BondLady] you all wanna see a good article ?
A parliamentary committee: Iqbal mounting on the Iraqi dinar Written by Ammar Shaykhli published on Monday, July 22 / July 2013 03:30 Baghdad (Iraq) / Hala Khalid Analysts, economists continued low exchange rate of the U.S. dollar against the Iraqi dinar to Madon the (1200) dinars for the days to come,
as the price of the weight of gold to 215 thousand dinars days after falling to 225 thousand for the weight of one.
said reporter «future» «The offices of banking sale and purchase of foreign currency and the U.S. dollar saw yesterday, a slight decrease on the prices of buying and selling foreign currency,
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including for the U.S. dollar rate of decline thousand dinars for one hundred dollars, for a sale price of $ 100 U.S. to 120 thousand dinars, while the price of to purchase 119 thousand dinars in most areas of the capital Baghdad and domestic banks in the capital.
Conversely said a member of the Economic Commission MP Mahma Khalil that the low price of the U.S. dollar in the market due to the increasing demand of the Iraqi dinar after the lifting of Iraq from Chapter VII and international sanctions recently.
said Khalil's «future» «demanded serve as the economic Iraqi Central Bank to pump large amounts of dollar U.S. to control the prices of buying and selling the dollar now and achieve something of the stability of exchange rates,
as well as activating the role of trade control to control market prices, especially during the days of the month of Ramadan ».
demanded Khalil to speed up the restructuring of the dinar and the Iraqi currency against foreign currencies in order to keep the price of the dinar against the rest of the Currency,
indicating that the coming period will witness keep the exchange rate of the U.S. dollar contrast slightly in the price of buying and selling.
turn attributed the economic analyst Mohammad Al-Anbuge continuing decline in exchange rates of the U.S. dollar against the Iraqi dinar to the wrong policies pursued by the government and the central bank in the lack of control over exchange rates of currencies difficult.
He said Anbuge for «future» yesterday that the instability of the exchange rate of the U.S. dollar would cause economic disaster for the Iraqi market for the day ahead in the event of continued low exchange rates of the dollar and hard currency. to the price fell one for gold and jewelery and gold ornaments in the markets of the capital Baghdad yesterday, bringing the price in sales to 215 thousand dinars central Iqbal significantly from citizens to buy large quantities of gold investors, the issue of low price.
said a number of shop owners gold jewelry in Baghdad for «future» that the price of buying and selling gold in the general areas of the capital decreased significantly without knowing the real reasons behind low price of gold.
predicted shop owners continued decline in selling prices and buy gold for the coming weeks to very low levels amid the apparent decline in the price of buying and selling currency is currently.
He was an economist, had confirmed the Future for last week that the reasons for the decline in gold prices in Iraq due to the introduction of some countries the global gold producer amounts of gold to global markets for sale and speculation which impact on all gold prices in the world. END LINK
[Shredd] demanded Khalil to speed up the restructuring of the dinar and the Iraqi currency against foreign currencies in order to keep the price of the dinar against the rest of the Currency, indicating that the coming period will witness keep the exchange rate of the U.S. dollar contrast slightly in the price of buying and selling.
[Shredd] he Iraqi market for the day ahead in the event of continued low exchange rates of the dollar and hard currency
[lightingcslt] Shredd looks like the plan worked
[Shredd]so much is in motion economically that will force the dinar to emerge strong. yes lighters, I totally agree bud. the 2% article did it for me if they can keep the variance in check, that's a green light
[lightingcslt] Shredd yep bringing confidence back to the folks with their own curreency
[Shredd] I was talking to a friend of mine about this and the question came up, "why would it matter what the pricing differences are if the dollar will leave soon"?
This normalizing of pricing is not for the dollar, this is not making the bed for the dollar to hang its hat, this normalizing of the currency price is controlling currency pricing between the street the the official rate,
look at the imbalance of what the dollar buys us here. Iraq wants to keep this in check and I feel they are close to attaining this, if not, already have accomplished this all from the helm of theCBI, it's their job
[lightingcslt] I feel they accomplished this as well
[Shredd] and having this in check, when the new dinar comes out.....these processes, these controls will already be in place so as not to cause unstable swings in the dinar
[Shredd] I agree lightersand for me, this stability is what held Turki back
[lightingcslt] Shredd and now with tarifffs coming on board........
[Shredd] he can't have the dinar come out, dedollarize and bring strength to the dinar if the pricing is all over the place, yes, it's all perfect timing
[lightingcslt] Shredd yep I agree with ya, imagine that
[Shredd] that's a sign right there !!
[lightingcslt] yes it is
[Shredd] yesterday I was ready
[lightingcslt] Shredd so in reality Turki just needed more time
[Shredd] and with the article Bondlady just brought in.... this emphasizes the need even more, not only does turki need to manage pricing, he's got to keep moving with the dollar.
I believe the IMF wants Iraq out of this dual currency situation seems like every day shows us more of the picture
[lightingcslt] Shredd yep i agree with ya imagine, that Did he$ freeze over?
[Shredd] I gotta admit, I'm a bit surprised tariffs passed but like the post says, it will take some time to administratively implement..........great news though !!!
