By John Lee.
We get many enquiries at Iraq Business News relating to the future of the Iraqi dinar (IQD), for example:
- Will the Iraqi dinar increase in value?
- Will the currency be re-denominated, dropping the 'three zeros'?
- Is it wise to buy Iraqi dinar?
Firstly, Iraq Business News is not in a position to give investment advice. Our mission is to provide our readers with the highest quality information on the business and economy of Iraq.
As the value of the Iraqi dinar affects trade, we will continue to report on any possible re-valuations and/or redenominations as soon as information is available.
We hope that this information will be useful to the key decision-makers in Iraqi business, and to all who are interested in the development of the country; gamblers and people involved in get-rich-quick schemes/scams are not our target readership.
It's clear from the correspondence we receive that some people, who like to think of themselves as 'investors', genuinely believe that at the stroke of a pen they will make a 1,000-fold return on their purchase of dinars.
Those people might like to consider some questions before putting any further funds at risk: Read more ...
http://www.burathanews.com/news_article_203138.html
More than two trillion dinars volume of the first half of this year, the Iraqi Stock Exchange
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BAGHDAD (Independent) … announced the Iraqi market for securities trading for more than two trillion dinars during the first half of the current year 2013, as has been the inclusion of a new company in the telecommunications sector.
Market trading during the first half of This year, 611 billion and 282 million shares worth two trillion and 456 billion dinars, out of contracts executed, which amounted to 74 229 contracts, with market index closed at its first session in 2013 to 124.00 points and closed last session at the end of June to 117.05 points.
The number of large deals and landing opposite commands 63 transactions carried out in fifty of the trading session in extra time after 12 valued at 993 billion dinars, and investors trading in the market for the first half of this year, 69 companies out of 73 companies listed in the market.
The number of shares purchased from non-Iraqis 72 billion and 883 million shares valued at trillion and 91 billion dinars were traded through 8730 transactions, amounted to shares sold by non-Iraqis, 29 billion and 683 million of $ 145 billion and 908 million dinars were traded through 4912 transactions.
And included the Iraqi market during the first half of the year 2013 a new company in the telecommunications sector and the opening of the telecommunications sector for the first time in the market, while weak firms have been moved to the second market to become number of companies traded in the formal market 73 companies.
It is noteworthy that the Iraqi market for securities was established in June 2004, and was approved by the manual trading, and in April 2009 adopted electronic trading in part by some companies, and now trading electronically registered companies the year 2010, and traded in the market 73 companies belonging to the eight sectors are banking, industrial, hotel, tourism, agriculture, investment, and insurance, in addition to communications.
-Matter of time!
That’s some fantastic dinarland math there Wayne.
You read an article that says they can cover their currency in circulation by 2 1/2 times with the reserves. That’s great but they have to cover the entire m2 and that they cover just over 1 time. But back to the 2 ½ times. You claim they can RV to 2.50 and cover it? Shaking my head man. 2 1/2 times the current rate would be .0021, that’s two tenths of a penny. 2.50 is an increase of 2907 times. With math skills like that it’s no wonder you are involved in the dinar scam.
LOL !!! Yep!
Wayne,
I retract my comment on your needing to use a calculator!
....It is obvious you haven't a clue as how to use it!
It's obvious you do not have a clue..... $2.50 That's two dollars and 0.50 cents to our (USD) $1.00 and that is not even counting what we do not know. You think we know all the numbers from Iraq, lol you are funny. The oil companies will only tell you about 70% of what they have, so do you really think we know all of the figures? I do not, so I know you don't either. Oh ya, I have a calculator and I sure do know how to use it. I don't see how you can see anything that is obvious, lol...You have not a CLUE.
These naysayers are sooo worried about the dinar doing anything positive...and they are sooooo serious!...Wow, I wonder what their agenda is..as they can't protect me from this, as I'm already in and have lost in much of everything else that was supposed to be safe..so where were they back then...and this has'nt even materialized as per the end result...and if no one knows the end result or yet, then there must be an agenda to curb speculation?...IMO it has to be this!...lol...
Yep, I spoke with Dinar trade owner yesterday and the business in Waxahachie Texas will open their doors next week. Like he said once before, like two years ago, and I quote: "Why would I open it up until it is time to cash in the Dinars" The naysayers will look like the fools that they are when it is all said and done.
Remember what Hilary Clinton said two years ago--- Iraq is projected to grow two times as fast as China did. IMO secret rats, lol
Dinar Trade... lol... that brings back memories. Dinar Trade’s owner is Ali Agha. There were stories about how they were going to open offices all over the country. Dinar Daddy was going to run the Utah office I think. Many other pumpers where scheduled to run other offices. They were always supposed to open “next week”.
Ali was on a Dinar Daddy conference call and made the following statement.
Ali –“ The Iraqi Dinar is an investment that is going to raise in value over a long period of time. You people that think your going to make a quick million dollars here are clearly on drugs. Its not going to happen.”
They banned him right after that. Ali the dinar dealer got banned from dinar sites... too funny.
Soon after that he closed down and disappeared for awhile, claiming he and his family had received death threats.
It’s pure speculation on my part, but I think the feds were taking a look at Ali and this scam. He felt the heat and went out and very publicly set the record straight about his thoughts on the dinar. This was about the time that dealers all stopped talking and pumping dinar. I think the feds made it clear to them they could sell the crap, but they couldn’t pump lies about it also. Dinar Daddy also stopped talking about the dinar and actually made a post on his site saying he thought the dinar would redenominate. That was about the time he and his wife bought currency vault. Start selling, you gotta stop pumping.
More from Ali the dinar dealer….
[Caller] Q: … so if it revalues at $3.00, what does that equate to?
[Ali/DinarTrade] …it’s NOT going to revalue at $3.00, I’m pretty sure of that sir, …overnight.
[Caller] Are you inferring that this [RV] will come out low and gradually go up in value?
[Ali/DinarTrade] No sir, as I’ve explained, right now the dinar is valued at 1/10 of one cent. For example, that’s about $1,000 per million dinars. It will be a slow progression. It will go probably to 1,200, 1,400, 1,500 and when it reaches that $10,000 mark, that’s for us, as a company [the number] has put in its head. Then, we’ll open up our satellite offices to start having people walk in, if they want to do it. So, in my eyes I think it’s going to be a slow progression, step-by-step as the economy improves in Iraq. I mean everybody has to realize they cannot revaluate at $3.00 overnight, that’s insane! I mean it’s not a lottery ticket, it’s an investment.
[Caller] Q: So your opinion is that this is long range rather than…
[Ali/DinarTrade] very long range…
[Caller] Q: I heard what you said about the dinar RV'ing slowly coming up - let's say $4/dinar - are you able to handle the transaction at this rate?
[Ali/DinarTrade] If it does sir, but it is very unlikely… …but, I’m 99.9% sure that it’s not going to come out at $3.00 or $4.00 like people are saying out on the internet. It’s a currency; it takes awhile for it to grow.
[Caller] Q: Everyone is ‘kinda hyped up’ about it coming out at $3 - based on when it will RV – what do you think it may come out at, 22 cents, 80 [cents] or higher?
[Ali/DinarTrade] What I think is truly going to happen is, the dinar today, like I’ve explained, is at about 1/10 of one cent. I think it will be a slow progression, it’s not even going to 22 cents, it’s going to go probably to $1,000 to $1,050, to $1,100 like that, slowly up as the economy progresses. It’s not going to have a jump and then stay there and then jump up again. It’s very, very unlikely. You’ve got to realize it’s [Iraq] a country with nearly 30M people in it, it will not going to do it overnight because it doesn’t work like that, …it is a long term investment. You don’t buy a house today and think in four months it’s going to be worth a million dollars, something worth $200,000.
[Ali/DinarTrade] I truly don't think it will be one rush, it will be a progression over time.
[Caller] Q: One of the things that also lured me into this investment about this hopeful event is to ‘re-boot’ the world's economy. With your opinion of it coming out very slowly, I personally can't see it doing that [world economy re-boot].
[Ali/DinarTrade] Well sir, as I’ve said before, I’ve been saying this for seven years, it’s going to progress slowly, I don’t know why people… I would like it to reboot the world’s economy, but I don’t think that’s the case to tell you the truth. I mean you’re buying a currency of a country that is oil. Eventually the country is going to come out of debt, come out of war, and yes it’s going to improve, but it takes years and years and years to do that.
