Iraq/Dinar News. before Febuary 2nd 2006

Quote:

---

Originally Posted by TEXASGIRL

Did I miss something? Did this really occur?

---

I have my contact checking this out. Once he has done so, I will post his findings.

Saw this on LawkSalih.Com - CBI: This year's budget focused on increasing investment in Iraq

Dr. Sinan Shabibi, Governor of the Central Bank, said that this year's budget is an investment budget because it focused on increasing the size of investment.

Shabibi said that the Central Bank's role is to treat the imbalances resulting from the development process that will produce changes in the basic economic structure.
He pointed out that the task of the Central Bank is to achieve development in a stable monetary environment through utilizing all means and policies to achieve economic stability, intact environment and moderate inflation rate.

He continued: "Our relation to the budget is to preserve its resources, through fighting inflation".

Stressing that the Bank had made several measures including raising the exchange rate of the dinar, which had an impact on the budget through affecting the purchase capacity of the government; this impact will increase through dealing with inflation.

Shabibi added that: this policy will increase the confidence in the dinar, which will pull some of the money to the banking sector and rationalize the government spending because of its impact on inflation.

He indicated that this action will reduce the prices of imported goods such as the private sector imports and the government's imports for development that come from the conversion of the Iraqi dinar to the dollar.

He added that while this policy weakens the ability of the government to buy the dinar, it strengthens the Iraqi dinar owned by the government.

Pointing out that the bank wants a means to affect the economic and monetary policy by making the dinar valuable and powerful.

Source: Iraq Directory

Quote:

---

Originally Posted by investor

I have my contact checking this out. Once he has done so, I will post his findings.

---

Thanks! I can't wait!!

Quote:

---

Originally Posted by treasurhunter1

With the number of specialists in the economic field for the need to speed up the adoption of the current year budget, and work on what came from allocations for the advancement of the country by residential and service in various fields.
They warned of the failures that may be due to administrative corruption stressing the importance that the government is working on the follow-up mechanisms to implement what was stated in that budget plans and urban health, education and service will be strictly to the upgrading of the Iraqi reality in a comprehensive manner.
In the meantime, the extensive discussions have taken place between members of the House and a number of specialists approval and stand on the key strengths and address the contents of the negative aspects, and had recommended a number of attendees to speed up the adoption of the budget because it contained a large investment funds benefit of Iraq to set up many vital projects which is dire need them.

Call to speed up the ratification
He called on the Minister of Planning and Development Cooperation on Papan the House of Representatives to speed up the ratification of the budget for the current year.
He said during a discussion of the financial budget for the current year in the House of Representatives : that the ratification of the budget will reflect positively on the completion of many projects. The delay in ratification would delay the completion of those projects. Stressing that the government could, in this circumstance is difficult to develop a budget not by any previous government, which is encouraging the completion of the budget plans of all ministries during the current year if implemented carefully. Noting that the Ministry of Planning is now in the light of the slogan calling for the establishment of more investment projects and state benefits, and the priority in these projects. The Papan that some rates of achievement in the past year in some ministries were low because of the security situation facing Iraq.

For the implementation of investment projects

For his part, Deputy Prime Minister Dr. Barham Salih during discussions on the need to see Iraq through this year, the implementation of the largest possible number of projects that serve the citizens and the Iraqi economy. He pointed out that the last phase of the budget took up most of the financing aspect of security, because it represents the first priority in the lives of citizens, in addition to the financing items ration card, he said, pointing out that last year, not at the level desired by the government or the House of Representatives in terms of the implementation of projects.
And the benefit that the current budget is the largest in the history of Iraq, therefore, it must be this year overview of the implementation of investment projects that will be a factor in lifting the economy and the elimination of unemployment.
Saleh also pointed to the need to feel the improvement in the security situation citizen and service and working to find ways to Pavhamh that the government was working towards raising the standard of living for him.
Regarding the implementation of the programs and plans of the lag in the implementation of projects not in the lack of appropriate funds, but the imbalance in the administrative corruption and mechanisms wrong is the most important reasons for wasting public money and not put in its proper place.
Budget investment

