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Kaperoni says - CBI stopping the auctions is In no way is it any indication of any RV/RI...
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Kaperoni says - CBI stopping the auctions is In no way is it any indication of any RV/RI...
by Ponee Fri Apr 03, 2020 9:05 pm
Kaperoni
...the CBI has stopped the distribution of dollars through the auctions for the time being due to the economic conditions. As well the CBI has made a statement requesting banks return excess dollars to the CBI. This is necessary to support the dinar during these difficult financial times. In no way is it any indication of any RV/RI...
The spread or market rate is reported at 1260 to $1 today in Baghdad. That is 6%. Well out of the required 2% by the IMF. Not good. CBI needs to abandon the modified window auction and get back to the regular procedure soon. Like I said a while ago a fully liberalized foreign exchange market provides a balance between dinar and dollar to keep the exchange rate within 2% as required by the IMF. Variations of that do not work. The only alternative is floating the currency. And though it has been discussed, there has been no movement from the CBI to begin to float the dinar at this time.
04.03.2020
...the CBI has stopped the distribution of dollars through the auctions for the time being due to the economic conditions. As well the CBI has made a statement requesting banks return excess dollars to the CBI. This is necessary to support the dinar during these difficult financial times. In no way is it any indication of any RV/RI...
The spread or market rate is reported at 1260 to $1 today in Baghdad. That is 6%. Well out of the required 2% by the IMF. Not good. CBI needs to abandon the modified window auction and get back to the regular procedure soon. Like I said a while ago a fully liberalized foreign exchange market provides a balance between dinar and dollar to keep the exchange rate within 2% as required by the IMF. Variations of that do not work. The only alternative is floating the currency. And though it has been discussed, there has been no movement from the CBI to begin to float the dinar at this time.
04.03.2020
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