[Caller] I’m looking on the Forex now and it looks like a slow progression
[Caller] Q: Ali, nice to talk with you… no disrespect, I’ve only been in this a short period of time and in the beginning--several months back--I heard things about how this all going to come about and I’ve seen how you people that are traders--that will exchange these kind of things were setting up to be ready. There’s this mass rush, there’s going to be thousands of phone lines brought on and all of these [exchange] locations… and now, we hear that you are saying that “no”, this will be a slow process that’s brought out. And I don’t know about other people that have questions, but question I have to me, is that I heard you just say “that isn’t how it happens”. I recall you saying your family was involved in Kuwait… didn’t Kuwait happen that way?
[Ali/DinarTrade] Kuwait took about 2 years to actually go up, I mean yes, but Kuwait, as I explained before was a country taken over by Saddam but already had the infrastructure. For them to come back to norm took about 2 years. Iraq was a country that was taken over by Saddam for 40 years, so that will take longer. And we did say yes, we have the same plans to put the phone lines in once the dinar reaches a value of $10,000. I think that would be our “go ahead time” to start putting them in there. I’ve also said over the last 5 years since these conference calls that its always going to be a slow progression. I don’t think it’s an overnight thing. It was never an overnight thing…
[Ali/DinarTrade] …Kuwait never went over 3 years… sorry $3.00… on the internet there’s a lot of blogs that hype it…
[Ali/DinarTrade] it was never like that, people who say it will go to $4.23--what the ‘hell’ does he know, I would like to know what he’s on?
[Caller] Q: Thanks for debunking these fools that have been saying it is going to RV at $3, $4, $5 or $6…
[Ali/DinarTrade] Sir, I have said that always said that I don’t do drugs, but what drug are you on to think this, it’s amazing, and how could somebody believe you? And I’ve always said that, it doesn’t make sense.
[Caller] Q: if this is still a long ways off, why come onto the conference calls?
[Mod2] Al-Zubaidi, in 2005: "we want to return to $3.33" His words, not mine
[Mod2] Confirmed by Shabibi in 2005
[Caller] Q: will you [Ali] put this on your website that it will be another year or so? …
[Caller] Q: My thing is, back to that rate, I am sure you are tired of discussing it. There is such a buzz on it - people with hard Intel - that is what they call it - info under the radar - you have bank documents floating around stating these higher rates…
[Ali/DinarTrade] …I have been in the business for 7 years I have heard it was happening this weekend, I am only giving in my opinion, it is not written in stone, yes it could happen but not in my opinion. I think it is a long term investment….
My favorite scammer/pumper was Frank and Okie oilman. Frank played the religius, christian card that God was blessing the dinar RV. Okie was just an inside info liar that claimed almost every day that tomorrow was the big RV. I do feel like a dope for buying dinars. I have since sold them to a guy that has 20 million and lives like a brokester.
Dinar Trade is still in business, regardless of business issues in the past...and his banners are on several of the dinar websites...but as per the dinar not going up for a long time...(like some want to see)...I agree..it has been 10 years already and it has went up since it's inception, but not like I believe it will when they give themselves a new exchange rate as they make more progress...but the entire plan was a long term process anyway from the get-go...but the things that are materializing right now in Iraq, and the things that the Iraqi Government are saying right now, at least as per making their currency stronger and NOW!....is the "writing on the wall" so to speak...If it is such a threat or problem to own dinars for some...well, just dont own it...but this ride is'nt over yet, so why fret?...We will see!...
Frank was supposed to run Ali's Ohio branch if I remember right. Ali was associated with all these different pumpers. He really ticked them all off when he started covering his butt by telling the truth about the dinar and saying anyone who thought a big RV was coming was on drugs.
Dinar Trade has made several statements that when the dinar reached $10,000.00 US Dollars per million...is when he would open his offices for redeeming/exchanging/cashing-in, etc...maybe he thinks that this is not a Big RV?...(it's appx. 10X your money back)...but he did'nt say it could'nt rise either...as he or no one else knows a rate or date...or what will actually transpire!...It's all called speculation...you do it everytime you breathe...not knowing if you will take the next breath!...lol...
I remember Ali talking about his Santa Monica office and how it would be open for cash in immediately. He even said he would have gold there for cash in. Meaning he would have millions of dollars in cash and gold at this office. Funny thing is I did a quick google check on his Santa Monica address. It’s not even a real office. It’s one of those fake virtual offices. Many different companies use the same exact address and suite number as their office.
This is Ali's Santa Moninca office...
100 Wilshire Blvd, Suite 950
This is a yahoo search fo rthat address. Look at how many people use the same address. One of the links is even for tha adress itself talking about it being a virtual office.
http://search.yahoo.com/search;_ylt=A0oG7kn2OuhREUgA16FXNyoA;_ylc=X1MDMjc2NjY3OQRfcgMyBGJjawM1bnUzY25wOG5nNXFrJTI2YiUzRDQlMjZkJTNEQVZlcW4yOXBZRUs3bFZDQkJsTExTcWRWalFDVzVjZERLQVh2RFEtLSUyNnMlM0RxbSUyNmklM0RCTkJuQTRXYmRlRmVUOXRCbjNIWgRjc3JjcHZpZANEY25VNzBnZXVyQmIuR3kuVVhnWFZBa1Bna3hBZFZIb092WUFCYXFWBGZyA3lmcC10LTkwMARmcjIDc2ItdG9wBGdwcmlkA05ST0xwZ3JhU0RXQVlwUTFVMDVxb0EEbl9yc2x0AzEwBG5fc3VnZwMyBG9yaWdpbgNzZWFyY2gueWFob28uY29tBHBvcwMwBHBxc3RyAwRwcXN0cmwDBHFzdHJsAzI4BHF1ZXJ5AzEwMCBXaWxzaGlyZSBCbHZkLCBTdWl0ZSA5NTAEdF9zdG1wAzEzNzQxNzQwMDI5ODYEdnRlc3RpZANTTUUyNDc-?p=100+Wilshire+Blvd%2C+Suite+950&fr2=sb-top&fr=yfp-t-900
Whats funny is that if you call Dinartrade and ask for Ali, whoever answers the phone will say they are Ali.
Frank was supposed to handle their Cleveland office after the big rv hit. They even posted local hotels and where you could get armed security guards to escort you with all the millions in cash and gold, lmao!! WHAT A SCAM!!
Twisted and misconstrued garbage...to make the dinar look stupid..IMO...
So lets say I have a bank that I use...which I dont anymore now due to some bad dealings that I had with them..but oh, they once sold dinars...so does that make the dinar a bad investment...or the bank a bad bank to use because they sold dinars...
This is the same twisted verbage that has been spewing from the naysayers mouths since day one...they look for anything they can find, and then group everything together as all being the same, while twisted, added-to, misconstrued, outright lies, etc...
Why not just see if the dealers are registered with the U.S. Treasury..and then see who allowed that, as well as any compliances or audits that these dealers have went through?...Maybe while your at it do the same with the banks!...lol...
Stew,
we were told in Jan. 2004 it would take 8 to ten years before we should get excited about the dinar by the bank officials in Kuwait. You do the math, do you need my calculator? I hope and pray you go to Dinartrade.com and get U some!!
Once again, I bet this has been explained to you one million times, but here’s one million and one.
There is no crime or wrong doing in selling dinar. It is a legitimate currency just as the currency of all countries is legitimate. Dinar dealers are simply registered as currency dealers or exchangers. They are not registered as investment advisors and therefore can give no advice.
The scam is the notion that the dinar is magically going to RV some huge amount. The dinar dealers set up years ago and started web sites with the help of friends and started pushing lies. As people fell for the scam, they became accomplices in the scam by spreading the lies. You are the scam. Yes 4aprofit, you are the scam. You and others like you all over the internet repeating lies and spreading deliberate misinterpretations of Iraqi news stories causing many other to waist their money on this crap investment.
Wayne. I’ve seen your calculations. I want nothing to do with your calculator. I’m sure you have a link to that 8 to 10 year thing right? Why would bank officials in Kuwait comment on the Iraqi dinar? That’s pure dinar forum BS.
If that BS were true, then why have all the gurus been predicting a huge RV every week for almost ten years now?
Very well put Stew, I'm here applauding !!thank you for telling these people the truth.
I have never given a date or rate...no one knows that...how retarded for some to think someone is lying or scamming just because they think or believe something "MAY" come out positive!
The scam....is lying and saying it "CANT" do anyhting but the negative'....when no one knows for a fact either way..or yet!...
Stewie, I was told that by bankers and investors in Kuwait when I asked about the dinar while I was opening an account. Face to face, no forum BS. Why would you think the dinar can not and will not do what the Kuwaiti dinar did? You need a reality check!!!
LZ
I was talking to Ali in Dubai. I know him or at least have meet the man and did recognize his voice when we did speak on the phone. So do not tell me that BS. I have no reason to lie on here, nothing to gain here. I will tell you we have spoke on the phone many times from 2005 to 2011 ,but not in 2012 or 2013 at all. I do not get return emails from him directly any more either. I can assure you Ali is not a pumper for his business either!!