Central Bank Governor Sinan Shabibi said, in turn : that the new budget is an investment budget and the size of a large investment in economic terms. He added during the budget debate this year in the House of Representatives said that the Central Bank's role is to address the imbalance resulting from the development process that will produce changes in the economic structure are basic.
Shabibi explained that the Central Bank is working on the development of a stable monetary, in addition to the bank concerned by all means and contexts that achieve economic stability and dealing with inflation. He continued Shabibi that our budget for the preservation of resources, and this will be done by the fight against inflation, and we have a number of measures including raising the exchange rate of the dinar. He pointed out that the impact of this measure in the budget through influence in the purchasing power of the government.
He said that this policy will increase confidence in the dinar will pull some of the money to the banking sector and the rationalization of government expenditure which will limit inflation.
And that this will lead to the reduction of import prices, such as imports, the private sector and the import of the government's development comes through the transformation of the Iraqi dinar to the dollar.
While many supporters as stated in the details of the budget and the figures put forward, and call for early ratification, but it was met with objections also on some of the points that some considered vague and needed to be amended, the Virtue Party, in the words of President bloc in the parliament hinted that it is very likely that no vote his party on the current year budget of the ambiguity and lack of clarity in some of what was reported in the paragraphs.
And Hassan al-Shamri added in a press statement : There are several observations on the budget include the titles are unclear and ambiguous title of which (social benefits) contained in the budget (the presidency of the republic and the prime minister and the Ministry of Finance), as the allocations for this confusing title (in the words of al-Shamri) 5 trillion and 125 billion and 50 million Iraqi dinars.
He pointed out that this ambiguity and lack of clarity provide an opportunity for embezzlement, theft, in addition to the title (the activity of the State), which has been allocated is also significant.
The Shamari said that the budget pointed to the allocation of grants to the Kurdistan region and the failure to allocate a similar spending for the rest of the governorates and there between the figures for the numbers of sovereign sites earmarked for spending points which are prejudicing the lives of the people and their rights.
He stressed that it is necessary for members of the House of Representatives claim the reasoning behind the views of expenditure by ministries to the Ministry of Finance found in terms of the accuracy of the figures, and the priority points expenditure.

5 trillion and 125 billion and 50 million dinars.

There are several observations on the budget include the titles are unclear and ambiguous title of which (social benefits) contained in the budget (the presidency of the republic and the prime minister and the Ministry of Finance), as the allocations for this confusing title (in the words of al-Shamri) 5 trillion and 125 billion and 50 million Iraqi dinars.
He pointed out that this ambiguity and lack of clarity provide an opportunity for embezzlement, theft, in addition to the title (the activity of the State), which has been allocated is also significant.
The Shamari said that the budget pointed to the allocation of grants to the Kurdistan region and the failure to allocate a similar spending for the rest of the governorates and there between the figures for the numbers of sovereign sites earmarked for spending points which are prejudicing the lives of the people and their rights.
He stressed that it is necessary for members of the House of Representatives claim the reasoning behind the views of expenditure by ministries to the Ministry of Finance found in terms of the accuracy of the figures, and the priority points expenditure.
Translated version of ÇáÍßæãÉ ÇáÚÑÇÞíÉ


Iraq-Currency
Dollar demand down in Iraqi Cenbank auction
Baghdad, Jan 23, (VOI) – Dollar demand declined on Tuesday in Iraq’s central bank daily auction, reaching $60.605 million compared to $104.240 million on Monday.
In its daily statement the bank said it covered all bids which were $13.105 million in cash and $47.500 million in foreign transfers at an exchange rate of 1,295 dinars per dollar, three ticks lower than Monday’s rate.
None of the 14 banks that participated in Tuesday’s auction offered to sell dollars.
Economist Abdul-Razzaq Sadeq al-Abaiji told the independent news agency Voices of Iraq (VOI) the new decline in rates heralded a new retreat in auction activity.
Abaiji expected a big rise in the monthly sales of the central bank during the coming months after approving the Iraqi federal budget in dinars. He said this would make the government buy dinars from the central bank and sell dollars in the daily auction, thus propelling sales to record levels.


