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Saturday, May 6, 2017

DINAR IRAQ & DONG VIETNAM UPDATE, 6 MAY

Parliament’s Finance Committee revealed Tuesday, the Central Bank of Iraq’s intention to pump additional amounts of the dollar in the local markets to lower dollar prices, noting the bank will announce a new mechanism for the disbursement of the dollar through its ports to prevent speculation.
The committee member Ahmed Sarhan Sarhan in a statement, said that “the Central Bank of Iraq plans to pump additional amounts of the dollar in the local markets to prevent the rising dollar prices.”
“The high dollar prices in front of the Iraqi dinar exchange does not serve the economic and commercial interests and control authorities to prevent the rise in any way possible.”
Sarhan said that “the Bank will announce a new mechanism for the disbursement of the dollar through its ports to prevent speculation and exchange the dollar for those who deserve only,” noting that “these steps will reverse the dollar prices as they were in the past and prove the exchange rate against the dinar in the coming days.”
Economy News
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Article: “Abadi: We need to strengthen the economy and the protection of the national industrial and agricultural product.”
Quote: “we want to increase Iraq ‘s exports of many materials and we want to give Iraqi concessions for industrialists who can to issue so that there is not only a departure from the currency but the currency intervention and a trade exchange between Iraq and states on one level this is important in activating the work”
This is the head of the Iraqi government discussing the means toward opening up the currency to the world. Specifically, he is calling for the increase of Iraqi exports and the granting of concessions to industrialists who want to invest in Iraq.
Both of these factors will then allow the CBI to begin the float (“departure from the currency”) and will lead to further commerce with the greater world market.
In other words, he is specifically talking about increasing trade between Iraq and the rest of the world but says that this can’t happen unless Iraq gives an incentive to industrialized countries to start the process.
However, once that process begins then, he says, he would feel comfortable releasing the dinar to a floating currency. In short, this is a tremendous vote in our favor, since it is the boss himself who is calling for actions leading to a floating dinar.

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