Wayne. The Iraqi dinar is in no way comparable to the Kuwaiti dinar.
In Kuwait, Saddam invaded and all banking in the country shut down. The central bank ceased all operations. Saddam broke into the central bank and stole billions of un-issued Kuwaiti dinar. It was for that reason that the Kuwaiti dinar dropped in value. But it was only in street value. The Central Bank had stopped operations and they never changed the official exchange rate. When Saddam was ran out of the country, the central bank went back into business and within one month they issued a new version of their currency. Everyone had to exchange their old currency for the new currency. None of the Kuwaiti dinar Saddam stole was honored for exchange. They checked the serial number of every dinar exchanged and they knew which one were stole. So the day before Saddam invade Kuwait had X amount of dinar value at about $3.50 each. After Saddam was removed and they put out new currency they had the same X amount of currency at about $3.50 each.
Compared to Iraq who had a good exchange rate in 1980 when they had 20 Billion dinar M2 and have since suffered years of massive inflation and now 30some years later have 80 TRILLION m2.
That's a reality check.
Anyone who thinks those two situations are similar is delusional.
Please let un know how that Waxahachie Texas cash in center opening goes this week. Can't wait to hear about that.
Which guru/pumper is slated to run that office?
I was speaking of the Iraqi dinar (old dinar) that was allowed to be traded back in for the new Dinar that we have today. I was speaking of the comparison of how Iraq has basically followed the same steps back to recovery of their dinar. Sure it hasn't hit the market yet, but it will and will someday be more valued than the Kuwaiti dinar, thats reality!
What are you talking about? Iraq has not followed any of the steps Kuwait followed because the situations are completely different. Kuwait did not add one single dinar to their money supply, and never changed their exchange rate. From the time Saddam invaded to when he was kicked out and a new version of the currency was issued was a total of 8 or 9 months.
Iraq had a good rate in 1980, have since added 80 TRILLION dinar to their money supply over a 33 year period.
You see similar steps??? That's astonishing.
Note: With the growth that Iraq is seeing, where are the results, indicators or the numbers...as per all of this, at least as per mainstream media...not to mention many of the global monetary meetings...(And even when Iraq is part of one of these meetings, it's like they are just there, and usually there is no mention as per the numbers of what's really happening monetarily..or at least like we hear on other countries)...Are we supposed to be kept in the dark about Iraq until everything is unveiled?...lol....
I find it amazing how Bartle Bull with Northern Gulf Partners...who was featured on a Bloomberg Video that was posted here in an earlier post...mentioned how they rave about Brazil being a booming economy at like appx. 2% growth and they are literally burning in the streets down there...(And on another note, do we ever hear that Brazil's economy is being stifled by chaos in the streets, no, we only hear it's booming down there, even though we do see some footage of problems)......but also in the Bloomberg Video, Bartle Bull then says Iraq is seeing low to mid teens growth and this an economy that will double, triple, quadruple in size!...It is simply amazing...(There has literally never been anything like this on the planet in the history of the world)...I've been intrigued about this investment all along...and I guess you could say more excited and involved with it, and even studying it more intensely...due to all of the cover-ups, smokescreens and media black-outs regarding Iraq!...I figure, if it's so important to cover all of this up that is going on over there...then there must be a prize for those who wait to see what it is, and/or those that can decipher and understand it as per being involved?...lol...
(IMO...and on another note...I've even thought all along..that those that have bashed all the positive things about Iraq...while proof was laid right in front of them, are some of these guys just shills...doing this for some agenda...as per curbing specualtion or what?..Folks, there is no way you can miss all the evidence of what is happening in Iraq...if one will simply peep through the window a little...and as per missing something this big, after seeing it, is utter foolishness, and many would have to be retarded, unless their serving some agenda..IMO)....
From the blogs...another point of view...that IMO...seems reasonably correct!..For what it's worth?...
Maliki is reaching out to demonstrate his validity by this action, and as a leader that is loosing ground fast, he must do this because he is getting more and more limp by the day. His powers are being diminished and the only attention he is getting is either by this type of tyrannical action or meet-and-greets with other limp leaders with no no power, i.e. the Iranian former president's visit. This visit was not to contemplate and develop solutions to problems: it was a business trip and notice a report came out a day later that stated the tariffs would not be implemented until 2015. Ahmadinejad and his "entourage" must be thrilled. Of course Maliki has been in bed with Iran for a long time, and as of today, is Maliki more in control than he was a year ago? The answer is no, so this relationship's strength and viability is dimished, as Iran is being dimished, dimished by the sanctions, dimished by pressure from the outside world. They are being strangled and are turning blue. If they weren't, they wouldn't be smuggling our US dollars out of Iraq like a bleeding juglar. Russia and Iran don't need Maliki: they need a puppet and they can use any person in power to do that. Ahmadinejad's visit was protested by thousands before he ever hit the ground. That is not quite the action you get towards your guest's visit if you are a strong and in-control dictatorial leader.
If you look at the picture with a myopic eye, you miss the big picture. Iraq is progressing forward everyday, and we see evidence of it everyday. The State of Law is still throwing down stops, but even some of their members have left Maliki. They get the big picture: Survival and supporting Maliki is not a good move at this point. Baghdad politics looks to be a mess, but if you look at even the Justice and Accountability law, you will see the amendments awaiting passage that deal with stripping the Prime Minister Maliki of his power. Why do you think it is being stonewalled? The only bloodshed we will see will be the continued bloodshed allowed by Maliki and his cohorts with all of the bombings around the country, which is effort to cause fear and maintain control. He can't bring the military out against his own countrymen or the UN will clamp down again. All of the progress made since CVII will not be for naught, and all of those Iraqi voters will see in the bright sun that Maliki is truly holding them back. Investors don't like active military activities in the streets....makes them a little shy.
Iraq is going through growing pains, but they are progressing everyday. If you doubt that they are progressing, I suggest rather than reading the mainstream news, get it from someone else who generously takes the time and effort to put it in front of you, or take your own time and effort to read the Iraqi newspapers and you will see continued progress around the country. A myopic view is for the ignorant and lazy.
Notes/Comments:
If you look at the 2 articles below...and compare what they are actually saying...the first article says they want to stabilize the dinar at 1180 to 1....and that this would be a benefit to the citizens as well as trade!
Then look at the second article which was posted prior, it states that several countries wish to buy the dinar because it represents a currency as per being the strongest in the region in essence...and that there are expectations for it to increase in value in the global markets?
So why is all of this coming out now like in rapid-fire mode, and as soon as Chapter 7 was lifted...as can't Iraq just keep operating like some have said at 1170 to 1 +/-?....Why are they worried about raising the value of the dinar if things are working well as it is?...Or, are things really working well like this?...Why does Iraq keep mentioning it, deliberating over this, and hashing and re-hashing all of the problems that they state that they are having with their currency unless there is soon to be a much higher rate, that they know is enivitable as per going forward?..IMO...
IMO...I believe as we get closer to seeing a possibly new higher rate given to the dinar...that leaks are getting out, like as per even some of their news and articles...and it's not just the 3 zero stuff as before...but, time will tell?..
Bank agreement to reduce the exchange rate of the dollar to 1180 dinars starting from Sunday
07/19/2013 14:49
Bank agreement to reduce the exchange rate of the dollar to 1180 dinars starting from SundayIraqi central bank says that it comes in line with its policy to reduce the exchange rate of the U.S. dollar
BAGHDAD / obelisk: source confirmed the bank early Friday, the Association of Iraqi banks agreed with the Central Bank to reduce the dollar exchange rate cash to 1180 dinars as of Sunday, with the expectation that you responded to all banks for this initiative, he pointed out that this reduction would benefit great citizen.
A banking source said the "obelisk" "The Association of Iraqi private banks CBI took note of the fact that some private banks to reduce the cash dollar exchange rate to 1180 dinars as of next Sunday."
The source added that "this is in line with the policy of the Central Bank of Iraq in reducing the exchange rate of the U.S. dollar, and a continuation of what was initiated by private banks in reducing the selling prices of the dollar, which has achieved remarkable results clearly in the markets."
The source expected that all banks to respond to this gesture and sell at 1180 dinars to the dollar, and this in turn will significantly impact on exchange rates decline in the Iraqi market for the big benefit of the citizen and the movement of trade.
almasalah.com
expectations of higher value of dinar
07/09/2013 12:00 AM
Baghdad - Mostafa Hashemi
Said economic expert d. Peace Sumaisem: that the Iraqi dinar is witnessing a remarkable increase in value, especially in recent times, and after the withdrawal of Iraq from Chapter VII.
