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

Originally Posted by billknows

Originally Posted by readytogo View Post
For what it is worth, I really cannot imagine the cbi informing everyone of a major reval right before it happens. Can you imagine the chaos? Everyone and their dog would buy as much as they could. I know it has gotten harder to get ahold of, but still possible.

Lately, I have only seen amounts of 1000 and 1260, and for investors, that is not much to get excited about. It very well maybe wonderful for the citizens of Iraq, but from my limited knowledge, I can't see it being too much of a "woot" for them either.

So to sum it up, I believe these numbers (1000, 1260) are a smoke screen and notice just how often they are put up here lately. Little overkill if you ask me. I'll start to change my mind a little, and just a little, as soon as I see an article that says something of this nature........

"The cbi stated today that they have changed their plan to revalue the dinar to the previous rate of parity with the dollar or at least in parity with surrounding countries. They have now decided to raise the dinar to a value of 1000 dinar to 1 dollar over the next few years. They are very apologetic to have mislead their citizens with hopes of their dinar actually being worth anything in the near future."


This is an incredible piece of writing!

In my view, if this is genuine, it is a clear signal of their plan to revalue the dinar to parity with the dollar!

I believe you are making fun of me! I have no trouble laughing at myself, so I can't begrudge you the same.

But if not, then please read the whole post.

Monica

Originally Posted by worf

Pretty funny. But I would appreciate even some clarity like this over the constant reporting of "what do you want to hear" current philosophy. What do you believe and what do you want to hear about a possible r/v? Do you believe the 1260 -1000 dinars = 1 usd? There are plenty of articles to support this belief. Do you believe 1 dinar = 1 usd? There are plenty of articles (although cryptic in nature) to support this belief. Do you believe 1 dinar = .27 usd? There are plenty of articles stating that they are going to raise the exchange rate of the dinar to at least that of the surrounding Gulf countries.

Do you believe that 1 dinar will = 3.22 usd? There are numerous articles that suggest that is where they want to be. Heck, there are even articles that want to raise the exchange rate of the dinar to where it was before and factor in the costs of inflation over the last several decades bringing it to 1 dinar = 4.49 usd. So there we have it. A summary of some of the more recent (within the last 3 - 6 months) news articles coming from Iraq quoting govt, and cbi high ranking officals concerning thier views of where the dinar is going.

Question is, which way are they going (really), and when will they get there? Sometimes I wonder if even the Iraqis know and at other times I think they know exactly what they are doing. It's no wonder why so many of my fellow RC members refer to smoke and mirrors when refernecing the Iraqi govt and their news sources!! Confused? Maybe that is their intention to throw us off. Maybe they are the ones confused and can't seem to come up with a rate they (the Iraqi govt) can all agree on. My suggestion to my fellow RC members is pick one and see what happens. Time will tell if you were right or wrong. IMO

worf

Right on worf. That is the question. I'm gonna play it safe and believe they are gonna choose the rate that will benefit them the most and that is anything at or above $1. I have seen articles (don't have them handy at the moment) that say a sudden rise would be catastrophic for their economy(correct me if I'm wrong), but I do not believe that. It was one man's opinion.

$1 or above seems to be the logical solution, but then again, I am no economist and my knowlege consists of what I have learned from all the Dinar Genuises these past months. Their theories, hypothesis, and views are good enough for me! As a matter of fact, I have come to rely on their wisdom.

THANKS ALL YOU DINAR GENUISES!

Monica

Originally Posted by billknows

"The cbi stated today that they have changed their plan to revalue the dinar to the previous rate of parity with the dollar or at least in parity with surrounding countries. They have now decided to raise the dinar to a value of 1000 dinar to 1 dollar over the next few years. They are very apologetic to have mislead their citizens with hopes of their dinar actually being worth anything in the near future."

English translation:

The CBI stated today that, while they have done such an excellent job of confusing the general public, they are abandoning their well publicized plan to revalue the dinar to parity with the dollar.

