_January 4th, 2012 07:54 am · Posted in CHATS & POSTS (Iraqi Dinar Info)
[gankans] January 2, 2012 The Central Bank says it will not allow the Iraqi dinar to depreciate and has been selling hundreds of millions of dollars to keep the currency stable.
The Iraqi dinar weakened in December last year, prompting the bank to sell dollars in a bid to withdraw cash from Iraqi markets. The bank did not say what brought the dinar to plummet to lows it had not seen for years, but officials privately say the plunge might have been due to political uncertainty in the region.
Mudher Saleh, Central Bank’s deputy governor, has said there were no sound economic reasons for the currency’s weakening.
[gankans] The bank coffers are said to be brimming with hard cash from oil sales. Saleh said the bank would not let the dinar fall and in one day in December last year it sold $200 million on the open market to squeeze liquidity. “We withdrew in one single day about one quarter of a trillion dinars, thereby brining stability to the currency,” Saleh said.
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_[gankans] One reason for the dinar’s fall, according to Saleh, might be the economic difficulties Iraq’s neighbors are facing, particularly Syria and Iran.
He said Iraqi traders and industrialists have turned into middlemen for these countries, the thing which has led to a substantial growth in demand for hard currency.
[gankans] Decline in the Iraqi dinar after the U.S. withdrawal January 02, 2012 immediately after the announcement of U.S. troops that last soldier will be out of Iraqi land towards the Kuwait base, followed by the outbreak of internal political differences.
The Iraqi dinar fell against the dollar by 17 points, after it had maintained its value against other currencies for more than five years, at a flat rate did not extend past the barrier 1117 dinars to the dollar.
[gankans] The director of the «Al-Jamaal» company Foreign Exchange Jamal Ajili told «life, that the current exchange rates between 1225 and 1227 dinars to the dollar, attributing the cause to a record high of demand on the dollar, pointing out that« most of the citizens rushed to transfer what they have to cash in local currency to other currencies, especially the dollar ».
[gankans] He said: «because of the many crises that have gone through it from wars and economic sanctions and instability, made him more like a sensor, watching the Iraqi citizen security and political conditions, and once an imbalance was quick to store food and fuel, but this time directed towards the dollar, knowing that the private sector is in control and not the government that ran the entire business in the country, as it will be easier to store a small amount of dollars with a higher value, instead of the dinar ».
[gankans] The record auction to sell the currency at the central bank two days before the sale of $ 243 million, this means that the average purchase rose twice for the last few weeks, as no more than $ 125 million.
Iraq has the critical mass of Iraqi dinars over the 32 trillion dinars, and seeks to replace its currency with a new one after deleting three zeros from them.
[gankans] The deputy governor of the Central Bank Mudher Mohammed Saleh: «bank is not worried about trading the local market, they are not anything compared to auction currency that maintained the sale price fixed for more than five years, and that the bank sought to cover the value of the dinar to $ 57 billion, more of 110 percent of the size of the Iraqi monetary bloc, and this enhancement factor to the value of the dinar ».
He added: «We have a reserve sufficient to repel any tricks performed by speculators, and warn them from doing this by passing any suspicious transactions».
[gankans] He continued: «the issue of control over the trading of this type, the Bank monitors the work of private banks and financial companies approved, but it is impossible to censor traders banking and financial transfers to the outside, being in large quantities, and the similarity of their names and work». He added: «on banks to help us, as some shops do not operate under the law and regulations».
[gankans] The economic expert and academic Mahdi Aldwai told «Al-Hayat» that «these oscillations in the Iraqi market due to political reality, there is a U.S. withdrawal and the tensions of political accompanied it, and led to a decrease rate of the dinar»
However, he stressed that «there are things economic, economy Iraq is not affected by the global crisis and there is a strong cover of currency auctions and the central bank, is what makes our market is immune from the strong fluctuations.
[gankans] Notice the quote ” Iraq is not affected by the global crisis and there is a strong cover of currency auctions and the central bank, is makes our market is immune from the strong fluctuations.”
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[gankans] or 8
[gankans] or 12
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[mac] just kidding. yes some of those ages I remember
[Agent 007] mac
[gankans] There scope of info was limited, so they really thought that their truth was what was so.
[gankans] What is so is….
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[mac] gankans ok
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[gankans] How am I doing on my soap box today Agent 007?
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[gankans] I have to go to my sons school…. gotta go
[gankans] Thanks for listening to me blabber