Millionday Roundtable 7/2/14
Welcome To Wednesday Roundtable With Millionday!
[millionday] here we go --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.
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 -- this is saying it is time to set the rates and bring the dinar out to the world by releasing the rates
[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,
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 -- once again they are talking about fluctuation of the rates they want to avoid it in other words --
[millionday] smile goodness i need to finish my sentences lol brb with the rest
[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« 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] wow this is huge they are discussing moving forward with their currency and what are we doing here ?
[millionday] smile lets look at the rest of it -- WHOOOPOW
[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 ».
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 -- they are obviously saying that it is better to link this to the basket or sdr instead of relying on the usd to hold value
[millionday] here is the last part -- 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] they of course are moving to supply and demand and are saying that the more it is needed (the dinar) the value will rise as well --
[millionday] wow this is great
millionday] ok let me address this
[millionday] what they are saying is that if the dinar within the basket starts to go a little low in comparison to the currencies of the world or at least the ones in the sdr basket -- other currencies are adjusted to hold the dinar value better than if it was just linked to the dollar
[millionday] they want to have a cushion to keep the dinar from fluctuating as they enter the market and go through the trial and error that would be expected with so many advancements going on
[millionday] the sdr basket is just for that purpose
[millionday] the global currencies adjust to minimize the changes in the rate so they are not great
[ramses24d] But didnt this article already come out before well I know it did but what are they saying that is new
[millionday] this report came out when they were trying to decide -- now that is of course something i dont think is true
[millionday] a plan this large is set and how it will come out imo is set as well
[ramses24d] So you are saying
[lstar877] I wonder if any of those reports say "when"
[ramses24d] They are teasing us
[millionday] they do not say when as far as what I see
millionday] Statement called for the Parliament of Kurdistan of Iraq on Wednesday its members to attend the session on Thursday earmarked to host the region's president, Massoud Bazrani. altThe Parliament said in his statement which was received for "Twilight News" that the meeting will be held at the eleventh hour and half local host Kurdistan Region President Massoud Barzani to view the situation in the province of Kurdistan and the Kurdish areas of the disputed and the situation in Iraq.
[millionday] note -- there is a meeting tomorrow and the kurds will be there so some progress seems to be around the corner
[millionday] Meanwhile, a First Sophie member of the Kurdistan Parliament that Barzani will urge lawmakers to rush the completion of discussions to ratify the Law of the founding of the Electoral Commission for elections in Kurdistan as a legal entity for the organization of a referendum in the province, both active Control disputed areas between Baghdad and Erbil, or on the issue of claim residents the province independence from Iraq.
[graylnjo] Untill someone throws a shoe!!! JK lol
[dovi] would love to a see a Kurd leading Iraq
[ramses24d] Me too dovi
[graylnjo] Me three dovi
[dovi] that could stabilize beyond Iraq in the ME
[RickeyT] a lot of arabs would heve to die for that to happen
[graylnjo] Why don't we suggest that
[millionday] so as we see -- we have to wait on the meeting tomorrow and the agreement of cbi and their actions
[tbob] ok lets stick to the ink -- and dream later when we are on the beach lol
[dovi] I don't think so Rickey T
[millionday] the kurds are in the government and they are a sharing gov
[tbob] millionday i can wait
[quicktolegit96] millionday And when is this agreement with CBI suppose to take place?
[RickeyT] dovi I would love for you to be correct, but the kurds are not arab
[millionday] we dont have a date or a rate
[millionday] smile brb with more
millionday] all the rest of the news i have is about what is coming up
[millionday] we have a meeting tomorrow and we have so much on plans of economic reform
[millionday] here is why the sdr is better and it is also always been paired to the sdr
[millionday] we have seen it on cbi for all the years it has been up
[millionday] Dollar hovered above its lowest level in two months against a basket of currencies on Wednesday with investors focusing attention on the floor, which received President of the Federal Reserve (the U.S. central bank) Janet Yellen later today and a survey on jobs in the U.S. private sector.
The euro lost some ground because of fears of verbal intervention from policy makers regarding the strengthening of the currency. The cohesion of Sterling near its highest level in six years against the dollar supported by more indicators on a marked improvement in the housing market, which has increased expectations that the Bank of England will tighten policy before the end of the year.
[meliahlore] millionday Thank you for all that you do! I posted the translation to todays CBI announcement about the security changes to the dinar http://www.dinarupdates. ··· ost63829
[meliahlore] millionday Pretty descriptive and wondering why another "official" announcement today?
[millionday] The dollar index stood at 79.847, near the low level of 79.740 hit on Tuesday. And recorded a slight decline of the greenback against the Japanese for up to 101.46 yen, near the lowest level in six weeks, which recorded 101.235 yen on Monday.
The euro was steady at 1.36715 euro after reaching its highest level in six weeks, to $ 1.3701 on Tuesday. The European single currency rose more than one percent in two weeks, a trend that may affect the European Central Bank disappointed.
[buck] ???? confused on the pairing to an sdr-special drawing rights, as opposed to a basket. maybe gettting my acronyms confused???
[millionday] they call it both -- it has been referred to as a basket
[millionday] sdr stands for special drawing rights -- it is made up of a basket of currencies and a calculation
[millionday] so it is called a basket of currencies
[tbob] millionday IYO are we better off with paring of the SDR??
[millionday] The Bank President Mario Draghi cautious recently that the high value of the currency in the context of low inflation raises serious concern. Sterling reached its peak in about six years against the dollar and the highest level in a year and a half against the euro after data on the activity of the British construction sector exceeded expectations.
[millionday] Sterling rose to 1.7180 dollars after the release of the data, its highest level since October (October 2008) of 1.7151 dollars before they are issued. The euro fell to 79.525 pence, its lowest level since September 2012 compared with 79.665 pence before the data.
[meliahlore] buck sdr IS a currency basket. http://www.imf.org/exter ··· drv.aspx
[millionday] right --- sdr is made up of currencies
[millionday] a basket but not a real basket like you would put eggs in lol