Nusseiri: The implementation of the strategy of the Central Bank contributed to the improvement of the dinar exchange rate against the dollar
Economy News _ Baghdad – The economic and banking adviser to the Association of Iraqi Private Banks Samir Nusairi, said that the central bank and the banking sector played a key role in overcoming the economic and financial crisis, and support the state treasury and methods and procedures and new instruments in the applications of monetary policy.
Al-Nusairi said in an interview with “Economy News” that “the Central Bank has worked mainly on combating money laundering and financing of terrorism, strict adherence to international regulations, rules and standards, re-evaluation and classification of banks in light of their compliance with compliance regulations and determining the last beneficiary in the window of sale of foreign currency and work mechanisms New in the proactive control internally and externally led to higher value and purchasing power of the Iraqi dinar against the dollar exchange rate, “noting that” the most prominent reasons for the recovery of the Iraqi dinar is the plan and procedures of the Central Bank and cooperation with the banking sector and the commitment to Died and standards issued by the Central Bank. ”
“The Iraqi banking sector is the first major link in the economic circles of Iraq and occupies a fundamental and important aspect as the financial and investment sector, which is the main part of the financing and management of economies.”…
Read Full Text: http://www.dinarupdates.com/showthread.php?56381-The-implementation-of-the-strategy-of-the-CBI-contributed-to-the-Dinar-improvement
(Special Thanks to Vernell)
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BGG Q & A:
Q: What is this 90 day 2 % everyone talking about has it started and does it mean we have to have 2 % for 90 days before a rv ?
A: If I recall correctly, the “IMF 2% rule” refers to the spread between the Official rate and Market rate of the currency on any given day.
The rule is, basically – they must maintain this 2% (or less) gap for at least 90 days prior to accepting IMF Article 8 general obligations (as a member country) and concurrently from then on. Now – would the IMF allow them some latitude on the 90 day entry point? Possibly.
However, the real issue everyone is stewing over is this…
Does this recent closing of the gap between the “Official rate” and “Market rate” forecast some coming change or is it much ado about nothing?
There are articles regularly touting the tightening of this gap… or the “Strengthening of the Dinar against the Dollar” or some other various titles along those same lines. Ask yourself why? Because they know what it means.
Whichever side of the fence you are on here, this tightening of the OR/MR gap is the single most visible, interesting and encouraging “data point” we’ve seen in a very, very long time.
Personally, as I have said many times, I don’t care if it is a fixed rate, a managed rate, a dirty float, a naked float or some weird combination. I DON’T CARE!!
My confidence in the future of Iraq is such that, I believe whichever it goes – in a reasonably short period of time, the value will wind up in the same place any way.
The key for me? Just get STARTED!!
Q: Doesn’t this mean it won’t move more than 2% after its revalued? What’s everyone’s concern? It’s that it can move from where it is no more than 2% which means nobody gets rich over night. It doesn’t even start until after they are an internationally traded currency. Much concern about nothing!!
A: That’s not at all what it means…
1) this refers the spread between the official rate and the market rate… NOT a 2% difference between today’s official rate and tomorrow’s official rate.
Further – the 2% rule doesn’t care if the rate is .10 per Dinar or $10 per Dinar… or if it fluctuates across that whole range for 90 days (just an illustration – not possible). What matters is if the “Official rate” of ‘X’ and the “Market rate” (which is the number it is sold at, publicly) have a reflective DIFFERENCE of 2% or less.
2) Internationally trading and value should (or could) happen at the same time.
(Stay tuned for more…)
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Abadi discusses with INTERPOL Secretary General the exchange of expertise on cyber crimes and money laundering
Prime Minister Haider al-Abadi received in his office Tuesday Interpol Secretary-General Jürgen Stok. During the meeting, they discussed the exchange of experiences and capacity-building with information crimes, social networking, money laundering and terrorism, and working with Iraq in its campaign to recover smuggled money and to retrieve fugitives.
He praised the leadership of Haydar al-Abadi for the country, pointing out that Iraq has become an active and integrated member in building and activating the system of warning and pre-warning, building a global biometric system and using artificial intelligence applications and databases to detect fraud and smuggling.
