NEWS!  WELL – THIS IS ENCOURAGING!!!!!

Happy “Taco” TUesday,

I just had to share this News from our friends at the IQD Team!

LINK:  

@TheIQDTeam: Between speculators and the central procedures dollar exchange rate up to the highest rate in two years http://t.co/MDquDP9d59/s/tbxc

FULL ARTICLE:

Between speculators and the central procedures dollar exchange rate up to the highest rate in two years

Tuesday 10 March 2015 12:50

Alsumaria News / Baghdad

Continuous rise in the price of the dinar against the dollar despite the central bank action to maintain stability, what is the secret of this rise after years of relative stability? And how they can be met, whether caused by a contraction of the dollar amounts of the market? 

During the past two months have seen the Iraqi market, a gradual rise in the dollar’s exchange rate against the dinar, currently up to 1228 dinars to the dollar, the highest rate up to the exchange rate during the past two years, and while specialists Financial considered that a bubble is due to appear for the speculators, that the experts confirmed This increase was the result of the budget law, which reduced the amount of dollar selling in the auction.

And confirms the Governor of the Central Bank on the relationship, “The rise in the dollar price in the market is slightly due to speculators,” explaining that “this increase came after the Bank has developed new mechanisms to sell the dollar at the auction.”

Illustrates the relationship in an interview with Alsumaria News for, “This rise is due to speculators in the dollar and some groups that were subsist on the bank auction before,” he said, adding that “the bank expected for such a rise in the dollar, which is unjustified and unreasonable and real at the same time “.

Keywords and pointed out that, “This rise is considered normal when you move from one stage to another or from one mechanism to a new mechanism to sell the currency.”

For his part, Economic Adviser to the Prime Minister says the appearance of Mohammed Saleh in an interview with Alsumaria News’s, “The rise experienced by the dollar in the market currently in front of the Iraqi dinar is just a bubble because there are some speculators and Translated in the market,” he said, adding that “the dinar is very strong and is covered by one and a half of hard currency. “

Saleh stresses that “the bank has enough to dispel these procedures bubble within a few hours of shut down and restart the situation to what it was previously.”

As a member of the Economic Committee Najiba Najib Afqatol in an interview with Alsumaria News’s, “The budget bill for the current year 2015 included a restriction or condition within one of its articles, which can not exceed the sale of the bank conducted by more than $ 75 million per day auction, indicating that” the new procedures to sell the currency imposes the existence of documents of any order to buy the dollar by the Bank to participate in the auction banks, and these amounts can be obtained only after 15 days. “

Najib confirms, that “the central bank introduced an appeal to the Federal Court to cancel this requirement in the budget, unexpected gain appeal there to be free to sell the dollar auction the bank, and therefore this will be reflected in the reduction of prices of the dollar.” 

He says economist Hilal Tahan said in an interview for the Sumerian News, “The budget bill for the current year reduced the central bank sales of $ 300 million to $ 75 million a day, causing a rise in the dollar markets.”

Miller adds, “The rise of the dollar against the euro prices worldwide and sterling was another reason for the rise locally, and that the dollar supply in the domestic market is very small, which led to a rise to 1228 dinars to the dollar.”

The dollar price in the local market before the Iraqi dinar gradually up to 1228 dinars to the dollar, compared to 1225 thousand dinars to the dollar over the past month and 1,200 dinars to the dollar through the end of last year 2014.  

~ Mr. IQD

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WOW!!! CBI Auction is WAY Down From Norm!!!

UPDATE!!!
HAT TIP: LJ’s Skype Room


US report says Iraqi auditors believe up to $800M is sent out of Iraq illegally each week

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Ffeeds.foxnews.com%2F~r%2Ffoxnews%2Fworld%2F~3%2Fuz4Ty2G24C0%2F


This article may just explain why today’s Auction was DOWN over $100 Million USD than “normal”!!!

~ Mr. IQD


HAT TIP: The Currency News Hound


Wow is all we could say when we just saw the latest CBI Currency Auction!!!

The sales were about $100,000,000 LOWER than the normal average CBI Auction!!! Why???

Is it due to the Holiday they just had???

Is it due to the crackdown on the illegal funneling of USD to Iran???

Or is it coincidence and nothing to worry about….. (eh-hem, clearing my throat!)

You Decide – maybe it’s nothing….

