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

Originally Posted by Gloribee

A partial from Hightides post.

He pointed out that the latter amount came from the sale of oil derivatives to citizens, in addition to three billion dollars, for the implementation of projects and building new refinaries.

As for the role of the budget in raising the value of the dinar against the dollar, Azzubeidi said that a decision was made to raise the value of the dinar against the dollar in the budget, and the rate was determined purely by 1260 dinar, hoping to return to its normal state like the Gulf currency, as befits a country rich in oil and other wealth, and hoping to decrease the rate of the dollar to 1000 dinar during the three or four years.
And on the subject of lifting support from oil derivatives, he pointed to an agreement with the International Monetary Fund, which pledged to cancel $ 100 billion of Iraq's debt in return for the implementation of economic reforms, pointing out that these reforms developed by international experts, in coordination with the Iraqi government, the Ministry of Oil and Iraqi economists.

Not sure if I like this statement or not???

Gloribee

I'm fairly certain this comment is being maligned. The three or four year comment is referring to the timeframe that the currency was first issued.

Originally Posted by ozizoz

Does anyone else get concerned when they stop moving the exchange rate? I get a little bit on edge when it doesnt move for more than a couple days. I guess the upside is they sold anoth 97 mil USD and bought 3 mil . . .maybe small denoms, maybe not

With the street rate bouncing around 1000:1, and the foreign currency exchange rate in the 1235s, how can the CBI afford to stay in the 1290's???

The thing that concerns me most is the constant harping on the raising of the value of the dinar to 1260 by end of Feb and 1000 by the end of 2007. What if we are misunderstanding their intentions and instead of being "smoke and mirrors" they are simply telling us the truth? I know a large percentage of members here keeping saying it is "misinformation, disinformation or smoke and mirrors, what they are trying to do is hide the r/v which will be at least .98 euros etc." What if we the membership have read too much of our desires and dreams into what is going on?

I agree it doesn't seem like they can drag it out another 3 to 4 years but that is what they seem to be thinking based on the news articles coming out lately. I know our perception is they can't afford to sell their country for so cheap but they may do just that at least in the beginning. Kind of scary if your in the "it's gotta r/v at least 1/1 at any moment" camp.

But if you look at it from the nation building side, that everything that is done is for the benefit of Iraq and not us investors, then maybe they know more than us and the decision has been made to wait on a major r/v anytime soon. All I can say is I hope the majority of the membership that wants and believes in an iminent r/v at 1/1 or higher is right. Time will tell imo

worf

Originally Posted by bigopie

it seems like all the so called information coming out of Iraq for the past week is the same ole song and dance...i read the same thing that JLO's BUBBA and ARCHANGEL wrote....its the same thing....in fact yesterday ARCHANGEL posted this same thing twice...either some people are not reading the forum before they input their so called new news....or just because it has a different date they think its different....no need to post the same ole same ole more then once...just taking up forum space...IMHO...Pat...IMHO...Pat

instead of criticizing maybe you should try helping out finding some news, otherwise just appreciate the efforts of others.

Originally Posted by bigopie

it seems like all the so called information coming out of Iraq for the past week is the same ole song and dance...i read the same thing that JLO's BUBBA and ARCHANGEL wrote....its the same thing....in fact yesterday ARCHANGEL posted this same thing twice...either some people are not reading the forum before they input their so called new news....or just because it has a different date they think its different....no need to post the same ole same ole more then once...just taking up forum space...IMHO...Pat...IMHO...Pat

Originally Posted by hightide3016

I was busy all weekend working and didnt have time to look up news. If you dont want to read the article or have already seen it, then skip past it or are you too lazy to do that too?

We try and bring as much to these forums as possible. If a news item is repeated the reader should just skip over it. Another aspect would also be that the news might be from another news agency with the same writing or close to the same! Not everyone is perfect. Many have posted the same news. Please take it to a PM if you have a problem with the news that is being posted.

Originally Posted by bigopie

it seems like all the so called information coming out of Iraq for the past week is the same ole song and dance...i read the same thing that JLO's BUBBA and ARCHANGEL wrote....its the same thing....in fact yesterday ARCHANGEL posted this same thing twice...either some people are not reading the forum before they input their so called new news....or just because it has a different date they think its different....no need to post the same ole same ole more then once...just taking up forum space...IMHO...Pat...IMHO...Pat

I agree that the news we are seeing posted is the same news with a newer date attached to it.

I do not fault the posters here for sharing what they are finding. As a matter of fact, it helps me realize we are all (the forums and the media) at a point in time where there is nothing significant to report, so we see a re-hash of old news just to fill space. Please do not fault our "Data Miners" for doing what they do!