Added Sumaisem told (morning): that there are several countries want to buy the dinar because it represents the currency of financial cover strongest in the region as well to being represents one of the aspects of investment for foreign investors, noting that there are expectations of higher value of the dinar to rates close to the standard which makes it desirable in global markets.explained Sumaisem the global currency markets is going according to the principle of expectation of higher currency or decline, and on the dinar, there are projections indicate to increase the value of the dinar in the global markets,
He Astdrki that the fluctuation in the exchange rate within the country significantly affect the value of the dinar abroad. It is worth mentioning that there is a website American trading buying and selling Iraqi dinar since 2004.
http://www.alsabaah.iq/ArticleShow.aspx?ID=49878
Notes/Comments:
Looks as if the U.S. will be involved in Iraq for quite some time now...I see where they need another 2 million homes built, and was'nt there article's a while back where I believe it was Joe Biden's brother that was involved with a contract to build homes in Iraq?....I see from this article that the U.S. will be involved in a long term 20 year plan with Iraqs military/air force!...I looks like the U.S. is going back into Iraq full-force, but this time it will be for the money!...lol...
Faili talks about attracting banks and investors to finance Iraqi projects
Shafaq News / Iraqi Ambassador to the United States, Luqman al-Faili confirmed on Saturday that Iraq sought to attract banks and investors to finance infrastructure projects.
"We have a vision for the future to develop the relationship between Iraq and the United States, especially in the economy and investment field," explaining that “Iraq took its natural place in the region and its exit from Chapter VII is the evidence,” Faili said in a statement to American Business Council received by “Shafaq News”.
He explained that Iraq is seeking to attract banks and investors to finance infrastructure projects , trade relations and economic interests that will have an important impact on the strategic term, referring to the contract of arming and training Iraqi air force, which extends for twenty years.
He noted to other sectors that need substantial investment over the coming years as the housing sector, as Iraq needs about two million housing units.
Ambassador , Luqman al-Faili submitted according to the statement his appreciation for the sacrifices of the American and Iraqi peoples and expressed his belief that these sacrifices will be the basis for future commitments between Iraq and the United States.
The Iraqi Embassy in Washington announced on 1 June, that the new Iraqi ambassador Luqman al-Faili who submitted his papers as an ambassador of the Republic of Iraq to the United States.
Faili had announced at the beginning of last month, the first batch of Iraqi pilots who are trained to lead the F-16 fighter jets will graduate at the end of the mentioned month, while stressing that Iraq will received 36 aircraft later this year.
http://www.shafaaq.com/en/index.php?...ness&Itemid=73
Notes/Comments:
IMO...Their entire monetary system all revolves around the currency exchange rate...as it is all over this article, and plenty more articles, especially here lately after Chapter 7 was lifted, but the first paragraph here below depicts that there are questions as per why a decline in the exchange rate?, then it says, is it poor economic policies by the CBI?, and then it says, are there "other" reasons?...(Does anyone know)....
IMO...Do they not realize the rate has been pretty much for the most part stuck for appx. 3 years?....Why are they not mentioning this, as dont they know why this was done, and who did it?...(Actually who does know the agenda and plan behind it)...And with that said, why are they not addressing who did this, and how to stop it?...Would not a float let it go wherever the market drives it...up or down?...
Have you ever noticed that the protests are usually in the streets and not at the CBI?....Do the people know who is suppressing the exchange rate, and/or the results of a better economy that they could have, due to a better currency rate, as would'nt this give them more purchasing power as we have heard?
If the currency is not the main issue that it is all hinging on....then what else is it?...as they would seemingly be talking of other issues instead...especially if this were not the main delimna at hand!
IMO...Does'nt the power and backing of a currency represents the true wealth of a country...so, if Iraq has wealth, and could support a dinar at even a penny/.01 cent, then why not do it?....IMO...they could come out very low if they wanted to, but I believe that there is much more at stake here than meets the eye as per the holdup and the "true real value rate" as per what they possess'....because if they know that their dinar was to never go anywhere then why not let it lop as some state could happen, as have'nt they had appx 10 years to do that if they wanted to...and even when it was worse over there!....(Why did the dinar continue to rise for the first appx. 6-7 years while the entire country was in chaos, and then after stabilization started and huge amounts of money flowed in....then is when the currency was stuck!)...And if everything else is now moving forward in Iraq, why should'nt the currency as well?..(If the U.S. Dollar fell to .01 cent tomorrow..would'nt we be toast)....With the entire world now moving into Iraq and with huge investments...what other country in the history of the world has ever went backwards with their monetary policies while becoming rich?...LOL...
(((For we see Iraqi dinar exchange rate, it regresses to maintain stable exchange rate somewhat, which comes with a big question, what is the reason for the decline of the value of the dinar? Is that the reason for this is due to the poor economic policies pursued by the Central Bank? Or are there other reasons?!)))
Editorial raises questions about Iraq monetary policy
Friday, 19 July, 2013
For we see Iraqi dinar exchange rate, it regresses to maintain stable exchange rate somewhat, which comes with a big question, what is the reason for the decline of the value of the dinar? Is that the reason for this is due to the poor economic policies pursued by the Central Bank? Or are there other reasons?!
Far and wide know the composition of the Iraqi economy, rentier economy is working on two contradictory; the first axis: the State’s economy is dominated by over 80% of GDP, or so-called national income; in addition to his direct responsibility to provide 99% of the cash inflows of foreign exchange, and its direct link to the critical edition of the Central Bank of the movement. Theme II: the market economy that has the greatest efficiency in the management of the results of the State’s economy, which is reflected in the budget in the Government expenditures, which represent 60% of all government spending. And yo’sharh from private to this market by outflows from the country’s foreign exchange market and the desire to acquire foreign currency, accrued from Central Bank reserves, which represent a cover for those rights.
When the free market is dominated by the workings of the economy, and freedom in external conversion process in addition to using an open-door policy in foreign trade to the private sector, and with the absence of vision and development strategy for the development and advancement of economic reality, the economy turns into severe bilateral rent in foreign currency supply to foreign trade and import trade financing consumer character, which makes Iraq an incubator for consumption and export to other countries.
The CBI’s work on keeping the stick of Center of balance between two contradictions: the economy of the State and the economy, and keep up with the rental market, which serves the marketing activity internal and outward movement of funds regardless of the results to build an economic model generates movement and outside the inflows in foreign currency away from these bilateral or highly polarized between different economies (the economy of the State and the market economy), and the inflows of foreign currency provided by the State economy, and other emerging from foreign currency gasping behind the private sector.
Over all, what was the reaction of the monetary authority of the Iraqi Central Bank? The CBI have exercised a policy of intervention in the foreign exchange market, reaching a stable level of the exchange rate “and is noted by citizens throughout the period Mr. Alshabibi Governor of the Central Bank so that the Monetary Authority has been able to maintain a stable price level, inflation dropped from secondary ten-year levels to one decimal place, add to that the rising Central Bank reserves of foreign exchange to a distant alasharitIn terms of dollar value “and is the highest in the history of the country” and with this, the Central Bank could not resolve the battle between market economy and the profit, between the State economy and predisposition to uniqueness in an attempt to find profit; a lack of vision for the movement of Iraqi economic system. Making the Iraqi economy lost trying to find viable solutions, resulting in the deterioration in the exchange rate of the Iraqi dinar, the trend towards economic freedom, and foreign currency swap rights maintained in dinar for the purpose of achieving economic stability, imposing a burden on monetary policy for the Central Bank to intervene to sell the dollar in a bid to maintain the stability of the exchange rate of the Iraqi dinar against other currencies Foreign, which needs a bold decision shows the outlines of the economy; either move to an open-door policy with all consequences resulting from attrition in oil revenues to ensure well-being and stability “with the apparent absence of development policy in the rest of the productive sectors” to be decided by the political leadership in the country and to the Central Bank because of incomplete economic system around the country after manyTalk about the transfer of $ 180 billion between 2003 and 2012, generated by the economy of the State after spending for the same period by the General almwazant $ 450 billion dollars, which remained absent development economy for lack of an attractive investment climate and the unresolved economic vision to this contradiction, and launches a free market mechanisms as emerging economic powers interested after 2003, the results of the economic stability of the country will continue to be vague and will coexist with parallel exchange market turmoil to unknown long-term consequences and possibly disastrous In price stability and the standard of living and a painful daily concerns in the economic life of Iraqi families and the general economic activity.
