Parliamentary Finance: We look forward to coordinating with the Central Bank to increase the value of the dinar

[Hotcurl]

Gee, I don't know ........ .76 after all this time ??

 

I think, I'm going to hold out for .77 or maybe .78 and then I'll start to think about it  

 

In reality @ .76 I'm gone, pay the taxes and fees and never looking back ................

 

RV there yet ??      

[Artitech]

24 minutes ago, Hotcurl said:

Gee, I don't know ........ .76 after all this time ??

 

I think, I'm going to hold out for .77 or maybe .78 and then I'll start to think about it  

 

In reality @ .76 I'm gone, pay the taxes and fees and never looking back ................

 

RV there yet ??      

Me too! It’s really hard to believe they are broadcasting this, I was always in the thought process, that number was top secret. One day it’s 1310 next day it’s a $1.00 or whatever the rate maybe! Also I will believe it when I’m at WF changing my IQD to $!!! 🤠

[Half Crazy Runner]

1 hour ago, Laid Back said:

Two news articles this week talking openly about raising the value of the dinar

And actually talking about a specific rate!! I never expected this!  I’m very optimistic. 

[edbeach]

I remember few years ago the CBI had said their intention was to be 1 dinar to $1.00  so maybe they still will go for the 1 to 1,  My question still is doesn't the parliament still have to vote on this. In that case it could take years for this .76 cents to happen. We know how they argue back & forth constantly on voting so don't get excited unless it is approved by their parliament. JMHO

[Longtimelurker]

53 minutes ago, Artitech said:

Me too! It’s really hard to believe they are broadcasting this, I was always in the thought process, that number was top secret. One day it’s 1310 next day it’s a $1.00 or whatever the rate maybe! Also I will believe it when I’m at WF changing my IQD to $!!! 🤠

Kim clement said "There will be a run on the dinar". If they keep announcing it, this will be another fulfilled prophesy

[rvmydinar]

4 hours ago, Longtimelurker said:

 1320.0 to 1.3200 is from removing 3 zeros. 

Don't get overly excited yet folks. Just wonder, is removing 3 zeros from the exchange rate or the bank notes or both of them??? That's a million dollar question.

[Half Crazy Runner]

55 minutes ago, edbeach said:

My question still is doesn't the parliament still have to vote on this

I think the decision is ultimately made by the CBI. They are the only ones that have the authority to make the change. 

[BETTYBOOP]

13 minutes ago, rvmydinar said:

Don't get overly excited yet folks. Just wonder, is removing 3 zeros from the exchange rate or the bank notes or both of them??? That's a million dollar question.

Seriously!?   how many articles have been posted on this sight alone explaining this? Clearly you don't read or retain any information!!!

[rvmydinar]

4 minutes ago, BETTYBOOP said:

Seriously!?   how many articles have been posted on this sight alone explaining this? Clearly you don't read or retain any information!!!

Because only CBI knows the answer. 

[3n1]

1 minute ago, rvmydinar said:

Don't get overly excited yet folks. Just wonder, is removing 3 zeros from the exchange rate or the bank notes or both of them??? That's a million dollar question.

 

cant over look the " delete the zeros project " was thought to include bringing the 3 zero notes in to the cbi to reduce the note count the cbi has tried every tactic to date other than increasing the iqd value ( exchange rate ) there is something like 70% of the iqd inside iraq is outside the banking system cbi wants that currency in the system , who knows if this is anything but the WTO full membership is looming and from what ive been told iraq needs a tradeable currency to be a full member , import export could hinder prosperity if they trade with the world ... nice discussion anyways . cheers

[rvmydinar]

2 minutes ago, 3n1 said:

 from what ive been told iraq needs a tradeable currency to be a full member 

Hope you're right. 

[Longtimelurker]

36 minutes ago, rvmydinar said:

Don't get overly excited yet folks. Just wonder, is removing 3 zeros from the exchange rate or the bank notes or both of them??? That's a million dollar question.

You can't have one without the other so I say both.

[wealthhound]

1 hour ago, Half Crazy Runner said:

And actually talking about a specific rate!! I never expected this!  I’m very optimistic. 

What do you think the motivation is to mention specific rates??

[BETTYBOOP]

36 minutes ago, rvmydinar said:

Because only CBI knows the answer. 

 And some of those articles have come direct from the cbi! Go get some education about what you have gotten yourself into. Lopping the currency does not benefit them and is used for hyper inflation., which Iraq does NOT have.