They are now making public their brand new plan; to make tiny, incremental changes in their virtually worthless currency (after all, they'll be selling oil in USD, who needs dinar?) - bringing it to just 1000:1 in three years.

They are very apologetic to have mislead their citizens after so many years of a ruthless dictatorship and personal hardship. They feel bad about giving them false hopes of their dinar actually being worth anything.

[Reval coming soon!]

Couldn't have said it better myself! Love that translation!

Originally Posted by JLO's_Bubba

Iraqi MP says 15bn dollars unaccounted for in 2006 budget
Baghdad, 29 January 2007 (BBC Monitoring)
Print article Send to friend

A member of the Iraqi parliament said that 15bn dollars have disappeared from the Iraqi budget in 2006, and he accused senior Iraqi government officials of involvement in corruption, which he said is damaging the body of the Iraqi state.

Muhammad al-Dayni, a deputy for the National Dialogue Front, said in an exclusive statement to a Quds Press correspondent: After presenting the 2007 state budget to the Council of Representatives for approval - a budget of 41bn dollars distributed among all Iraqi ministries and departments - Finance Minister Bayan Jabr said before presenting the new budget [as published] that there was a deficit of 7.6bn dollars billion and that 2 trillion Iraqi dinars were placed at the disposal of the finance minister to transfer among ministries, which violates the law and the constitution.

Al-Dayni added: "While the finance minister was presenting the budget to the Council of Representatives, and after he mentioned the deficit, a number of deputies confronted him with statements he made earlier in which he said that there was a surplus in the 2006 budget, as not all of it was spent. He had estimated the surplus in those statements at between 14bn billion and 15bn dollars. The amount was supposed to be transferred to the 2007 budget, which the minister said had a deficit of 7bn dollars. But everyone was surprised when the minister said he did not make such statements. When a number of deputies confronted him with evidence and gave dates, and when others said they kept a recording of the interview in which he talked about a surplus in the 2006 budget, the minister admitted that he said there was a surplus, but he denied that he said the figure was 15bn dollars, saying the surplus was only 8bn dollars."

Al-Dayni said the way the 2007 state budget was discussed made many deputies suspicious. They decided to invite a minister to ask him about the annual allocations to his ministry. The Ministry of Human Rights, which is the smallest ministry in the structure of the Iraqi state, was chosen. Al-Dayni added: "Minister Wujdan Salim came to parliament. When she was asked about the number of the employees in her ministry and the financial allocations to them, the minister said that she had 350 employees. This shocked all the deputies because according to the budget that the finance minister presented, the Ministry of Human Rights had 1,223 employees. This means that 73 per cent of this ministry's budget is stolen every year. If this is the case with a small ministry like the Ministry of Human Rights, how is the situation in big ministries like the ministries of defence, interior, transport, and health, where there are about one million employees?"

Al-Dayni stressed that corruption is eroding the body of the Iraqi state. He said: "The problem is that the Council of Representatives relies in its watch of the work of ministries on watchdogs like the Financial Control Office. But we found out that these watchdogs are corrupt and run by people who are involved in major corruption cases."

Al-Dayni accused many parliament members of benefiting from the tampering with the budget. He said that despite all the reservations about the 2007 budget that the Council of Ministers presented to parliament for approval, he expects the budget to be approved because "many deputies want this budget to pass because they too are deeply involved in corruption. We, therefore, cannot count on the parliament because the majority of its members benefit from the corrupt situation Iraq is experiencing."

Al-Dayni accused the establishments of the Iraqi state, including the judiciary, of being politicized and under the influence of party and sectarian blocs. He deplored the situation of the Iraqi judiciary. He said: "Many corruption files were disclosed but, regrettably, those who stole money are now in power. The corruption files, therefore, are closed in some way or another. Indeed, some statements are made, in collusion with a number of politicized or frightened judges, to refute all evidence. The problem is that those who are following up the cases of administrative corruption in the establishments of the Iraqi state are themselves corrupt due to their party and sectarian affiliations."

