,
DINARESGURUS.BLOGSPOT.COM_________________ _______

Tuesday, February 11, 2014

DINAR GURUS UPDATE, 11 FEB

2-11-2014   Newshound Guru Kaperoni     The Committee Member said Faleh Sari for daily "Alalam" that "the Central Bank told the House Finance Committee will follow the new theme mechanism will make a significant contribution in raising the value of Iraqi dinars before next June and will be the mechanism to raise the value of the Iraqi dinar against the US dollar."  before June folks!   the key is that they have implemented Open Market operations and all banks in Iraq are now on this.  it just went into effect this past week.   even this excites me!   [post 3 of 3]

2-11-2014   Newshound Guru Kaperoni
 these banks now have 250m in capital so they dont need the CBI.  so, the basic auctions now have changed and are now called Open Market.  Last Sept when this policy was created an article came out.  "the Central Bank told the House Finance Committee will follow the new theme mechanism will make a significant contribution in raising the value of Iraqi dinars before next June and will be the mechanism to raise the value of the Iraqi dinar against the US dollar."  This new rule that they implemented is the mechanism!  it is in effect now...banks are now acting under this new policy.  It started last week.  IMO this new Open Market operation is going to fix the spread issue which will allow them to raise the value.   [post 2 of 3....stay tuned]

2-11-2014   Newshound Guru Kaperoni
   Article quote:  "Central Bank announces directly funded Iraqi banks open accounts in the bank 10/2/2014 Announced the central bank directly for a large number of Iraqi banks, public and private funding of open accounts in the bank. According to a statement by the Central Bank that a large number of Iraqi banks started financing open accounts in the bank for the purposes of the foreign currency auction returned directly funded banks accounts quick response to new instructions approved by the Bank CBI recently."   this is exciting stuff...the CBI wrote some new rules last year for the daily currency auctions.  the actual new rules were posted back in Sept on CBI.   they tell the banks they are changing the currency auction format and going to a new Open Market operations where the CBI is no longer the provider of foreign currency unless absolutely  neccessary. 

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.