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Shab's Rate stoppage

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Post by pitcher19 Wed Oct 12, 2011 3:02 pm

I have a question that maybe someone can answer. Why did the Central Bank of Iraq allow the rate to be increased to 1170 dinars per USD and then stop at 1170? Why didn't they just allow it to keep rising slowly as it was before?

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Post by erayman60 Wed Oct 12, 2011 3:28 pm

I was at a health fair today and a local banks was next to my booth. I asked if they deal in currency exchange, they said yes, but if I was referring in the Iraq Dinar, they do not except or deal in it.

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Post by Terbo56 Wed Oct 12, 2011 3:34 pm

They all say that, until it comes down to the wire- then they'll do a complete 180-
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Post by openmind Wed Oct 12, 2011 3:46 pm

pitcher19 wrote:I have a question that maybe someone can answer. Why did the Central Bank of Iraq allow the rate to be increased to 1170 dinars per USD and then stop at 1170? Why didn't they just allow it to keep rising slowly as it was before?

Great question. They are mandated to keep the rate at 1170. The mandate comes from several powers involved in Iraq, like the US, UN, Kuwait and im sure banking agencies. Thats why its referred to as the artificial rate. If Iraq were to be let loose and turned into a free market economy then the value of the Dinar would be drastically higher according based upon various economic indicators. However, in order to control an unstable country the currency has been manipulated to be 1170.

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Post by Guest Wed Oct 12, 2011 3:52 pm

pitcher19 wrote:I have a question that maybe someone can answer. Why did the Central Bank of Iraq allow the rate to be increased to 1170 dinars per USD and then stop at 1170? Why didn't they just allow it to keep rising slowly as it was before?

so the country did not get liquidated.

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Post by Gmansaid Wed Oct 12, 2011 4:39 pm

openmind wrote:
pitcher19 wrote:I have a question that maybe someone can answer. Why did the Central Bank of Iraq allow the rate to be increased to 1170 dinars per USD and then stop at 1170? Why didn't they just allow it to keep rising slowly as it was before?

Great question. They are mandated to keep the rate at 1170. The mandate comes from several powers involved in Iraq, like the US, UN, Kuwait and im sure banking agencies. Thats why its referred to as the artificial rate. If Iraq were to be let loose and turned into a free market economy then the value of the Dinar would be drastically higher according based upon various economic indicators. However, in order to control an unstable country the currency has been manipulated to be 1170.

AJAnderson wrote:
pitcher19 wrote:I have a question that maybe someone can answer. Why did the Central Bank of Iraq allow the rate to be increased to 1170 dinars per USD and then stop at 1170? Why didn't they just allow it to keep rising slowly as it was before?

so the country did not get liquidated.

Good answers...always like to see folks helping others to understand.

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Post by jt236 Wed Oct 12, 2011 4:45 pm

Who knows,,,I just wish they would raise it already...My freakin head hurts!!!

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Post by Goldmember Wed Oct 12, 2011 4:50 pm

.....chapter BK 7 "is" liquidation, distribution, and title transfers. Same happens to U.S.A. Every 70 years.....do the math.....1789.......1859.......1929.........1999......tell your children to be ready for the next one 2069....its the Law of Nations: creditor/debtor, debt forgiveness.....wooden yoke slavery......repeat cycle.
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