“The Iraqis have sacrificed their blood in defense of the security of the world, so we stand with Iraq now to preserve its security and the security of the world.
Read More: http://www.dinarupdates.com/showthread.php?56388-Abadi-discusses-with-INTERPOL-Secretary-General-the-exchange-of-expertise-on-cyber-cr
BGG ~ While they appear to be making headway on their “Official rate – Market rate” spread… it would do wonders for international investment if they would make some visible and public encroachments against their endemic corruption.
Their bloated OR/MR spread is just a symptom – it is not the problem. The problem is the corruption that feeds the disparity.
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Central Bank of Iraq Auctions $189,921,893 on 27 February 2018
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on February 27 registered $189,921,893 in sales, a -1.34% volume decline from the US $192,498,405 sold by Iraqi Dinar, credit and transfer at the previous auction held on February 26.
The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on February 27 compared to the previous auction.
Data for the February 27 auction was made public by CBI Announcement Number 3644.
Dollar sales in the in the period January 1, 2018 to February 27, 2018 saw an increase of -1% compared to the sales of US $5.97 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.
An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.88 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.
Article Credit: http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
BGG ~ I will continue to highlight the regular auctions. After recently asking around about the reasons for the “tightening” of the supply of Dinar in the U.S… one of the main reasons I got was the fewer and fewer auctions. Wait – what?!? They are still having fairly robust auctions.
So, obviously, that’s not true… so what is it?
Another possibility is this MASSIVE financial embargo on Kurdistan, provided this was where currency was coming from.
I have also heard of a couple of major players talking about having money in – or being able to get money out of Kurdistan… all baloney. Kurdistan has been under very tight controls since snubbing the world diplomats with this sham vote pushed by Barzani.
Why was it a sham vote? Simple fact: you can’t just take what isn’t yours to take just because you vote on it.
Back to my previous rebuttal – anyone who actually had money in Kurdistan would have either gotten it out or is REALLY “up a creek”… likely just more B.S.
So…
1) Fewer auctions?
2) Tightening borders (fewer exports)?
3) More demand? I sincerely doubt it.
4) IMHO and most likely, the supply here in the U.S. from disgruntled sellers, which is likely where the bulk of the U.S. supply really comes from, and current interested buyers has finally reached a point of parity where the “supply – demand” scales are more evenly balanced.
Hence, the price goes up.
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Stability of the dollar in Iraq, but the lowest for weeks
[BAGHDAD] Foreign currency markets in Baghdad on Tuesday morning stabilized at the dollar’s exchange rate against the Iraqi dinar but are still at their lowest level in weeks.
The market price in the Kifah Stock Exchange in Baghdad was 1220 dinars per dollar, or 122 thousand dinars for one hundred dollars.
The prices of selling and buying dollars in banking companies were:
The selling price of one dollar 12250 dinars, or 122 thousand and 500 dinars, for one hundred dollars and the purchase price of the dollar is 1215 dinars, or 121 thousand and 500 dinars, for one hundred dollars.
Foreign Exchange Rates:
EUR World Price: 100 Euro = 123.21 USD The
World Price: 100 Bounds = 139.55
Turkish Lira. World Price: $ 100 = 378.45 Turkish Lira.
Article Credit: alliraqnews.com (Special Thanks to Vernell)
BGG ~ Oh wow!! Another move down!!
…”the 2% rule is calculated off the Official Rate plus CBI commissions (1182 + 8 dinar commissions X .02 = 23.8) which puts it at 1213 to $1″…
only 7 more Dinars to go…
P.S. Them getting into compliance with IMF guidelines may or may not be a big deal. However, if it is, then a 3 Dinar move in one day – leaving only 7 Dinars to go, is a GIGANTIC DEAL.
