Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Time Running Out for the Dinar Peg I_icon_minitimeYesterday at 6:02 am by Ditartyn

» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Time Running Out for the Dinar Peg I_icon_minitimeSat Mar 23, 2024 9:25 am by swizzlestick

» ZIGPLACE
Time Running Out for the Dinar Peg I_icon_minitimeWed Mar 20, 2024 6:29 am by Zig

» CBD Vape Cartridges
Time Running Out for the Dinar Peg I_icon_minitimeThu Mar 07, 2024 2:10 pm by Arendac

» Classic Tony is back
Time Running Out for the Dinar Peg I_icon_minitimeTue Mar 05, 2024 2:53 pm by Mission1st

» THE MUSINGS OF A MADMAN
Time Running Out for the Dinar Peg I_icon_minitimeMon Mar 04, 2024 11:40 am by Arendac

»  Minister of Transport: We do not have authority over any airport in Iraq
Time Running Out for the Dinar Peg I_icon_minitimeMon Mar 04, 2024 11:40 am by Verina

» Did Okie Die?
Time Running Out for the Dinar Peg I_icon_minitimeMon Mar 04, 2024 11:34 am by Arendac

» Hello all, I’m new
Time Running Out for the Dinar Peg I_icon_minitimeWed Jan 31, 2024 8:46 pm by Jonny_5

» The Renfrows: Prophets for Profits, Happy Anniversary!
Time Running Out for the Dinar Peg I_icon_minitimeWed Jan 31, 2024 6:46 pm by Mission1st

» What Happens when Cancer is treated with Cannabis? VIDEO
Time Running Out for the Dinar Peg I_icon_minitimeWed Jan 31, 2024 8:58 am by MadisonParrish

» An Awesome talk between Tucker and Russell Brand
Time Running Out for the Dinar Peg I_icon_minitimeWed Jan 31, 2024 12:16 am by kenlej

» Trafficking in children
Time Running Out for the Dinar Peg I_icon_minitimeMon Jan 29, 2024 7:43 pm by kenlej

» The second American Revolution has begun, God Bless Texas
Time Running Out for the Dinar Peg I_icon_minitimeMon Jan 29, 2024 6:13 pm by kenlej

» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Time Running Out for the Dinar Peg I_icon_minitimeSun Jan 28, 2024 3:28 pm by Mission1st

» Tucker talking Canada
Time Running Out for the Dinar Peg I_icon_minitimeWed Jan 24, 2024 6:50 pm by kenlej

» Almost to the end The goodguys are winning
Time Running Out for the Dinar Peg I_icon_minitimeMon Jan 22, 2024 9:03 pm by kenlej

» Dinar Daily Facebook Page
Time Running Out for the Dinar Peg I_icon_minitimeMon Jan 22, 2024 3:34 pm by Ponee

» The Fundamentals of Finance and Pimpy Live
Time Running Out for the Dinar Peg I_icon_minitimeThu Jan 18, 2024 7:17 am by Dinarhater

» Why Won't the Iraqi Dinar Scam Die?
Time Running Out for the Dinar Peg I_icon_minitimeWed Jan 17, 2024 5:19 pm by RamblerNash

Time Running Out for the Dinar Peg

2 posters

Go down

Time Running Out for the Dinar Peg Empty Time Running Out for the Dinar Peg

Post by RamblerNash Fri Sep 04, 2015 4:00 am

Time Running Out for the Dinar Peg

August 26, 2015 in Banking & Finance
By John Lee.

A foreign-exchange crunch cause by the drop in oil prices could force a devaluation of the Iraqi dinar, according to a report from Bloomberg.

Data compiled by Bloomberg show that dollar reserves fell by approximately 20 percent to $59 billion as of July 23, while in the first 25 days of August the Central Bank of Iraq (CBI) sold $4.6 billion of currency to keep the dinar at its pegged rate of 1166 to the US dollar.

Frank Gunter, author of “The Political Economy of Iraq,” said the currency could weaken as much as 20 percent over the next year, adding “Iraq’s perfect storm means the country will continue to lose reserves until the government of Iraq decides to devalue the dinar.

Research from Dubai-based bank Emirates NBD suggests that Iraqi dinar is one of the Middle East currencies most at risk of devaluation, but that the current exchange-rate regime is likely to remain.

London-based investment firm Exotix Partners LLP said that maintaining the peg could cause Iraq’s foreign-currency reserves to drop to about $45 billion by the end of next year.

The authorities will try to hold on to the peg as long as possible, but may be forced to devalue if pressures continue,” said Jakob Christensen, a director at Exotix.

But Waleed Eedi, a director general at the CBI, told Bloomberg that the policy now is to meet the demand for dollars, the reserves won’t be depleted because of oil sales, and the dinar won’t devalue.

(Source: Bloomberg Business)


(Dinar image via Shutterstock)


http://www.iraq-businessnews.com/2015/08/26/time-running-out-for-the-dinar-peg/

*****************
Time Running Out for the Dinar Peg 258310255 
>>>TNTBS's YouTube Channel<<<
RamblerNash
RamblerNash
GURU HUNTER
GURU HUNTER

Posts : 24270
Join date : 2015-02-19

Back to top Go down

Time Running Out for the Dinar Peg Empty Re: Time Running Out for the Dinar Peg

Post by dwm007 Fri Sep 04, 2015 7:05 am

Several Financial experts are predicting a drop in value for the Dinar but this is causing little concern among Dinarians because some Iraqi officials are saying that everything will be alright and the Dinar is stable,

"But Waleed Eedi, a director general at the CBI, told Bloomberg that the policy now is to meet the demand for dollars, the reserves won’t be depleted because of oil sales, and the dinar won’t devalue."

But what else do we expect them to say? They will paint a rosy picture and claim the Dinar is safe for as long as they can. If they were to openly agree with assessments from those from Bloomberg, etc the value of the Dinar would plummet on the streets! They can't even get it up the official rate now because Iraqi citizens don't trust it and if they openly agreed it might fall in value the citizens would scramble to dump it. The fact is even if they know they are going to be forced to devalue they will deny it until the very last minute!

dwm007
VIP Member
VIP Member

Posts : 828
Join date : 2015-08-05

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum