Happy Wednesday Dinarians,
Well, the CBI has not been posting new exchange rate figures on their website now since Sunday, which is the first Business Day of their week.
Many Hack Gurus in this community may be trying to convince you that the rates are down because the “Whales” and the “Tier 1” people and other “Insiders” are finally cashing in!
It is my humble opinion that is just nonsense! Why should you believe the Hack Gurus and their rhetoric? After all, have they ever been correct once? How many times have they gotten it “wrong” – how many lies have they told you?
Now, lets talk a little common sense please.
Today, I’m actually having difficulty even pulling up their website, half the time the browser times out, saying “This Webpage is not available”, but that may just be a local issue.
If you listened to Straight Talkin’ Mike on The IQD Team’s call last night, you have a better idea of what might be going on.
If you didn’t listen, then go to:
Then, skip forward about 16 minutes to when Mike and LJ start talking about this situation with the CBI not showing the rates.
Furthermore, I asked Kaperoni with Dinar Alert what his opinion was about the CBI not showing the rates, the following is an excerpt from his excellent reply to my email:
The market price is the price on the street. It must be within 2% of the official rate of 1179 (what you can buy dollars for at a Iraqi bank).
If it deviates more than 2% it creates several issues including multiple currency practice meaning that you end up with different exchange rates in different places throughout the country (Iraqi’s would prefer the dollar over the dinar, etc). That is a no no. Here is an IMF doc that explains.
The bottom line is that when the CBI wants to transition to IMF Article VIII (what we want), they have to write a letter to the IMF stating so.
And the IMF will either say yes.. or they will say no.
If the CBI is not in compliance from the consultations, they will say no. The reason is because once you exit Article XIV and go to VIII, you cannot go back. It’s a one way street, one time only move. Here is a doc on acceptance…
My point is until parliament passes the economic laws, and the CBI is in IMF compliance, nothing is happening with the dinar. Despite the CBI website buy/sell rates missing. lol
I would like to thank both The IQD Team and also Kap at Dinar Alert for their input to making more sense of what is going on with the CBI’s website.
Now, I know you all want to know my opinion….. So, here it is….
I have no idea why the http://www.CBI.iq website is down. I’m just as befuddled as most of you.
My only guess would be that possibly al-Maliki had the CBI’s webmaster either shot, or blown up for being a “terrorist”….
You know, since Maliki seems to be doing a lot of that lately!!! Ok, I joke, but hopefully you got a good laugh out of it none the less. 🙂
I hope the opinions and analysis from both Mike and Kap have assisted you in better understanding this.
The best thing to do is be patient and wait it out, and ONLY check the http://www.CBI.iq website for the official rate – don’t listen to this community’s Hack Gurus.
~ Mr. IQD