Kap / Tlar & Dinar Alert Member Discussion - Next month. Secret procedures for recovery of the dinar against the dollar

Kap / Tlar & Dinar Alert Member Discussion

copied from dinarrecaps.com
05/31/2013



Kaperoni: Next month. Secret procedures for recovery of the dinar against the dollar

Written by Ammar Al shaikhli Thursday, 30 may 2013

With the continuing decline of the dinar against the dollar since the Central Bank sales and change management, informed sources said that the Central Bank will start next month with the opening of documentary credits in banks to the dollar exchange rate dinar to normal and prevent a recurrence of the situation of exchange rate volatility. FULL ARTICLE & LINK BELOW

MANNY99: hopes to make the exchange rate under (120) DT through new procedures which will begin next month.

Zul: Manny99, I think....120 refers to the profit or spread of 120 dinar per dollar when currency traders sell dollar to the market.

Kaperoni: You are correct, they are trying to reduce the difference from the CBI and the street rate. Which appears to be about 120 dinars.

MANNY99: There spread was always no more than 13 dinar , they are talking here about the exchange rate, also if that was the case to bring the street rate closer to CBI rate then why it is A secret ?

Bglong: Sounds good. I for one am tired of the high dollar rate against the iraqui dinar.

Tlar: Manny99, the 13 dinars you are talking about is the add on (fee) the bank charges at the auctions and has nothing to do with the exchange rate itself.

The bank charges a premium of 13 dinars per dollar sold. It is a source of revenue and its why the bank has not lost the 6 billion per month that Maliki accused it of, and why Shabibi said that the bank was not the cause of this kind of loss.

The bank sells a dollar and receives a dollars worth of dinar plus a fee of 13 dinars for each dollar they sell.

The 120 difference between the program rate (1166) and the street rate (1286) is what they hope to see after they institute new measures in they attempt to balance the rates.

This is still a far cry from the 2% international standard, but I think they are attempting to see if they can just grab this cat by the tail and hold on. Right now the street rate is out of the control of the bank.

If these new "secret" measures work, the bank can slowly bring the rates back under control. But they must control the rate at some level first. I don't know what their secret procedures are but who knows if it will work. I think if you ask Turki , you would find a man with his fingers crossed.

This is an extraordinarily bad situation that is not normal. I can't think of a parallel situation in any other country in the world ever.

I know of no other situation where one country is buying all the hard currency it can from another country, using that countries currency both real and counterfeit to do so and on such a big scale. Its a unique and difficult problem if you add the one defining element.

The government of the country that is being violated appears to be working in concert with the country that is the violator to the extent that he is attacking the only institution that has any hope of getting this under control.

Not to mention he has been the obstacle in the way of all attempts to get this under control and has not once offered any assistance.

A normal government would be acting in concert to stop this violation using all the tools at its disposal, not working with the violator. Maliki has never even publically mentioned Iran as the violator and seems more than content to keep things as they, are and sit back and watch his own country suffer.

His meddling in the independent banks affairs goes much deeper than just trying to figure out what the problem is. It looks as though his true intentions is to hand cuff the only institution that is willing to try to fix this and the only institution that has any hope of fixing this.

Its mind boggling to me. Its the equivalence of a fire department obstructing any attempt to put out a fire.

Someday I would really like to have a full understanding of this man and what his motivations could possibly have been to turn his back on his own countrymen and country especially in their hour of need. Its more than money because he can't possibly spend what he has stolen in 50 lifetimes.


FULL ARTICLE & ;LINK

Kaperoni: Next month. Secret procedures for recovery of the dinar against the dollar

Written by Ammar Al shaikhli Thursday, 30 may 2013

With the continuing decline of the dinar against the dollar since the Central Bank sales and change management, informed sources said that the Central Bank will start next month with the opening of documentary credits in banks to the dollar exchange rate dinar to normal and prevent a recurrence of the situation of exchange rate volatility.

He said economic expert close to the Bank's future today (Wednesday 19 may 2013) "the Central Bank decided to start procedures to limit the dollar's rise versus the dinar including opening documentary credits in Government and private banks», indicating that the Bank now refuses to disclose details of some procedures as will be confidential for fear of exploitation of some of the beneficiaries of an auction to sell the currency.

The expert added that the Central Bank hopes to make the exchange rate under (120) DT through new procedures which will begin next month.

And the value of the Iraqi dinar fell gradually during the past few weeks, bringing the price of the dollar to around 1290 DT was stable at 1210 and is the highest rate of exchange-rate mechanism for the last two years.

Attorney Haytham said that the CBI informed the parliamentary Finance Committee that will begin next month with the new measures to reduce the high dollar against the Iraqi dinar.

Al-jubouri said the parliamentary Finance Committee informed the Central Bank of Iraq to support its all in the high limit of the dollar against the Iraqi dinar.

The parliamentary Finance Committee daift this month Central Bank Governor Abdel Basset Turki Agency and discussed the reasons for the high rate of the dollar against the Iraqi dinar without announcing details of what was achieved in this regard. LINK

The Iraqis are being ripped off, and until this RV happens, it WILL continue- Oust Maliki for good, and problem solved-