Finance Committee: action against the bank maintained the two-thirds of the hard currency
BAGHDAD / JD / .. Finance Committee confirmed that the recent actions, which affected the central bank maintained the two-thirds of hard currency in Iraq.
committee member said deputy state law Haitham al-Jubouri's / JD /: The "Miba size now in the Central Bank of hard currency ranges between the (90 - 130) million after recent actions, and in the past, what is sold up to 350 million dollars. "
and between Jubouri, if the sale has maintained a more than two-thirds of hard currency within the bank.
added, that the Iraqi dinar has appreciated against dollar, when it was sold to (350) million reached the exchange rate of the dollar then to (1300) and now price of (1119), regarding it as accomplishment great.
[tlm724] Shredd hey there trade price is a 181 pip difference
[Shredd] right...again...its what is more real because its a transacted price very strong ] but, again, we need to look for the exchange rate change which will show us the monetary policy change we seek
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[tlm724] Shredd yep thats what i been saying, wait for the cbi
[Shredd] campy.....likewise when the trade prices was above 1166, we didn't see the cbi rate devalue..... right, wait for cbi great, great news though.... tells us what reality is on auction floor
[Shredd] remember, imo, if we can see a free float from 1166, the news of the two denoms being replaced makes sense only 1%
[campdav] I do want to know how we make the transistion from this trade price to the internationl; floor?
[Shredd] i'll take a shot at that....
[Shredd] for all segments of the market.... trading occurs, both for debt, equities and currencies prices are struck which basically means a real price the buyer is willing to pay no different than when we shop
[Shredd] for me, there is no way in heck that i'm gonna spend five bucks for a cup of coffee but you may so, in reality, it is a more REAL and practical indication of appetite for what is being traded
[Shredd] for example, the brokers sell the medium notes at a higher price ] why? because they know some speculators think they will last longer for riding out an appreciating dinar no different than what we are seeing on the auction floor ] so, this news of a lower rate 1119 is awesome not official via the cbi, (yet) but shows us what is really taking place
[Shredd] a value if you will outside of the rate so, imho the trade price will or can show the cbi what the market is supporting as it free floats from 1166 to ....???? hope that makes sense
[therealbubbie] bottom line we didn't see this last year now there saying 1119 ... this is floating imo !!
[campdav] Shredd Got it thanks
[Shredd] i will say this a price swing of this amount is huge we aren't talking a few pips but, we did see it swing low to as much as 1300 per this article too so, do the math the cbi will ensure they will ensure, that a floated rate can be supported
[campdav] Good signs ahead
[Shredd] make no mistake, they will ensure this......yes, they have reserves, but they will make sure the float can be supported in the markets
[Shredd] when this does float, it will be exciting to see the second adjustment because it will give us an indication of the pace at which it can move.... ] good times, good times!!!
[tlm724] Shredd yes i said earlier that if i were a currency trader i would be watching for a second move
[campdav] Shredd This big swing as we see it could swing the rate to a 1000? 1119 to 1000
[Shredd] therealbubbie the fact that they are replacing 250 and 1000 notes tells us that is not happening right away
[player46] Shredd .. so you feel as though it has begun?
[campdav] IMO its been floating for a while
[Shredd] but again, they wouldn't be replacing the 250 and 1000 if a 1-1 rate was around the corner
[BondLady] parliment meets tuesday to discuss the cbi events and monetary policy.....need to wait and see that outcome....
[campdav] Shredd So you do believe that they will be printing the 250 & the 1000
[Shredd] playa, not for me...not till its on cbi site
[campdav] Shredd I am struggling with them printing a note worth 25 cents
[Shredd] campdav well they have reserves, imo they are not printing, just replacing
[BondLady] ty all
[campdav] Shredd But that is not what they reported
[Shredd] campdav but again, if we had a rate of 1-1, a 250 and 1000 note won't be as useful i mean, we don't use denoms like that here ] 100 is largest
[campdav] They said they contracted a british firm to print the notes, makes no sense IMO
[Shredd] campdav well, read that article they mention the printing company
[Shredd] but it does not say they printed those notes it says they are replacing
[campdav] Makes no sense, we got this british firm and we have decided to have ........................ to replace our worn and torn notes?
[player46] Central Bank: partnered with a British company to replace damaged currency with new ones 27/10/2012 14: 26: 00 Font size: The Central Bank announced, Saturday, from his contract with a British company to replace damaged currency with a new, pointing out that the replacement process will be early November next Deputy Central Bank Governor Mohammad Saleh appearance in a press statement the Bank has contracted with a British company responsible for printing currency to print small groups and are the 250 dinars, 1000 dinars for the purpose of replacing damaged with a new ",
stating that" this company is one of the big companies that prints nearly 60% of the coins of the world ". Saleh said "November will begin replacing damaged currency with a new small groups," he said, adding that "all these bad currencies constitute only 1 percent of the currency in circulation, which are many but the few worth".
Citizens suffer from the difficulty of small groups of procurement markets due to damage and rupture most especially both the 250 and 1000 dinars. The Central Bank blamed earlier administrations banks responsible for the damaged currency markets, warning of fines on non-cooperative banks amounted to a stop.
[Shredd] i hear you but the reference is back to the contract they have with them "from his contract" to replace this company "responsible for printing currency..."
[campdav] If your changing out 1% well you have 99% so what is the big deal and why tell us?????????????????
[Shredd] well, this is just my opinion but i read this several times and the translation of the context of the printing seems to refer back to the reference of the contract for them to do so....
[campdav] Its confusing and makes no sense sorry shredd
[Shredd] i agree, confusing hey, again, it could be a plan to use the media
[campdav] He said and I agree why even mention it and why print a note worth 25 cents
[Shredd] to disguise the supplying of the banks all of the LDs
[campdav] especially if you already mention you stock 99%
[Shredd] i mean, you know they are seriously concerned about counterfeiters
[campdav] Shredd Let me raise your bet
[campdav] I think the LD's are already at the banks
[Shredd] they sure as heck could be
[campdav] Remember the 50 or 60 armoured trucks delivering currencies way months back?
[Shredd] we may find out soon enough
[Shredd] Shredd --out