1-22-2012 Guru Gankans We are on our way!!! |
Central Bank of Iraq raises the value of Iraqi Dinar Saturday, January 21, 2012 13:44 GMT
[gankans] Did you all see this?
[gankans] Here is the article.
[gankans] Saturday, January 21, 2012 13:44 GMT Central Bank of Iraq announced, on Thursday, that it revaluated Iraqi Dinar 3.4% in exchange with Dollar. This decision will affect the exchange rate of Iraqi Dinar against US dollar in Iraqi markets, Central Bank stressed. “During his daily auction of foreign currencies’ exchange, Central Bank raised the value of Iraqi dinar against the dollar with a percentage of 3.4% which counts 4 Dinars,” deputy governor of Iraqi Central Bank Mazhar Mohammad Saleh told Alsumarianews noting that after the current change each 1166 Iraqi Dinars equal 1 Dollar. “Nominal rate of Dinar doesn’t coincide with its purchasing power or with its real exchange rate against the Dollar,” Saleh revealed.
_ [gankans] “The current account of Iraq payments has a surplus of 5 to 8% in comparison with the GDP,” Saleh advanced stressing that this surplus is a strength indicator and points that Central Bank has major reserves. “Central Bank of Iraq’s decision will affect Dollar exchange rates which slightly increased lately in Iraqi markets,” Saleh declared adding that Iraqi Dinar will become a riveter in Iraqi markets. Central Bank of Iraq had announced, on Thursday, exchanging Dollar categories for 1166 Dinars per Dollar after it used to sell 1170 Dinars per Dollar. Auctions of the Central Bank are taking place, daily, with the participation of 23 different banks.
Click "Read More" on the right to get the full scoop : )
[gankans] Did you all see this?
[gankans] Here is the article.
[gankans] Saturday, January 21, 2012 13:44 GMT Central Bank of Iraq announced, on Thursday, that it revaluated Iraqi Dinar 3.4% in exchange with Dollar. This decision will affect the exchange rate of Iraqi Dinar against US dollar in Iraqi markets, Central Bank stressed. “During his daily auction of foreign currencies’ exchange, Central Bank raised the value of Iraqi dinar against the dollar with a percentage of 3.4% which counts 4 Dinars,” deputy governor of Iraqi Central Bank Mazhar Mohammad Saleh told Alsumarianews noting that after the current change each 1166 Iraqi Dinars equal 1 Dollar. “Nominal rate of Dinar doesn’t coincide with its purchasing power or with its real exchange rate against the Dollar,” Saleh revealed.
_ [gankans] “The current account of Iraq payments has a surplus of 5 to 8% in comparison with the GDP,” Saleh advanced stressing that this surplus is a strength indicator and points that Central Bank has major reserves. “Central Bank of Iraq’s decision will affect Dollar exchange rates which slightly increased lately in Iraqi markets,” Saleh declared adding that Iraqi Dinar will become a riveter in Iraqi markets. Central Bank of Iraq had announced, on Thursday, exchanging Dollar categories for 1166 Dinars per Dollar after it used to sell 1170 Dinars per Dollar. Auctions of the Central Bank are taking place, daily, with the participation of 23 different banks.
Click "Read More" on the right to get the full scoop : )
[gankans] At the end of this week’s sessions, Central Bank of Iraq scored a slight decrease of about 1 million Dollars reaching therefore more than 199 million Dollars in comparison with the 200 million Dollars scored on Wednesday. Deputy Governor of Iraqi Central Bank Mazhar Mohammad Saleh revealed, on December 14, that Central Bank is willing to create 3 money categories following the deletion of 3 zeros from Iraqi Dinar. The currency exchange requires about two years, Saleh pointed out. Reserves of foreign currencies in Central Bank of Iraq increased, for the first time in Iraqi history, to 60 billion Dollars, Saleh announced on December 6 explaining that Central Bank can curb inflation if it reached two decimal ranks. Current levels don’t raise concern though, he assured.
10:30 AM [gankans] We are on our way!!!
10:31 AM [gankans] It look as if they revalued the dinar, but we have to check some pieces to this announcement.
10:32 AM [gankans] 3.4% is not a lot at all, but it's a start.
10:32 AM [gankans] It's the first ever article I have read that says they have actually revalued the IQD.
10:33 AM [gankans] It does say that it has revalued in Iraq and in the foreign currency market.
10:33 AM [gankans] It makes since to test the market 1st before jumping right into the full blown RV.
10:34 AM [rgone] gankans A test? - Why?
10:34 AM [rgone] gankans What do they gain by that?
10:36 AM [sandinar] just more delays for them because they know we will not cash in at that amount
10:36 AM [gankans] rgone You test for different reasons...
10:37 AM [Kslark] I would say that the very poor who have only a little - will take the first bite ?? my thoughts
[gankans] You are testing the sentiment of the market, economically, and more.
[gankans] The increase in value is to give hope to the people of Iraq, show the other businesses and countries that they are increasing their currency because they are a strong nation economically.
[niftyfifty] gankans I say "take off the water wings" and jump right in!!
[gankans] There are many reasons for them doing this in this manner.
[gankans] This is a delicate process that has a lot trip wires- if you know what I mean?
[gankans] niftyfifty
[gankans] They could be doing it to show that they are preparing for the big revalue increase- who really knows, but there are reasons that this article explained and others they will not release.
[gankans] The increase in value is to give hope to the people of Iraq, show the other businesses and countries that they are increasing their currency because they are a strong nation economically.
[gankans] There are many reasons for them doing this in this manner.
[gankans] This is a delicate process that has a lot trip wires- if you know what I mean?
[gankans] They could be doing it to show that they are preparing for the big revalue increase- who really knows, but there are reasons that this article explained and others they will not release.
[gankans] This is all new to me and anyone else. Let us check with our sources and other info that comes out to come to a reasonable conclusion.
[gankans] Fair enough?
[gankans] More patience until we see what happens.
[gankans] I have to go do some things for the day.
[gankans] Be back on later this afternoon.
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