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  1. #1
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    June 2013: Secret procedures for recovery of the dinar against the dollar

    June 2013: Secret procedures for recovery of the dinar against the dollar

    Posted: May 31, 2013 30-05-2013
    With the continuing decline of the dinar against the dollar since the Central Bank sales and change management, informed sources said that the Central Bank will start next month with the opening of documentary credits in banks to the dollar exchange rate dinar to normal and prevent a recurrence of the situation of exchange rate volatility.

    He said economic expert close to the Bank’s future today (Wednesday 19 may 2013) “the Central Bank decided to start procedures to limit the dollar’s rise versus the dinar including opening documentary credits in Government and private banks», indicating that the Bank now refuses to disclose details of some procedures as will be confidential for fear of exploitation of some of the beneficiaries of an auction to sell the currency.
    The expert added that the Central Bank hopes to make the exchange rate under (120) DT through new procedures which will begin next month.

    And the value of the Iraqi dinar fell gradually during the past few weeks, bringing the price of the dollar to around 1290 DT was stable at 1210 and is the highest rate of exchange-rate mechanism for the last two years.
    Attorney Haytham said that the CBI informed the parliamentary Finance Committee that will begin next month with the new measures to reduce the high dollar against the Iraqi dinar.
    Al-jubouri said the parliamentary Finance Committee informed the Central Bank of Iraq to support its all in the high limit of the dollar against the Iraqi dinar.

    The parliamentary Finance Committee daift this month Central Bank Governor Abdel Basset Turki Agency and discussed the reasons for the high rate of the dollar against the Iraqi dinar without announcing details of what was achieved in this regard.

  2. #2
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    "including opening documentary credits in Government and private banks."
    This is good news for private banks. I wonder if they will open accounts in Warka....
    "There are plenty of reasons NOT to buy the Iraqi dinar this year, and plenty of great reasons to buy renminbi instead. So I say stick to the currencies that have value, and leave the dinar for the speculators who don’t know any better." Sean Hyman
    Editor, Currency Cross Trader

  3. #3
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    Wow really good news for the private banks

  4. #4
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    Quote Originally Posted by cbielich View Post
    Wow really good news for the private banks
    but not ones with the word "Warka" in their name
    Last edited by Will-it-happen?; 06-08-2013 at 10:56 AM. Reason: hmmmmmmmmmmmmm

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