Thread: Iraq/Dinar News. before Febuary 2nd 2006

Who thinks we will see atleast a .30 reval peg by the end of february?

Originally Posted by Gloribee

I think it means that when the lower denoms are issued a 1 dinar note will be given the same value as the 1000 dinar note, and the 1000 will be worth that much more again. JMHO, but we have said the lower denoms are one of the keys to this whole thing.

Gloribee

i think this is exactly what they are talking about when they say lift the zeros. it all breaks down to a 1:1 scenario no matter which way they keep saying it.

Originally Posted by draft138

I understand why the value of the Dinar went down after the first gulf war. I am probably being simplistic, but if it was backed by oil before and everyone knows of the oil deposits and size, why does it seem to be so difficult to revalue the dinar = to either the dollar or the Euro?

Am I correct in understanding that the RV comes from the Central Bank of Iraq or does it come from others?

Just trying to catch up to you guys on this.

Thanks
JD

according to the pdf files on the cbi site the mof and the cbi pres decide on the rv and announce it. so that would be shabibi and jabr i believe??

Originally Posted by neno

The Only Problem I see with the 25k notes is they are Worth far more than the others denoms.

i think the point was that it was alot of bills in stacks but there were no 25k's so it might have looked like alot in essence it wasnt. 40 bills to equal a mil in 25k's whereas you will have a huge stack of 5k notes that equal a mil.

Originally Posted by jedi17

damn....and I have so many of them....guess I'll give them away if they are going to be a problem...LOL

FOR A PRICE!!!!!

Originally Posted by Hardwood

I would like to expand on my first reply....

As far as I know, the CBI is not funding the rebuilding projects. As a matter of fact I recall reading an article stating that Millions if not Billions of reconstruction USD were going unspent due to inadequacies within the Iraqi Government.

The salaries have gone up, but modestly.

To paint a true picture of whether or not there is an actual "removal" of Dinar in progress, one would have to look at a couple different pieces of data.

One- How much dinar has been taken in by the CBI since October 2006?
Two- How much Dinar has been spent (by the CBI) during the same time frame?


And perhaps better yet would be to look at the entire year of 2006 for the net gain/loss of Dinar.

As far as accumulating USD, that is precisely what I feel the CBI is trying to do with the "drying up" of the dinar in circulation. They are simply holding onto the excess USD they receive from the sale of oil (which can only be paid for in USD) to build up their reserves. Data for this amount is also available.

If someone could compile these figures and present them to the group, that would help shed more light on the subject.

I will also note that the CBI has been showing their hand this whole time, but cannot "pull the trigger" until the HCL and FIL are in place and that's when the real fun begins. The ball is in the GOI's court.

Thank you.

i agree. some time ago i read that in order to back a currency properly a country had to build their foreign reserves high enough to support all of their currency in circulation.

by selling usd to 'out of country' sales since early 2006 i believe, they have been accumulating foreign currencies in exchange for dollars to build that stockpile of reserves. if you have been noticing these 'out of country' exchanges have been taking place pretty regularly and sometimes with larger amounts than in country exchanges.

this is why we watch the breakdown of where they sold the usd to. in as opposed to out. each time they sell out of country they accumulate either dinar that other countries have purchased or whatever currency that the particular currency wants to exchange from their own reserves.

i believe that when iraq made the statement that they had enough foreign reserves to accomodate any foreign exchanges presented them that was an indication that they had achieved the amount of foreign currency reserves that they were seeking to back the currency.

اEconomic : Support for the lifting of oil derivatives, and timing is not appropriate

Thamer Alhimus

Iraq is the only country in the world and the issue of oil imports and derivatives such privacy Iraq came as a result of the nature of the policies of the previous and subsequent. We import oil derivatives at market prices prevailing international

We Tassedriha neighbors specifically for the same price minus profit margin of risk is behind. And because the the first reading of the budget as refers to intent in raising the prices for these derivatives Consistent with the advice the International Monetary Fund and also emerged in the budget for this year not to privatized subsidies from oil derivatives where turned advice to the facts and conditions, Despite the reasonableness of the procedure from the economic point of But there must be a review of factors that of acronyms, by the that had not been in another country when the support for the factors prescribed by the Fund's performance. I. an oil-producing country and our farms are not deplete soon, land, oil exploration is still Bakra, except promising prospects in other minerals "phosphate, sulphate, and even Iraniom, as we hear" in addition to agriculture, tourism, including Scud.

Also raising the price of these derivatives tempted first is the most damaging of which are public network of social security of widows and orphans, the unemployed and the disabled in addition to Kasaba and young workers in the four sectors, in the form of wages and the transfer of a further increase in the prices of new materials generally transmitted both agricultural products and other construction work and so ... Etc..

