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Monday, September 28, 2015

DINAR IRAQ & DONG VIETNAM UPDATE, 28 SEPT

Parliamentary Finance Committee confirmed on Saturday, no worries on the value of the dinar against the dollar, indicating that the cash reserve to cover the dinar is liable to bring the necessary stability of the exchange rate for a long time. He said the Commission decision of Ahmed Hama Rasheed for “tomorrow Bs,” The “Actions taken by the Central Bank of Iraq and the private banks which capable of achieving exchange rate stability and returned to a normal level after he had witnessed a rise during the first quarter of this year because of Article 50 of the budget, which obliges the central bank to sell a specific amount of the dollar to the markets, which can accommodate twice the Law set the amount. “He added that” the central bank recently said that the reserves are sufficient to cover more than six months of imports, which is higher than usually required to maintain the exchange rate so concerns the value of the dinar does not exist against the dollar, “stressing that” the measures taken by the Bank Central contributed significantly in reducing the volume of inflation during the last period. “He stressed Rashid said” Strengthening the reserve currency basket extra amounts of gold would also be granted the dinar extra power enables it to withstand the fluctuations of world oil prices, “noting that” whenever the diversity of the cash reserve I said the effects of lower oil prices directly on the value of the currency. “The Article 50 of the Budget Law for the current year has committed to identify sales of the dollar in the auction daily currency selling ceiling does not exceed 75 million dollars a day at a time when the market absorbed about $ 200 million, has been canceled Federal Court this paragraph in future budgets Iraq.
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The elections and then appointments of positions in Iraq GOI was a mere game of musical chairs…same players, different appointed position…AND they did not begin to move into reforms until the poor population began demonstrating and was preparing to “burn the house down'” per se’… The reforms so far have been 99% cosmetic. They claim that after EID they will pass the laws that will enforce/re-enforce the reforms. The only one I care about is the investment law…once this is passed and new foreign contracts along with investment come into play…this influx of money and the accounting with/without 3 zeros will be the determining factor of which way the IQD moves.
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