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Kaperoni says that The CBI announced today that this weak dinar will change soon.

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Post by Ponee Sat Apr 04, 2020 8:34 pm

Kaperoni  


 A couple of weeks ago A member of parliament came out in two articles that the central bank was about to float the currency. We never heard anything further other than those two articles. Last week the Central Bank of Iraq announced that they were going to stop the auctions temporarily. This is had a negative effect on the dinar market rate as it provides a balance between dinars and dollars as well as providing a source of dollars to pay for foreign imports. As of today the market rate in Iraq has dropped to 1260 to $1. This is a direct result of a lack of dollars available in the marketplace.


We know from past history that when the exchange rate gets out of whack it takes many months to get it back in line using the traditional auction. So the CBI statement today is very interesting. The CBI announced today that this weak dinar will change soon. And at the same time a member of parliament today stated that they stopped the auctions in preparation to float.  Though none of this is definitive it is very interesting and the pieces sound compelling that they may be going to float in very short order. But we'll just have to wait and see...



04.04.2020

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