Ponee Dinar Daily: Doc thinks they have ALREADY DROPPED THE ZEROS and BELIEVES THEY HAVE NOW COMPLETED THE RE-DENOMINATION PHASE
Sun Jun 22, 2014 2:17 pm
Quote : Central Bank Governor: Dinar strong despite the security situation
The governor of the Iraqi Central Bank and the Agency Abdel Basset Turki in a press statement that "the security situation in the country will not greatly affect the Iraqi dinar, attributing the cause to the power of the Iraqi dinar and the precautions that support it.
The governor of the Iraqi Central Bank that "the bank's management studied and researched the course of the security situation experienced by the country and its impacts on the financial situation in the country."
He added that "the existing foreign currency reserves at the Central Bank and of 70 billion dinars can control the exchange rate of the dinar against the dollar."
And noted that "cash reserve is able to support the exchange rate of the dinar, which currently stands at 1200 dinars per dollar so there is no fear on the dinar at the moment.
THE FOLLOWING IS IMO : BY GURU DOC
THE MORE I STUDY THIS ARTICLE THE MORE INTERESTED I BECOME !
MR. T CONFIRMS THAT SECURITY WILL NOT HAVE ANY NEGATIVE IMPACT ON THE CURRENCY BUT HE GOES ON TO SAY THAT THE RECENT SECURITY PROBLEM IN IRAQ IS A RESULT OF THE GREAT POWER OF THE IRAQI DINAR AND THE NEED TO PROTECT IT'S VALUE !! THIS IS MORE THAN HUGE TO ME !
HE THEN SAYS, THE CBI HAS STUDIED THE COURSE OR DIRECTION OF THE SECURITY ISSUES AND IT'S IMPACT ON THE CURRENCY !
HE THEN GOES ON TO CONFIDENTLY STATE THAT THE CBI'S FOREIGN CURRENCY RESERVES AND 70 BILLION DINARS CAN CONTROL THE RATE BETWEEN THE DOLLAR AND THE DINAR !!
GUYS !! DID YOU JUST MISS THAT ?
TWO VERY IMPORTANT THINGS HERE TO NOTE. FIRST HE SAYS FOREIGN CURRENCY RESERVES IN GENERAL WITHOUT AN AMOUNT !!!
SECOND HE SAYS THAT THEY HAVE 70 BILLION DINARS !! GUYS !! DO YOU GET WHAT I GET ????
IT APPEARS HE IS TALKING ALREADY AS IF THEY HAVE ALREADY DROPPED THE ZEROS !!! BINGO !!!
MY PERSONAL TAKE HERE IS WE ARE NOW IN POST ZERO MODE BASED ON THESE COMMENTS !!
YOU SEE IT DOESN'T MATTER THOUGH UNTIL THE RATE GOES LIVE AGAIN !!
LIKE I TOLD YOU MANY TIMES THE TRUE RATE OF THE DINAR ENDED ON LAST THURS.. OZ IMMEDIATELY MOVED THE RATE TO 1116.9 AFTER NORMAL TRADING HOURS!!
MMMM AS FAR AS WE KNOW AT THIS POINT I BELIEVE THEY HAVE NOW COMPLETED THE RE-DENOMINATION PHASE !!! WOOO HOOO !!!
AGAIN HOW THEY TALK MAKES A DIFFERENCE AND WHAT THEY DON'T SAY SPEAKS LOUDLY TO ME !
THERE IS NO MENTION OF THE GOLD, ONLY FOREIGN RESERVES AND DINARS GUYS !! REALLY ??
70 BILLION DINARS IS GOING TO CONTROL THE RATE BETWEEN THE DOLLAR AND DINAR ? REALLY ?
AT 1166 MMMM NOT !!! MAYBE I'M MISSING SOMETHING HERE BUT I DON'T THINK SO !!!
IF I'M RIGHT IT WON'T MATTER WHO WILL BE THE NEXT PM BECAUSE THIS WILL HAPPEN AND HAPPEN ON TIME I BELIEVE ! WHAT TIME ? WELL, IT APPEARS BEFORE JULY 1ST.
GUYS WE ALSO HEARD YESTERDAY IN ANOTHER ARTICLE THAT SISTANI SAID THERE WERE TIME LINE DEADLINES TO MEET AND TO HURRY ON PICKING THE NEW PM !! NOW WE MAY KNOW WHY HE SAID THAT !!
THIS POST IS NOT TO GIVE FALSE HOPE BUT TO CALL THINGS AS I SEE THEM RIGHT ?
OUR TEAM IS A GREAT TEAM AND NO ONE IS A HERO, WE ALL JUST CONTRIBUTE THE BEST WE CAN.