LINK
Exactly right 4aprofit..... We are going in big time... except for the drilling of the oil wells now (China) got most of them. Iraq has been building big time, all over. I think thats why our lumber has gone up here recently LMAO
Notes/Comments:
It looks as if Iraq's gold reserves are not affected by golds global volatiliy or the lower prcies recently, and that these lower prices worldwide are a benefit to them, as they say that they will use this as a window of opportunity to increase their gold reserves...what not a better way to build a strong, sound and booming economy and monetary system?...as they quote that they are doing the same as some of the other countries..."to diversify it's foreign reserves"...IMO..this sounds like they are planning on being a major player with the entire world soon...we know that most countries that have a currency backed by gold have higher valued currency traditionally than those that dont...This does not take into consdieration all of the vast amounts of oil, gas, sulfur, phosphurous, various minerals, etc...that they possess!...so when will the currency change?...lol...
Was'nt a great gold standard what made America a monetary giant at one time?.....
(((The gold reserves in Iraq steady and has nothing to do down prices globally, noting that it is possible to increase Central Bank reserves of gold due to lower prices)))
(((Iraq has taken a big step to strengthen its gold reserves to join the other central banks of emerging market economies such as Brazil and Russia to diversify its foreign reserves)))
Hamidi: lower gold led to the global turnout locally
19-07-2013 10:34 AM
Baghdad (news) .. Confirmed a member of the Economic Commission MP for the rule of law Fatima Hamidi, the drop in gold globally has no affect on the stock CBI. said Hamidi (of the Agency news): The gold reserves in Iraq steady and has nothing to do down prices globally, noting that it is possible to increase Central Bank reserves of gold due to lower prices.said: There are large turnout too to buy gold in the domestic market so as to lower its price, weighted by the continued decline in the past three months, the next until it reaches the fixed price. confirmed: that this reduction does not affect the local market the fact that Iraq to ايتعامل gold but have a reservist him. It is noteworthy that Iraq has taken a big step to strengthen its gold reserves to join the other central banks of emerging market economies such as Brazil and Russia to diversify its foreign reserves. / End / 5. b. PVC /
http://translate.google.com/translate?sl=ar&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.ikhnews.com%2Findex.php%3Fpag e%3Darticle%26id%
Note: If the inflation that Iraq is concerned about is "coming" as they illustrate below...and they mention that the government needs to pursue real economic development in the country...and they state that there are obvious reasons causing it...which is gold prices, oil prices and the dollar exchange rate....
What can they do about the volitility of gold?..Is'nt this a world situation?
What can they do about the volitility of oil?...Is'nt this a world situation?
What can they do about the volitility of the dollar exchange rate?...Is'nt this an Iraq situation?..And is'nt it an exchange rate that affects them?...If they have plenty of gold and oil then why worry over an exchange rate?...Is it detrimental in driving the others forward?
Which "one" of these things would seemingly need to be acted upon the most as per affecting any or all of the above...at least as per them doing something now?
Can they change the world gold prices?
Can they change the world oil prices?
Can they change the dollar exchange rate?
So, with this being said, they claim to have the oil and the gold....so if the dollar exchange rate is a problem, what should they do to obtain what they want from it too?...As they mention this more than anything else, especially lately, and as per a lack thereof as per moving forward without a sound "currency" and what needs to be done with it...so if it is priority...would a strong currency help them in regards to their gold and oil, and/or everything else?
P.S...I never hear them crying about their gold or oil...it's always the currency!...lol....
Inflation rates in Iraq will rise in the coming months
Expected economic expert Majid picture, high rates of inflation in the country in the coming months, called on the government to pursue real economic development in the country.
Suri said, “There are obvious reasons may lead to higher inflation due to volatility in the price of winning gold, oil and the dollar exchange rate, and this كوله will lead to a rise in prices paid to higher inflation in the future.”
Suri said he, “if you did not get a real economic development in Iraq and this, of course, be by the government do not believe that there is factors lead to a decrease in the rate of inflation requires stop Avenue المعنين in this aspect.”
LINK
Notes/Comments:
This next to last sentence in this article below seemingly depicts that they are needing banking centers in "all" areas of Iraq...as it even says "all towns and villages" need banking, but it also says government banks?...
Are government banks associated with the CBI?...Why would government need to be "more" involved with currency now all of a sudden?...could it be due to security, money laundering, etc...perhaps in case there were a change in their own currency's value in Iraq?...And why would this be so important now unless things were going to change monetarily?....And why worry about getting the dollar to the citizens...(is'nt their ultimate goal to eventually quit using the U.S. Dollar and go solely back on their own currency, and with Chapter 7 lifted would'nt it now be more appropriate to do this)...so hypothetically, maybe it's the other way around...as we know that they are using a lot of US Dollars on the streets due to the low value of the high denomination Iraqi notes...so could these "new banking protocols" just be a mechanism for making the exchange of US Dollars for Dinars easier once they quit using the U.S. Dollar for good?...As wont they need to have banking readily accessable and available in case there is a shift in the monetary system and/or a changeover back to solely using Dinars instead of the using of the U.S. Dollars anymore?..
And would'nt the monopoly that they mention...be the predominent use of the U.S. Dollar versus their own currency...(we know that the flow of U.S. Dollars has been a concern of their's as per hurting their exchange rate of their Dinars)...it sounds as if they want their own currency to be as available, if not even more available now, and more valuable than the U.S. Dollar is?...(as It's all they talk about recently)...But why?...Is there drastic changes or fluctuations in the Dinar possibly coming that would require them to need to switch out all U.S. Dollars from anyhwere in Iraq once a new rate was given to the Dinar possibly, especially if it comes out at a good rate and gives Iraqi's more prchasing power than the U.S. Dollar gave them...as naturally they would be dumping U.S. Dollars as fast as possible wherever they could to obtain the new more valuable Dinar...if this is not the case, then why worry over it and put banks everywhere...as they seemingly would'nt need to spend anymore money on issues regarding a "toilet paper valued" currency if it were going nowhere would they?...Even if this were not the case, why would they do all of this as per banking, just for trade of the U.S. Dollar?....(They have never worried about this before like they are now).......
IMO..If a currency change comes to Iraq, whereby the Dinar is more desired than the U.S. Dollar...(at least in terms of value, and the Iraqi people's buying power)...would'nt it stand to reason that the government would have tight controls of the changeover..(like government banks)...due to any Dinars escaping the country just like U.S. Dollars have been...especially "once the Dinars have a higher value"...as would'nt there be total chaos as per various entities, common and criminal...trying to exploit, launder, counterfiet Dinars...just like what has been happenig to the U.S. Dollar over there?...(I think that they will have tight wraps on the Dinar with strict banking protocols and controls in place once there is a decent value given to it)...
P.S....The bottom line is that they are worried over the currency again...and all of this bank stuff is due to currency...and why?...Especially if it is worthless!...And why worry even about the U.S. Dollar or any monopoly that they talk about...if there is not a soon to be value coming from somehwere for all of these expenditures to be justified as per being initiated....all over a currency that is still worthless!....lol...
(((And: The Ministry of Finance which is supposed to open branches of government banks in all towns and villages in various governorates in order to deliver the dollar to all citizens, and in order not to get the monopoly of foreign currency to hand without the other.)))
Member parliamentary Finance: the increase in central bank sales of the dollar
19-07-2013 12:49 PM
Baghdad (news) .. Ruled out a member of the Finance Committee MP / National Alliance / Amin Hadi Abbas, influenced by the increase in sales of the Central Bank of the dollar in the auction on the monetary reserves of hard currency, stressing that the bank has no fixed roof of the sale, but sells according to the actual need of the market.
Abbas said (of the Agency news): The policy of the Iraqi Central Bank to sell foreign currency to not have a fixed roof of daily sales, but according to the needs of the market both from the merchants Aoualemredy Aoualemsavrin to the dollar.
He added: civil most banks to take over a large proportion of the sales of the bank, and this is due not to accommodate the new policy adopted by the central bank about buying and selling, noting that the central bank is not responsible for it.
And: The Ministry of Finance which is supposed to open branches of government banks in all towns and villages in various governorates in order to deliver the dollar to all citizens, and in order not to get the monopoly of foreign currency to hand without the other.
The Central Bank of Iraq announced an increase in sales of hard currency in its daily auction during the past few days. / End / 8. G. / Mm
http://translate.googleusercontent.c...zUOpsLNhMLVuqg
Notes: This part from the first parapgraph is initeresting....(An economic power in the region...and more power than the developed world countries)...If that includes the U.S...and if they are directly and indirectly connected to us...could they give the U.S. a boost to it's Dollar eventually?...as are'nt they using our Dollar and Petro-Dollar system now to a certain degree?..If so, why should'nt the Dinar end up at least on par with the Dollars value?..especailly if they are to become more powerful?...