I don't post much, but this really jumped out at me. It would appear that changes need to be made in the verbage of the 2007 budget monetary allocations. Since the budget was approved in Dinars, either the Dinar needs to be adjusted, or the amounts requested by the ministries needs to be adjusted. JMHO

---

Isn't the budget set at around $41 billion dollars, which is around 54 trillion dinar. If this is true then if they are saying their budget is 5 trillion dinars then this IS a large gain in the dinar!:smiley:

Quote:

---

Originally Posted by wellwishes

I believe we lost the archives after the DDOS attack. However, I am sure someone saved the article with the link....It was definitely $800 billion in gold reserves SPECIFICALLY for backing the Iraqi currency.

In fact SGS made a statement after the post about the fact that Iraq's currency was obviously fully backed and that the $3.22 was not arbitrary.

....Someone??? Anyone with the article please post it.

This is fact....$800 billion in gold. Translate that into 1980's prices, which ranged from $300 - $400/oz and you get approximately 80 tons.

---

Below is one.

Quote:

---

Originally Posted by DayDream

Old Article but informative:

Billions in Iraqi assets, but where are Saddam's?

(Geneva-AP June 21, 2003 12:30 PM) _ Iraqi assets worth hundreds of millions of dollars have been found in European and Middle Eastern banks in a global search for Saddam Hussein's riches, but little if anything has his name on it.

Lebanon, Britain and Switzerland have each found about half a billion dollars in Iraqi assets, but it is not clear to whom the money belongs beyond official Iraqi government accounts.

"There's no way Saddam Hussein would have opened an account in his own name," said James Nason of the Swiss Bankers Association, whose members are required to report any suspicious accounts to the government of Switzerland.

The United States, which launched the search for Saddam's wealth the day after the U.S.-led invasion started last March, acknowledges that finding the hidden assets will be very difficult.

"The greatest challenge lies in identifying and tracing the flow of funds that Hussein has stolen and injected into the international financial system," David D. Aufhauser, general counsel of the U.S. Treasury Department, told Congress last month.

Estimates of Saddam's wealth have ranged from $2 billion to $40 billion. The U.S.-funded International Campaign to Indict Iraqi War Criminals, said much of the money was sent out of Iraq through a network of people who were given the money to invest or keep the money until it was needed.

Treasury Undersecretary John B. Taylor told the Senate Foreign Relations Committee earlier this month that the total Iraqi assets found and frozen outside the United States since March 20 was $1.2 billion. That comes on top of $1.1 billion frozen outside the United States since 1990.

Iraqi assets found outside the United States _ although it is not clear that all of them have been frozen _ add up to $3 billion.

Aufhauser said the U.S. government, which has dispatched teams of investigators to other countries, had pressed more than 50 governments to join in the search.

"International assistance is needed to track the illicit assets of Hussein, his family, his cronies and the front companies and straw men they used," Aufhauser said.

The United States is treating all assets from Saddam's regime as suspect. Washington has already sent Iraqi assets it has seized in U.S. banks to Iraq to help pay for essential services.

Other countries are awaiting United Nations instructions on exactly whose money to seize.

But the Bush administration says it is pleased with the response of other countries.

"Countries around the world, not just the United States, understand the needs of the Iraqi people and understand that this money is to be returned to the Iraqi people," U.S. Treasury Department spokesman Taylor Griffin told The Associated Press. "Countries understand that, countries are responding, and we are very pleased to see that."

The Security Council resolution on postwar Iraq passed last month requires countries to seize funds from the government as well as from officials of the regime and "immediately cause their transfer to the Development Fund for Iraq," which is to be controlled by Britain and the United States.

However, the Security Council still hasn't released a list of names so that governments can act.

Othmar Wyss, spokesman for the Swiss State Secretariat for Economic Affairs, said Switzerland already has protectively frozen suspect assets but is awaiting the formal U.N. blacklist.

"We want to avoid giving figures that will subsequently have to be corrected downward because they involve accounts of people who are not on the list of the U.N. sanctions committee," Wyss told the AP.

On Tuesday, the United States will forward a list of more than 50 senior Iraqi officials whose assets should be frozen to a U.N. Security Council committee, council diplomats said Friday in New York. It is similar to the list of the 55 most wanted former members of Saddam's regime, which was given to troops in the form of a card deck, the diplomats said on condition of anonymity.