I HAVE GAINED A GREAT DEAL OF KNOWLEDGE FROM THIS TEAM, SO THANK YOU ALL VERY MUCH.
NOW LET'S SEE HOW THIS PLAYS OUT. IF I'M RIGHT WE WILL SEE THE ZEROS DROPPED BEFORE THE DINAR GOES LIVE AGAIN ON THE MARKET !! BLESSINGS TO ALL ! DOC
Dinar Daily Member Discussion on Translations:
Kevin53: I think Doc is grasping at straws ... especially considering the quality of translations from Goggle or Bing translator. In fact, Bing delivers a slightly different result, but one that makes more sense contextually:
Central Bank: security situation will not affect the Iraqi dinar, an expert says. Foreign currency will be stored
The Iraqi Central Bank, said on Thursday that the security situation in the country "will not have a major impact on the Iraqi dinar", attributing the reason to the "power of the Iraqi dinar and the precautions that support", with a financial expert pointed out that the turnout of Iraqi citizens to hoard hard currencies would be "temporally", the Governor of the Iraqi economy to balance the dinar per covered with 1.3% of the dollar which "once again a third."
He said the Iraqi Central Bank Governor Abdel Basset Turki said in an interview with the (range), the CBI functions according to law is the preservation and stability of the dinar against other currencies ", stating that" the World Bank has examined and discussed the current security situation in the country and their impact on the financial situation in the country. "
He said "what is Turkish from foreign currency reserves at the Central Bank would be to control the dinar exchange rate against the dollar," he said, adding that "the cash reserve for Iraqi dinar amounts to 70 billion dollars and that the Central Bank is able to support the dinar exchange rate, which currently stands at 1,200 dinars to the dollar, so there is no fear for the dinar at the current time."
The financial expert said Mazin Al-Khafaji told the (term), that "there is a very small rise in the dinar exchange rate against the dollar due to the Iraqi citizens and nature in such matters as these apply to the storage of savings and of the most appropriate stores has a foreign currency to help it in case something happened in the country",
adding that it would be temporary and cannot last for long because of the nature of the financial transactions of Iraq. " Khafaji added that "increased demand for the dollar, there will be a rise in the dollar exchange rate dinar, and here comes the role of the Central Bank,
which will try to work on growing sales of the dollar in the currency auction has not to exploit the current situation and the rise of the dollar against the Iraqi dinar". Khafaji said "there are other things that keeps the Iraqi dinar and the economy in General in such circumstances, as the reserves of the Central Bank and the export of Iraqi oil."
Khafaji said "the dinar is covered by Central Bank reserves by 1.3 percent to Iraqi dinars and covered a third of the US dollar as well as the fact that Iraq is the oil export which would secure regions of the South and so would be an abundance of dinar against the dollar seen during operations to sell oil on the world market."
The Iraqi markets are experiencing a marked increase in the prices of goods and food since the first day of the fall of the city of Mosul, however, the terrorist organizations, which are called citizens to buying some basic foodstuffs for fear of depletion of storage as well as storage of amounts in foreign currency (USD). LINK
Kevin53: Sorry Doc .. you lose!
Catfish1927: DOC wrote:
“AGAIN HOW THEY TALK MAKES A DIFFERENCE AND WHAT THEY DON'T SAY SPEAKS LOUDLY TO ME !”
Catfish1927: It is a freakin translation! How they talk and what they say? Duh! You can read whatever you want into most of those article translations. Go ahead though, make yourself sound so important. I am sure it makes you feel better.
Kevin53: Whoever you are, what you say must be considered in context. With that said, what makes more sense in context.
THE RECENT SECURITY PROBLEM IN IRAQ IS A RESULT OF THE GREAT POWER OF THE IRAQI DINAR AND THE NEED TO PROTECT IT'S VALUE
the security situation in the country "will not have a major impact on the Iraqi dinar", attributing the reason to the "power of the Iraqi dinar and the precautions that support"
Kevin53: Same article, two translations, two totally different meanings, only one of which makes real sense.
Catman: I see many posts talking about the dinar being backed by foreign reserves and gold. Perhaps, at the present rate, there is indeed a decent backing for the dinar, but if/when they RV (assuming to at least 1 to 1) their reserves won't amount to a hill of beans.
Kevin53: You would be correct if there was a 1 to 1 ratio to reserves, but under the fractional banking system that is not the case. I don't pretend to know how they calculate it, but I played with the numbers a while back using the average currency to reserve ratios of developed countries. I do not remember the exact results, but it looked to me like 1 to 1 was possible.