Then reasons for the adjournment of support is not in the usual reasons for which the Fund up to the organization and the economies of these countries although everything has not been successful with the fund in most circumstances. Accompanying the rise in prices the highest rate of unemployment in the region, as demonstrated protection networks, and reports of the Ministry of Planning, and the most sensitive issue in the relationship aspect of security, political Valtoukit cope with the security operation related political situation, regional and international levels.

Where reactions can be employed to increase the prices of products that serves the opposite direction heading the opposition to the political process. It is not necessary to pay the price difference poor segments at the bottom of Iraqi society, while there are billions of dollars and dinars smuggled possible through Interpol bought and returned to Iraq, which were smuggled outside Iraq may return again as money laundering employ goals might not be commensurate with the orientation of new economic, in addition to the weakness of the tax and excise and customs, they vulnerable blameless in what happened from the devastation in the production and marketing of oil, although the reasonableness orientation economically only.

Therefore, the timing was not appropriate as standards only if the operation was announced in the labs, complete infrastructure and to reduce unemployment rates to the international event. We Vlitmahl Fund for this year at least, we are together to raise prices according to the economic feasibility of the integration of the Iraqi economy stages commensurate with the inputs directly concerned and if the determination and rejection oriented to the rats eat what amounted to not much we spray of rain.

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The first political : Skinner : : government is determined to ensure the success of the Plan of Implementation of the law


Iraq welcomes the position of Saudi Arabia and calls on countries in the region to play a supportive role
Baghdad-haven Secretary

The government welcomed the position of Saudi Arabia containing certainly to the unity of Iraq, land and equality in dealing with all Iraqi parties, Luke told government spokesman, at a press conference Thursday with Secretary Gomaa

Human rights and the heart of Salem after a meeting of the Council of Ministers : that the "Council of Ministers calls sisterly Arab neighboring countries to support the government and stability in Iraq through regional and international cooperation."

Skinner pointed out that "the Council of Ministers adopted resolutions approving the amendment of the law on the authority of the coalition in 2004 to assign the task of granting public retirement pension benefits for workers in the public sector of the martyrs and injured people as well as the approval of the full salary was paid to the families of martyrs of the employees of the ministries of interior and defense for a period of six months calculated to pay for the pension scheme until the end of their dealings.

He added that it had been agreed on the principle of partnership between the operating companies owned by the state and the private sector to be prepared integrated study will be presented to the Cabinet for approval which would allow ample room for the operation of state institutions ", stating that the Council has agreed to allocate $ 26 million to implement the project of water Hosseinieh area and the labs solve the drinking water problem at the present time through the implementation of urgent and accelerated cost six billion dinars.

He expressed his hope to provide regional support for Iraq from the States through diplomatic efforts, especially the positive impact on groups that did not enter the political process to build Iraq.

Skinner emphasized that the government is determined to implement the new security plan (Plan of Implementation of the Act), which announced the name Thursday, Prime Minister before the House of Representatives, pointing out that "the government exercised its powers now in a cabinet reshuffle either select agents ministries it is the responsibility of the political blocs, provided that the selection on the basis of technocrats and not on a political basis, as is currently there."

He went on to say that "the Iraqi security forces managed to arrest (22) terrorist addition to the other Arab nationalities different (Egyptians and Syrians) during the military operations launched by the Iraqi forces with multinational forces recently," adding that there is a threat to the lives of citizens in the area of Haifa Street, which is not isolated and did these forces is to increase the proliferation of checkpoints and control in the region to contain the terrorists who make high-rise buildings and shelters that harbor them. "

A government spokesman, "that the implementation of the security plan for excluding places where the Iraqi diplomats who have diplomatic immunity," saying, "Do you think the government that diplomats to the illegal activities in Iraq."

Jehttha announced by the Minister for Human Rights and the heart of Salem "on the presence (28000) thousand detainees in the prisons of ministries and the multinational force except for the Kurdistan region in December according to the current statistic," and added, "We offered this year a report on the Iraqi prison where detected cases of prisons and prisoners and we have (30) recommendation to the government for action."

She said Salem, "we formed a team from the ministry to monitor violations worked per week in cooperation with the rest of the ministries concerned and a member of the public prosecution and the team was able to reach places the team could not previously inaccessible" and confirmed that "the Supreme Judiciary Council provided the Ministry (500) judge during the past week and 120 another judge to expedite the completion of the cases of detainees investigative", adding that "the ministry had seven cases brought to the courts to the multinational forces, especially the violation of human rights by the multinational forces in different areas of Iraq.

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The first political : 100 Iraqi Deputy : 100 of the Kuwaiti National Assembly, demanding to cancel the debt of Iraq


Al-Bayati : the abolition of compensation lead to the lifting of subsidy on oil derivatives, and the ration card

Baghdad-Khalid Qattan
Called 100 members of the Iraqi Parliament of the Kuwaiti National Assembly to cancel the debts of Iraq to support the government in its efforts to revive the Iraqi economy and upgrading the living of the citizens.

