IQD Calls Chat Monday Night 9-9-19

IQD Calls Chat Monday Night 9-9-19

Zig   Earlier from Kaperoni: " A year or so ago when somebody asked the CBI about floating the currency their response was that they weren't going to float "at this time" and it was taken out of context as if they were saying no float ever.

But that's not the truth, the truth is they were not ready to float at that time and proper translation of the article was necessary because all countries float eventually especially Emerging Markets.

And there have been many examples of countries moving from fixed to float over the last few years. Even several in the Middle East"

RodTahoe   I appreciate any information or insight. I may not agree with Kap on exactly how this will evolve, but he is projecting positive results and a value change, which is what we are all looking for. Been in this to long to worry about speculation and personal opinions

Zig   Doug_W : How come DP stopped doing calls?

 Doug_W   Zig because ppl got pushy and telling K how to run them so she said NO more 4 the forseeable future

Larrykn   The Central Bank and the Association of Banks discuss the development of Mutanabi Street with the Ministry of Culture   Side of the meeting

Banks   Economy News – Baghdad   The Central Bank of Iraq and the Association of Iraqi Private Banks discussed with the Minister of Culture, Tourism and Antiquities Abdul Amir Al-Hamdani, the project of rehabilitation and development of Al-Mutanabi Cultural Street in central Baghdad under the auspices of the Central Bank of Iraq.

The meeting was attended by representatives of the Central Bank of Iraq and the Association of Private Banks and a number of general managers in the ministry, to discuss and study ways to develop Mutanabi Street and rehabilitation on the levels of climate, aesthetic and service, and to identify the details of obstacles and develop appropriate solutions.

According to a ministry statement seen by Al-Iqtisadiah, Al-Hamdani "wishes to accelerate the practical steps to rehabilitate and develop the street and provide appropriate conditions for its visitors while preserving the heritage of the buildings it contains."

The statement quoted the delegation of the Central Bank and the Association of Banks on the "implemented and ongoing projects for them in the capital Baghdad, such as the rehabilitation of the Baghdad gate and the establishment of the Museum of the Iraqi Media Network,"

while the delegation called "the ministry to provide space for the institution in the street to identify the ongoing sustainability of the street and develop and host cultural events."

The Delegation suggested “providing umbrellas for sidewalks and restoring the floor to be more suitable for walking, as well as providing appropriate lighting especially after opening on Saturdays in the evening”. He also proposed "to use the wali's house opposite Al Qashleh building and transform it as a center for entrepreneurship that embraces youth projects in all disciplines."

 larrykn   Al-Hamdani stressed, according to the statement, the importance of Mutanabi Street for the cultural center and the importance of accelerating its development and rehabilitation for visitors from the Iraqi culture audience, directing the relevant departments to communicate with the Municipality of Baghdad to begin the development and rehabilitation of this cultural edifice.

larrykn   Tripoli Customs records revenues of more than one billion dinars

money and business   Economy News _ Baghdad   More than one billion dinars were registered on Saturday at the Tripoli customs border, the General Customs Authority announced Sunday.

"The continued increase in revenues achieved in most of its customs centers comes as a natural result of the efforts of its cadres working in the customs centers," the authority said in a statement received by the Economist.

She added, "Revenue realized in the account of the Ministry of Finance to the Central Bank of Iraq, which is subject to auditing the Office of Financial Supervision and thus be recorded the highest revenue supplying the state budget after oil revenues, despite the challenges and constraints and a severe shortage of qualified personnel and the lack of minimum requirements and means and customs work devices." .

Portmagaland   So, you can pre-order the year of the mouse from Perth Mint, I'm a mouse/rat, which is 2020. In Chinese culture the rat/mouse is revered for being clever and the mouse/rat was the first of the 12 Chinese zodiacs to get to Buddha's party by running across the cows head to be the first to cross the finish line. Kentucky Derby has nothing on that finish.

At first I wasn't cool with being g a rat until my Chinese students told me that story. With that said, did you guys know if it is your year in Chinese Zodiac, you are supposed to have bad luck. That's why Chinese friends and family give you red underwear to ward off the bad luck. Mahalo :)

Portmagaland   I know has nothing to with the dinar, sorry

Xyz   THERE GOES Z RV ....Democrats are approaching Trump's isolation measures

WASHINGTON (Reuters) - Democrats in the US Congress on Monday took another step toward the possible removal of President Donald Trump, an option that still divides the opposition more than a year before the presidential election.

Spankie   democrats slinging mud trying to tear down Trump- election moves- discredit- russia b* for years- nada-

  sandyf   @Dave How many yrs ago did CBI indicate in their news delete 3 zeros project?

The CBI first started talk of redenomination in 2007.

This article is from August 2010.

"There has been much speculation in recent months that the Iraqi dinar would be re-based, knocking off the last three zeros."

"“The Central Bank wanted to remove the zeros three years ago, we alleged that it was impossible. They wanted to do it again last year and we rejected the proposal again. The issue is currently brought up once again, but the Ministry of Finance and Economics insists that Zeros will remain,” said Fazil Nabi, the deputy minister of finance and economics."

sandyf   @Loren so lets say that you bring in a 25k note the bank. Do they exchange the 25k note for 25k in small denominations?

No. There will be 2 different currencies, they will hand in 25K of IQD and get 25 dinar in another currency, possibly IQR.

Dual pricing will come into effect and goods will be priced in both IQD and the new currency. There was a redenomination in the UK in 1971 and I can assure you it is extremely problematic, particularly for the elderly.

sandyf   @Loren @young_SC. I have wondered, if you can take a currency down like that, why can't you just revaluate it the same way?

Accounting regulations do not allow it. Some years ago Iraq had to get permission from the IMF to revalue assets acquired during the Saddam era. Depreciation is a different matter altogether.

sandyf   @Baxter SandyF made this statement last night... If the IQD was to float from the current value and appreciate at 10 percent per month, in 2 years the rate would be about 100/USD, at 3 percent per month the rate would be about 600/USD. I just dont understand his figures here... how could the 3% rate be 6 times ... what the 10% rate would be?

You are looking at it the wrong way round, 600/USD is not 6 times 100/USD, it is a sixth, parity would be 1/USD. A realistic rate of appreciation would take a generation to reach parity.

sandyf  @Zig So it could make a big move in a relatively short period of time.....

In the currency markets a couple of percent is a huge move, what Kap is suggesting is outside the realms of possibility.

A float is not out of the question but may not go the way expected, Egypt lost 50% of the value overnight.

Future   absolutely all we can do is wait

foxmulder   future lots of opinions from people who say they know how it's going to go ! Not sure anyone does for certain .

future   yes but some make their agenda very obvious so you have to wonder why even come into dinar chats?

foxmulder   future I know ! Not sure the motives of some people .

foxmulder   I just wish IRAQ would really make a solid move on their currency policy .

ffoxmulder   It is quite simple really ! Either Iraq will add value to their currency or they will not ! And to what degree it will be . Every currency has potential to fluctuate up or down ..

future   well from news articles they have said they will reinstate or bring their dinar back to the glory days

future   when? is the biggest ?

foxmulder   future there is o e thing that I do know ! The gents over in Iraq think very highly of themselves, at times quite arrogant . But the fact they only talk with NO action is the norm it seems.

future   yep i agree