The next thing I want to see [After the restrictions are lifted on the one main Iraqi bank] is the budget being amended and released because then after that it's a domino effect. Everything else will follow it...
The CBI announcement - We believe it's about the currency. We believe it's about the auctions. We believe it's about a change in the auctions, a metamorphosis of the auctions which is exactly what the US Treasury wanted in order to have security and stability in the bank, which was exactly what was needed in order to bring forth a new exchange rate for their currency.
The Bank of Japan is in a very difficult position. They hold a lot of US dollars in reserve that could be utilized to prop up their own currency if they were to sell it off. The problem is that a move like this would disturb the balance of trade on a worldwide level. Shifts in the prices of other countries' currency values may start a domino effect.
We're dealing with two different things... We have what's known as the nominal value, which is the numbers on the bank notes and then we have an exchange rate value. That's two different things.
This is [from] the World Bank data bank - Real Effective Exchange Rate is the nominal effective exchange rate in measure of the value of a currency against a weighted average of several foreign currencies divided by a price denominator or index of costs...
Iraq already reports a real effective exchange rate. They report it all the time...It's reported to the IMF regularly...
The IMF, WTO, World Bank and whoever don't have a say whether or not Iraq LOPS off their zeros. That is decided by the Central Bank of Iraq as well as the government of Iraq. You're confusing the 'lopping of the zeros', 'the deletion of the zeros', 'the reducing of the zeros', 'the removing of the zeros', as somehow a loss in value. It is a neutral event. It doesn't affect outside investment into the Iraqi dinar. I told you when you remove the zeros all you're doing is lowing the nominal value of the currency. Has nothing to do Iraq's exchange rate versus other wold currencies - noting whatsoever.
Within a week…more than one billion dollars in sales from the Central Bank of Iraq
Shafaq News/ The Central Bank of Iraq’s total sales of hard currency during the past week amounted to more than one billion US dollars.
Shafaq News Agency correspondent stated that the Central Bank sold during the past week and for the four days in which the auction opened one billion, 259
million, 432 thousand, and 212 dollars, at a daily rate of 251 million, 886 million, and 442 dollars, higher than what it recorded last week, which It reached 783 million, 749 thousand, and 822 dollars.
The highest dollar sales were on Wednesday, when sales amounted to 257 million, 591 thousand, and 195 dollars, while the lowest sales were on Sunday, when sales amounted to 245 million, 545 thousand, and 947 dollars.
Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 186 million, 593 thousand, and 292 dollars, an increase of 94% compared to cash sales, which amounted to 73 million, 838 thousand, and 920 dollars.
Our correspondent explained that the sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,310 dinars per dollar.
[via WiserNow] Iraq has a new rate on their CBI rate, and it's very good and they should be bringing out the international rate on the Iraqi Dinar on Sunday - Easter Sunday...So we're looking to get notified Monday, set appointments...and start on Tuesday with our exchanges
...I think we're all set to start.
First of all, all sanctions with one of our US banks were dropped by Iraq. We dropped sanctions...On Iraq I think about three or four days ago...Everything's clear from that point of view.