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can someone explain this? DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

can someone explain this?

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can someone explain this? Empty can someone explain this?

Post by insguy Mon Aug 22, 2011 6:57 pm

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Join Date:Aug 2011
Posts:329 Blockbuster to buy Iraqi currency.Central for decline of the dinar: traders subvertin
Saturday 20-08-2011 04: 05 pm

Attributing owners Saturday banking companies, the dinar against the dollar to a high demand for the latter in conjunction with the high price paid by the Government for the purchase of agricultural crops, with the Central Bank attributed to the "manipulation of dealer members", stressing that cash reserves had proved efficient in keeping the currency since six years ago, he noted that other States confidence focus dinar, which is seeking to buy the largest block of cash.

The exchange rate of the dinar against the dollar, in Baghdad and the provinces, saw volatile clear over the past two days, as the purchase price of the dollar b $ JD/1120, sale price between 1121-1123 JD/$ ranged from the purchase price, in the provinces, b 1119 JD/sale price $ b $ JD/1121, according to experts, said "the world", the dollar stood at a high three points worth reached last week.

According to Jamal Al-ojaili, Director of the foreign remittances, in an interview with "the world", "most are Iraqi citizen savings in dollars rather than the Iraqi dinar, which is still a source of concern in the case of different foreign exchange rates".

And on the reasons for the high value of the dollar against the Iraqi dinar in the last few days, Al-ajali refers to "high demand for the dollar in the Iraqi market, which began preparing to slip to lock all the needs of the agricultural sector."

Clarifies to say "after the State bought all local production of varieties of wheat and barley prices high in support of peasant farm begins to slide, to convert his State of the dinar to the dollar and buy cars wehasadat, seeds and fertilizers and all what is needed".

Al-ajali asserts that "this sudden demand will increase the value of the dollar, especially if we know that 80% of the volume sold in the auction, the Central Bank for external transfers, it is here that the remaining 20% is sufficient for the needs of the domestic market."

And the dollar on Thursday, the currency auction which is managed by the Central Bank, about 1170 dinars/$ did not specify the purchase price for the lack of offers for the sale by shareholders, with the volume amount sold by the Bank 188 million and $ 140, 000.

The selling price is higher than alholat retail price difference of 1183 JD/$ add 13 dinars to the dollar, as the Central Bank assessment Commission sale directly to the same value, according to an official source at the Bank for "world" on Saturday.

And about the size of the domestic market demand for the dollar, the company director "banking personally obtained a licence from the Iraqi banks to pay for grain farmers, 1.6 sale and this command came to facilitate the tasks of the Rafidain and Rashid banks in all areas," he said, adding that "peace for more than 10 billion dinars, and a large section of them directly to request conversion" dollar.

On the impact of the global financial crisis on the economy of Iraq, "Al-ajali says most Iraqi market transactions are now with abroad, specifically through the United Arab Emirates (UAE) banks affected by daily global fluctuations and reflect on its dealings with Iraq and any other country," he said, adding that "Gulf banks trying to always convert lost customers, including Iraqis, use for example to raise the value of the benefit or deduction rates lifted."

Al-ajali felt that the lifting of the zeros on the Iraqi dinar will lead to increased confidence in the local currency, "after you delete the zeros will diminish the phenomenon of trading blocs of large cash the Iraqis accustomed since the 1990s," pointing out that "some States began dealing in Iraqi dinars, during both sums transferring Iran and the UAE and Syria and Jordan and Egypt to ask each other if a customer wants to receive hawalth also dinar, this means that the dinar had available in large quantities."

In turn, the Central Bank denied that fear of market transactions, they do not constitute something compared bemzad currency, which maintained the fixed selling price of more than six years and is a great achievement, "according to Dr. appearance of Mohammed Saleh, a senior official in the Bank. Indicates the appearance, in an interview with "the world", "Central sought to cover the value of the dinar, and two days before the value of overseas financial cover for local currency more than 57 billion dollars, more than 110% of the money supply", "this is another strengthening of dinar" revealing "the Bank abolished many transfers abroad by banks and financial firms, there are doubts that within a paragraph (money laundering)".

The senior official blamed the Central Bank "Iraqi banks a great responsibility to promote transactions with suspicion of money laundering," he said, adding that "everyone knows that the Iraq situation is still unstable, and this for all arms cooperation to end this dangerous phenomenon and protect the security of the country and the country's economy."

On the concerns raised by the volatility of the dinar against the dollar over the past few days, the appearance of "possession of sufficient reserves for Iraq to ward off any trick by speculators." "I forewarn them of keeping any suspicious transactions.

He attributed the fluctuations of the dinar to the speculators, unfortunately while rejected asylum applicants, thus inventing things with speculative exchange rates and other things but we fools, "he said, adding that" some ydarbon market in the month of Ramadan and Eid and tourist season, they sadly ystrbhon on young dealers this means nothing, what we are interested in stable wholesale market ".

And on draft lifting zeroes dinar currency restructuring, said the appearance of the "Central finished fully prepared and transmitted to the Government and Parliament to discuss it calmly, and is a long-term strategic project, not to say that it will happen tomorrow or the day after, because of currency resources management reform projects in Iraq."

And "restructuring means a combination of different categories of existing categories, and zeros means that arithmetic figure would be slightly lower currency value doesn't and individual transactions and wemdkholathm wealth does not affect the contractual obligations of the contractual personnel and staff, adding that" the total money supply and exchange of approximately 32 trillion dinars after replacement would be less than 30 billion dinars ".

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