Millionday Roundtable 2/2/15 Part 1
Welcome to dinarupdates.com for Roundtable with Millionday!
Millionday: Economic Commission attributed the Iraqi Council of Representatives, on Monday, rising dollar exchange rate of the dinar in the Iraqi market to the decisions taken by the Central Bank during the past few days to support the economic development that, while likely economist return of the dollar to normal rates through a simple period,
attributing the reason for the rise to "rush" banking offices to buy the dollar, as well as reducing the quantities sold by the central bank as recommended by the general budget.
He noted the long-Presse correspondents in Baghdad and the provinces that the dollar exchange rate against the Iraqi dinar rose again on Monday, from 1250 to 1260 Iraqi dinars.
Millionday: NOTE -- THE ECONOMISTS WILL LIKELY RETURN THE DOLLAR TO NORMAL RATES THROUGH A SIMPLE PERIOD
Millionday: She said a member of the Economic Committee Najiba Najib in an interview with the (long-Presse), "The Central Bank has taken new measures that would provide cash to cover the shortfall in the budget in light of falling oil prices to below $ 50,"
noting that in light of the lack of financial revenue was on the state to take a range of actions to provide the largest possible number of the currency bloc to consolidate the increased revenue size. "
Najib has ruled that "these measures are working to reduce the value of the Iraqi dinar or cancel support him," indicating that "the bank will maintain the exchange rate and the price of the dollar against the dinar will rise from what it is now."
Millionday: NOTE -- CBI HAS COVERED THE DEFICIT CREATED BY THE LOW PRICE IN OIL AND TO INCREASE THE REVENUE SIZE-- THESE MEANSURES ARE TO REDUCE THE VALUE AND THE VALUE OF THE DINAR WILL RISE AGAINST THE DINAR
Millionday: For his part, economist said on behalf of Antoine "The budget amounts identified by The Central Bank sold the currency to $ 75 million," noting that there Thavta by banking offices to buy the dollar for fear of re-evaluation of the dollar and raise the price. "
Antoine and ruled that "the Iraqi Central Bank to take any decision or action to reduce the rise in the dollar's exchange rate against the Iraqi dinar in the markets."
Millionday: NOTE -- THEY ARE ATAKING MEANSURES TO REACH WHAT THE PLANNED VALUE IS FOR THE DINAR AND NOT ALLOW IT TO RISE TO HIGH
Millionday: He favored the economic expert "does not continue to rise in the dollar's exchange rate against the Iraqi dinar according to the current price, but it declined gradually returning to normal after a few days," asserting that "the central bank has large amounts of dollar is continuing sell and will not stop."
Antoine promised to "cut the central bank to sell the dollar is only natural, especially with reducing the amount of the general budget of $ 150 billion to $ 100 billion," following up "can not pump the same amount of dollar with the budget cuts the fact that this will lead to a surplus of currency smuggling." .
Millionday: NOTE -- THEY ARE GETTING RID OF THE US DOLLAR SO THAT IT DOES NOT IMPACT THE CALULATION OF THE DINAR -- SO THIS MAKES SENSE THAT CBI IS DOING THIS
Millionday: The Iraqi markets witnessed a rise in the US dollar exchange rate against the dollar since the Iraqi dinar exchange rate was one in 1250 dinars on Sunday, and came just days after the rise to approve the general budget for 2015 (January 29, 2015)
Millionday: NOTE -- CBI IS ALSO STATING THEY ARE MOVING THE US DOLLAR
Millionday: Paragraph 50 of the Federal Assembly of the Budget Law 2015 provides that "the central bank is committed to identifying sales of foreign currency (dollar) in daily auction ceiling does not exceed 75 million dinars a day with exercise justice in the sales process,
and calls for participating in the auction the bank providing the introduction of cargo documents Data and settling accounts and tax savings Alkmarki within 30 days from the date of purchase of the amount and otherwise apply to the bank penalties stipulated in the central bank law or instructions issued by him, and the use of other banking tools to maintain strength of the dinar against the dollar
Millionday: NOTE -- THEY ARE LIQUIDATING THE US DOLLAR TO MAINTAIN THE DINAR AGAINST THE DOLLAR --THIS IS ONE OF THE STEPS
Millionday: The Central Bank of Iraq announced on Sunday (February 1, 2015) to take five resolutions for "support" the development of the Iraqi economy, and confirmed his agreement to cover bank accounts abroad to "US dollar" to cover imports, and as he emphasized the importance of "accelerating" legislation Deposit Insurance Act ,
praised the formation of a committee to reconsider the benefits of the restructuring of its "approval of the Central Bank to cover the bank accounts abroad in US dollars to cover imports of customers and for other purposes without the need to pass a window sell the currency at the Central Bank of Iraq."
Millionday: NOTE -- THE TRANSFER OF US DOLLAR DOES NOT GO UNCALCULATED -- IT HAS TO HOLD A VALUE AS WELL --
Millionday: NOTE -- ANOTHER ACTION OF THE CBI
Millionday: The Iraqi Central Bank announced last week, to take the necessary measures to boost liquidity in the banking system, while decided to facilitate the procedures for the sale of foreign currency "to sustain the exchange rate."
The Central Bank of Iraq, had announced in (18/01/2015), that the financial reserves of Iraq equivalent and a half times the weakness of the money supply, they returned it was "best rates" in the countries of the world, as he emphasized that Iraqi financial institutions are "unable" to cover The fiscal deficit,
he stressed the need to reconsider the structure of the budget and spending and diversify sources of income and achieve investment more broadly to address the decline in oil prices.
Millionday: NOTICE THAT THEY STATE THEY ARE RETURNING TO THE BEST RATES IN THE WORLD
paul-o: MD, Your post yesterday: “the primes minister’s advisors announced that February 12th will be when the economic strategies of the government program will be launched.” Do these government program require an RV?
Millionday: I DONT KNOW -- HOWEVER -- EVENTUALLY DUE TO THE REFORMS AND GOV PROGRAMS THEY REQUIRE WHATEVER REALITY RATE THEY PLAN TO USE
MArco: any idea how many dollars they need to dump and how long this process could take. Always seems like something doesn't it. Things we don't understand I guess
Millionday: NOT TO EXEDE 75 DINARS A DAY IS ALL THEY HAVE TO SAY
: paul-o: MD, so if the government programs will be launched by the 12th and they will require whatever reality rate they plan to use.... what should I deduce from those 2 thoughts?
Millionday: THE ECONOMIC STRATEGIES WILL BEGIN THAT DAY IN THE MINISTERIES
tman23: return to the best rates in the world ?...... The article is referring to reserves being the best in the world........ Not the currency rate
Millionday: TMAN --- WHY WOULD THE WORLD CARE ABOUT THE RESERVES BEING THE GREATEST IN THE WORLD UNLESS IT AFFECTED A CALCULATION THAT IMPACTED THEM AND THEIR BUSINESS?
Millionday: THE RESERVES BACK THE PURCHASING POWER OF THE DINAR AND ITS VALUE AS WELL
Millionday: THE CALCULATION IS THE GDP AND OTHER ACCOUNTING MEASURES THAT THE WORLD CALLS THE INTERNATIONAL PRICING INDEX
Papatom: I agree MD, this isn't a discussion of reserves that they are having. they are talking about their currency....and we don't want to feign balance but fall over...
Millionday: WE DONT WANT WHAT HUN?
Papatom: sorry.. take a stand on an article like we are being balanced but not balanced at all cus we are misunderstanding what they are talking about
Papatom: this is about currency.
Papatom: not the backing of the currency
Millionday: YES THIS IS ABOUT CURRENCY AND STEPS CBI IS TAKING
Millionday: I THINK I STATED THE REASONING ON THE REPORT ALRIGHT BUT PLEASE IF YOU HAVE ANY ?? ASK THEM
faith1: why did auctions go over the 75 limit,,, breaking their own guidelines is OK ?
Millionday: 75 IN DINAR
Millionday: THIS WAS FROM TODAY AS CHANGES BEING MADE BY CBI
The Shoe: With their security still a disaster wouldn't you think that has to handled before anything can happen?
Millionday: THEY ANNOUNCED YESTERDAY THAT ISIS IS ALL BUT GONE
The Shoe: I missed that. Great news!
Millionday: THE SECURITY IS GETTING MUCH BETTER AND FAST -- 32 COUNTIRES MAKE A DIFFERENCE FAST -- SMILE
.MOD.subgirl: Have you seen anything in articles that says the budget is in the gazette?
Millionday: NOT YET
Millionday: The head of the Kurdistan Regional Government, Barzani, on Monday, the five main parties in the region meeting as "positive", while government officials vowed to take over the region "full rights", revealed a tendency to revisit fuel prices.
Barzani said, in the wake of a meeting of the five Kurdish parties active in the Kurdistan region, the city of Erbil, today, according to a report (Rudaw network) and followed up (range Press),
"The meeting was an important and positive it was agreed to be repeated during the next term," noting "The oil and gas Council will hold a special session to determine the price of fuel in the region, especially gasoline."
Millionday: And on the Kurdistan region of salaries for December 2014 and January 2015, the last two, Barzani said that the "government employees' salaries will not be lost, and they will receive their full rights."
The five main parties in the Kurdistan region is the Patriotic Union of Kurdistan, led by Jalal Talabani, and the Kurdistan Democratic Party, led by Massoud Barzani, and the Movement for Change,
the Islamic Union and the Islamic Group, met on Monday, under the supervision of the President of Government of the Territory, at the head of the government building in Irbil, (360 km north of Baghdad), to discuss the political and security situation, particularly in the Sinjar area, as well as the relationship with Baghdad.
Millionday: NOTE -- THE MOVEMENT FOR CHANGE MEETING FOR THE KURDISTAN REGION AND NOTICE THEY ARE WORKING ON PRICES
Millionday: The former head of the federal government, Nouri al-Maliki, instructed to cut the budget of the Kurdistan region since the beginning of 2014, including staff salaries, against the backdrop of the crisis between Baghdad and Erbil.
It is noteworthy that the Kurdistan region, has seen several peaceful demonstrations in protest against rising gasoline prices over the past few days, despite the decline in global oil prices and the presence of many refineries in the region, while the Kurdistan parliament vowed to solve the problem,
especially as the price of gasoline has risen from 500 to 900 or 1150 dinars , especially after the control of the organization (Daash) at Baiji, Salahuddin province, (170 km north of Baghdad), and that the parents refused to be reduced to 850 dinars in some cities of the region.
Millionday: The source of Kurdish parliamentarian, said in a media statement recently, about the possibility of reducing the Supreme Committee for oil and gas in the region in fuel prices, to 600 dinars per liter for special vehicles, and 450 for taxis, noting that the proposal submitted by a number of deputies as a result of falling world oil prices nearly 60 percent since last June.
Millionday: THIS IS THE CHANGES BEING APPLIED AS THEY HAVE HAPPENED
Millionday: Counting a member of the Economic Commission parliamentary, on Monday, that the current high price of the dollar against the dinar, "temporary," although it did not happen under even worse than that the country is undergoing political and security conditions,
criticizing the financial budget law for the contents of paragraphs "is sound and other raises questions, "while banker attributed this rise to the central bank to reduce its sales for the half of it, and citizens rush to buy it.
Long-Presse correspondents in Baghdad and the provinces noted that the price of the dollar against the Iraqi dinar rose again on Monday, from 1250 to 1260 Iraqi dinars.
Millionday: NOTE -- THE FLUCTUATION IMO IS FROM THE CHANGE IN THE US DOLLAR CHANGES
Millionday: The MP said Ali al-Maliki, in an interview to the (long-Presse), "The rise experienced by the dollar in the local market did not happen for a long time and under much worse than those that are currently taking place in the country's political and security situation," noting that "it was expected to be dollar exchange rate will be reduced to approximately 200 thousand dinars, only instead of rising. "
And saw a member of the parliamentary Economic Committee, that "some of the paragraphs of the general budget for the current 2015, a source of wonder, and other improper and ambiguous," expected to "return the dinar exchange rate against the dollar to normal after a month from now."
Millionday: NOTE -- VERY INTERESTING THAT THE DINAR EXCHANGE RATE IS EXPECTED TO BE RETURNED TO NORMAL AGAINST THE DOLLAR AFTER A MONTH FROM NOW
[Millionday: WHOOPOW -- IF THAT IS A BAD TRANSLATION I LIKE IT ANYWAY
Millionday: For his part, attributed the banking office that the cause of increasing the dollar's exchange rate against the dollar is the decisions chest Iraqi Central Bank to reduce the quantities sold of the dollar.
The owner of the office, Ali Saad, said in an interview to the (long-Presse), "The dollar exchange rate began to rise suddenly even now 1,260 dinars, after it was up to 1230 just a week ago," attributing it to "minimize the Central Bank of the daily quantities of the dollar, which sold in the auction to nearly half. "
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