Thread: Archive News - Iraqi Dinar Think Tank - 28/03/10 - 21/06/10

Central: exchange rates fixed, and the cash reserve is subject to licensing rounds

Advisor, Central Bank of Iraq, on Thursday, the Iraqi dinar exchange rate against the U.S. dollar is steady and stable, indicating that the encumbered cash reserve positions, including the outcome of the oil licensing rounds, which will hopefully raise Iraq's imports of Finance.

The appearance of Mohammed Saleh, said that "the policy of the central bank depends on maintaining the stability of the currency exchange rate, which currently stands at 1170 dinars per dollar," noting that monetary policy "is usually fixed in absolute terms, and where the central intervention for the needs of customers come from the dollar for legitimate purposes".

The rumors were fired in the domestic market during the past two days, that the central bank will cut interest rate from 1170 dinars to the dollar to 1000 dinars per U.S. dollars.

He pointed out that "what is said about the low exchange rate or stop the auction currency just rumors intended only selfish gains, especially as the transfer abroad is permissible, and the freedom of foreign exchange, which did not intersect with the law against money laundering and proceeds of crime and terrorism," noting that " All funds that do not intersect with this law is the free money and the owners are free to remittances, so we build a stable economy we do not need to resort to crisis or to surprise the public, and these policies, if any, it will be visible and clear without relying on invisibility."

On the legal reserve Saleh said the central "has the reserves are adequate and sufficient, and conditions are subject to including the consequences of oil licensing rounds, and if they succeed in the export of large quantities of oil Vstkhaddm the national economy and development effort and thus will enter the flow into Iraq, and not vice versa."

Iraq had signed a dozen oil contracts with major international oil companies during the first oil licensing rounds and the second, which was held in Baghdad in mid and late last year, which is expected to raise Iraq's production of 2,5 million barrels per day to about 12 million during the next six years.

On the future of the Iraqi dinar Saleh said that the "exchange rate governed by the reserves, and price trends, which is stable at the moment" and he expected that "the future of the Iraqi dinar a prosperous and stable, and in any event, we believe that the future of the Iraqi economy in general will be promising, according to an optimistic outlook must be paint in the mind and the changes will be positive provided that other factors constant, not subject to surprises."

http://www.iraqdirectory.com/Display....aspx?id=12066

been mighty quiet now for almost a week.....i wonder if this is good news...or bad news....lol...time will tell...GO DINARS...Pat

Currency talk has been quiet but not the bombs! Can Iraq take care of business?

thats the million dollar question livefree...the longer it takes them to form this new government the further back they will be...the insurgents,al-queda or militant uprisings are starting to be more frequent...and with more deadly accuracy....I still believe if Al-Maliki would have played his cards right and at least tried to help their people while he was prime minister he would have won re-election....but he chose to play politics instead like most of congress does here in the good ole U.S....and it cost him...IMHO...Pat

Pat, I agree. It looks like bloodshed will continue, the "new" government may take months to be seated, Al Sadr's bunch look to really muddy things up. Maybe it will RV next year..LOL Remember this is Iraq.. I hope everyone had a Blessed and Safe Easter. Thanks to all for keeping the light on for us. 67

has anyone heard from seaview???...its been a week today since her last post...i hope everything is alright...Pat

I am relatively new in the Iraqi Dinar investment arena. Is there any idea whether the rv/ri will be in the near term or long term?

anyone knows where Seaview is?...4-1-2010 was her last post...i hope she is ok and just on vacation...her news on Iraq is really appreciated here...Pat

Hi Pat,

I went on a spontaneous trip, wasn't planned.

Have just got back, so will be back to posting sometime tomorrow. Got a lot to catch up on!

Will be away for 3 weeks in June because I'm going on a road trip, but that's not for a few weeks yet and will let you know.

it might RV before your trip in June....lol.....glad to have you back posting and glad to hear you not sick...Pat