Open Market Operations aka "Currency Auctions"

[OfCamelot]

http://www.iraqinews.com/business-iraqi-dinar/iraqi-cabinet-rules-out-replacing-or-omitting-zeros-from-iraqi-currency/

[sandfly]

GOOD JOB

[MovieMaker]

Thank you for your time put into this, WOW. Very nice job.

[JMULS31]

Great post! In all honesty, is it really the fact that there is to many dollars being used in Iraq over the dinar?  All Iraq has to do is RV and that will force the Iraqis to use there currency.  Thats easier said then done.  There's so much good news out right now in Iraq that it bobbles my mind why they wont pull the trigger.  The guy I know very well keeps telling me not to get my hopes up, because the govt is shady.... Probably wont happen this year.  I keep telling him, everyone is shady out there.  That doesnt change the fact that Iraq is the richest country in the world.  We all know out govt is holding onto billions of Iraqi dinar and so is Bush.  The trigger has to be pulled at sometime.  Im hoping before summer.  Our ecomony is NOT getting any better anytime soon.

[OfCamelot]

Interesting read in the finance and banking section of this:   http://www.iraqfinance.co.uk/images/Symexco_brochure.pdf

This article is quite enlightening.  If the Currency auctions are dropping, Iraq will have to boost their economy with raising the dinar values / high growth trajectory.  interesting read below:
 

Posted on 12 December 2012. Tags: Asiacell, Banking & Finance, Custodian Banks, EFG-Hermes, Foreign Investors, HSBC, IPO, ISX

By Mark DeWeaver.

Another roller coaster year for the ISX is drawing to a close. By the middle of May, the Rabee Securities RSISX index had fallen 24% from its early October 2011 peak. Since then, the market has staged a dramatic rebound. As of December 8, the index was down just 3% from the October high and up 8% for the year.

This rebound is all the more remarkable because it has occurred in the absence of any pick up in foreign participation. In 2011 foreigners were net buyers in 97% of the trading weeks with a share of monthly volume that exceeded 10% in all but three months. This year, foreign net buying has fallen sharply. (See chart.) Foreigners have been net sellers in about 40% of the trading weeks so far. Their monthly-volume share has exceeded 6% in only two months. (See the latest Rabee Securities Weekly for a nice chart of the foreign share of monthly volume.)

There is also no obvious catalyst for fresh inflows of foreign money at this point. While the regulators have finally decided to offer custodian bank licenses, HSBC has apparently lost interest in providing share custody in Iraq and no one else has stepped up to take its place. (See this post for more on the custody issue.) EFG-Hermes also seems to have suspended its swaps program, shutting down another potential channel through which institutional investors might have accessed the market. (There’s more on the EFG swaps here.) Even the much-vaunted Asiacell IPO, which I once thought might at last put the ISX on foreign fund managers’ radars, now appears to be targeted mainly at local individuals.

This failure to attract outside money is not the end of the world, however. When the right economic fundamentals are in place, emerging markets can easily go up without foreigner investors. Think of the largely closed Chinese and Saudi markets for example. Or Kuwait’s infamous Souk al Manakh, which rose to such dizzy heights in 1982 that it was briefly the third largest market in the world after the US and Japan.

For the ISX to keep going up, problems like share custody don’t really need to be solved. The important thing is for the Iraqi economy to stay on its current high-growth trajectory. As long as the listed companies’ earnings are growing at double digit rates and local investors are flush with cash there’s really no reason why this year’s home-grown rally shouldn’t continue into 2013.

Edited April 7, 2013 by OfCamelot

[OfCamelot]

Very interesting article of the 5th.  Concerns the use of the port in Iraq.  Really leads up to pressure that the Dinar has to Re-evaluate. 

This is essential to "raise" the revenue.  I believe that its measures like this that will translate and progress towards the re-evaluation.  JMO.

 

http://www.iraqinews.com/business-iraqi-dinar/economy-committee-accuses-political-figures-of-delaying-endorsment-of-customs-tariff-law/

Edited April 8, 2013 by OfCamelot

[OfCamelot]

http://************.com/2013/03/20/experts-warn-of-deteriorating-iraqi-currency-by-deleting-zeros/

 

 

Experts warn of deteriorating Iraqi currency by deleting zerosPosted: March 20, 2013 in Iraqi Dinar/Politics
Tags: Central bank, Currency, Economic, Economic stability, Economy of Iraq, Government, Iraq, Iraqi dinar

19/03/2013 06: 47
Iraqi economists warned of a possible collapse of the national currency when applying the draft three zeros from the currency, deletion, stressing at the same time if he was deleting zeroes from the Iraqi currency at present would be interpreted so many risks because of poor conditions in the country, instability, insecurity and corruption, noting that this process is not possible at present because it will lead to a major crisis in the Iraqi economy.

And the beautiful name Economist Antoine: “Although the deletion of zeros from the currency a currency and ease restructuring large digital calculations for cashiers to alleviate burdens of Accountants in count number portability but currently not suitable for Exchange because there is no security and economic stability in the country.”

Anton said that “political differences in the country have a clear impact on the economy because politics and Economics توءمان do not differ from each other to improve the country’s economy requires political decisions and political will as well as building a well-defined economic strategy of the country, involving professionals and economic efficiencies.

Said the Economic Adviser to the Iraqi Prime Minister Abd al-Husayn Al-Anbuge to delete zeros from the local currency will increase the phenomenon of money laundering.

He pointed out that the Government had informed the Central Bank risk economic security in case the Bank insisted on the deletion of zeros from the local currency.He said the process cost time and effort to the Government and the Central Bank and raises the level of fraud of some terrorist groups for smuggling money out of the country.

Earlier, he had called the Iraqi Cabinet last month asked to wait in the application deleting zeros from the local currency to further notice. Observers say that the Government intended to delete zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar but economists underestimated the importance of this step, saying that the cost of raising zeros will be greater than the benefit of lifting.

[Jimbo60]

I really sorry to say I really don't understand but about half of all this. But I do know I called several banks today and none of them will touch the Iraqi dinar mainly because its not internationally traded I learned today that I must sell it back to the place I bought it at a significate loss!!! I got I into this from a friend that knew I had no retirement nor hopes of one, no health issurance either. So this would be a once in a lifetime opportunity for me. I was texted last night saying its here they gonna rv next couple days but haven't seen any REAL news it's happening. So all of you with experience in these things the big question from me. WHEN???? What r your predictions???? Anything PLEASE I'm beside myself with worry I might have jeopardized my family even more by getting in this!!

[Jimbo60]

To ofcamelot. I find it amazing what u said because I just spoke with Wells Fargo this morning myself and they told me they would not touch the Iraqi dinar!!!!