Millionday roundtable 3/4/15 Part 1
Millionday: Said the Iraqi Central Bank, on Wednesday, he has a tendency to increase gold reserves basket, stressing that he shall move the basket almost daily.
The governor of the bank on the Keywords in an interview with Alsumaria News , "The central bank has tendencies to increase the proportion of gold in reserves Bank of hard currency basket ", adding that" procurement issue and moving under constant study. "
Millionday: NOTE -- CBI WILL BE ADDING TO GOLD RESERVES VERY OFTEN TO SUPPORT THE VALUE OF THE DINAR
Millionday: He added Keywords that "the Bank shall move the basket almost daily to stand on currencies and interest rates and the bond market and stock prices and the value of gold.
Millionday: NOTE -- WHOOOPOW
Millionday: He announced the World Gold Council , in January 2015 that Iraq was ranked 37 globally in gold and fifth Arab reserves, which amounted owned by Iraq of gold 89.5 tons.
and decided the central bank in January 23, 2014 SEC variety of alloys of pure gold ranging weights between ( 50 g and 1000 g) to sell to dealers in gold, investors and segments of society wishing to do so in Iraqi dinars.
Millionday: NOTE -- THEY HAVE HUGE RESERVES TO HOLD THE VALUE OF THE DINAR -- THAT IS WHAT RESERVES ARE FOR -- HARD BACKED VALUE AND CONFIDENCE IN THE CURRENCY
Millionday: and founded the CBI independent bank under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies being sessions daily for buying and selling currencies.
Millionday: SO AS WE SEE AGAIN THEY ARE REMINDING ONE MORE TIME THAT THEY ARE INDEPENDENT AND ALSO HAVE THE ABILITY TO SET THE EXCHANGE RATE -- LOVE IT --
.VIP.clay: if bonds r for deficit y rv and thought to sell bonds they had to be internl currency w/a value
Millionday: THE SAME REASON THAT COUNTRIES INVEST AND TRY TO RESOLVE THEIR DEFICIT EVERYWHERE -- IT IS MONEY OWED
jarhead: continue clays ? if bonds cover budget then why desperate for Rv
Millionday: SO THEY CAN REMAIN IN GOOD ECONOMIC CONDiTION TO DEVELOP THE COUNTRY AND HAVE THE FUNDS TO DO IT -- TO BE ABLE TO PAY THEIR BILLS AND RESPECT THEIR AGREEMENTS ET
.VIP.clay: but to sell bonds do they need to be internal recognized
Millionday: IT DEPENDS ENTIRELY ON WHO THEY ARE SELLING TO AND IF IT IS A GOV THEY CAN HOLD THEM FOR INVESTMENT/DEVELOPMENT FUNDS BUT IF TO THE PUBLIC OUTSIDE OF IRAQ –
IT IS AN ECONOMIC DEVELOPMENT TOOL --
Pauly.want.a.million: So, then is this a good news for us, holding dinar and wanting to exchange, if they can cover the budget with bonds?
Millionday: THIS IS JUST ONE WAY THEY INTEND TO AFFORD/MINIMIZE THEIR DEFICIT -- IT IS ALWAYS BETTER TO NOT HAVE TO PAY INTEREST ON MONEY YOU NEED
Holly1: I have a question if you can answer what is Baathification law and is it important .. I just posted it in forum ... thank You . if you can explain
Millionday: I HAVE NOT READ IT SO IT MAY HAVE CHANGED ---
Millionday: CBI IS STATING THAT THEY ARE TRYING TO HANDLE THEIR DEFICIT AND ALSO INCREASE WHAT THEY HAVE TO BACK THE VALUE OF THE DINAR ---- MAKE IT BETTER AND MORE VALUABLE ---- THAT IS THE WHOLE PICTURE OF THE REPORT
jarhead: we're just skeptical mam sorry we're a lil gun shy
Millionday: THERE IS ALOT OF NEWS THAT WILL CHANGE THAT -- I JUST NEED TO BRING IT -- SMILE
Millionday: Called on the Finance Committee and an expert in economic affairs the central bank to the need to activate the financial trading by linking the Iraqi dinar to a basket of foreign currencies and not rely mainly on the U.S. dollar to build a diversified economy and a flexible retractable face of economic crises present and future.
Millionday: NOTE -- CBI WANTS TO DIVERSIFY THE ECONOMY BY NOT PAIRING WITH THE US DOLLAR BUT WITH THE SDR (BASKET OF CURRENCIES) -- SMILE
Millionday: READ EVERYWORD>>Said a member of the parliamentary Finance Committee Abdul-Hussein al-Yasiri The the main currency in the country is among the dinar offset by the U.S. dollar,
which is considered the base currency in the trading process locally and globally because of its economic power on the most influential countries in the world ».