Security Council members have three days to submit objections, and if they don't the list will be issued to all governments with orders to seize assets of those named.

The Swiss National Bank disclosed Wednesday that as of the end of last year Swiss banks and financial managers were holding $315 million in Iraqi assets. There were no details on who the owners were.

The British Treasury has frozen $650 million of Iraqi assets. Of that, $455 million was Iraqi government money and $195 million belonged to individuals.

The British, too, are following Security Council instructions on what to do with the money, a spokesman said.

Lebanese Central Bank Governor Riyadh Salameh said Lebanon has frozen millions of dollars in Iraqi government funds.

"It is up to the legitimate Iraqi authorities, when they are formed, to dispose of them as they see fit," Salameh said in a statement.

U.S. officials said the amount frozen in Lebanon was $495 million.

Jordan has about $1 billion in Iraqi money, the bulk of it in letters of credit held by Saddam's government to facilitate trade, an official told the AP on condition of anonymity.

But two officials denied that Jordanian banks were holding any assets of Saddam or his family.

Saudi Arabia says its relations with Iraq, which soured over the 1990 invasion of Kuwait, made it unlikely that any of Saddam's funds are there. It claims to have tight financial regulations that would have made it very difficult for Saddam to transfer funds into the kingdom, even under fake names.

The Bank for International Settlements in Basel, Switzerland, where 130 central banks keep foreign reserves, has been blocking Iraqi assets under U.N. sanctions since 1991, said spokeswoman Margaret Critchlow.

She declined to say how much was involved, but Aufhauser said the bank is holding about $570 million.

Aufhauser said some of the money might have to be paid to legitimate third-party claimants, but that the rest would be sent to Iraq.

Within hours of the start of the U.S. led attack on Iraq, the U.S. government confiscated $1.7 billion in Iraqi assets that had been frozen in the United States since the first Gulf War.

The money was turned over to a special account with the U.S. Federal Reserve in New York. Much of that money has already been flown to Iraq to pay pensions, government salaries and provide funds for Iraqi ministries, officials said.

Taylor said U.S. forces also have seized $900 million in currency in Iraq, as well as $350 million in currency and gold discovered in vaults at the Central Bank of Iraq.

Cheers!
DayDream

---

Another. This one talks of Hundreds of Billions of $$$

Quote:

---

Originally Posted by $onedaysoon$

just thought today needed this reminder

As the freezing of gold the Iraqi topic the secretariat in Switzerland, whose value amounts to hundreds of billions of dollars, and here like to note the fact that that gold is to cover the the value of the Iraqi currency the circulated, and for the also serves as a reminder that the most if not all States in the world have the gold reserve insured person in Switzerland to cover the their currencies tradeables, for that when been frozen gold the Iraqi landed the value of the Iraqi currency in circulation and the become what is known in Iraq that time as "dinar the Swiss" something that was circulated in northern Iraq in the Autonomous Region "Kurdistan", and "the Iraqi dinar", which was circulated in the rest of the Iraq, because the former had print runs in Switzerland versus the value of gold the insured there, and the second started the Iraqi government has been printed in Iraq.

Translated version of http://al-moharer.net/moh198/fouad198a.htm

---

And another.

Quote:

---

Originally Posted by DayDream

Wasn't sure where to place this but I'm sure Neno will determine that. :biggrin:

I got a little curious about the gold of Saddam and looked around a little bit.

Saddam 'stashed $1.3bn in Switzerland' - War on Iraq - smh.com.au

Saddam 'stashed $1.3bn in Switzerland'
June 21 2003
Deposed Iraqi president Saddam Hussein stashed a fortune worth more than 1.13 billion Swiss francs ($1.28 billion) in Switzerland, a Swiss newspaper said today.
The business weekly Cash said the hoard included 300 kg (661.4 lbs) of gold bars, which has a market value of Sfr4.5 million ($5.1 million), in an account with the gold refinery Metalor in Neuchatel.
The Swiss National Bank also said Sfr386 million ($435 million) were lodged in Swiss accounts in Iraq's name, Cash reported.
The Bank for International Settlements in Basle said it had frozen Sfr750 million ($845 million) belonging to the former Iraqi regime.
The Metalor gold had been paid in by the former Iraqi ambassador in 1991 when the diplomats shut down the Berne embassy at the start of the Gulf War.

