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Live New York Time
Live Baghdad Time
( Updated: )
Official Central Bank of Iraq (CBI) Dinar Rate:
1190 IQD to 1 USD
Dinar Market Rate:
(CBI last reported 11-13-2018)
1204 IQD to 1 USD
- Rates Are Within IMF 2% Rule: YES
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11-15-2018 Newshound Guru Kaperoni [It’s getting hard for me even seeing when or if they are ever going to float. The corruption, the stalling, the bickering/infighting, the incompetence...it is getting really difficult to see them ever getting past it.] Yes it can be frustrating. Keep in mind the IMF, World Bank and others are pushing this reform forward.
11-15-2018 Newshound/Intel Guru Mnt Goat Article: "ALMOST DAILY REPORTS OF THE ARREST OR ELIMINATION OF THE MILITANT GROUP’S TERRORISTS, THEIR LEADERS, SLEEPER CELLS AND HIDEOUTS" ...the SECURITY situation in Iraq is stable but they are still having problems with the ISIS group infiltrating back into Iraq from Syria. But we know we have heard many articles about how SECURE and STABLE Iraq now is so these issues should not be a prohibiting factor in the reinstatement of the dinar.
11-15-2018 Guest Guru Sam I Am I didn't sell my dinar because it didn't happen on my time line. I sold because my research led me to the conclusions I'm sharing with you. If I believed it would happen I would hang on for another ten years or more. My research involves economics, IMF docs, history, law etc. Yes they're going to float the dinar in the future just like they're floating it now, via a managed float. ...those articles Kap [Guru Kapaeroni] quotes say that a more flexible policy will lead to an increase. But they mean an increase in the exchange rate not an increase in value. The CBI can adjust the rate any time they deem necessary. Trust me, a year or two from now you'll still be wondering what the hold up is. [post 3 of 3]
11-15-2018 Guest Guru Sam I Am so our main point of disagreement seems to be the feasibility of the IQD floating freely. I maintain that de-pegging would destroy iraq. Kap [Guru Kaperoni] has been saying that [the dinar would float?] since 2012 but he doesn't understand that all of those articles are talking about the managed float that Iraq is currently using...they maintain the peg by manipulating the money supply. [correct and the auctions] yes. so it's already floating ... just not "free floating" like the dollar or the euro. The IMF has already stated that the IQD is rightly valued where it is...bottom line is they back their currency with their foreign currency reserves which is about $50 billion. Divide that by their M1 money supply of 70 trillion and you have a currency that is rightly valued at less than 1/10 of a penny. The low level and the relative stability of inflation do not suggest any significant over- or undervaluation of the Iraqi dinar...the "program rate" isn't an artificially imposed rate but simply the rate used by the IMF for monitoring purposes... [post 2 of 3....stay tuned]
11-15-2018 Guest Guru Sam I Am [Do you think we will ever make any money from the Dinar?] Nobody will get rich from owning dinar. It's possible to make a profit if the CBI decides to raise the value like they did from Nov. 2006 to Jan. 2009... about 25%...but it's very unlikely that they will. But even if that happens the profits won't justify the risk IMO. ...the problem is that most dinar investors have no experience with currency speculation (including me when I got in) and they don't understand how what a revaluation is...By the way, I owned over 8 million...so I've been on both sides...the average dinarian only owns a million or two...so my point is that I owned a lot more than the average guy... the IQD is pegged so it only goes up in value if the CBI decides that it will...they can't de-peg until their economy is diversified to the point that most of their revenues are non-petroleum based... [post 1 of 3....stay tuned]
11-15-2018 Newshound Guru Phillyman Article quote: "...the Prime Minister Adel Abdul Mahdi, told President Barham Saleh that he would resign if the auction continues to sell ministries between the political blocs in his government." Is the article true, accurate? Madhi certainly has his hands full. Who knows by the time you read this maybe all the positions will be filled with moderate, honest politicians. Of course the biq question everyone wants answered is when will the IQD move from its current level. Can we finally agree that no one knows or will know? Does the state of politics even impact that decision? The only person I listen to that makes sense to me is [Guru] Breitling. You won't find an answer to the date question...but you may feel a little better about your investment in Iraq. As insane as this country looks for investment to many I still believe.