[tlm724] Shredd 2% difference is also the threshold for the IMF between market price and CBI price and gm
Citizens in Basra complain about damage categories of paper currency and the central bank is to replace them 22/07/2013 - 14:27 | Source: Alsumaria News / Basra Citizens expressed in Basra, Monday, alarmed by the growing phenomenon of damage and rupture of small groups of paper currency,
as expressed Retailers complained of this phenomenon, the Central Bank announced a plan to withdraw banknotes damaged and replaced with new ones.
He said 'Ali Riad Abbas, who runs a taxi driver in an interview for "Alsumaria News", "The problem of corruption and torn banknotes of categories 250, 500, 1,000 dinars worsened significantly within the past few months," noting that "most of the banknotes traded of these groups in Basra damaged and torn, which can cause sometimes us Baharajat and problems."
In turn, said Ghassan Abdel-Rahman, the owner of a shop selling food in the market, the publican, "The currency shattered spread widely in recent Allokhirh, and we are one of the most affected by them,"
adding that "this phenomenon does not affect the work of traders who deal in dollars and groups cash Iraqi large, as it does not harm the officials who get paid large cash groups."
For his part, deputy governor of the Iraqi Central Bank Zuhair Ali Akbar said in an interview for "Alsumaria News", "State-owned banks in the provinces did not stop the withdrawal of currency damaged from circulation,
however, put an ambitious plan to print the categories of alternative techniques of high quality," adding that "categories that will replace the damaged print on paper better than the paper used in the printing of banknotes to neighboring countries."
He stressed banking expert who was director of the Central Bank branch in Basra that "the central bank is determined to end this phenomenon."
The banknotes circulating in Iraq printed in the United Kingdom by a British company, is gaining all denominations leafy current specification much better than the specifications of those that were in circulation until 2004,
it was printed during the nineties in China and Iraq on paper lousy and specifications easy to counterfeit,
In spite of the spread of the phenomenon of torn paper currency and damaged before 2003, but that many Iraqis they avoided objection to accept banknotes torn through their daily business and the fact that the former currency includes all categories was head portraits of the former regime of Saddam Hussein. END
[Shredd] an ambitious plan to print the categories of alternative techniques of high quality," adding that "categories that will replace the damaged print on paper better than the paper used in the printing of banknotes to neighboring countries."
[Shredd] imo, this tells us it's the NID, alternative techniques,new dinar imho of course ,printing categories of alternative techniques of high quality that's new dinar of course they are referring to a past announcement but we've seen a few articles like this that talk about the poor quality of the dinar perhaps it's telling that IQD is not replacing them on a regular basis like a central bank normally would do
[tlm724] Shredd not putting any "new" triple zero notes out
[Shredd] it refers to the two zero notes well, and the 1000
[tlm724] no replacement notes, hows that
[Shredd] they'll keep those denominations for a while, medium sized notes, that's why I think it's telling that the bank isnt replacing them like a normal situation would and replacing them with NID (irrespective of note denominations) per the central bank's promise with new tech fits
[tlm724] Shredd I wanted to say earlier about the IMF 2% treshold that I think its awesome that Turki is being more agressive with his stablization program
[Shredd] yes, I wanted to be careful to read into it, but I feel it shows us the stability is close
[tlm724] Turki is doing MORE then is required to stablize and imo it bring's forth the monetary change that much sooner
[Shredd] tlm724 sooner works for me
[tlm724] just looking at it through the international side. Shredd he could just keep it close, the market price and go for a long time that way BUT he isn't
[Shredd] tlm724 so, what about these tariffs?
[tlm724] Shredd tariffs were passed long ago, they amended for a second time, looks like continued slow implementation as they build the nessecary infrastruture for full implemenation
[tlm724] Reasons In order to allow sufficient time to provide the technical requirements necessary to implement the provisions of the customs tariff law and maintain the level of prices in the Iraqi market at the present time and protect consumers from price increase expected as a result of the implementation of the Act and to provide assurance the overall difficulty of the application of the law. LINK
[Shredd] like I encouraged all to remember last week, this is a whole new Iraq now that they are a sovereign democracy and with their amazing wealth and in a dual currency situation with crappy worn out dinar and a fluctuating dollar to deal with, Turki is closer than ever to gaining stability in currency pricing, we are close, now git r dunnnnnnnnnnnnnn
[Shredd] So, timmy do you think as far as the tariffs are concerned as stated in earlier articles that, Iraq has all the electronic equipment at borders and have hired and trained personnel needed to implement full tariffs.
[tlm724] I am not 100% sure on that, I do know they have equipment, part of the problem has been training personnel , most don't know how to operate a computer and also BondLady reminded me the other day that so many of the surrounding countries import to Iraq and they don't want to pay the tariffs therefore they bribe members of the GOI to fight it every step of the way.
It's bit of a catch 22 there but the tariffs are crucial to overall economic health of Iraq as they are wasting and losing millions of dollars every week, chop chop Iraq
[tlm724] Shredd Lighters thanks for the great chat !
[Shredd] your welcome and thank you, shredd- out