The head of Metalor, Hans-Juerg Schaer confirmed to Cash that the gold was circulating in the refinery's workroom. The firm had informed the Swiss economic ministry, the weekly said.
The newspaper said Metalor's operations remained obscure.
Also unanswered was the question of where the gold came from. Gold stolen from Kuwait at the time of the Iraq invasion in August 1990 was still unaccounted for.
Estimates claim Saddam Hussein stashed billions of Swiss francs-worth of assets around the world.
According to the UN Security Council resolution 1483 of May 22, Iraq's confiscated wealth is to be immediately transferred to fund the country's reconstruction
------------------------------
Pierre Legrand’s Pink Flamingo Bar » Well-heeled Saddam has global stash
By Jay Bushinsky
SPECIAL TO THE WASHINGTON TIMES
Published August 17, 2003
GENEVA — If Saddam Hussein is indeed orchestrating an anti-American guerrilla campaign from a hideout somewhere in Iraq, he can count on the billions of dollars he stashed away all over the world to finance his hit-and-run operations.
The latest evidence of the fugitive Iraqi ruler’s ability to return to power by covering the costs of the requisite arms acquisitions and operational outlays is the discovery of a cache of gold bars in a Swiss metallurgic firm — $5 million worth ready for meltdown.
It has been “frozen” by Switzerland’s government and the executives of Metalor who are reported to have engaged in illicit business dealings with Saddam’s half brother and finance chief, Barzan e-Tikriti. Several Metalor executives are being questioned by the Swiss police and Mr. e-Tikriti is under interrogation in Baghdad, where he surrendered to the U.S. military authorities.
Swiss law enforcement officials were not able to act against Mr. e-Tikriti during the two decades in which he ran Saddam’s financial network from this international banking center because simultaneously he enjoyed diplomatic immunity as Iraq’s chief delegate to the United Nation’s local headquarters.
---------------
I highlighted the Metalor name because curiously enough they are named in the below lawsuit, which in itself is astounding. Look at ALL the defendants in this case!!! I emphasized the above link about "ready for meltdown" because I had another article (can't find it now) that stated that this was an ongoing project with Sadaam and that the company had melted down gold prior to this on many occassions. ----------------

Estate of John Patrick O'Neill v. Republic of Iraq, et al

On September 11, 2001, Islamic terrorists perpetrated an attack on the United States that was unprecedented in history. On that day, over 3,000 Americans were killed in simultaneous attacks on the World Trade Center in New York City and the Pentagon in Arlington, Virginia. The attacks were not isolated incidents, but rather a coordinated effort by Islamic Terrorist Organizations. The attacks of September 11, 2001 had been planned for years by an extensive network of Islamic militants with the support, aid and assistance of banks, governments, and individuals. Plaintiffs are the Estate and immediate family of John Patrick O'Neill Sr., former head of the F.B.I.'s counterterrorism division and the world's foremost expert on Islamic terrorism and Osama Bin Laden’s terror network. John Patrick O’Neill, Sr. was killed in the attacks on the World Trade Center.

Plaintiffs collectively demand that judgment be entered against Defendants, jointly and severally, in the amount of ONE BILLION DOLLARS ($1,000,000,000.00) :eek: :eek:

The Estate of JOHN PATRICK O’NEILL, SR.,
on behalf of JOHN PATRICK O’NEILL, SR.,
deceased, and on behalf of decedent’s heirs-at-law .....


