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CBI: Reduced Sales of Foreign Currency From 150 to 50 Million Dollars a Day

DRV1804

By DRV1804,
in Iraq & Dinar Related News

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DRV1804 Newbie

DRV1804

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* CBI: Reduced Sales of Foreign Currency From 150 to 50 Million Dollars a Day

April 28th, 2011 10:57 am · Posted in NEWS (Iraq & World Currency)

Baghdad, 28 April (Rn) – An adviser to the Iraqi Central Bank, Thursday, from lower sales of hard currency of $ 150 million to $ 50 million per day because of the problems faced by clients in the private banks and government relating to disclosure of tax.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “a sharp decline in the proportion of buy hard currency at the Central Bank reached $ 150 million to $ 50 million,” attributing the cause to “strictures government to disclose the tax is an obstacle facing clients in the private and state banks “.

Saleh added that “the central bank seeks to coordinate monetary policy and fiscal policy through the provision of tax disclosure requirements of the Chambers of government tax,” noting that “most of the proceedings conducted by the international banks to balance the economic value and the achievement of the factors of development banking.”

He continued that “this sudden drop will certainly affect the purchasing power of Iraq to foreign currency, but will not last long because of the political followed by the Central Bank in the promotion of the foreign currency market and raise about the Iraqi dinar exchange rate.”

The central bank set the $ 250 billion Iraqi dinars as a minimum for the establishment of private banks in the country.

The House of Representatives its first session legislation to the Banking Act in 2007 to organize the work of private and state banks.

And the central bank of Iraq in the month of February last he will give the number of licenses to establish private banks, stressing that banks will increase the role of the country’s economic.

The total capital of Iraqi private banks one billion and 600 million dollars now, other than bank branches owned by Arab and foreign companies operating in the country.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

Allonan of Jafar, the Open: Mustafa morning

http://www.aknews.com/ar/aknews/2/215456/

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chilli24 Newbie

chilli24

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He continued that “this sudden drop will certainly affect the purchasing power of Iraq to foreign currency, but will not last long because of the political followed by the Central Bank in the promotion of the foreign currency market and raise about the Iraqi dinar exchange rate.”

This sentence is encouraging.

Edited by chilli24
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mlay901 Newbie

mlay901

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Man, I think this is good news on a couple of fronts. First of all, I agree with Goeers "like" and then also...in my mind with all the "smoke" they pump out it seems right in line that they would put this out there as a "no big deal" type of article in an effort to explain it away. Makes ya go hmmmmmmmmmm...GO RV!!!

Thanks for the post!

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Darin Newbie

Darin

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I really really like this part..............."but will not last long because of the political followed by the Central Bank in the promotion of the foreign currency market and raise about the Iraqi dinar exchange rate.”

LOP/RD or no LOP/RD - this statement is a good sign for us investors.

I guess, the question is, how long can they continue to let the auction results be so low with the tax inovled?

This could expedite the cause to increase the exchange rate..... The word "soon" is sounding sooner and sooner the more we read into it.

*Fingers crossed*

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DRV1804 Newbie

DRV1804

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"He continued that “this sudden drop will certainly affect the purchasing power of Iraq to foreign currency, but will not last long because of the political followed by the Central Bank in the promotion of the foreign currency market and raise about the Iraqi dinar exchange rate."

I like this paragraph!! I think this article is great news!! GO RV!!

LOP/RD or no LOP/RD - this statement is a good sign for us investors.

I guess, the question is, how long can they continue to let the auction results be so low with the tax inovled?

This could expedite the cause to increase the exchange rate..... The word "soon" is sounding sooner and sooner the more we read into it.

*Fingers crossed*

You must of been reading my mind.. :D

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new york kevin Experienced

new york kevin

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Finaly a really good article. Not the announcement we all are waiting for, but good none the less. I rated this a 4 out of 5 stars. It gives a realistic economically based explanation of a verifiable economics 101 event that occured inside of Iraq. One more brick to the foundation of a rv/ri. Only God knows when it will go. To many private Iraqi insiders/bankers messing around in the sand box, structuring things for their own benefit.

Then along come the USA insiders, Chinese insiders, Russian Insiders, French insiders, Kuwaiti insiders, Saudi insiders circling like sharks at a buffetline. Get out of the way and do want needs to be done so all can claim victory. God allows His rain to fall on the just and the unjust alike.

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TFK Newbie

TFK

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* CBI: Reduced Sales of Foreign Currency From 150 to 50 Million Dollars a Day

April 28th, 2011 10:57 am · Posted in NEWS (Iraq & World Currency)

Baghdad, 28 April (Rn) – An adviser to the Iraqi Central Bank, Thursday, from lower sales of hard currency of $ 150 million to $ 50 million per day because of the problems faced by clients in the private banks and government relating to disclosure of tax.

He continued that “this sudden drop will certainly affect the purchasing power of Iraq to foreign currency, but will not last long because of the political followed by the Central Bank in the promotion of the foreign currency market and raise about the Iraqi dinar exchange rate.”

Now this is hard news to pay attention to! Thanks for the great post!

A better translation would be nice. Is there any Arab speaking folks on here?

I can just imagine the speculators and press in country have been all over the CBI for why the auctions are so low this week. The tax issue looks like BS. He doesn't even try to explain it. I don't beleive much of anything that comes out of Saleh's mouth.

I think Shabibi's "soon" is just that, SOON! :)

Here's hoping!!

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techie Newbie

techie

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I agree this is finally something encouraging for us on 2 levels. One that exchange rate comment but also possibly the smoke and disinformation we have been waiting for also about the "tax". Its definately something to "Happy Dance" about.

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