We are all waiting for the 2 milestones to be met. That is the Foreign Investment Law (FIL) and the Hydrocarbon Law (HCL).

Without either of these, the Central Bank cannot do much more than they already have.

I believe we are just days away from seeing this all pan out.

Hold tight folks and get used to seeing the same old news stories being posted and debated.

And I also agree with Ozizoz's observation that the CBI seems to have leveled off their auction prices. That too bodes well for us, as I believe they too are waiting for the Government to "catch up" with them.

Thank you.

Originally Posted by worf

Quote:
Originally Posted by shotgunsusie
tis indeed a woOt. it says to me that in the days ahead they are going to raise the rate but there will be no announcement or news about it until after they actually do it.




Sometimes I wonder if the Iraqis are trying to get their name in the Guiness book of world records in the category of stalling and delaying implimentation of laws passed by a soverign nation. How long can they delay implimentation of a law (fil) that they have already passed? Going on 3 months, do I hear 4? How about probably a lot of other bills/laws passed and just sitting there waiting to be implimented? Heck, they couldn't even spend all of the money sitting in their bank accounts that was already approved for reconstruction!!

Now as we approach month 2 out of 12 months in a year, they still haven't passed the "real budget". Of course the news reported they passed the budget last year. We were told it was the largest ever, 41 billion dollars. Then we were told they passed another law that the govt was required to do all of its' spending in dinars. Then we for a short time was told the budget was actually going to be 44 billion dollars. Then we were told they were trying to but haven't been able to pass "the real budget". We've been told that they were on the verge for what 3 weeks now? Then of course there is the hcl law which was supposed to be passed before the end of last year. Then the news media said it was passed. Then the Kurds said oh, no it's not!! And now we wait, and wait and wait.

Meanwhile we investors just sit back and wait 'cause its all we can do (and pray). These Iraqis are their own worst enemy. Forget about Al Keida, Iranians, and the insurgency. They don't need 'em. They have themselves as their own worst enemy. LOL SSSSHHHHEEEESSSSSHHHHH!!!! Would they just do their jobs for once? Hey, Mr. Iraqi politiican, look outside your ivory tower for once. Your countryman are dying out there.

worf

Worf,
Excellent post! You have summed up things as I also view them. It just boggles the mind that they can DRAG out these issues most notably the Budget out this way. But perhaps there is some METHOD to their MADNESS. it would be something to be a Fly on the wall in their parliament meetings.

Originally Posted by hightide3016

I was busy all weekend working and didnt have time to look up news. If you dont want to read the article or have already seen it, then skip past it or are you too lazy to do that too?

Please take it to a PM. Use the system.

On the CBI's website it indicates the rate will not change through January 31, 2007. See the Arabic page.


The Iraqi Central Bank announced the adoption of buying and selling rates for the dollar on Monday, January 29, 2007 until the end of office hours on Wednesday, which falls on January 31, 2007 and pledged to meet the demand for foreign currency without limit and regardless of the quantities required and all its customers.

Translated version of http://www.cbiraq.org/cbc6.htm

Originally Posted by bigopie

ugghhh...excuse me....first of all i didn't say a word to you about it......perhaps those getting the news,in their haste,are too much in a hurry to as you put it,didn't have time to look up and see that their news that they had just looked up was already posted...not once...not twice...not three times...but four times....i didn't mean it to come out as you[hightide] took it...but,it wasn't intended for you in the first place.....so before you go calling anybody names as you called me [lazy] why don't you mind your own business

Now that is high energy. Apply that energy to altruist11235's suggestion.

("If everyone who views this forum focusses (unwaveringly) on imagining that the RV has already happened and FEELS passionately the joy, the happiness, and maybe the relief (just as you would feel when it really happens)... you (collectively) will make it happen.

Do this one or more times a day.

Don't focus on any negatives, or the "I want this..." or "I want that...".

KNOW that you already have it!

Then watch the miracle unfold before your eyes!!!")

I have not confirmed the following. I will try to confirm by the end of the week. If it is true, this is some very good news while the Warka account holders wait for the major adjustment.

I am happy to inform that we will apply new interest rates from the 1st of February 2007 details as below:

Savings Account:

IQD Savings account: 11% per year.

USD Savings account: 3.5% per year.

Certificate of Deposits:

1- 3 months CD: 13%.

2- 6 months CD: 14%.

3- 1year CD: 15%.

4- 2 year CD: 17%.

I would much appreciate your fine assistance and cooperation by placing these new rates on the Iraqi Trade Forum taking into consideration that these are the highest interest rates provided by any bank in Iraq.

Best regards, XXXXXXX

Manager

International Foreign Relations Dept.