~ Mr. IQD


CBI Daily Currency Auction for Oct 30, 2012
The latest daily currency auction was held in the Central Bank of Iraq on the 30-OCT-2012. The results were as follows:

DETAILS NOTES
Number of banks 18
Auction price selling dinar / US$ 1166
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 163,050,000
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 163,050,000
Total offers for selling (US$)

NEWS!!! The IMF has a very positive outlook on the CBI and IRAQ!!!

Happy Monday Dinarians,

Well there seems to be a lot of mixed-feelings flying around in our Dinarian community and there is just as much “mixed news” out there also!!!

Today we noticed two exciting things on the Central Bank of Iraq’s ( www.CBI.iq ) website that gives us two really GREAT things to be optimistic and positive about – we hope you agree and find peace and confidence also with these!

FIRST:  The CBI had a Currency Auction today (October 15, 2012 | Live | Screen-Shot) which sold over $294 Million in US Currency in Auction# 2235!  This is another huge sale of USD.  We are excited about this because we believe the CBI is intentionally making the IQD “scarce” and flooding the streets with USD which they will use as the “small currency” at the time of “RV”.

NEXT:  The IMF released a document which was linked on October 5, 2012 which is extremely positive on the future outlook for Iraq.  This is a short document and worth taking five minutes to read!  It will cheer you up about Iraq and hopefully help you better understand how the International Community looks at Iraq. 

HERE ARE SOME OF THE FIRST EXCERPTS FROM PAGE 1 OF THIS DOCUMENT:

In July 2012, the IMF’s Executive Board extended the SBA until February 2013 to allow more time for the authorities to implement structural measures envisaged in the program and address distortions in the foreign exchange market that have led to the widening of the spread between the official and market exchange rates.

Background

Iraq is estimated to have the world’s second-largest oil reserves, with reserves of 143 billion barrels. By the 1970s, Iraq’s oil resources had enabled the country to reach middle-income status, with a modern infrastructure, and good education and healthcare systems. Since then, however, the country has suffered through three devastating wars, a long period of economic and financial mismanagement, and international sanctions imposed during the 1990s. These events severely damaged political and economic institutions and undid earlier economic and social gains. By 2004, per capita GDP had fallen to less than US$800 from US$3400 in 1980, and the country suffered from a crippling debt burden.

The task of rebuilding the country after 2003 remains immense and is made harder by sectarian politics and prolonged violence. Iraq’s reconstruction requires not only the rebuilding of its infrastructure, but also of its economic and social institutions and the creation of a business environment that attracts capital and brings with it new technology and skills to modernize the economy. Iraq’s huge oil reserves could, in principle, provide the revenues needed to finance the reconstruction, but strong institutions and favorable business environment are needed to use these resources effectively.

NOW… Ask yourself….  Do you really think after reading this IMF document that the World Community will let a punk like Maliki screw it up for Iraq and also the entire free World Community?  Our opinion is, not likely!

Have a GREAT Day  🙂

~ Mr. IQD

Reuters: Iraq Halts Plans to Re-denominate Dinar – Article Analysis by MrIQD

HAT TIP:  Reuters


We’ve heard a few rumblings in the community lately of the following theory, we’re not sure who came up with it first, so we’re not really sure who should get proper credit, but we wanted to share this following theory (and article below)….

It is a GOOD thing if they halt the “RE-DENOMINATION” of the IQD Dinar (that is a.k.a. a “LOP”).  We think they are halting the “Re-denomination” because they are going to instead “REVALUE” the Iraqi IQD!!!

Understand, a “LOP” or “Re-denomination” is NOT good…  Remember the economic disaster that befell Turkey’s economy when they did a “LOP” of their currency!

The theory is that Maliki, Talabani, Allawi and Shabibi have been fighting about this…. Clearly from the news in the last 24 – 48 hours indicates that Shabbs is winning – which is extremely GREAT for us!!!  So, hopefully soon we will now get the Revaluation…. and NOT THE LOP!!!

~ Mr.IQD


April 13th, 2012 08:39 pm · Posted in NEWS (Iraq & World Currency)
Reuters – [4/13/2012]Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, the cabinet secretary said.The central bank said last August it planned to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised and dominated by oil, and where deals are often carried out in cash. (1000dinar is worth about NZ$1)The proposal to restructure the dinar to bring more liquidity into the market has been awaiting parliamentary approval since Continue reading