Baghdad (newsletter) ...The Central Bank decided to include a number of community banks public auction sale of foreign currency and increase the share of wheat granted to exchange companies and authorize the Bank to lower the price of the dollar against the Iraqi dinar.
The Bank said in a statement received (News Agency news) on Wednesday that Bank Management Council adopted several resolutions encouraging Iraqi banks and credit and Mansour as the first stage and later include all licensed banks to open credit and financing by the Central Bank of Iraq in accordance with the mechanism set up for this purpose in addition to the continuation of these banks in the entry window sale of foreign currency.
He: to increase the share auction downloads and granted to the Exchange and remittance companies and 100,000 dollars to exchange companies who increased their capital according to the requirements of the Central Bank of Iraq to 500 million dinars (150) thousand dollars of remittance companies increased their capital before the date required by the Central Bank of Iraq (15) billion dinars (125) thousand dollars for remittance companies who increased their capital according to the requirements of the Central Bank of Iraq 10 billion dinars.
He continued as an authorization shall be determined by the Iraqi Central Bank Governor power to reduce the selling price of the dollar (1179) dinars per dollar to enhance the value of the Iraqi dinar according to market requirements./finished/b. x/
[link to www.microsofttranslator.com
I had my cousin look at this, and I am very wrong in my understanding of this. I must apologize for my earlier post.
My cousin is not invested in the dinar, not interested in the dinar, and he very well understands economic and currency matters. The way he explains this is article to me as the CBI is indicating they are preparing to "Float" the dinar exchange rate. He states that it a ramping up of the sales and opening of lines of credit to the banks means more trading will be occuring.
My hat is off and tipped to Kaperoni, Steve, and Russell. If this article is true and my cousin's perception of this article is true, then all three of you all nailed the float concept.
I read this article this morning and it just didn't sound good to me. I am more hopeful and pleased now.
Iraq participate in a meeting of the International Monetary Fund in Amman
Wednesday, 12 January 1 / December 2012 11:31
BAGHDAD / With: Iraq participates in the meeting of the International Monetary Fund to be held in the Jordanian capital Amman for the third review under the Convention on the Stand-By Arrangement with the International Monetary Fund.
A statement by the Office of Financial Supervision today that Chief of Staff Abdul Basit Turki headed a delegation of officials Court to participate in the IMF meeting to be held in Oman for the period from 13-15 of this month with the participation of the Ministry of Finance and Central Bank of Iraq and the House of Representatives.
[link to translate.google.com
This article is important and I think it does relate to the dinar and the standby agreement. The CBI now has permission to raise the dinar value. We know that the standby agreement is due in February. We also know that in March Iraq will make some kind of substantial changes to the ration card. We also do know that Shabibi is in Amman as previously stated in an article. I don 't think it's a great leap to assume that the dinar will definitely be on the agenda. In fact I will say that the announcement that was made that the CBI has permission to raise the value of the dinar most likely was pre-approved by the IMF. We know that the IMF is in Iraq at this time. I don't believe that all these things coming together at this time are coincidental.