Thread: My Aussie Ceo

Announcement No.(861)

D.G. of Foreign Exchange Control

The 861 daily currency auction was held in the Central Bank of Iraq day Monday 2007/ 2/ 12 so the results were as follows :

Details Notes
Number of banks 15 -----
Auction price selling dinar / US $ 1288 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 33.365.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 33.380.000 -----
Total offers for selling (US $) ----- -----


Gloribee

Originally Posted by shotgunsusie

BUT!!! a member of govt. already lost their job over talkin about a lop. the govt has stated repeatedly there will be no lop. how many more of those definates you need before you get over this lop issue?

You misunderstood my post. Admin was comparing the Afghan currency to Iraqs. There is no comparison. Afghanistan's is higher because they lopped. Iraqs will be higher because of it's vast wealth and no lop. I am not a hand wringing Lop-O-Phobic.

Originally Posted by shotgunsusie

BUT!!! a member of govt. already lost their job over talkin about a lop. the govt has stated repeatedly there will be no lop. how many more of those definates you need before you get over this lop issue?

So IF they said no reval then it's a "smokescreen" and they're trying to throw us off and get rid of speculators but when they say no lop then it's a definate?

Help me out here...doesn't seem like we are applying the same standards to ALL information.

You misunderstood my post. Admin was comparing the Afghan currency to Iraqs. There is no comparison. Afghanistan's is higher because they lopped. Iraqs will be higher because of it's vast wealth and no lop. I am not a hand wringing Lop-O-Phobic.

nuff said

Originally Posted by SeaRayaWaitin'

So IF they said no reval then it's a "smokescreen" and they're trying to throw us off and get rid of speculators but when they say no lop then it's a definate?

Help me out here...doesn't seem like we are applying the same standards to ALL information.

Who said "no reval"???

Originally Posted by lndmn_01

Who said "no reval"???

When the GOI sets their budget at 1260 IQD to 1 USD everyone comes in with crazy math as why this can't be. 1260 is not the reval we want so basically the GOI is saying it won't reval.

Originally Posted by Inscrutable

When the GOI sets their budget at 1260 IQD to 1 USD everyone comes in with crazy math as why this can't be. 1260 is not the reval we want so basically the GOI is saying it won't reval.

What does the exchange rate of the dinar have to do with the budget? So they figured it at 1260:1, right now the exchange rate is 1288:1, does this mean the government can't start any projects until the CBI catches up with them? Or that the exchange rate can't improve beyond 1260:1 without throwing the entire country into chaos?
And let's not forget the MANY articles talking about bringing the dinar on par with the dollar and returning the dinar to it's previous rate (as it was before the 1990s) It appears to me that we have seen all sorts of talk about a reval with no talk against... If I'm wrong, please show me a statement from the CBI or the GoI saying the dinars value will not increase...

Thanks!

The budget was forecast at 1260 with $50 per barrel for oil. The dinar has increased by force (new monetary policy) not by market drive and the GOI forecast the 1260 rate because that's what they expect it will land at. I'm not saying exactly at 1260 but in a band of +/- 5

Who knows better then the CBI of where the rate will be, after all they have been controlling it so if they say 1260 are we to just assume it's a smokescreen?

As for the dinar dollar equality.... it is a study as we understand and has not yet been written on the books as the budget has been.

We know that the ISX is expected to be open to electronic trade in April so if we don't see a change by mid April then my guess will be slow gradual grow.

Originally Posted by lndmn_01

What does the exchange rate of the dinar have to do with the budget? So they figured it at 1260:1, right now the exchange rate is 1288:1, does this mean the government can't start any projects until the CBI catches up with them? Or that the exchange rate can't improve beyond 1260:1 without throwing the entire country into chaos?
And let's not forget the MANY articles talking about bringing the dinar on par with the dollar and returning the dinar to it's previous rate (as it was before the 1990s) It appears to me that we have seen all sorts of talk about a reval with no talk against... If I'm wrong, please show me a statement from the CBI or the GoI saying the dinars value will not increase...

Thanks!

Originally Posted by Inscrutable

The budget was forecast at 1260 with $50 per barrel for oil.

This helps to make my point. What are the chances that oil will be at $50 dollars a barrel? With the OPEC nations all saying they will be cutting production this year we should see a significant increase in the price of oil.

Originally Posted by Inscrutable

The dinar has increased by force (new monetary policy) not by market drive and the GOI forecast the 1260 rate because that's what they expect it will land at. I'm not saying exactly at 1260 but in a band of +/- 5. Who knows better then the CBI of where the rate will be, after all they have been controlling it so if they say 1260 are we to just assume it's a smokescreen?

The CBI also said the dinar would increase to 1000:1 in the 1st quarter, numerous times. Are we supposed to ignore that? One or both of the numbers must be a "smokescreen"...

Originally Posted by Inscrutable

As for the dinar dollar equality.... it is a study as we understand and has not yet been written on the books as the budget has been.
We know that the ISX is expected to be open to electronic trade in April so if we don't see a change by mid April then my guess will be slow gradual grow.

Just because it's written that way does not mean t cannot change. Let's say that they have an expenditure in the budget that will cost 793650 Dollars, or 1 billion Dinar then they reval at $1 all they have to do is divide all of there figures by 1260 and they have the new figures. Sounds fairly simple.

As for the ISX opening in mid April, I agree that we must see a move before it opens or it may be awhile.

Originally Posted by lndmn_01

The CBI also said the dinar would increase to 1000:1 in the 1st quarter, numerous times. Are we supposed to ignore that? One or both of the numbers must be a "smokescreen"...

I don't recall the CBI saying 1000:1 in the first quarter but I do recall them denying that rate several times.