers held an emergency session, headed by Prime Minister Muhammad Shia’a Al-Sudani.   The media office of the Council of Ministers stated in a statement that “the Council of Ministers held an emergency session chaired by Prime Minister Muhammad Shia’a Al-Sudani” to discuss & evaluate the implementation of the government program.

 

Tishwash:  Al-Fateh:  The oil & gas law will be passed after the budget is approved    The representative of the Al-Fateh Alliance, Muhammad Karim, confirmed today, Sunday, that the decision to vote on the articles related to the Kurdistan region in the draft federal general budget will pave the way for the approval of the oil & gas law.    In an interview with Al-Maalouma, Karim said, “The controversial articles that were voted on regarding the region will be fixed,” pointing out that “the articles pertaining to the region will be the basis for approving the oil and gas law.”

 

[yota691]

Central Bank Governor: Dollar exchange rates will drop dramatically in the coming days

[yota691]

Headed by Al-Sudani, the Council of Ministers holds an emergency session to evaluate the implementation of the government program

[rvmydinar]

14 hours ago, yota691 said:

Central Bank Governor: Dollar exchange rates will drop dramatically in the coming days

Let's just wait and see how low the rate can go. Hopefully not 1,190.

[BETTYBOOP]

I don't think it will drop at all. Maybe a few pips but I would be surprised if it is a dramatic change. As long as the parallel market is functioning  nowt will change. They need the dinar to either equal a dollar or be just above it for the citizens to really buy into the dinar being stronger. 

I hope we are not stuck here for another 3 yrs but it is Iraq so anything is possible. What does make me wonder is if they have no intention of changing the rate why tell the iraqi people to use dinar because it is stronger. ? Yeah they need away from MCP but if the rate doesn't change the people will continue to look for dollars. IMHO

[Dretown39]

6 hours ago, BETTYBOOP said:

I don't think it will drop at all. Maybe a few pips but I would be surprised if it is a dramatic change. As long as the parallel market is functioning  nowt will change. They need the dinar to either equal a dollar or be just above it for the citizens to really buy into the dinar being stronger. 

I hope we are not stuck here for another 3 yrs but it is Iraq so anything is possible. What does make me wonder is if they have no intention of changing the rate why tell the iraqi people to use dinar because it is stronger. ? Yeah they need away from MCP but if the rate doesn't change the people will continue to look for dollars. IMHO

Hello. I really feel that they will never have control over the parallel market or black market. The CBI could still flip the switch anytime regardless of that scenario. Just my 2 cents.