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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


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onecinful1
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    CBI achieves the highest reserves of hard currency in its history

    Rocky
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    CBI achieves the highest reserves of hard currency in its history  Empty CBI achieves the highest reserves of hard currency in its history

    Post by Rocky Sat 11 May 2013, 10:02 am

    CBI achieves the highest reserves of hard currency in its history

    11/05/2013 - 15:35



    Author: Ahmed Hussein, Ammar al-Ani

    Alsumaria News / Baghdad
    A banking source revealed early on Saturday, that the size of the Iraqi Central Bank reserves of foreign currency amounted to $ 74 billion, noting that it is the highest achieved by the bank reserves in the country's history.

    The source said in an interview for "Alsumaria News", "The size of the central bank's reserves of foreign currency amounted to $ 74 billion," noting that "it represents the highest rate up to the bank of this currency in the history of Iraq."

    The source, who asked not to be named, said, "This reserve will cover the needs of the domestic market of the dollar," noting that "the Bank continues to develop its reserves and employed in a number of investment portfolios and central banks to diversify its resources."

    Referred to as the exchange rate of the dollar against the Iraqi dinar has witnessed in recent times significant rise, after that the dollar exchange rate was between 1160 and 1180 dinars to the dollar earlier this year, the exchange rate rose in May to the current 1270 dinars per dollar.

    And established the Iraqi Central Bank as a bank independent under its law issued on the sixth of March of the year 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and being daily sessions for the sale and purchase of foreign currencies, except for public holidays on which depends by the Bank for these auctions.


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    onecinful1
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    CBI achieves the highest reserves of hard currency in its history  Empty Re: CBI achieves the highest reserves of hard currency in its history

    Post by onecinful1 Sat 11 May 2013, 10:27 am

    excellent example; CBI has 74 Billion in foreign reserves to back up 31 Trillion dinar? Economic's 101,,,do the math, 31 trillion 12 zero's divided by 74 billion 9 zero's,wow, literally priceless, as we have now, but the CBI's plan to reduce their money supply to 26 billion, 26 billion backed by 74 billion in foreign reserves,= 74 divided by 26 = $2.84, to come back at pre-sanction values the CBI will need another 17 billion added to the 74 billion = 91 billion giving a value of $3.50.
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    Post by Screwball Sat 11 May 2013, 5:45 pm

    onecinful1 wrote:excellent example; CBI has 74 Billion in foreign reserves to back up 31 Trillion dinar? Economic's 101,,,do the math, 31 trillion 12 zero's divided by 74 billion 9 zero's,wow, literally priceless, as we have now, but the CBI's plan to reduce their money supply to 26 billion, 26 billion backed by 74 billion in foreign reserves,= 74 divided by 26 = $2.84, to come back at pre-sanction values the CBI will need another 17 billion added to the 74 billion = 91 billion giving a value of $3.50.

    What about gold and oil?
    wayoutnow
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    CBI achieves the highest reserves of hard currency in its history  Empty Re: CBI achieves the highest reserves of hard currency in its history

    Post by wayoutnow Sat 11 May 2013, 7:25 pm

    Here's the rate without the gold reseve !!!! They have gold to back their currency at 1-1 ...
    weslin3
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    Post by weslin3 Sat 11 May 2013, 7:28 pm

    Thank you wayoutnow..
    Neno
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    CBI achieves the highest reserves of hard currency in its history  Empty Re: CBI achieves the highest reserves of hard currency in its history

    Post by Neno Sat 11 May 2013, 7:29 pm

    Screwball wrote:

    What about gold and oil?
    Screwball, you ain't hard, that don't count.
    Also, the IMF doesn't put a value on a
    country buy their reserves... ;)
    weslin3
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    Post by weslin3 Sat 11 May 2013, 7:34 pm

    Their banks are probably better off than the US banks.
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    Post by chouchou Mon 13 May 2013, 2:49 am

    This was posted by Duck in the chat and look very appropriate with this thread:

    Some
    countries may decide to use a pegged exchange rate that is set and
    maintained artificially by the government. This rate will not fluctuate
    intraday, and may be reset on particular dates known as revaluation
    dates. Governments of emerging market countries often do this to create
    stability in the value of their currencies. In order to keep the pegged
    foreign exchange rate stable, the government of the country must hold
    large reserves of the currency to which its currency is pegged in order
    to control changes in supply and demand.

    Sponsored content


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