Iraqi MP says 15bn dollars unaccounted for in 2006 budget | Iraq Updates

Interesting,

Not only are their mostly illiterates running the gov., now we see there are mostly crooks as well. Amazing they can function at all. Time for a total reshuffle is only way to correct this insane situation with parliament. "Thief of Baghdad" takes on new meaning with this admission. (g)

Good luck to all, Mike

Originally Posted by readytogo

Couldn't have said it better myself! Love that translation!

You did well to get a copy of each of my posts - I deleted them just minutes ago.

MrsCK sent you a PM

Originally Posted by Offshore-Wealth.com

Interesting,

Not only are their mostly illiterates running the gov., now we see there are mostly crooks as well. Amazing they can function at all. Time for a total reshuffle is only way to correct this insane situation with parliament. "Thief of Baghdad" takes on new meaning with this admission. (g)

Good luck to all, Mike

couldn't agree with you more Mike....they need to clean house with these illiterate crooks...Pat

28 Jan 2007
News NICBM signs contract with Iraq

The Kuwaiti National Industries Company for Building Materials announced, in the Kuwait Stock Exchange website, that it has signed a US$ 39 million agreement for six years to supply Iraq with pipes.

Iraq-Currency

Voices of Iraq / Baghdad
Posted by saleem on Jan 29, 2007 - 03:41 PM
--------------------------------------------------------------------------------

Iraq-Currency
Dollar demand slightly down in Iraqi auction
By Dergham Mohammed Ali
Baghdad, Jan 29, (VOI) – Dollar demand was slightly lower on Monday reaching $97.420 million compared to $99.235 million compared to on Sunday in Iraq’s central bank daily auction.

Iraq-Currency
Dollar demand slightly down in Iraqi auction
By Dergham Mohammed Ali
Baghdad, Jan 29, (VOI) – Dollar demand was slightly lower on Monday reaching $97.420 million compared to $99.235 million compared to on Sunday in Iraq’s central bank daily auction.
In its daily statement on Monday the bank said it covered all bids which were $11.220 million in cash and $86.200 million in foreign transfers at an exchange rate of 1,292 dinars per dollar, unchanged from Thursday.
Fifteen banks participated in Monday’s auction and offered to sell three million dollars which the central bank bought all at 1,290 dinars per dollar rate.


Iraq-Currency :: Aswat al Iraq :: Aswat al Iraq

Voices of Iraq / Baghdad
Posted by nakr2004 on Jan 29, 2007 - 02:39 PM
--------------------------------------------------------------------------------

Baghdad-Plan
Talabani discusses security plan with defense minister, national security advisor
Baghdad, Jan 29, (VOI) – Iraqi President Jalal Talabani discussed on Monday with Defense Minister Abdul-Qader al-Ubaidi and National Security Advisor Muwffaq al-Rubaie Iraq's new security plan.

Baghdad-Plan
Talabani discusses security plan with defense minister, national security advisor
Baghdad, Jan 29, (VOI) – Iraqi President Jalal Talabani discussed on Monday with Defense Minister Abdul-Qader al-Ubaidi and National Security Advisor Muwffaq al-Rubaie Iraq's new security plan.
"President Talabani stressed that the Iraqi army has to be above all partisan and factional inclinations and provide strong support to protect the nation's high gains," a statement published on the presidency's web site quoted Talabani as saying.
The statement noted "the meeting took up the means to develop the Iraqi army's potential and upgrade its combative and defensive capabilities to be able to undertake its honest national duties of vanquishing terrorism and armed groups."
The statement also quoted Ubaidi as saying "the role of the army is to preserve security and stability and that is why the army should be kept away from partisan and sectarian troubles."
AE


Baghdad-Plan :: Aswat al Iraq :: Aswat al Iraq