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TNT Chatter 1/5/18

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TNT Chatter 1/5/18

Post  Ssmith on Sat Jan 06, 2018 8:57 am

TNT:

Pearle:  I don’t think I could have gone to the bank yesterday...it (weather) was that bad

Ubetcha:  it's been at least 20 years to my memory since our schools closed for cold... snow different but this kda cold yukk

DRL: So now a snow storm in the US has held up the the greatest redistribution of wealth in the history of the world! ROTFLMAO!!

Smitty76:  Remember Folks, If we have hard time getting to the banks, it's also difficult for people to get to the banks and exchange centers that are employed there


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Isabelle:  IMO There will be no exchanges until the IQD rate is on the Forex. Why? If you walk into any Bank to exchange any currency, say, 1,000 Canadian Dollars (CDN), the bank goes on the forex and SELLS that 1000 CDN for whatever the rate is, say $950 USD. It is instant. Now they deduct, say, 2% for their fee and give you $950 minus 2%. Exchange complete. Nobody at as loss. Banks do not gamble! The Forex must be available for an exchange.

Phantom809:   Isabelle --If Banks have rates on their screens there must be som internal system they are referencing.

Isabelle:  Phan., that rate could be an expected rate, but, as I understand, it is NOT live. If live, a Forex rate changes by the micro second. You can be making a trade, see a specific market rate, and by the time you click the trade button, the rate may change a small amount in that instant…. Phan, the IQD id at a FIXED rate in Iraq at 1186 (0.0008431 which is $843.10 per million) or close to that. No bank is going to give you more than $843.10, in fact, considerably less!

G8way2k:  Aren't International rates for any country established? Isn't the ForEx separate from what the international rate is? I ask because I'm not sure if the banks can handle that kind of volatility.

Isabelle:  There is no Forex building or office. It is a trading platform, operated jointly by several very large banks that are "Market makers" (MM). The MM post, for example, 20,000 CDN$ at a specific price, another Bnak may post 20,000 CDN$ at a slightly lower or highter price. They, at the same time are possting what they will BUY currencies for which is always lower than their SELL rate. They cannot lose!

G8way2k:  Are there official exchange centers in operation all the time, or, are these centers established just for the RV event?

Isabelle:  I believe the exchange centers will be just temporary to handle the large volume of exchanges, plus you would not want a customer standing a at a teller window with a suit case full of currency!

Gway2K:  Isabelle - They can't lose as long as they sell out their inventory on a specific currency like the CD right? What would happen if they don't sell out? Or...is it that there is no so-called "inventory?" Nothing on hand in other words.

Isabelle:  q8way, Most Banks that exchange do carry inventory that they already purchased, but they still would go on Forex and make a buy or sell to keep their inventory at a specific level, but yes, they could deplete inventory, and would tell you it will be a few days to pick up your exchanged currency.

G8way2K:   So I guess if a scenario exists when the ForEx price for any currency dips below the bank's cost basis, that currency is no longer available?

Isabelle:  q8way, No, they would just go on Forex, buy the needed currency at the current price and make the exchange. Inventory level would not change.
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Re: TNT Chatter 1/5/18

Post  Terbo56 on Sat Jan 06, 2018 9:17 am

If you people knew 1/4 of what you thought you did, you'd be dangerous-
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Re: TNT Chatter 1/5/18

Post  Kevind53 on Sat Jan 06, 2018 6:18 pm

Snowstorm, schmostorm ... how do you hold up something that was not happening in the first place. The IQD is on the Forex, as it has been for years, http://www.xe.com/currencycharts/?from=USD&to=IQD

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