11-15-2018 Newshound/Intel Guru Mnt Goat Article: "PARLIAMENT MEETING HELD ON MONDAY, MONETARY POLICY IN THE PRESENCE OF THE GOVERNOR OF THE CENTRAL BANK OF IRAQ ALI ALAK" So we can see the seeds have been sown and many of the newer members of parliament do want the CBI to move ahead with the currency reform. Will the CBI now do it after this meeting with parliament? All the financial news is the best it has been since 2012-2013.
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11-14-2018 Newshound Guru Kaperoni There is no RV or RI...if the dinar appreciates in value it will not happen overnight. That being said, monetary policy will need to change to accommodate investment and that means they will need to float the dinar. Floating the dinar allows the CBI to gradually raise the value to counter inflationary pressure created by an influx of investment. A float can start anytime, but i do not see it rising to equal a dollar for several months if not longer.
11-14-2018 Newshound/Intel Guru Mnt Goat We know that the new asset backed currency rate calculation system introduced in 2012-2013 is generating periodic rates for many of these underdeveloped countries. These rates are pushed down to the banks through this system. Yes, these are real rates but they are not yet implemented. So why does the Iranian Rial all of a sudden show up again with a rate of about $3.90. WOW! This is remember all calculated based on assets and bumped around with neighboring middle eastern countries. This does NOT mean these rate are eminent or will show up LIVE today or tomorrow.
11-14-2018 Newshound/Intel Guru Mnt Goat ...Answer: For only 2 reasons – a. continuance of corruptive banking practices (greed) and corruption and b. political will to execute the “project to delete the zeros”. Again these same politicians are making a...load of money off these fake banks. This is why Dr Shabibi realized the necessity to end these auctions as soon as possible. But the corruption during the Nori al-Maliki administration put a dead stop to this effort. This was the closest the CBI ever got to completing this project to delete the zeros. It has been an uphill battle ever since to do it. [post 2 of 3....stay tuned]
11-14-2018 Newshound/Intel Guru Mnt Goat Article: "IRAN, FEELING SANCTIONS BITE, LOOKS FOR OUTLET IN IRAQ" So what do we know? We know that the US does not want Iraq to use USD to trade with Iran. I have always said these Iraqi currency auctions are now just funneling more money to the terrorist in USD and were set up initially to do just the opposite. So why even continue them then? They are part of the problem. How can this be since they forced Iraq in the past under the sanctions to use only USD thru converting dinar to US dollars thru these currency auctions. Oh – but these sanctions are now lifted and so why does Iraq continue to use these auctions. Answer: [post 1 of 3....stay tuned]
11-14-2018 Newshound/Intel Guru RVAlready The budget has nothing to do with RV timing. I do not think anyone plans a CBI investigation. The fact that the budget is already written in 1:1 numbers, should tell you everyone knows what is happening…. I think this is on a timetable. All the public stuff is just smoke and mirrors, as usual. Remember, this is a new parliament. Allaq reassured them that the MR is going smoothly. He seems to be in control of the MR, and we will see the RV when the date hits. I am hoping the date is this week, or, at the worst, by the end of November.
11-14-2018 Intel Guru Bruce Let’s start with Iraq... we find out tomorrow afternoon [Wednesday] Iraq time...4:30pm to 4:45pm Baghdad time that is 8:30 am to 8:45am Eastern Time things are supposed to be released as far as Iraq is concerned. They may put it out in the Gazette. They may do the Gazette thing which is great, but we are looking for them to release the ATMS with the lower Denoms and also put out a rate on the CBI. There are things that they have held back until we are ready to go...That is something that is supposed to happen tomorrow [Wednesday].
11-14-2018 Newshound/Intel Guru Mnt Goat Article: "FORGED DOCUMENTS FROM 3299 CARICATURES ABLE TO WITHDRAW FUNDS FROM CBI" yet more corruption at the CBI process. These currency auctions must end as they are the source of most of this bank corruption.
11-14-2018 Intel Guru RayRen98 PM Madhi states that the completion of the delivery of the cabinet is in the coming days. Supposedly, a direct quote from PM Abdul-Madhi, "It was necessary to form the government before the end of the constitutional term and the government is strong and hear all the assessments and observations about any minister and we work on a compromise and an agreement to complete the squad in the coming days." [Hmmmmm, "It was necessary to form" sounds like past tense to me, what do you think? Or maybe it's the difference in the English language?] It appears that the CBI Acting-Governor Alak "might" be under official investigation for the disappearance (and/or damage) of seven billion dinar...