(((exit Iraq from Chapter VII would make it an economic power in the region)))
(((will enjoy more power than developed world countries)))
The Iraqi economy. New horizons
Sana Dawoodi
Freed from the constraints of the international sanctions of the Iraqi economy is heading towards opening new horizons taking Iraq towards a bright future, Iraqi achievement out of Chapter VII will benefit large for Iraq in many aspects of the political, economic, social and cultural, but we want to focus on the economic benefits that would accrue to Iraq through his freedom and exit from Chapter VII. Everyone agrees today that exit Iraq from Chapter VII would make it an economic power in the region, because that would restore international confidence in the country, will enjoy more power than developed world countries and encourages its discreet to go and work in.
The UN resolution in Iraq from international sanctions and moving to chapter VI would move the country to rehab, through comprehensive development to appropriate atmosphere to allow major global contracting companies for reconstruction and restoration of the freedom of the Iraqi flight to freedom import as Iraq returns to the international community after the sitter a break lasting more than two decades.
It is important to note here that the UN resolution positive effects are directly reflected in the Iraqi economy, including banks and government specialists have to resort to secondary agents to sustain its external relations, which was costing an additional amount was forced to pay that Iraq was under international sanctions. Add to that the country's economic interests in the banking side that Iraqi banks could not send remittances abroad, and she could not opening credits and shipping documents, the seventh item was a barrier to foreign economic activities, it was only after the lifting of this item, the practice of such activities will be naturally, which is in the interest and usefulness of Iraq.
On the other hand, the decision would remove all obstacles that face Iraq on economic and financial issues and that it will be gone by the end of the sanctions.
The new Iraq after getting rid of the economic restrictions will promote investment in all sectors, especially the oil sector and dramatically as will contribute to attracting international companies to work in Iraq to develop oil production in coming years to promote external relations with neighboring countries and sends a message of reassurance to global companies in all areas, particularly the oil sector, which is the column group in the Iraqi economy and budget in Iraq. There is a fact to be noted is that the development of Iraq under Chapter VII of the Iraqi economy and cable entry for a long time and that the earnings of the country entering the Development Fund in order to protect the funds from the States and companies that claim to have rights on Iraq before 2003, if the Government had to act funds requires the approval of the Development Fund for it under Chapter VII, and this led to the freedom of action is not complete. And for all that we say that today requires enact clear and supportive action to the Iraqi economy at all levels short, medium and long term, liberated the Iraqi economy and increasing the country's budget year after year in order to move forward with construction of the Iraq that the Iraqi Government succeeded in long strides to achieve
http://www.microsofttranslator.com/b...2F%3Fp%3D10451
Remember the days of counting down the "pips". They must have a reason they stopped at 1170 (= .00085). Could have continued to 1000 ( = .001) or 500 (= .002). Curious if anyone has a comment. Thanks-
I've always said why did'nt they just let it ride...and let the markets dictate what would happen to it...this is actually crazy...it was going up for appx. 6 or 7 years and then they stopped it...and since then they have constantly been crying over what to do with the exchange rate after they did this!...IMO..and I could be wrong, but I think it's a smokescreen for a cover...for what they actually want to do with the Dinar...as if this were not so, why did'nt they just leave it alone and let it do it's own thing?....It sure would have seemingly saved a lot of haggling, parliamentary procedures, deliberations and strife....unless there is a bigger picture?...
Notes/Comments:
I wanted to bring up what I think is a critical point in the "delete the zeroes" debate. One of the points many like to make, including myself, is that we just don't know what they mean from the multitude of articles containing the phrase. Well, I believe this article will shed some light on the issue and how the phrase is used contextually. I think the article below backs up the no-LOP theory. Why? Because within the same article they speak of "deleting zeroes from the dinar" and "deleting the yellow" in regards to coin. My point is this, they use "delete" in the same context for this reference of zeroes and all the other articles as well. Common sense tells they aren't speaking here of "lifting the yellow" from the physical coins and changing the color of the coins. They are talking about physically removing them. This article and the context of the word "delete" within it, shows that when they use the word "delete" they more than likely are referring to "removing" physically the 000 denominations and not taking anything from them.
I just don't like the 2015 date, unless that is referring to having "both" currencies exist for 2 years (ie: taking 2 years to remove the 000 notes.)
I have also thought they were talking about moving the decimal which would effectively delete / remove the three zeros from the exchange rate. It would also instantly change the rate to 1.160. I have seen a few articles lately where they were talking about decimals
If what they were going to do with their currency was going to be a negative event, would'nt it stand to reason that this could have been done much easier back when things were much worse over there, and if a negative event would have benefitted them, it would surely seem that they should have already done so to help their country when they needed it more then than now, and they have had appx. 10 years after this new currency came out, but as their true wealth is unveiled and they now depict themselves as having a strong economy and keep saying that they want a more valuable dinar, so then why not have a powerful currency if everything else is?
Does'nt wealth drive more wealth and not poverty? So what good would a LOP do as per benifitting them in the future, especially if they dont have to, or if they can afford not to, and/or have the assets to back a srrong curreency as they even state, as dont they continually beg for more investors to come in, so why show a negative currency rate when you have always had a great currency rate, except for when sanctions were imposed on your country, as the sanctions are now lifted, so what will they do? And how will they do it? They have said they wanted to be the strongest currency in the region, so is that 1170 to 1?...LOL...
Parliamentary Finance: Delete the zeros positive and restores the Iraqi currency account
17/7/2013
Baghdad / Baghdadi news / .. A member of the parliamentary Finance Committee Hassan Salman al-Bayati, Wednesday, that the process of
deletion of zeros from the Iraqi currency is positive and important and will respond account of the Iraqi dinar "
Al-Bayati said in a statement to / Baghdadi news /
"The process of deleting the yellow of the coin is of great significance in the advancement of the Iraqi currency, especially as most of the political blocs in favor of this process, but for the sake rated due attention to security conditions and legislation important laws in the country"
"The vote on this law in order to year / 2015 / for technical reasons, and there are no differences between the political blocs on the law." Ended on 21
http://translate.goo...Ø©-AIbBAEmA.html
.00085= not covering cost of living rate
.0085= One tiny step toward cost of living rate
.085= We think we can almost cover the cost of living rate
.85= Our special surprise, got your cost of living plus a decent living rate
Notes:
Looks as if the exchange rate on this currency is becoming a major issue...this toilet paper valued stuff sure is getting a lot of attention here lately..IMO..if it was headed in the wrong direction...like a devaluation...one would think they could do this very easily....they seem to be on pins and needles as per what to do with this stuff...IMO..if it is to come out at a fairly decent rate...(even if low)....they could just let it float and see what the economy and market will bear and just let it flop or pop in either direction, and all on it's own!....without all the hooplah, worries, deliberations, etc., etc., etc....lol...
P.S....I wonder what the "surprise" is that some of them in Iraq have stated here recently...that they will show the world soon?
Said the Information Office of the President of the House of Representatives
Osama Najafi said in a statement on Wednesday, received (Agency Iraq's central news), a copy of it: "The Iraqi Central Bank Governor Abdul Basit Turki, visited the office the official head of the House of Representatives today in Baghdad, and was discussed during the meeting mechanisms to control the exchange rate, and procedures against the violation banks and the importance of activating the judiciary in the end these files. "
The two sides also discussed ways to reduce the damage caused by the previous bank policies and forwarded to the judiciary.
He said Najafi: "The support of the House of Representatives of the Central Bank and his administration the current in order to strengthen the cash balance and control of the exchange rate to serve the interests of the Iraqi citizen, stressing at the same time the need to complete the procedures for the development of the Bank's work, especially in the field of electronic connectivity with banks and regulatory authorities such as customs and taxes.”
It also touched on the measures undertaken by the banking policies to remove the implications in the period after the lifting of U.S. protection of Iraqi funds in and out of the provisions of Chapter VII.
This is called the head of the House of Representatives to hold a meeting with the Committee of indebtedness which is chaired by Mr. Rose Nuri Shaways Deputy Prime Minister for Economic Affairs and the membership of the oil minister, Justice, Finance, Foreign Affairs and Chairman of the BSA, to study and discuss the mechanisms in place to address the issues of debt after the lifting of U.S. protection of Iraqi funds.
http://www.iraqidev.org/news/index.php
Notes/Comments:
This is interesting from the article below.....
(((The central bank has promised to take measures to raise and stabilize the dinar as it was in the past, but the rate of the dinar is still volatile in the Iraqi market to fall and rise.)))
Question: How far back in the "past" are they talking about?...As you would'nt be stabilizing it if your talking about going back from now to 2003...so what about before that...like prior to 2003, or prior to 1990 when sanctions were placed on them, so in what era are they talking about that it would need to be at?...Over $3.00 per dinar prior to 1990 or just back to 1170 again for a while?....
Why did they put it at an artificially controlled rate for the past 3+/- years...and not just let it rise and fall on it's own..and now they complain and hash out every detail of what is happening to their currency!...
IMO...Why would a country that has all of the things monetarily happening like is going on, not want a true market valued currency?...They want everything else removed, reinstated, improved, solved, resolved, finalized, etc....and they are actually doing it right now!...so, when is the currency going to be a "surprise" and finalize as per the final verdict for the future?...
Whether they make a good or bad move with the dinar...how can they go wrong by coming out with a positive rate...as all they state is they want the dinar stabilized, improved, higher valued against other currencies, etc....So, with that being said, and with all that's going forward positively...why should'nt the currency as well?....IMO..the results for this currency it must be a surprise!...
Najafi looking with the head of the central bank control mechanisms on the exchange rate and the development of the Bank's work
Wednesday, July 17, 2013 14:16
Search House Speaker Osama Najafi with the Governor of the Central Bank of Iraq and Abdul Basit Turki agency, control mechanisms on the exchange rate, and procedures against the violation banks.
The central bank has promised to take measures to raise and stabilize the dinar as it was in the past, but the rate of the dinar is still volatile in the Iraqi market to fall and rise.
A statement by the Office of the President of the House of Representatives and received all of Iraq [where] a copy of the "Najafi search through a meeting in his office Governor of the Central Bank and the Agency for ways to reduce the damage caused by the previous bank policies and forwarded to the judiciary."
He added that "Najafi expressed during the meeting to support the House of Representatives of the Central Bank and his administration the current in order to strengthen the cash balance and control of the exchange rate to serve the interests of the Iraqi citizen, stressing the importance of completing procedures develop the Bank's work, especially in the field of electronic connectivity with banks and regulatory authorities such as customs and taxes" .
The statement added that "the meeting dealt also discuss measures undertaken by the banking policies to remove the implications in the period after the lifting of U.S. protection of Iraqi funds in and out of the provisions of Chapter VII."
He called on the President of the House of Representatives to "hold a meeting with the Committee of indebtedness which is chaired by Rose Nuri Shaways Deputy Prime Minister for Economic Affairs and the membership of the oil minister, Justice, Finance, Foreign Affairs and Chairman of the BSA, to study and discuss the mechanisms in place to address the issues of debt after the lifting of U.S. protection of Iraqi funds" .
The Central Bank of Iraq, issued new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select the stakes weekly for banks and money transfer companies and trading firms currency from the dollar is estimated according to the capital of each of them, and will increase and reduce this share compared to the commitment of all of them deliver the amounts wants customers from citizens.
The central bank starts to put the dollar at an auction for the sale of foreign currency at subsidized prices and the lowest of the real exchange rate in the market to support the dinar. "
The central bank is facing charges for the staff in conjunction with state officials Baalmyat corruption and smuggling of currency and the bank is currently undergoing investigations to long former director Sinan al-Shabibi, who left Iraq several months ago. Ended.
http://www.alliraqne...1&Itemid=86
Notes/Comments:
I wanted to bring up what I think is a critical point in the "delete the zeroes" debate. One of the points many like to make, including myself, is that we just don't know what they mean from the multitude of articles containing the phrase. Well, I believe this article will shed some light on the issue and how the phrase is used contextually. I think the article below backs up the no-LOP theory. Why? Because within the same article they speak of "deleting zeroes from the dinar" and "deleting the yellow" in regards to coin. My point is this, they use "delete" in the same context for this reference of zeroes and all the other articles as well. Common sense tells they aren't speaking here of "lifting the yellow" from the physical coins and changing the color of the coins. They are talking about physically removing them. This article and the context of the word "delete" within it, shows that when they use the word "delete" they more than likely are referring to "removing" physically the 000 denominations and not taking anything from them.
I just don't like the 2015 date, unless that is referring to having "both" currencies exist for 2 years (ie: taking 2 years to remove the 000 notes.)
I have also thought they were talking about moving the decimal which would effectively delete / remove the three zeros from the exchange rate. It would also instantly change the rate to 1.160. I have seen a few articles lately where they were talking about decimals
If what they were going to do with their currency was going to be a negative event, would'nt it stand to reason that this could have been done much easier back when things were much worse over there, and if a negative event would have benefitted them, it would surely seem that they should have already done so to help their country when they needed it more then than now, and they have had appx. 10 years after this new currency came out, but as their true wealth is unveiled and they now depict themselves as having a strong economy and keep saying that they want a more valuable dinar, so then why not have a powerful currency if everything else is?
Does'nt wealth drive more wealth and not poverty? So what good would a LOP do as per benifitting them in the future, especially if they dont have to, or if they can afford not to, and/or have the assets to back a srrong curreency as they even state, as dont they continually beg for more investors to come in, so why show a negative currency rate when you have always had a great currency rate, except for when sanctions were imposed on your country, as the sanctions are now lifted, so what will they do? And how will they do it? They have said they wanted to be the strongest currency in the region, so is that 1170 to 1?...LOL...
Parliamentary Finance: Delete the zeros positive and restores the Iraqi currency account
17/7/2013
Baghdad / Baghdadi news / .. A member of the parliamentary Finance Committee Hassan Salman al-Bayati, Wednesday, that the process of
deletion of zeros from the Iraqi currency is positive and important and will respond account of the Iraqi dinar "
Al-Bayati said in a statement to / Baghdadi news /
"The process of deleting the yellow of the coin is of great significance in the advancement of the Iraqi currency, especially as most of the political blocs in favor of this process, but for the sake rated due attention to security conditions and legislation important laws in the country"
"The vote on this law in order to year / 2015 / for technical reasons, and there are no differences between the political blocs on the law." Ended on 21
http://translate.goo...Ø©-AIbBAEmA.html
Notes/Comments:
Seems like they could use some of these funds now and pay Kuwait the 11 Billion balance they owe, and it sure does'nt look like they have any financial problems with all that is coming their way here lately?
Since Iraq’s entire funds are now released, this will contribute to Iraq starting their economic, financial and political relations with the countries of the world without restrictions, as they have now been recently saying, and I would assume if they are going to be such a global player, would'nt it stand to reason that the currency would be re-set back to at least the value of the old days, when no one was even exploring and exploiting their wealth like now!
With all of this progess, there is no possible way in my opinion, that their economy should'nt return, and even be much, much better now, and even the currency?
"Economic parliamentary": frozen Iraqi funds freed from restrictions
07.02.2013BAGHDAD - promised Shammari
Confirmed the parliamentary economic committee, on Monday, said that frozen Iraqi funds freed from the constraints imposed on them after the withdrawal of Iraq from Chapter VII, noting that these funds are found in various international banks, particularly the U.S., Britain and Switzerland, pointing out that they will use in the provision of infrastructure infrastructure and armament file, as revealed by observers from the possession of the Central Bank of nearly $ 84 billion in global banks the government can not manipulate them.
The UN Security Council voted on Thursday (June 27, 2013) on the exit of Iraq from the provisions of Chapter VII after the settlement of the government all of its obligations with the Kuwaiti side except file debt, where he remained owed by Iraq about $ 11 billion was agreed to be paid within two years through the deduction of 5% of the Iraqi budget or granting Kuwaiti investments to companies.
A member of the Committee on the economy and investment in the House of Representatives Amer Al-Fayez told (New Morning) that “Iraq and after his release from the provisions of Chapter VII of the Charter of the United Nations, freed from the financial and economic constraints that were imposed in the past.”
He said Fayez said, “We have billions of dollars Kersdh in international banks were seizure during the creation of Kuwait in 1990,” noting that “most of these funds exist in the banks of Britain and the United States, the U.S. and Switzerland.
There is no clear statistical size.
Fayez pointed out that the money freed after the Chapter VII are unrestricted and can dispose of them to the fullest, stressing that the government will establish a mechanism to deal with these amounts.
A member of the Economic Committee that there are two areas will be spending a large part of these two amounts, indicating that the investment side will take the largest share because Iraq needs more projects to support the infrastructure and there will be a new breakthrough in this area.
Fayez warned that The second area would be to develop military capabilities in conjunction with the Iraqi armament deals, dismissing intention Iraq’s possession of offensive weapons as it came to the issues, especially since the defense area witnessing security successive developments in conjunction with the widening of the conflict on the Syrian front.
Either in connection with the protection of Iraqi funds has Fayez said that there is an agreement entered into by the government earlier with the United States attached to the Treaty on the topic of military withdrawal of Iraqi funds.
He went Fayez Under the agreement, the United States holds the protection of Iraqi funds regardless of the position of Chapter VII of the Charter of the United Nations, pointing out that this protection comes importance of that most creditors of Iraq are U.S. companies
The Fayez noted that not for this agreement to all sides of the Prosecutor has that her money to Iraq sue him once out of Chapter VII.
And a member of the Economic Committee predicted that this protection will continue until a settlement with creditors through a road map where payment of dues, adding that Washington will have a significant role in resolving the debt of U.S. companies to Iraq.
And at the same, the judge said Wael Abdul Latif told (New Morning) that Iraq has a lot of money in international banks.
He said Abdul Latif that among these funds amount to the Central Bank of Iraq up to $ 84 billion deposited in international banks discreet, adding that the Iraqi government can not manipulate the money for it back to an independent institution has no right to the executive interference in their affairs. It is said that the citizen Bloc demanded the formation of an ad hoc committee to receive Iraqi funds abroad after the withdrawal of Iraq from the provisions of Chapter VII.
The MP said the bloc Mohammed Allkash should be strict controls to protect Iraqi funds abroad after graduating from the international trusteeship and we demand the formation of a special committee to receive the money to keep them.
He called Allkash international companies to invest in Iraq and the opportunity today became available more than ever before, he needs to large infrastructure as well as in the field of housing, as it did not stay there any excuse for the government in any way after the withdrawal of Iraq from Chapter VII to take off in the process of construction and reconstruction.
http://www.newsabah.com
Looks like profit just took another dump in the conversation thread that requires a cleanup.
Looks like someone is scared of the truth...read and learn!...lol...
Stew, before you run from what's posted...as I know you have'nt had time to read it...why not see what you want removed...but oh, that's right....anything POSITIVE" has to go, RIGHT?...LOL...
IMO... The inflation coming is enough to get them off their behinds and on their feet and get the dinar on the market. This alone will solve a lot of their worries and sure it will rise and fall or adjust if you like, but IMO they want it strong when it comes out so there isn't a chance of it falling and rising like a roller coaster ride.. remember Kuwait's?? It was strong and slowly rose to where it is now. I believe we will see it real soon and I'm good with just one to one, but It can not remain there with all the other things coming with it like pages and pages of investors ready and waiting on the currency going global.
Notes/Comments:
There are some very interesting points that need to be brought out as per this article.....now, let's break the entire article down, and then give an IMO conclusion?
*This reveals, (that we know of, or that they are mentioning), 120 Iraqi government officials supposedly prosecuted that "took money out of the country of Iraq"...
(((Khandan - revealed the Integrity Commission, parliamentary, about the size of Iraqi funds that "ran" out of the country since 2003, up to $ 130 billion, in addition to prosecuting 120 government officials, including ministers and managers عامون, linked to the files of financial corruption and money contraband.)))
*This states that their Integrity Commission failed to recover money smuggled due to an abscence of laws regulating this, as well as only selected ones were the only ones that were prosecuted...and they are saying it was Iraq's money?...But, is that dinars or USD's?....
(((He said deputy Jawad Alshahyla the member of the Parliamentary Integrity Committee, said "the department recover the money in the Integrity Commission failed to recover Iraq's money smuggled to the absence of a law regulating the work as well as selective in choosing characters that are prosecuted.")))
*This states that it is still ongoing....while the Department of the Directorate maintains slience and is'nt recovering the money....
(((so far," adding that "money laundering and smuggling are still ongoing amid the silence of the Department of the Directorate recover the money.")))
*This states that those smuggling the monies were backed by Iraqi political parties....and that many of these funds were from the Reconstruction Funds from 2003 to 2008..even though they quote above, in this same article, that it is still "ongoing"...
(((The MP said the Liberal bloc by saying that "the money that had been smuggled out in more ways than one, there Arab traders backed by Iraqi political parties, and many of these funds ran through fund the reconstruction of Iraq, which began its work in 2003 until 2008.")))
*This states that one person involved was a minister, as well as others in their government....but there has been no success in holding them accountable...even when trying to work bilaterally with other countries in doing so...it depicts here that 120 of them are using this money in different countries, with no government intervention....
(((He pointed out that "the Integrity Commission, submitted to the judiciary and the integrity corrupted files more than one character at the level of minister and adviser to the general managers, but they failed to deal with them and hold them accountable," calling on the government to follow the money "to hold bilateral agreements with countries where there are defendants to استردادهم and recover the money that Herboha ", noting that" the presence of 120 personal now enjoys with Iraqi money in different countries, but the government turn a blind eye them. ")))
*This states that after Chapter 7 even, it is still difficult to retrieve this money...due to the states...(assumng this is countries)...and international companies...as the government refrains from giving out details about these folks due to their prestige and positions...
(((He Alshahyla that "out of Iraq from Chapter VII difficult things retrieves Iraq his money contraband because states and international companies that deal with it Sttabanna the names of these officials involved smuggling money," likely "The government will refrain from giving details about personalities considers sovereign and symbols and national.")))
*This states that the ruling parties are the highest in relation to those involved...and apparently when confronting the issues, they are met with doubletalk?....
(((He said the Liberal MP said that "the ruling party is the highest in relation to the personalities involved smuggling money and that the Iraqi judiciary to deal with this issue of double and clear.")))
Conclusion: IMO...whether right or wrong?.....
*Have'nt many of us that have been in this for a few years, seen the articles whereby several of the high ranking divisions of the Iraqi Government, or their relatives, were caught at borders trying to smuggle millions of U.S. Dollars worth of Iraqi Dinars out of their country?...(I'm sure it could have been U.S. Dollars as well, but Iraqi Dinars were actually mentioned, and many times, as per being smuggled out of Iraq....and in the millions of dollars worth....usually per occassion or attempt...as per the Iraqi News articles)...
*If the Iraqi Dinar was going to be replaced with another currency...or if it was going to lop or take a negative turn, as some say...why are these political figures predominently...trying to get even "one" dinar outside the country of Iraq?...instead of just hiding them in-country?...Unless...there may be a future higher value outside of Iraq than inside of Iraq?...We know that many U.S. Dollars were smuggled out as well, especially at the beginning of the war, and were sent to all over the world!...As many U.S. Military were even investigated and/or prosecuted...Did they steal Dinars too?....
*So why smuggle worthless toilet paper valued currency to other countries, and take the risk of being caught with something worthless, instead of smuggling more valuable items...or solely U.S. Dollars instead, as we know that some do that already!
*Hypothetically, if some of the Iraqi's know that the dinar might eventually have a higher value as per converting them into US Dollars or Euro's...and they could'nt convert them in-country, like they could out-of-country..(at least as per more value being obtained)...would'nt it make sense to do this?...especially for those that are in power, and for those that can?....
*Did'nt Saddam have assets all over the world as well?...Were they all legal?...Is'nt stuff still being found and recovered from his era and administration...as we see stuff being returned to Iraq all the time...that is released back to Iraq, even including valuable antiquities that were even stolen during the invasion in the war...
All for what it's worth...but seemingly some very interesting information here.....
Parliamentary Integrity: $130 billion smuggled out of the country in 10 years
08:42:20 / 07/2013
Khandan - revealed the Integrity Commission, parliamentary, about the size of Iraqi funds that "ran" out of the country since 2003, up to $ 130 billion, in addition to prosecuting 120 government officials, including ministers and managers عامون, linked to the files of financial corruption and money contraband.
He said deputy Jawad Alshahyla the member of the Parliamentary Integrity Committee, said "the department recover the money in the Integrity Commission failed to recover Iraq's money smuggled to the absence of a law regulating the work as well as selective in choosing characters that are prosecuted."
He revealed Alshahyla, told the newspaper the "long" that the "value of money smuggled out of Iraq than the $ 130 billion since 2003, and so far," adding that "money laundering and smuggling are still ongoing amid the silence of the Department of the Directorate recover the money."
The MP said the Liberal bloc by saying that "the money that had been smuggled out in more ways than one, there Arab traders backed by Iraqi political parties, and many of these funds ran through fund the reconstruction of Iraq, which began its work in 2003 until 2008."
He pointed out that "the Integrity Commission, submitted to the judiciary and the integrity corrupted files more than one character at the level of minister and adviser to the general managers, but they failed to deal with them and hold them accountable," calling on the government to follow the money "to hold bilateral agreements with countries where there are defendants to استردادهم and recover the money that Herboha ", noting that" the presence of 120 personal now enjoys with Iraqi money in different countries, but the government turn a blind eye them. "
He Alshahyla that "out of Iraq from Chapter VII difficult things retrieves Iraq his money contraband because states and international companies that deal with it Sttabanna the names of these officials involved smuggling money," likely "The government will refrain from giving details about personalities considers sovereign and symbols and national."
He said the Liberal MP said that "the ruling party is the highest in relation to the personalities involved smuggling money and that the Iraqi judiciary to deal with this issue of double and clear."
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