And deduct the United Nations (5%) of Iraqi oil revenue to go to the Compensation Fund as a result of the Saddam regime of Kuwait.
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He said Abbas Bayati deputy coalition in a statement to "Assabah" The Iraqi people are paying the price follies and mistakes of Saddam, and there are more than 100 members signed a note rose to Speaker Dr. Mahmoud Almshahadani demanding that the President of Parliament a letter on behalf of the Chamber of Deputies to the National Assembly, asking him to support Iraq in the area of compensation and cancellation of the government, in dialogues and negotiations in the framework of the reduction of Iraqi debt to Kuwait. Al-Bayati believed that if the compensation had been reduced and the debt of Iraq or cancellation would in no need of Iraq to eliminate subsidies for oil derivatives, or ration card, he said, pointing out that the government will have sufficient financial resources for use by citizens to revive the economic situation and living. He explained Al-Byati, that the International Monetary Fund required according to the Paris Club negotiations for the reduction of 21 billion dollars lift of subsidy on oil derivatives, affirming that the exit from this problem is through the to talk at Iraq the International Monetary Fund and calls on States that have the the debts of the COMPENSATION on Iraq that it lift these debts and compensations, and if we have to the any convention must be this Convention is not at the expense of layers comminuted disadvantaged and must be there financial payments to revive the the citizen in order to be able to rise to the level of the price of the domestic market in respect of oil derivatives materials, foodstuffs

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KUWAIT DEBT RELIEF

New pressure on Mahdi Army
By Mike Wooldridge
BBC World Affairs Correspondent, Baghdad

Moqtada Sadr
Moqtada Sadr is under pressure to re-engage in the political process

Within days of Moqtada Sadr's politicians returning to Iraq's coalition government after a two-month boycott, more evidence has come to light of the pressure being put on the radical Shia cleric's powerful militia, the Mahdi Army.

The US military said joint Iraqi and American operations had led to 16 "high-level" Mahdi Army militiamen being detained and one commander being killed.

The Americans said the number of Mahdi Army members in detention now stood at over 600, a figure higher than that given by Iraq's Prime Minister, Nouri Maliki, only a week earlier.

'Balanced approach'

But this was said to be a result of 52 operations carried out over a six-week period and, pointedly, the statement giving details of these moves against the Mahdi Army also said there had been 42 raids targeting Sunni extremists.

The statement was headed: "Iraqi security forces and coalition forces combine in balanced approach to security" - foreshadowing the declared approach of the new security plan for the capital that is the centrepiece of President Bush's new Iraq strategy.

Sadr supporters' demonstration
The radical cleric has vocal and well organised supporters

There are estimated to be several thousand Mahdi Army members in Baghdad alone and many thousands more around the country.

The Americans accuse the militia of being deeply involved in the sectarian violence that has taken root in Iraq since the attack on an important Shia shrine in the town of Samarra.

A recent Pentagon report said the militia was the largest threat to security.

Is is said by some analysts here that the prime minister was originally less persuaded than some of his fellow politicians in the ruling Shia alliance of the potency of the Mahdi Army threat.

Whatever the truth, Mr Maliki put the emphasis on political engagement with Moqtada Sadr, a key political ally.

The issue played out in political developments within the alliance in the closing months of last year.

The US ambassador to Iraq, Zalmay Khalilzad, says he believes Mr Maliki came to feel that political pressure on Moqtada Sadr was not producing results and he "changed the mix" to allow more use of force against the Mahdi Army.

Mr Maliki has given commitments both in public and in private that no group that is involved in violence will be off limits in the new drive to bring security to Baghdad.

Then came the decision by the Sadr movement to return to the political process after a boycott that was in part a protest against the prime minister meeting President Bush, and also to press the government for a timetable for the withdrawal of US troops.

Political initiative

It could signal that Moqtada Sadr wants more leverage with the government by being back inside at a time when the pressure is building on the Mahdi Army.


There are signs that Moqtada Sadr is not seeking a confrontation with US forces after their battles of the past
If so, the issue then is how will his political group use its influence?

Some say Moqtada Sadr might not be averse to action against renegade members of his militia.

The US ambassador welcomed the return of the Sadr political group to the government but he suggested it could also be a tactic to try to keep the militia safe during the current operations against them.

Away from the spotlight of the capital, there are other places where the heat is clearly on the Mahdi Army.

Residents of villages some 25 miles (40 km) north of Baghdad say they have seen US troops carrying out raids targeting the militia - hunting down individual figures.

There is one other factor in the pursuit of the Mahdi Army.

Recent bombings in Baghdad that have killed scores of people and appear to be the work of Sunni insurgents are only likely to reinforce the view of many Shias that, for now, the Mahdi Army are their most realistic protectors.

There are signs that Moqtada Sadr is not seeking a confrontation with US forces after their battles of the past.

But the new drive to pacify Baghdad has, of course, hardly begun.