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Iraq calls for a review of the dinar exchange rate

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wciappetta
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Iraq calls for a review of the dinar exchange rate

Post by wciappetta on Fri 17 Apr 2015, 4:54 am

The pressure is on... Saleh's comment I believe is merely Public Consumption., he knows there is only one solution. Raise the value, increases local demand problem solved... This entire exchange rate rut is one the government created purposely.

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Friday, April 17 / April 2015 (01: 0)
 
The CBI has issued resolutions aimed at raising the value of the dinar against the dollar, which included doubling the share of banking from companies, and allow banks «rational» and «Iraq» and «Government Commerce» open windows to sell the dollar for banking companies and small importers, reflected on the commercial market, which saw a significant decrease in the dollar's exchange rate after rising from 1228 to 1334 dinars to the dollar.
 
The decisions of the «Central» repercussions deemed interested in it contributed to the improvement in the dinar exchange rate, especially in light of the increasing demand for the dollar to settle import goods from the requirements, arguing the stability of the market accompanied by a relative increase in the value of the dinar.
 
He suggested the former deputy governor «Central» Economic Adviser to the Prime Minister the appearance of Mohammed Saleh correct path and the value of the dinar new prices in line with the economic situation faced by the country, saying that the official price of the dinar against the dollar is unrealistic in the current circumstances.
 
He said in a statement to «life» that «the central reserves» covers currency in circulation increased by one and a half times and is built on the basis of the $ 103 price for a barrel of oil with a surplus in the balance of payments, but the situation has now changed after the decline in oil prices, causing a deficit in the current account the balance of payments. He stressed the need to «lift restrictions on the central determining amounts sell the currency within Article 50 of the federal budget for the 2015 law, because of this restriction, the risk to the stability of the Iraqi market, as the central pricing is not conducive to stability in the presence of the parallel market». Article 50 of the federal budget bill that «Central is committed to identifying sales of the dollar in daily auction ceiling does not exceed $ 75 million». Saleh pointed out that «there is no room to deal with the deficit in the current account of the balance of payments official Baltsairh followed the dinar, which leads to the depletion of foreign currency».
 
He quoted economist Maytham Laibi saying that reducing the number of outlets selling the currency policy did not achieve results because they limited the ability of the market to expand into selling the dollar across multiple ports. He explained that the inventory of outlets selling the currency led to a monopoly, which in turn led to price controls in a larger format, so it has been working on the expansion of the number of ports. He added that the decline in the dollar exchange rate will remain subject to the height or the dollar amounts that can «Central» available to the market, and this depends on oil prices.


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Iraq calls for a review of the dinar exchange rate

Post by Proven on Fri 17 Apr 2015, 12:46 pm

Iraq calls for a review of the dinar exchange rate

Version: paper - International Version: Friday, April 17 / April 2015 (01: 0)

Last updated: Friday, April 17 / April 2015 (01: 0) BAGHDAD - Adel Mahdi

The CBI has issued resolutions aimed at raising the value of the dinar against the dollar, which included doubling the share of banking from companies, and allow banks «rational» and «Iraq» and «Government Commerce» open windows to sell the dollar for banking companies and small importers, reflected on the commercial market, which saw a significant decrease in the dollar's exchange rate after rising from 1228 to 1334 dinars to the dollar.

The decisions of the «Central» repercussions deemed interested in it contributed to the improvement in the dinar exchange rate, especially in light of the increasing demand for the dollar to settle import goods from the requirements, arguing the stability of the market accompanied by a relative increase in the value of the dinar.

He suggested the former deputy governor «Central» Economic Adviser to the Prime Minister the appearance of Mohammed Saleh correct path and the value of the dinar new prices in line with the economic situation faced by the country, saying that the official price of the dinar against the dollar is unrealistic in the current circumstances.

He said in a statement to «life» that «the central reserves» covers currency in circulation increased by one and a half times and is built on the basis of the $ 103 price for a barrel of oil with a surplus in the balance of payments, but the situation has now changed after the decline in oil prices, causing a deficit in the current account the balance of payments. He stressed the need to «lift restrictions on the central determining amounts sell the currency within Article 50 of the federal budget for the 2015 law, because of this restriction, the risk to the stability of the Iraqi market, as the central pricing is not conducive to stability in the presence of the parallel market». Article 50 of the federal budget bill that «Central is committed to identifying sales of the dollar in daily auction ceiling does not exceed $ 75 million». Saleh pointed out that «there is no room to deal with the deficit in the current account of the balance of payments official Baltsairh followed the dinar, which leads to the depletion of foreign currency».

He quoted economist Maytham Laibi saying that reducing the number of outlets selling the currency policy did not achieve results because they limited the ability of the market to expand into selling the dollar across multiple ports. He explained that the inventory of outlets selling the currency led to a monopoly, which in turn led to price controls in a larger format, so it has been working on the expansion of the number of ports. He added that the decline in the dollar exchange rate will remain subject to the height or the dollar amounts that can «Central» available to the market, and this depends on oil prices.



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noced71
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Re: Iraq calls for a review of the dinar exchange rate

Post by noced71 on Fri 17 Apr 2015, 1:07 pm

ok, so if they "issued" resolutions aimed at raising the value of the dinar against the dollar....what were those exact resolutions...and what is the current exchange rate they are going to? Since Saleh is saying the current rate is unrealistic.
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Re: Iraq calls for a review of the dinar exchange rate

Post by mochasmom on Fri 17 Apr 2015, 1:31 pm

Omg, tgif!!!
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Re: Iraq calls for a review of the dinar exchange rate

Post by Proven on Fri 17 Apr 2015, 3:55 pm

First, the title tells me that Iraq is well aware of the effects of a low exchange rate.  

Second, the impact of being a one trick pony, oil revenue, will cause problems for their foreign reserve balance.  Not enough sources of revenue.  Budget deficits will cause a draw down of the foreign reserve balance.  


Saleh pointed out that «there is no room to deal with the deficit in the current account of the balance of payments official Baltsairh followed the dinar, which leads to the depletion of foreign currency

The value of attracting foreign investor is that it will increase their foreign account balance.  Investors will trade in dollars for dinars.  

Third, the following paragraph is interesting:

He suggested the former deputy governor «Central» Economic Adviser to the Prime Minister the appearance of Mohammed Saleh correct path and the value of the dinar new prices in line with the economic situation faced by the country, saying that the official price of the dinar against the dollar is unrealistic in the current circumstances.

Synonyms for unrealistic:

   impossible
   impractical
   improbable
   quixotic
   silly
   unreal
   unworkable
   blue sky
   floating
   gone
   half-baked
   impracticable
   ivory-tower
   nonrealistic
   nonsensical
   not applicable
   not sensible
   on cloud nine
   reachy
   romantic
   starry-eyed
   theoretical

Antonyms for unrealistic

   believable
   possible
   practical
   sensible
   tenable
   pragmatic
   realistic
   reasonable


"Houston, we have (identified) the problem."

I am sure they see the solution.  They have told us.  It is the delete the zeros project implementation.  

It is the natural probable consequence of events.

"Number one, make it so."


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Neno
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Re: Iraq calls for a review of the dinar exchange rate

Post by Neno on Fri 17 Apr 2015, 5:47 pm

"Houston, we have (identified) the problem."

LOL, Like that... laugh


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Re: Iraq calls for a review of the dinar exchange rate

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