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Enorrste thinks Once the float begins the rate will rise.
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Enorrste thinks Once the float begins the rate will rise.
Enorrste
Article quote: "lifting the US dollar selling to banks and exchange companies rate by 16 dinars any by 1.37 percent to 1182 dinars."
It seems to me that the CBI is moving in this direction primarily to stall the drop in their reserves, irrespective of any "international standards" that they reference.
In that sense, this is a good move for the short term. The article also stated that it would give them "6 months" of time. I don't think that that means that they will run out of reserves in 6 months. Instead, it is more likely that they are buying some time to implement the IMF agreement to move to a float.
I therefore conclude that we will see a movement to a new exchange rate regime within 6 months and that this "tweeking" of the rate is an assurance that their financial position will be secure through that time period.
Once the float begins the rate will rise. Furthermore, it is clear that this is not a "panic" move on the part of the CBI. In fact, Saleh stated that it is NOT a devaluation but is instead only an ADJUSTMENT.
I have no reason to doubt that statement. It is consistent with the small size of the change and with the statement implied that they are buying time (6 months) to get in line with "international standards."
Remember, it was the IMF that stated that Iraq would move into the "world market" at the beginning of the new year, or shortly thereafter. In my view, the phrase "world market" and "International standards" are synonomous.
I hope I am correct.
Ponee- Admin
- Posts : 38267
Join date : 2011-08-09
Re: Enorrste thinks Once the float begins the rate will rise.
I would love to see one of these idiots who keep harping on the float just for once explain WHY the value would rise? Why would it? NO ONE wants Dinar (except Dinarians!), not even the Iraqi citizens who sell it at a loss to get Dollars instead! Iraq has had one heck of a time getting the actual market rate to stabilize at a rate well below the official rate and had to resort to some fairly drastic measures just to do that!
The Dinar would sink like a rock if they unpegged and went to a float!
The Dinar would sink like a rock if they unpegged and went to a float!
dwm007- VIP Member
- Posts : 828
Join date : 2015-08-05
Re: Enorrste thinks Once the float begins the rate will rise.
Here we go again with the FLOAT business. I thought that had been resolved years ago???? What gives?
Seems like when the one theory fails to garner the proper attention we regress back to the tried and true again - over and over and over again.
Basically, it is understood that there was not to be a float - now here it is again. WE need documented proof. WE need verification with traceable means and sources that we can find and verify. WE need the truth and an an impeccable means to ensure the authenticity of this. Without that - Balderdash.
Seems like when the one theory fails to garner the proper attention we regress back to the tried and true again - over and over and over again.
Basically, it is understood that there was not to be a float - now here it is again. WE need documented proof. WE need verification with traceable means and sources that we can find and verify. WE need the truth and an an impeccable means to ensure the authenticity of this. Without that - Balderdash.
aksafeone- Super Moderator
- Posts : 4074
Join date : 2011-07-06
Age : 77
Location : Arctic
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