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Kaperoni: "As already announced by the CBI the dinar will be globally traded. It must float"

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Kaperoni: "As already announced by the CBI the dinar will be globally traded. It must float"

Post by RamblerNash on Sat Sep 15, 2018 12:41 am


The CBI is reprinting some denomination including the 250, 500, 1000 dinar as many are worn out from years of neglect.  Has nothing to do with RV or RI as gurus would like you to think. Why won't the CBI RV or RI  the Iraqi dinar?  The primary reason is the CBI needs a tool to counter inflationary pressure created by a large influx of investment capital.  As already announced by the CBI the dinar will be globally traded.  It must float. The world sets a countries currency value. Supply and demand.

Another reason is the CBI wants to end the daily currency auctions.  To do so, they must have an alternative to generate revenue.  The CBI profits from the buying/selling of currency. And lastly because the IMF said so.  Despite what the gurus say the IMF made it very clear..."staff encourages the authorities to create the conditions which would make possible a move to a more flexible...exchange rate policy. Such flexibility could allow a predictable and gradual appreciation of the nominal exchange rate, triggered by strong oil revenues and the Balassa-Samuelson effect”…The IMF is clearly talking about a float


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Re: Kaperoni: "As already announced by the CBI the dinar will be globally traded. It must float"

Post by Sam I Am on Sat Sep 15, 2018 7:58 am

Yes, they're talking about a float, but not a free float.  They're talking about a more liberal managed float of a pegged currency.  Here's the IMF document Kap is referencing.  

This same document spells out their exchange rate policy.  

"The CBI has been conducting foreign exchange auction on a daily basis since October 4, 2003. The CBI followed a policy of exchange rate stability which has translated in a de facto peg of the exchange rate since early 2004. However, from November 2006 until end 2008, the CBI allowed the exchange rate to gradually appreciate. As a result, the exchange rate arrangement of Iraq was reclassified to the category of crawling peg effective November 1, 2006. Since the start of 2009, the CBI returned to its earlier policy of maintaining a stable dinar. Consequently, the exchange rate arrangement of Iraq was reclassified effective January 1, 2009 as a stabilized arrangement."

So their policy has been a stable exchange rate for nearly ten years, and in fact the rate has gone from 1170:1 to 1190:1, pretty stable but a decrease in value nevertheless.  There's no reason to conclude that a more liberal exchange rate would result in an increase in value.  To the contrary, a gradual increase in the nominal exchange rate (1170 to 1190 is an increase after all) would result in a lower value, not a higher value.

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