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Official Central Bank of Iraq (CBI) Dinar Rate:
1190 IQD to 1 USD
Dinar Market Rate:(CBI last reported June 13, 2018)
1201 IQD to 1 USD
- Rates Are Within IMF 2% Rule: YES
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6-18-2018 Newshound/Intel Guru Mnt Goat I still persist that mid-July is very good timeframe to maybe see the CBI moving ahead again on the project to delete the zeros. Yes, I do believe it is coming. Let’s just keep our fingers (and toes) crossed that nothing else comes up to interfere.
6-18-2018 Newshound Guru tlm724 Article: "dinar card is ready to use" Quotes: "announce International Islamic Ban announced launch first MasterCard card currency Iraqi dinar" "Ruffer used your card outside Iraq and through the Internet and the price of discharge according to the official price of the Central Bank of Iraq." ...very interesting. ...I researched the International Islamic Bank branch in Iraq...they do offer MasterCard and many benefits to their customers. Very good stuff...
6-18-2018 Newshound Guru Kaperoni 3 days now passed the 3-month IMF requirement, CBI continues to be in compliance at 1200 to $1.
6-18-2018 Newshound/Intel Guru Mnt Goat ...it’s mid June already and still the election process saga continues in Iraq. This is just 2 weeks prior to the end of the current government. Will they settle this saga prior to this time? They are already talking about a provisional government, this of course would be disastrous and will only lead to yet more shenanigans by Maliki and his goons. Will the UN or the USA step in to assist and settle this issue? We also know the MCP monitoring by the IMF ends... What does this mean? It means that the CBI will not want to allow too many days in between the signoff of the MCP and the reinstatement. We watch now for the next Article IV consultation session. The last consultation was completed on August 9, 2017 for the ending of the 5 year Stand-by-Agreement. This may very well be the final piece to the puzzle, allowing the CBI to continue to the next and final stage of the project to delete the zeros.
6-18-2018 Newshound Guru Daytrader [New Guru] I believe there have been a number of responses showing sound logic and article support for Iraq to move to a higher exchange rate. IMO the reason they must is because it is a WTO requirement that a members exchange rate accurately reflect the true value of its currency. Iraq has been working towards full WTO membership for several years, and looks as though they could be nearing acceptance. The WTO will not allow unfair trade practices within its membership, and Iraq's current exchange rate would not accurately reflect its true value. Also recall Alak "visited" with the IMF while in New York for the Central Bank Governors meeting last year. ...Alak was joined by an accounting firm believed to have completed an independent third party analysis of Iraq's resources. Their objective was to provide accurate data for the new exchange rate calculations with the IMF. IMO Iraq will not reinstate at the current exchange rate.
6-18-2018 Newshound Guru Kaperoni With 96% oil dependency Iraq must pay for everything from oil sales from infrastructure projects, salaries of employees, defense spending and of course a lot goes to corruption. Iraq's budget for 2018 was $88 billion dollars. Iraq currently produces about 4.5 million barrels per day of oil. They would have to make at least $62 a barrel to break even on the budget including production cost. This is why the idea of oil credits or selling oil for $32 is just not feasible. I've said for years the dinar that we hold that was sold outside Iraq will never go back...it was part of a controlled leak to prime the pump of sorts to create momentum for the Iraqi dinar worldwide which eventually will end up in other central banks around the world. [post 2 of 2]
6-18-2018 Newshound Guru Kaperoni ...Iraq is 96% dependent on oil sales what that means is they could never sell oil below market price because they would be under cutting their own budget. Remember 70% of the budget is wages as most Iraqi's are on the state payroll. Selling oil for $32 a barrel would prevent them for making payroll. Until Iraq and diversify and create a market economy and reduce the dependence on oil they are at the mercy of meeting that budget. The actual cost to produce a barrel of oil is about $10 yes but Iraq has many other expenses on top of that that make the sale of any oil for less than $40 not profitable. [post 1 of 2....stay tuned]
6-18-2018 Newshound Guru Whitelions ...the C.B.I has the LAST and ONLY word on how the monetary system works and they have TOLD the PEOPLE that there will BE NO FLOAT.
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6-17-2018 Newshound Guru Kaperoni [...You can’t take value away from iraq and iraq be stronger and never give value back.] It was never taken away, it devalued due to sanctions if you want to call that taken away so be it. And yes, it should rise up again.
6-17-2018 Newshound/Intel Guru Mnt Goat If you want the kind of returns on your simple exchange of the dinar you are holding then you will have to wait until Iraq is ready. It is that simple... The CBI technically is ready and they told us just last April the “project to delete the zeros” is done as far as they could go and are ready to move on to the final stage. This was terrific news...But then the economists, consulting the govt, told us they will probably plan to wait until after the elections to go forward with it to this final stage. This was done not so much due to the election instability but because they needed elimination of this currency MANIPULATION and FRAUD and the CBI came right out and told us this too. This was in dealing with the currency auctions. We recently read that four (4) banks can no longer do business with the CBI and are prohibited from participating in the auctions or any funded CBI banking programs. So are they now ready? Why else would they have begun their re-education program if they are not intending to move ahead again?
6-17-2018 Newshound Guru Kaperoni ...Iraq would never sell oil for $32 a barrel that's less than it costs them to get it out of the ground. ...Iraq can sell oil on the open market every day of the week for market price...The truth is PM Advisor Saleh told us what will happen to the dinar many years ago when he said the dinar would be held in central banks around the world for a very long time. In other words, central banks are going to use it to prop up their own financial systems.