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Disorders of the Iraqi exchange market after the decline of the dinar

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Proven
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Disorders of the Iraqi exchange market after the decline of the dinar

Post by Proven on Sun 07 Jun 2015, 6:08 pm

Disorders of the Iraqi exchange market after the decline of the dinar

Jun 7, 2015


BAGHDAD - Ali Jawad- Alonadol-
Economists and Financial Iraqi officials that the decline in the Iraqi dinar exchange rate against foreign currencies recently, was a result of increased demand for the dollar, and led to fluctuations in market transactions, reflected directly on public life, said.

As a result, prices of imported goods rose (food, construction, and electrical) compared with the prices that prevailed two months ago, by up to 10%, while the central bank plans a new currency category of 50 thousand dinars ask, as one of containing the crisis procedures.

And the decline of the Iraqi dinar exchange rate against the dollar since the beginning of last month to record about 1230 dinars to the dollar, while the exchange rate was stable over the past years at 1223 dinars to the dollar.

Said Abdul-Razzaq al-Saadi, an economist and former head of the Securities Commission of Anatolia "The decline in the dinar exchange rate against the dollar and exchange rate instability cause volatility in commercial transactions, and to pay the high prices of goods in the domestic market."

"The lack of clarity in the Iraqi Central Bank's policy on exchange rate stability mechanisms adopted by the Bank led to fluctuations in the market," pointing out that "the central bank needs to inter procedures that explain monetary policy in the country."

For his part, the Iraqi Central Bank announced that "the main reasons that led to the decline in the dinar exchange rate against the dollar is escaped hard currency (foreign) out of the country, and breadth of speculative activity in the foreign exchange market (banking) offices."

Said Majid picture member of the governing body of the central bank in a statement of Anatolia, said that "there are a number of reasons, which leads to lower exchange rates and increased demand for hard currency, despite the increase in supply by the Central Bank of Iraq, including foreign travel requests, and capital flight ".

He continued that "it is very difficult to control the exchange rate by only central bank actions, should interfere with the rest of the government institutions concerned to limit capital flight operations."
As solutions and real-time decided the Central Bank of Iraq, according to my photos "B1193 dollar dinars per dollar in the sale of 18 banks, the banks granting three points per dollar, in order to stabilize the exchange rate."

The Finance Committee in the Iraqi Parliament held that "quantifying the amounts sold by the central bank a day led to a decline in the exchange rates," noting that during the next month, "a new currency may contribute to the decline in demand for the dollar will go."

Said Abdul Jabbar, a member of the Committee for the Creator Anatolia correspondent that "the Central Bank of Iraq was already sells a daily average of $ 400 million, it was sold amounts of dollar recently reduced to $ 75 million a day, and this has led to increased demand for the dollar."

He added that "the new paper currency which is scheduled to put on the market next month will have an important role in reducing the demand for the dollar, and the high price of the Iraqi dinar to average."

It is scheduled that the Central Bank of Iraq poses a new currency category of 50 thousand dinars, to be added to other paper categories, namely 25 thousand, 10 thousand, 5 thousand dinars, and thousand dinars and 250 dinars.

http://www.raialyoum.com/?p=268639
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Re: Disorders of the Iraqi exchange market after the decline of the dinar

Post by wciappetta on Sun 07 Jun 2015, 6:16 pm

I like it.....


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Re: Disorders of the Iraqi exchange market after the decline of the dinar

Post by weslin3 on Sun 07 Jun 2015, 6:24 pm

Does sound good!

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Re: Disorders of the Iraqi exchange market after the decline of the dinar

Post by mochasmom on Sun 07 Jun 2015, 6:38 pm

So, is it a 50,000 or is it a 50? I remember Duck saying no 50,000....that it was fils...if that's the case, next mo would mean RV, right...

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Re: Disorders of the Iraqi exchange market after the decline of the dinar

Post by Proven on Sun 07 Jun 2015, 7:29 pm

@mochasmom wrote:So, is it a 50,000 or is it a 50?  I remember Duck saying no 50,000....that it was fils...if that's the case, next mo would mean RV, right...

