Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by Pooh Bear

So, to speculate on this press release, and I'm just thinking out loud, could this mean that the Iraqi market is moving toward a dinarization of transactions and away from the use of the dollar in so far as in country business is concerned?

The sold more dinar than dollars today, so it was almost a cash neutral exchange today. I think it is interesting that the auction rate went down, even in this scenario.

I agree Pooh Bear... if some of the iraqi people hold dollars in preference to dinar, could it be a move to convert them over the dinars prior to a reval, maybe to make the dinar the currency of choice....

They're dedollarizing, as they mentioned in the recent article. Trying to take the dollars out......

Originally Posted by Adster

They're dedollarizing, as they mentioned in the recent article. Trying to take the dollars out......

Thats good news isnt it,

Originally Posted by Dinar Duchess

Thats good news isnt it,

For sure.

This has to be worth a cha ching and a WOOOOOOOOOOT!?

Governor of the CBK is talking as well... Even the Governor of the Central Bank of Kurdistan is talking about it.....


LawkSalih.Com - Kurdistan Region's Central Bank director remarks on state of the dinar


The price of the Iraqi dinar will result in a drop in the dollar and euro.

The director of the Kurdistan Region's Central Bank stated that there is no plan to change the current Iraqi currency; instead, there will be trials to increase its value. "Because currently the value of the dinar is very low, people are depending more on the dollar and euro. But increasing the price of the Iraqi dinar will result in a drop in the dollar and euro," said the director.
When questioned on the recent decision of the central Iraqi government to raise government employees' salaries and whether the decision includes the Kurdistan Region or not.
The director said, "Any decision issued by the central Iraqi government will be executed in Kurdistan as well, but that will not take effect until the 2007 budget plan is implemented.
A delegation from Kurdistan Region recently visited Baghdad to attempt to solve financial issues.
Source: The Kurdish Globe

Hi,

Thanks Adster for that reply, if it is pegged then its back to the question of will it be against the dollar or the SDR.

Originally Posted by abbey56

Hi,

Thanks Adster for that reply, if it is pegged then its back to the question of will it be against the dollar or the SDR.

Don't think it will be to the dollar.

Presentations sale of the dollar over purchase orders for the first time ERA Iraqi Central
Baghdad - (Voices of Iraq)

In the previous auction is the first in the Central Bank of Iraq today, Wednesday, increased offers to sell the dollar from the central purchase orders fell significantly.

A statement by the central today received news agency (Voices of Iraq) independent copy of the procurement requests by the four banks participating auction stood at 330 thousand dollars cash for 20 million and 850 thousand dollars in cash yesterday.

He attributed the Yasiri, a dealers with the Central Bank of a significant drop in demand for the dollar to decline in the volume of trading in the Iraqi market, largely because of depressed commercial market against the backdrop of the deteriorating security situation and the seriousness of dealing with substantial funds.

The statement pointed out that the CBE had covered all procurement requests at the 1435 dinars to the dollar value of 2 dinars on the low price yesterday.

ID and the devaluation of the dollar today is the fifth consecutive year in the price for the Iraqi dinar.

Two banks participating in the auction today offers to sell the dollar reaching $ 2 million bought the bank in full at the exchange rate reached 1433 dinars to the dollar.

ÏæáÇÑ- (ÇÞÊÕÇÏ) :: Aswat al Iraq :: Aswat al Iraq

Originally Posted by CharmedPiper

The Iraqi Central Bank announced its readiness to buy dollars

(Voice of Iraq) - 11-29-2006
This issue was sent to a friend

The Republic of Iraq
Council of Ministers-the governmental communications
Media Relations
Press Release Press release /
Wednesday, 11-29-2006


The Iraqi Central Bank announced its readiness to buy the dollar


An official source at the Central Bank of Iraq is ready to buy the dollar in cash and through the foreign currency auction to be held daily.

The source added : The purchase price is determined on the basis of the sale price of dollar cash in the auction only minus 2 dinars.

Ok (after my heart skipped a beat for a second), so they are saying (in the most basic of english) that they are gonna buy ANYONE's dollars off the street in addition to the auctions? So...other than this "snail-moving" apreciation of the dinar...what would motivate the average Iraqi-joe to cash in?

Unless...something BIG maybe happening tommorrow? It is late in the afternoon over there...

Any thoughts on this article gang!

Maybe the announcement to buy dollars was a subtle way of telling the Iraqi's that if their holding dollar they may want to exchange them for dinar or their going to lose. lol.