42. Defendant Barzan e-Tikriti is Defendant Saddam Hussein’s half-brother and the former finance chief for Saddam Hussein’s private financial empire. For twenty years, e-Tikriti ran Hussein’s network from Lugano Switzerland while simultaneously acting as Iraq’s chief delegate to the United Nations’ local Swiss headquarters. Upon information and belief, Defendant e-Tikriti laundered money through the Swiss bank Defendant Banca del Gottardo and through the holding company, Mediterranean Enterprises Development Projects (MEDP), moving approximately five billion dollars annually from Switzerland to offshore companies in Liechtenstein, Panama and the Bahamas, and eventually transferred some of those funds to the Al Qaeda network. In addition, e-Tikriti used a Swiss metallurgy firm, Defendant Metalor, to store and transform gold into gold bars, which were then sold for currency. Upon information and belief, Defendant Hussein’s financial network was utilized to support Al Qaeda and the terrorism network.

Does anyone know how to convert troy ounces to ounces to figure out how much 661 POUNDS of gold is worth on todays market?

Cheer!
DayDream

---

Bonus.

Quote:

---

Originally Posted by $onedaysoon$

I posted this yesterday, and the thread was closed/moved and I want to make sure everyone was able to read it. I might just post it next week lol

Add to that today's clarification and further information to those interested, as has been frozen Iraqi assets or funds have also been freezing all Iraqi property abroad (embassies and consulates and the headquarters of Iraqi diplomatic missions and houses, which had bought the Iraqi government in the countries of the world and all of Ka Net belonging to the Iraqi Ministry of Foreign Affairs) and the freezing of Iraqi gold subject secretariat in Switzerland, which is estimated at hundreds of billions of dollars, Here I note that the gold is to cover the value of the Iraqi currency in circulation, Remember also that most if not all countries in the world have gold reserves insured in Switzerland to cover their currencies in circulation, :woohoo: :biggrin: :woohoo: :drinkbudd :drinkbudd :party:

Translated version of http://al-moharer.net/moh198/fouad198a.htm
FROM OCTOBER 2004

---

SGS knows about this one above too. As she had her group on that Article. Researching it.

Quote:

---

Originally Posted by neno

Below is one.



Another. This one talks of Hundreds of Billions of $$$



And another.



Bonus.



SGS knows about this one above too. As she had her group on that Article. Researching it.

---

might i interject a WOoTTT!!!! at this juncture of the postings??:woohoo::banana::party:

Quote:

---

Originally Posted by shotgunsusie

might i interject a WOoTTT!!!! at this juncture of the postings??:woohoo::banana::party:

---

I might add I was Investigating there presious metals and agriculture on another thread and stated the amount was equeal to 27 tons of kmown and suspected stashes, which are currently being verified for return to Iraqi ownership.

Gloribee

Quote:

---

Originally Posted by Gloribee

I might add I was Investigating there presious metals and agriculture on another thread and stated the amount was equeal to 27 tons of kmown and suspected stashes, which are currently being verified for return to Iraqi ownership.

Gloribee

---

yes, thats why i said you would be the one to ask about totals as you had done extensive research on it. i knew the original article had indicated about five times the amount left in switzerland then they were unable to account for everything but 8 of it at the time.

great work gloribee!!!

Quote:

---

Originally Posted by Gloribee

I might add I was Investigating there presious metals and agriculture on another thread and stated the amount was equeal to 27 tons of kmown and suspected stashes, which are currently being verified for return to Iraqi ownership.

Gloribee

---

Found it too.

Quote:

---

Originally Posted by Gloribee

{{{{{{{{{{ So Far Im Safe }}}}}}}}}}}}, ending on that note, I can now confirm that yes, gold reserves amount to 27.2 tons confirmed and known.

Switzerland, Balize, Jamacia, Brazil, Ivory Coast, are currently beginnining proceedings to return deposits to Iraq. I expect a PDF file showing this in the next few days. Once I figure out how to take and transfer, I will post.

Gloribee

---

Have you figured the PDF and How to Transfer this for Our viewing. I believe the Debate was over it being more than 4 Tons being discovered. Which we know that it is.

Thanks Gloribee

Bonus.



SGS knows about this one above too. As she had her group on that Article. Researching it.[/QUOTE]



Neno I truly appreciate you finding these articles. Especially this last one. I know a few could not believe it was THAT much gold, but here is it....FACT. Add this to what Gloribee has uncovered and we are truly talking $trillions.

Inscrutable, Mike....See, I was not smoking those funny cigarettes:smiley: