bondladyscorner tim724

by **Ponee** Sat May 25, 2013 9:35 am

[tlm724] 'Arab Spring' in the central bank! ... Citizen and the decline of the local currency .. Goods go down and the other up Ali Salman - 05/22/2013 - 7:40 p | Warned a number of MPs and specialists in the financial area of the continuation of the low exchange rate of the Iraqi dinar against the U.S. dollar, because it will create economic and financial crises large in the country, in terms of high inflation and increased prices in the domestic market, in addition to its direct impact on the amount of cash reserves of hard currency , because the decline in the price of the dinar reduced the purchasing power of citizens (20%), giving a negative indicator for economic growth and development in the country,

[tlm724] read along please cause it a long art

In the opinion of a member of the Finance Committee, MP Hassan Auzmn Bayati, that the administration of the Central Bank of the current cause of low exchange rate of the Iraqi dinar against the U.S. dollar, warning of the continuing decline because it will lead to economic problems and financial assistance in the country, in terms of increasing poverty and high rates of inflation, and the low exchange rate of the dinar impact on the purchasing power of the citizen and fell between (15% - 20%), because most of the goods are in the market are imported and are imported in U.S. dollars, and the need to take the necessary measures for the purpose of the return of the dinar to the price of natural and maintain stability in front of hard currency to avoid the country from crises economic potential and occur as a result.

[tlm724] purchasing power of citizens 20%. 20 cents on the dollar so to speak, how would that make you feel ? I don't blame the citizens for being up in arms ! I would too !

[tlm724] "the need to take the necessary measures for the purpose of the return of the dinar to the price of natural" and "maintain stability in front of hard currency to avoid the country from crises economic potential and occur as a result."

[tlm724] economic disaster ! IF they don't do something it will create an economic disaster, you think its bad now ?

[tlm724] He ruled out a member of the Finance Committee MP Abdul Hussain al-Yasiri, the existence of the smuggling of hard currency, which would have led to the high exchange rate of the U.S. dollar, indicating that the government give a dollar to the Central Bank and the Bank gives the dinar to the Ministry of Finance for operational purposes in the country, but there are processes monopolistic conducted in the sale hard currency. The central bank's policy includes selling the dollar against the dinar in order to create a balance in the balance of supply and demand of foreign currency in the domestic market, but this did not happen, because by citizens and some financial firms to retain dollars without knowing the reasons, the central bank demands to change its monetary policy the current format makes the dollar up to those who deserve not to people They have no need for the dollar, stressing that the continued decline of the dinar exchange rate will lead to a major financial crisis in the country.

[tlm724] monopolistic = exclusive control by one group, in this case the CBI. "central bank's policy includes selling the dollar against the dinar in order to create a balance in the balance of supply and demand of foreign currency in the domestic market, but this did not happen"

[tlm724] "but this did not happen " so no balance at this time, supply and demand are creating havoc amoung the citizens and how do you fix that ? I suppose you could let the bus run but that is not realistic because of the current mood on the streets!

[tlm724] the central bank demands to change its monetary policy" so that is how you fix the problem, change the monetary policy !

[tlm724] next paragraph

For his part, accused the MP Hamid Buffy, the federal government it is the cause of instability of the exchange rate of the Iraqi dinar against foreign currency because they are trying to control the work of the central bank, although he an independent institution are not subject directly to the executive, but linked to the House of Representatives, according to the Iraqi constitution, and government interference in the work of the Bank Central led to the resignation of the governor of the Bank and his advisers and managers This is a dangerous precedent that threatens the monetary policy in the country, and this is what happened now consistently low exchange rate of the dinar, and the House of Representatives rapid intervention to prevent the control of the executive branch to the central bank to keep the public money and financial stability in the country.

[tobyboy1] tlm724 GM This pargaragh shows the cause executive trying take contol of CBI

[tlm724] The witness doors of private banks in Baghdad, since the early hours of the morning every day, gatherings to crowds of people hoping to get an early opportunity to buy the dollar from those banks, to be then sell the dollar and get the profit margin of the price difference in the market, not without scenes of citizens, those of and complexity of disputes due to overcrowding at that opportunity.

[tlm724] parliamental "Judicial" is the watchdog for the CBI not the GOI

[therealbubbie] They have no need for the dollar, stressing that the continued decline of the dinar exchange rate will lead to a major financial crisis in the country.

[tlm724] therealbubbie exactly !

[therealbubbie] decline of the dinar exchange rate will lead to a major financial crisis

[tlm724] okay last paragraph

And witnessed the exchange rate of the Iraqi dinar against the U.S. dollar volatility is unprecedented since the beginning of the month of May and so far, prompting the Iraqi Central Bank to take action to reduce slumping, which has a direct impact on the Iraqi economy. It is noteworthy that the Iraqi Central Bank hold daily sessions for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of public holidays in which the Bank stops for these auctions, and sales can be either in cash, or in the form of remittances sold abroad for a certain commission. http://www.burathanews.com/news_article_195809.html

[tlm724] "witnessed the exchange rate of the Iraqi dinar against the U.S. dollar volatility is unprecedented." Unprecedented, they have NEVER witnessed this before!! This is huge ! " since the beginning of the month of May and so far, prompting the Iraqi Central Bank to take action to reduce slumping," so in 3 weeks it has reached an unprecedented level !! Are you kidding this is great news for us !

[tlm724] so they are INCREASING sessions why ? Well let me tell you ! The more DINAR the banks bring in off the street the better it is for an increase in its value and the CBI will be free from the yoke of paying the citizens for their dinars and the more the US dollars they sell the more they fill their coffers to the tune of 40 million US dollars a day and build the reserves, which I can say with confidence are well over 74 billion and growing every single moment !

[tlm724] so what do you think, think they need a monetary change ? Think they need it yesterday ?

[lightingcslt] tlm724 arab spring on the horizon

[tlm724] think they can't take action ? well you can take this to the bank, they WILL and ARE going to take action ! It wouldn't surprise me to see a MASSIVE change in the currency reform policy at any moment !! Thats my 2 cents

[lightingcslt] tlm724 great job ty

[BondLady] great chat timmy and tyvm

[tlm724] BondLady yqw and thank you, thanks lighters !