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No plans to make ID1000 = $1 – CBI
March 3, 2010 - 05:01:06
BAGHDAD / Aswat al-Iraq: There are no plans to make the exchange rate of ID1,000 equal to $1, Central Bank of Iraq (CBI) said on Wednesday.
“Iraq’s currency policies are far from such decisions,” the CBI said in a release received by Aswat al-Iraq news agency.
The CBI said that the current exchange rate, ID1,170 = $1, is balanced, stable, and can be preserved through Iraq’s foreign currency reservoir of $43 billion.
MH
Good post, thanks.
Thanks Tim - keep it up.
ron
I have already shown that this article was created by a reporter who did not understand the process or the words of Shabibi himself.
"BAGHDAD / Aswat al-Iraq: There are no plans to make the exchange rate of ID1,000 equal to $1, Central Bank of Iraq (CBI) said on Wednesday.
“Iraq’s currency policies are far from such decisions,” the CBI said in a release received by Aswat al-Iraq news agency."
This part is true since it came directly from the CBI. Meaning: the RV will not be at $1 = 1 dinar; in fact, "far from such decisions." We may assume, then, that the RV will be higher.
"The CBI said that the current exchange rate, ID1,170 = $1, is balanced, stable, and can be preserved through Iraq’s foreign currency reservoir of $43 billion."
This is the infamous phrase that has two errors in it. The first error is that the phrase "ID!,170=$1, is not in the CBI statement but was instead inserted by a reporter. In the original statement this phrase was in parentheses. Now it appears as if it were made by Shabibi himself. However, this is not the case.
Second, the translator, google translate, translated the word "current" in the above statement when in fact it should have been translated as "new", which is a synonym for "current". I have already posted my statement on this. In addition, last night I posted a verification that I was correct based on Shabibi's statement to the IMF on Feburary 8 in his Letter of Intent. That post is called "How my Analysis Aligns with Shabibi's statements." I welcome you all to read it so that you can stay clear on this important matter.
Steve
What can I say, but I still can't believe some of the post that go round in circle.