Millionday: NOTE -- THE US DOLLAR IS WHAT OIL IS PURCHASED WITH SO THEY WILL USE IT FOR TRADE BUT ARE GOING TO BE PEGGED TO SDR AS SUPPORT TO MINIMIZE THE FLUXUATION OF THE DINAR VALUE
Millionday: He added that «having a basket of multiple foreign currencies greatly help to ensure resilient economy can cope with financial crises and their impact on the dinar National,
where he owns a currency trading many advantages, including maintaining the rate of real exchange in the face of financial shocks and the decline in the value of the currency and avoid any exaggeration in the rate of exchange as well as the relative stability of the exchange rate of the currency,
Millionday: NOTE -- PEGGING TO THE SDR WILL ADD STABILITY TO THE EXCHANGE RATE AND MINIMIZE ANY FLUXUATION THAT MAY HAVE BEEN AVOIDED
Millionday: as the rise in the value of a particular currency in the basket means lower other currencies for that currency and vice »Yasiri that« the general acceptance and how widespread the circulation of the U.S. dollar put data by which dispense with the other currencies such as the Japanese yen and the euro European and other, which helped on their laurels citizen in a single currency more assurance than others
Millionday: NOTE -- SOMETIMES ONE CURRENCY IN THE BASKET MAY NOT BE DOING AS WELL AS ANOTHER -- SO THIS WIL HELP EVEN OUT THAT SHOCK WITH THE VALUE OF THE DINAR
Millionday: Confirmed Yasiri that« the central bank bears the responsibility of turning financial dealings of the monopoly of a particular currency for the stock market to the entry of foreign currencies competition through the activation of its own laws and the Order for more than 5 different currencies representing the states leading economic and economically strong »and pointed to«
Millionday: NOTE -- CBI PLACES THE ISX CURRENCIES WITH THEIR OWN REGULATIONS
Millionday: the necessity of diversifying reserve national from various world currencies in addition to the coins of other private gold to support the Iraqi dinar and increase Rsanth financial and reflected significantly on the level of improvement in the economy of the country.
Millionday: NOTE -- DIVERSIFYING THE ECONOMY SUPPORTS THE VALUE OF THE DINAR AND HELPS WITH THE COUNTRY`S ECONOMY
Millionday: He pointed out that« the exchange rate in any state depends on the balance of payments which arise from factors affecting the presentation of the national currency and the demand for them,
any surplus in the balance of payments of the state leads to increased demand for the national currency, which leads to higher disbursement versus other foreign currencies and vice versa ».
Millionday: NOTE -- THIS IS HOW THE MARKET ECONOMY IMPACTS THE CURRENCY -- SUPPLY AND DEMAND
Millionday: Turn the economic expert Abbas Bahadli that» choose Other currencies represent a basket of global economic must be on the basis of serving the national economy and the movement of trade and mutual investment with countries with an economy strong financial,
and considers this step to enhance the value of the Iraqi dinar, and reduce the potential risks to the local currency as opposed to linking them in a single currency as dollar ».
Millionday: NOTE -- THIS IS THE BENEFIT OF USING THE SDR AND NOT JUST PEGGING TO THE US DOLLAR AND FLUXUATING WITH IT
Millionday: added that« increase and diversify foreign currency and use it as a reserve pick it economically by the Central Bank of Iraq represents the addition of monetary policy and help to enhance the value of the dinar by increasing dealing with other countries
Millionday: SO AS WE SEE THEY ARE DISCUSSING THE ENTRY OF THE DINAR INTERNATIONALLY AND HOW THEY ARE GOING TO DO JUST THAT –
THIS IS TALKING ABOUT AN INTERNATIONALLY RECOGNIZED CURRENCY BECAUSE IF IT WAS NOT RECOGNIZED AT THE TIME OF THE STEP --- THE STEP WOULD NOT OCCUR
larrykn: so they are saying by using the SDR they can come out with a higher rate and hold it better then pegging to the usd
Millionday: THEY ARE SAYING THEY WILL AND OTHERS WILL HAVE MORE CONFIDENCE
crank7: What other countries are in the basket of currencies?
Millionday: >>Today the SDR basket consists of the euro, Japanese yen, pound sterling, and U.S. dollar
Millionday: IF THE DINAR IS USED IN THE SDR -- THAT WOULD MEAN THEY ARE A VERY STRONG CURRENCY AS WELL -- THAT WOULD BE NICE
Millionday: KUWAIT IS NOT PEGGED TO THE US DOLLAR -- IT IS PEGGED TO THE SDR
Comments may be made at the end of Part 2 Thank You