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Tuesday, September 13, 2016

"Dirty Float" - Tues. AM KTFA News


 » September 13th, 2016

Frank mentioned Iraq... is in a "Dirty Float" in his opinion

What is a 'Dirty Float'

A dirty float is an exchange rate regime in which the country's central bank occasionally intervenes to change the direction or the pace of change of the country's currency value. In most instances, the intervention aspect of a dirty float system is meant to act as a buffer against an external economic shock before its effects become truly disruptive to the domestic economy.

It's also known as a "managed float."!--break--From 1946 until 1971, many of the world's major industrialized nations participated in a fixed exchange rate system known as the Bretton Woods Agreement.

This ended when President Richard Nixon took the United States off the gold standard on Aug. 15, 1971; since then, most major industrialized economies feature floating exchange rates.

Many developing nations seek to protect their domestic industries and trade by using a managed float in which the central bank intervenes to guide the currency. The frequency of such intervention varies. For example, the Reserve Bank of India manages the rupee closely in a very narrow band, while the Monetary Authority of Singapore allows the local dollar to fluctuate more freely in an undisclosed band.

There are several reasons why a central bank intervenes in a currency market that is usually allowed to float.

Market Uncertainty

Central banks with a dirty float sometimes intervene to steady the market at times of widespread economic uncertainty. The central banks of both Turkey and Indonesia intervened openly numerous times during 2014 and 2015 to combat currency weakness caused by instability in emerging markets worldwide.

Some central banks prefer not to publicly acknowledge when they intervene in the currency markets; for example, Bank Negara Malaysia was widely rumored to have intervened to support the ringgit during the same period, but the central bank has not acknowledged it.

Speculative Attack

Central banks sometimes intervene to support a currency that is under attack by a hedge fund or other speculator. For example, a central bank may find that a hedge fund is speculating that its currency might depreciate substantially, thus the hedge fund is building up speculative short positions. The central bank can purchase a large amount of its own currency in order to limit the amount of devaluation caused by the hedge fund.

A dirty float system isn't considered to be a true floating exchange rate because, theoretically, true floating rate systems don't allow for intervention. However, the most famous show-down between a speculator and a central bank took place in September 1992, when George Soros forced the Bank of England to take the pound out of the European Exchange Rate Mechanism (ERM). The pound theoretically floats freely, but the BoE spent billions in an unsuccessful attempt to defend the currency.

Read more: http://www.investopedia.com/terms/d/dirtyfloat.asp#ixzz4K6IrblxS

 » September 13th, 2016


Walkingstick » September 13th, 2016

Immaturity" economically Iraq has been presented by international conditions, "most unfair" and Abadi demands as "bold stances"


Finance Committee in the House of Representatives expressed on Tuesday itssupport to the conditions imposed by the IMF on Iraq in return for lending, and demanded that the Prime Minister Haider al-Abadi as "bold positions to resolve the corrupt file", as economists asserted that Iraq faces a "real dilemma" because " lack of maturity "economic which has obliged it to accept the terms of the IMF, warned against the imposition of the final conditions" most unfair "in the absence of Iraq's commitment.

She said the Parliamentary Finance Committee member Majida al-Tamimi said in an interview to the (long-Presse), "The International Monetary Fund request from Iraq as part of recent discussions additional cuts expenditures and the fight against corruption and activating the economic sectors", expressing its support for "the International Fund demands."

Tamimi stressed the need to "include cuts unnecessary spending of the state, and that does not affect employees and retirees, or the life of the salaries of citizens", calling for "the resolution of thousands of files of corruption in the Integrity and Accountability spoilers."

She Tamimi was surprised, of "spending three million and 799 thousand dollars to hire a private aircraft, during the last quarter of the year 2014 and over the past year in 2015, as well as the expenditure of funds and other money on Aivadat officials, in spite of the serious consequences of falling oil prices and the war against organization (Daesh) ",

Prime Minister Haider al-Abadi required to" be more aggressive in resolving the corrupt files, especially since he knows very well the defect points and the size of the waste of public money, since he held the presidency of the Finance Committee in the House of Representatives economic and kissed her. "

For his part, the economic expert on behalf of Antoine in an interview (range Press), "The International Monetary Fund put several recommendations and terms when he agreed to lend Iraq, including a review of public budgets of the state and the actions taken to rationalize spending and combat corruption."

He said Antoine, that "the International Monetary Fund found that some of the recommendations have not been applied properly, what could herald its objection and perhaps his lack of loan," stressing that "Iraq is still in front of a big problem not addressed so far, is mono-economy and the continued decline in global oil prices , which may be obliged to accept the terms of the international Monetary Fund despite the prejudice of some of those conditions. "

He said Antoine, that "Iraq faces a real dilemma has compelled him to make other concessions paid for the Iraqi people, which forms the basis of the victim's austerity andloans," attributing the reasons, to "financial mismanagement of the government and the dominance of the ruling parties on the financial file, in addition to rampant corruption and lack of activation sector The private".

In turn, an economist Maitham Laibi said in an interview to the (long-Presse), said that "countries and global organizations that lent Iraq has fulfilled its obligations, while the Iraqi government has not fulfilled the other hand its promise them more than once," pointing out that "Iraq continued open-door policy the public sector, which is heavier state treasury, despite calls from the international Monetary Fund to Trchigah and revitalize the privatesector. "

He and coffee, that "the International Monetary Fund required to Iraq to improve the economic and monetary policy," returned to "those conditions came because of the immaturity of Iraq economically, he does not own economy and institutions or well-established monetary policy, making the citizen a victim of economic ignorance."

It is noteworthy that the Jordanian capital Amman witnessed last Saturday, (September 10 2016), the conclusion of the first review of the standby credit agreement with the representatives of Iraq and the mission of the International Monetary Fund to supplement the IMF loan negotiations during the current year 2016.

Iraq has been received by mid-July 2016, about $ 634 million, representing the first installment of the IMF loan, immediately after the IMF Executive Board approval, in (theseventh of this month), on the standby credit agreement with Iraq, noting that the term of the loan is five low-year annual interest rate of one and a half percent (1.5%), and that the number of payments is 13 batch stretches over 36 months.

The United States of America, confirmed in (the twentieth of April 2016), that the economic reforms the Iraqi government began to show the effects of an increase of non-oil imports, indicating that the Iraqi government's success in reducing the budget deficit means obtaining a loan from the International Monetary Fund worth billions of dollars.

He was the financial advisor to the Prime Minister and the appearance of Mohammed Saleh, said in an interview to the (long-Presse), in the (26th January 2016), that Iraq has agreed with the International Monetary Fund for long-term soft loans for the implementation of development projects, noting that the fund is in among other conditions, the government expenses, and modified some procedures related to economic policies, while counting economist that "the most important" of those loans is to know the amounts that will beobtained during the year 2016.

The International Monetary Fund approved in (the 13th of January 2016), to finance the deficit of the Iraqi budget through clouds of hard currency reserves, which led to thereduction of those reserves from $ 59 billion October 2015 end, to 43 billion during the current year 2016 .




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