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Samson: Exchange rate concepts

7th January, 2021 by Dr. Muhannad Talib Al-Hamdi

Use works that are open and operating in one country, the local currency to pay for the costs of production and wages of employees, and accrued interest on loans, and perhaps the distribution of profits to partners.

However, companies that operate in multiple countries may sell their products in different currencies and pay their suppliers spread across far-flung countries in the currencies of those countries, and therefore they need to change the local currency to many foreign currencies

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DeepWoodz: Just for FUN....So I’m bored and that’s never good. I get out the Turkmenistan model and wanna play with the numbers.

Sadly I’m not that smart, but I gave it a try and am in need of checking. Please? For funs sake.

so here is what I got....

The devalue they initiated was partly due to the difference in exchange rates between the CBI and the secondary markets. They call it Exchange rate unification when they try to equal the rates out. There are other reasons they did this...ie...stop using dollars, bring in the 000’s.

Here’s the comparisons and they match precisely......

Iraqi Dinar - From 1200 to 1450 = 20% increase.

Turk manat - From 5200 to 6250 = 20% increase

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DeepWoodz: Imo...just a question...With a new fiscal year now in effect... would it be important for any change in the rate to be in effect as well for accounting purposes? Or does it matter?
I ask believing they can hide it for as long as they wish.

MilitiaMan: Good question, I hear the thinking is they will need to have accounting sorted quickly being electronically automated and within a short period of time. Hence, the need to be sorted within the mid month era.. Another theory, is for instance they share with the people of Iraq outside of western eyes for a few days"". Which could go into effect at just about anytime now.

Things are closed out to Monday. Stock exchange, official working hours, etc... imo I would love to see the CBI telling the world about Article 8 compliance with an internatioally acceptable currency storng enough to hold her own in the Secondary markets.. That is the plan from what the FA thread suggest. imo.. anyway.. ~ MM

OlLar: I used to have an article where Abdule Turki interim CBI Governor said although its not the only time they can change the exchange rate , for accounting reasons the first of the year is the best IMO

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MilitiaMan: Electronic Payments 01/01/2021 at 9:00 Am.. I wonder what other Electronic Payments and Systems interlink that day? It is the first day of the new Calendar year. 11:59:59 is approaching fast.. imo.. ~ MM

Samson: The Housing Fund announces the opening of the electronic submission for loan transactions

12/31/2020 13:26:42

The Iraqi Housing Fund announced, on Thursday, the opening of the electronic submission for loan transactions.

A statement by the media office stated, "The Iraqi Housing Fund of the Ministry of Construction, Housing and Public Municipalities announces the opening of the electronic submission for loan transactions for the month of January 2021 tomorrow, Friday, 1/1 in Baghdad and the provinces at nine in the morning."

He added, "This timing will be fixed in all months following the application of the loan or the request for disclosure, and transactions will continue to be submitted until the end of the month or the prescribed share runs out, whichever is sooner.

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Suzie: I wonder IF they still plan to announce "the new rate" by the end of the fiscal year as was talked imo about seeing as there is basically 48 hrs. left. Let's hope!

The Snod: imo January is as hot as it’s ever been for this! Get’cha a big movie Coke, kick back and pray for the best.

Ryan1216: I'm in constant prayer that the IMF updates the Dinar exchange rate by New Year like they said

YoungSC: Remember to also respect the first 2 weeks of January imo as we were taught imo

DeepWoodz: Imo.... not butting in here but.... I’m looking for the party in the streets! What a time that will be!!!

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The Snod: From the Turkmenistan Model:

The first step in the Turkmen currency reform was to unify the exchange rate. In the past, because of a shortage of foreign exchange, there had been a dual exchange rate system made up of an official rate pegged at 5,200 manat per U.S. dollar and an informal parallel market rate of about 23,000 manat per U.S. dollar.

Later, the government devalued the official rate to 6,250 manat per dollar and introduced a commercial rate of 20,000 manat per dollar at which banks could trade freely with the public. The two markets were successfully unified on May 1, 2008—at the rate of 14,250 manat per dollar, a level consistent with the country’s strong external position

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Witness: Mass Demonstrations In Front Of The Central Bank Of Iraq Demanding The Dismissal Of The Governor

28th December, 2020

Dozens demonstrated in front of the Central Bank of Iraq, demanding the dismissal of the bank’s governor, Mustafa Ghaleb.

The demonstrators raised slogans describing the central bank governor as wanting to starve the people.

They also demanded that “corruption banks” be held accountable. LINK

LarryH: Stay calm the people will not stand for what they have been promised
They have enough money off the street to RI, I think they are just stocking their country at a lower rate then they will show us the rest. imo