[BETTYBOOP]

17 minutes ago, wealthhound said:

What do you think the motivation is to mention specific rates??

Get dinars into the banks. Get the citizens to believe in their currency? Just a guess

[wealthhound]

7 minutes ago, BETTYBOOP said:

Get dinars into the banks. Get the citizens to believe in their currency? Just a guess

That’s what I was thinking! It makes sense to me!

[rvmydinar]

1 hour ago, Longtimelurker said:

You can't have one without the other so I say both.

So if you choose both, does than mean " Deleting 3 zeros both from exchange rate and bank notes " will lead to  RD/ LOP? I hope I was wrong.

 

[edbeach]

BettyBoop   That also was my thought getting the dinars out from the mattresses and into the banks.

[davis411]

1 hour ago, BETTYBOOP said:

Get dinars into the banks. Get the citizens to believe in their currency? Just a guess

Well they got me

i helieved

and only one standing in line at the bank

 

they are open

but asked me to get in line to stay ahead of the rush of everyone cashing in

[Bama Girl]

I’m very encouraged by these articles but so surprised definite plans are being announced. I never expected immediate plans to be advertised. All I can say is “Come on down!” 

[Bama Girl]

8 hours ago, Mary B said:

The Iraqi government is currently weighing the question of changing the currency so that the official cost of a US dollar will be 1.32 Iraqi dinars instead of 1,320 dinars. Implementing such a decision is likely to significantly increase Al Sudani’s popularity. 

 

https://www.jpost.com/middle-east/article-791161

 

is that .76 cents

 

In their “weighing”, I hope they actually decide to do it instead of just talking about it forever. 

[6ly410]

CBE Governor talks about printing dinars and US sanctions on Iraqi banks

economy

Ultra Iraq

 

14-Mar-2024

MEETING BETWEEN THE RELATIONSHIP AND PARLIAMENTARY FINANCE (FACEBOOK)

 

Central Bank Governor Ali al-Alaq revealed on Thursday, March 14, 2024, meetings with the US Treasury to reconsider sanctions on Iraqi banks, during his discussions with the parliamentary finance committee, including the printing of the local currency "dinar".

According to a statement seen by Ultra Iraq, the Finance Committee hosted the Governor of the Central Bank Ali Al-Alaq, "to discuss a number of important files, most notably measures to address the large gap in the sale of the dollar between the official rate and the parallel market, as well as foreign trade transfers through the (platform)."

The meeting reviewed "the file of US Treasury sanctions on local banks and the extent of their impact on monetary and financial policy and banking work in the country, and the measures taken by the Central Bank in this regard," as well as "discussing the approved international standards and future plans to improve the reality of the banking system and the possibility of expanding relations with international banks and drawing the structure of banks and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank Law."

The statement quoted the governor of the central bank as stressing "the development of basic rules in order to monitor the process of external and internal remittances," claiming "the instability of the exchange rate due to the existence of illegal trade carried out by small traders and some speculators that are financed by withdrawing cash dollars from the market."

Al-Alaq stressed that "the external sanctions imposed on a large number of our local banks, hindered efforts and plans to open relations and lines of communication with accredited international correspondent banks," pointing out that there are "continuous meetings with the US Treasury, and it was agreed to reconsider the sanctions imposed on Iraqi banks, and that such decisions should not be issued in the future until after discussing and informing the Central Bank of Iraq as it is concerned with monitoring their activity."

In another context, Al-Alaq pointed out that "the process of printing the local currency is carried out according to the required financial cover and in a way that balances between foreign and local currency and prevents any inflation."

Parliamentary Finance Chief Atwan al-Atwani pointed to "the aspiration for continuous co-ordination and co-operation with the Central Bank in order to increase the value of the Iraqi dinar and control the local market in order to ease the burden on citizens".

Eight months ago, the same meeting was held between members of the Parliamentary Finance Committee and Ali Al-Alaq, regarding the banking sector, the rise in the exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks.

At the time, al-Atwani spoke of "optimism in the process of reforming the economic reality, managing funds, and the path of controlling the exchange rate," stressing that "there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures to control the labor market and the exchange rate."

 

[DF#1]

Why would they announce it..

[screwball]

1 hour ago, wealthhound said:

That’s what I was thinking! It makes sense to me!

Well atleast see what happens when they mention specific rates! Ie: let’s see how much cash we can draw into the banks? 

[screwball]

1 minute ago, DF#1 said:

Why would they announce it..

Get cash in banks and increase electornic bank accounts or atleast see what happens or what sort of response they get.