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Enorrste (Dinar Guru) – …Once the ball starts rolling it will proceed quickly to a value that we can all enjoy. The simple fact is that there are now a vast majority of factors in our favor versus the few left that seem to be holding this back. ISIS is decimated in Iraq; the banking structure is becoming more internationally connected; interest in investing has risen even if actual investment has not yet begun; the CBI has finally tackled the problem with the spread (this is really key); the CBI is officially on the record now for some time to move toward a floating currency; talk of ending the auctions has risen to the point that it will become a reality soon; the IMF is trustee over the CBI and is on record to move Iraq into the real world; etc. I will be surprised if we don’t see the float begin sometime this year.
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – Article: “A new drop for the dollar today in Iraq” Quote: “The exchange rate of the US dollar against the Iraqi dinar continues to decline for the second month in a row. The foreign exchange markets in Baghdad, on Monday morning, the decline in the dollar exchange rate against the Iraqi dinar. The market price in the Kifah Stock Exchange in Baghdad was 1220 dinars per dollar, or 122 thousand dinars for one hundred dollars.” …All we can do is wait and see each day what they report for the auction. 1220 is close…let’s give it another week and see if they are in compliance.
Read more: http://www.dinarupdates.com/observer/
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Shabandar: I have documents condemning Nuri al-Maliki with 6 counts
The former leader of the Islamic Dawa Party, Ghalib Shabandar, said he had documents condemning the leader of a coalition of state law, former Prime Minister Nuri al-Maliki.
Shabandar said in a televised interview with documents condemning al-Maliki, indicating that the first document is the fall of a third of Iraq and the second document the spread of illiteracy and the third is the explosion of 17 car bombs a day at the time of the premiership and the fourth is the collapse of electricity.
He continued, contrary to the theory of the party has established facades of his brothers and relatives, stressing that this document is conclusive confirmation that Maliki is not partisan in the strict sense.
He added that the other document is that he wanted to limit the religious authority in Najaf through a reference abroad and unfortunately he is moving in this non-scientific way.
Article Credit: knoozmedia.com (Special Thanks to Tim Tarkington)
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Kaperoni (Dinar Guru) – Article: “Alnasiri: Implementation of the Central Bank’s strategy contributed to the improvement of the dinar’s exchange rate against the dollar” They had a few months with the UST and IMF to figure out a plan to reduce the spread. It seems likely they are on track to compliance. We all know the investment won’t come if they do not get the market economy going. Time is running out.
Read more: http://www.dinarupdates.com/observer/
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Chattels (Dinar Guru) – It is encouraging to watch the improvement in the market rate of the dinar in Iraq. Arguably a singular transparent progress available to us.
Read more: http://www.dinarupdates.com/observer/
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Today, the dollar is falling against the Iraqi dinar
(Independent) .. The prices of the dollar exchange rate resumed the decline with the beginning of this week on the stock market and local markets on Saturday (24 February 2018).
Kifah Stock Exchange – Baghdad 122.250 dinars, while prices for Thursday 122,500 dinars.
Selling and buying prices in banking shops:
Selling price of the dollar = 122.750 dinars.
The price of buying the dollar = 121.750 dinars
Article Credit: mustaqila.com (Special Thanks to both Charles and Tim)
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Some interesting headlines…
The parliamentary pledge to approve the budget by a tripartite meeting and a repeat scenario
Baghdad agrees to raise the proportion of Kurdistan from the budget and Erbil is waiting
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Sudani: Iraq is moving towards a market economy
BAGHDAD / Al-Sabah: The Minister of Labor and Social Affairs Mohammed Shiaa al-Sudani said that Iraq, having achieved victory over terrorist gangs, is witnessing a qualitative shift in its policies towards a market economy.
“The government has embarked on a package of economic reforms to support the private sector and create an attractive environment for investment,” Al Sudani said during a speech at the Islamic Conference of Labor Ministers held in Jeddah, Saudi Arabia.
The Sudani, said «the Ministry of Labor and Social Affairs and its supporters began to pay attention to issues of poverty and unemployment through the enactment of new laws».
Article Credit: alsabaah.iq (Special Thanks to Tim Tarkington)
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Click this link to join the DU “private” FaceBook Group…
https://www.facebook.com/groups/571383766355188/
(go here and ask to join… then add some Dinar Friends!!)
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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