Mocha,   

If they are talking about issuing a 50 dinar note, we won't hear much about it directly, because of speculators.  We will probably hear about the passing/implementing the amendments to the investment law that will initiate economic development.  Also, starting the small loans to businesses.  We might hear about the restructuring of the currency in conjunction with the delete the zeros project.  I'm sure they will not talk about raising the value of the currency as part of the delete the zeros project until it happens.  I think by this time ISIS will not be an issue.      

If it is just an opinion piece, it will just die out.

If they are going to issue a 50,000 dinar note, we should hear something official from the CBI.  The last articles allegedly from the CBI on this is that they had to print the notes and some time in 2016 it would possibly be issued.  Additional articles stated that it did not make sense to issue this note when it would subsequently be withdrawn because of the delete the zeros project.  

If it is about fils, someone else needs to explain this.  

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Re: Disorders of the Iraqi exchange market after the decline of the dinar

Post by duck2000 on Sun 07 Jun 2015, 8:17 pm

iraq has two options as do we ...they can hold firm add new lower notes and REVALUE the currency or they can add zeros too the currency add inflation.. at the same time which will cause larger notes required.. no credit rateing will be given .. no bonds will be issued..now as far as us we can wait to see which way they go large or small.. selll or hold ONLY one thing will happen you decide!! they cannot do both that is fact!!! no speculation .. read economics and learn!!

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Re: Disorders of the Iraqi exchange market after the decline of the dinar

Post by duck2000 on Sun 07 Jun 2015, 8:29 pm

Zimbabwe’s regular and drastic currency rebasing a few years ago might have created the impression that dropping zeros is a desperate and cosmetic exercise, but analysts say it is often necessary to rebase a currency, ideally when an economy is stable and growing.
“Currency rebasing is usually implemented when there is a need to address costs associated with an accumulated loss in value of the currency that undermines its basic function as a store of value, medium of exchange and measure of value,” said Janine Botha, economist at NKC Independent Economists.

The Bank of Zambia said high kwacha denominations were the result of high inflation for a long time. Zambia had very high inflation in the 1990s and early 2000s. Its inflation peaked at 188% in 1993.

Too many zeros on a currency simply becomes an administrative nightmare,” said Jannie Rossouw, economics professor at Unisa’s department of economics. “People have to walk around with bags full of money. Zimbabwe issued a Z$100-trillion note at one stage, and at some point there simply is not enough space left on a note to print all the zeros.”

http://www.bdlive.co.za/world/africa/2012/11/25/zambia-zeroes-in-on-new-banknotes

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Re: Disorders of the Iraqi exchange market after the decline of the dinar

Post by duck2000 on Sun 07 Jun 2015, 8:41 pm

until 1960, when the currency was devalued to 9 Turkish lira = 1 dollar. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall.

  • 1966 – 1 U.S. dollar = 9 Turkish lira
  • 1980 – 1 U.S. dollar = 90 Turkish lira
  • 1988 – 1 U.S. dollar = 1,300 Turkish lira
  • 1995 – 1 U.S. dollar = 45,000 Turkish lira
  • 2001 – 1 U.S. dollar = 1,650,000 Turkish lira


The Guinness Book of Records ranked the Turkish lira as the world's least valuable currency in 1995 and 1996, and again from 1999 to 2004. The Turkish lira had slid in value so far that one original gold lira coin could be sold for 154,400,000 Turkish lira before the 2005 revaluation.

from 1960 till 2005 seems a loooooooong wait!  will make this 12 excursion seem like a dream!

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Re: Disorders of the Iraqi exchange market after the decline of the dinar

Post by mochasmom on Sun 07 Jun 2015, 8:43 pm

Let's hope it stops at 12!!! Thanks Duck, and since we know they are pushing for the credit rating, I guess you put that one to bed too...

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Re: Disorders of the Iraqi exchange market after the decline of the dinar

Post by duck2000 on Sun 07 Jun 2015, 8:58 pm

credit rateing/ bonds and tarriffs are on my side ! the rest is others pure speculation!

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