Thread: Raising The Value Of The Dinar

I thought it would be a good idea to start this thread so we have an easier way to examine all the news regarding "Raising the value of the dinar" at our fingertips.

There are so many articles out that it becomes confusing. One such article of the past few days has been "labeled OLD NEWS". If we can catalog all these articles with DATES then it will help a great deal in DEBUNKING those who say "thats old news". Plus it will help us to figure out if the CBI and the GOI are trying to give us mis-information.

I will start by posting articles I could locate without digging into our extensive archive here. Please help me in this regard if you have an article that talks about "raising the value" with dates and sources. Most of what I'm posting has no dates or sources. If you have these please PM me and I will edit my post with the "oldest dates" and the sources.

I will list each article separately to make it easier to decipher. Thanks so much for any help you can post. Please try to post any new news about the exhange rate rising here so we can keep it all together, checking to see if already posted so we won't have double posts. Please highlight key words to make it easier to search. Thanks.

Cheers!
DayDream

Ladies and Gentlemen stockholders of Baghdad Bank:
Iraq had been through some unusual circumstances within the last two years like instability and lack of security that have had a destructive impact on economy, investment and industrial production, but, despite of all that Baghdad Bank achieved a big success during the financial year of 2004 in comparison to the previous financial year and the most important index to that is balancing US dollar price with the current price of 1460 ID
Baghdad bank has taken also serious steps towards opening Al-Bayaa branch at the end of 2004 and rented a location for Al-Suliemaniya branch which shall be opened in March 2005 in addition to the expansion of Baghdad bank activities on the international level as it has made banking connections with many international banks. worth mentioning that Baghdad Bank started putting into practice new systems in Mansour, Palestine and Bayaa branches.
Presently such systems are being put into practice in the general center and general management to be spread later on to the other branches. Baghdad Bank has also signed a contract to use (SWIFT) system in external transfers in 2005. This system shall be run during the above mentioned year.
I would to inform all the stockholders of Baghdad Bank that the report of the managing council 2004 was prepared according to the demands of Central Bank of Iraq to balance US dollar price to 0.310 ID instead of its real value (1460) ID per 1 US dollar, so, the report and general budget do not necessarily reflect the actual situation of Baghdad Bank and the volume of economical incoming indexes, so, this report was issued in order to meet the demands of the rules and instructions.
The General Institution of Baghdad Bank that was held on November 16 2004 had taken a decision to make a partnership with Gulf Bank and Iraqi Payee Company with percentage of 49 %, increasing Capital to approximately 10.000.000.000 ID. We would like to inform stockholders of the bank that Central Bank of Iraq reclaimed that the increase of capital to 52.963.600.000 ID all at once instead of two stages. The managing council of the bank and new stockholders agreed to meet the demands of Central Bank of Iraq as long as they do not affect the basis of partnership that all sides have agreed upon in the previous meeting of the General Institution of Baghdad Bank and we are waiting for the final resolution of Central Bank of Iraq about our above mentioned approval.
And hereby I express my deep appreciation to Central Bank of Iraq and department of company registration to their utilitarian and constructive roles in supporting Baghdad Bank and Iraqi economy in general. I also appreciate the honorable situation of all personnel of the bank for preservation of bank properties and for their exceptional efforts in hard times that Iraq had been through within the last two years.

Cheers!
DayDream

Thursday, July 6th 2006

The Ministry of Finance and the Central Bank of Iraq are studying a proposal to raise the value of Iraqi dinar and make it equal to the U.S. dollar.

The Minister said that the new government will have a "qualitative" budget for 2007.

The Minister also talked about the ministry's determination to draft the new pension law as soon as possible, and to create investment opportunities which will create job opportunities for the unemployed.

Proposal to make Iraqi dinar equal to U.S. dollar reviewed

Cheers!
DayDream

This is the article that was said to be "OLD NEWS"


Finance Minister announced the Iraqi statement Zubaidi, «that the ministry and the Central Bank are considering a proposal to lift the value of the Iraqi dinar, and return to normal».

And Heymann told the minister to the concerns of the banking and business community, as well as citizens, fear of the Iraqi market due to the pressure of the implications of such a measure might lead to some sort of instability in trade exchanges, in estimating the value of the dinar exchange rate of foreign currencies, including the dollar. He described the High Director of the Bank of Credit Iraqi Fuad bono statement by the Minister of Finance «very important», on the one hand the equality of the dinar dollar, pointing out «that is pleasant to the hearts of Iraqis, who are looking to restore the strength of the Iraqi currency, as it was before the 1990s of the last century, he wondered whether the national economy in its current capable of the transition to equal dinar dollar»? Bono, however, has often including the Minister Zubaidi on the support and backing of the World Bank proposed this, and said : «The current study data make it wait to give a definitive opinion on the subject. The Director of the Bank of High Assyrian International Investment Zuhair Al-Hafiz, <Zubaidi minister that the proposal needs to pause and carefully take into account the implications of the security situation on the Iraqi economy, which make it unable to absorb any defects that might affect the business dealings in the absence of a proposal under advisement.
He asked Acting Director of the Bank for International Investment Basra Badi intellectual :> Is that the international debt reduction for Iraq and the increase in liquidity resulting from the rise in oil prices, enough to take such a decision, such as>? He added <What is important in this connection to take into account a study that may result from the decision of equality dinar dollar, the repercussions on the local commercial transactions, and how to avoid any disruption to transfers of traders and banks.

1-20-07

Can someone provide a different date for this article?

Translated version of http://www.ahali-iraq.net/payv/index.php?option=com_content&task=view&id=2181&Ite mid=30

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OK it seems this IS an OLD regurgitated news article under current news headlines. Adster originally posted this article on July 2, 2006 here at Rolclub...see History Archive

http://www.rolclub.com/iraqi-dinar-d...-news-387.html

The banking and business community to show considerable interest in the proposal equality dinar dollar

Source :Newspaper Conference -- 29/06/2006

Finance Minister announced the Iraqi statement Zubaidi, <that the ministry and the Central Bank are considering a proposal to lift the value of the Iraqi dinar, and the return to normal and Heymann told the minister to the concerns of the banking and business community, as well as citizens, fear of the Iraqi market to pressure by the implications of such a measure might lead to some sort of instability in trade exchanges, in estimating the value of the exchange rate of the dinar to foreign currencies, including the dollar. He described the High Director of the Bank of Credit Iraqi Fuad bono statement by the Minister of Finance <very important>, in terms of equality of the dinar dollar, pointing out <that it is pleasant to the hearts of Iraqis, who are looking to restore the strength of the Iraqi currency, as it was before the 1990s of the last century, he wondered whether the national economy in its current capable of the transition to equal dinar dollar>? Bono, however, has often including the Minister Zubaidi on the support and backing of the World Bank proposed this, and said :> that the study data

The current make him wait to give a definitive opinion to this topic and said the managing director of the Bank of Assyrian International Investment Zuhair Al-Hafiz, <that the proposal minister Zubaidi needs support careful to take into account the implications of the security situation on the Iraqi economy, which make it unable to absorb any defects that might affect the business dealings in the absence of a study proposal under advisement and asked Acting Director of the Bank of Basra International Investment Badi intellectual :> Is that the reduction of international debt on Iraq and the increase in liquidity resulting from the rise in oil prices, enough to take such such a decision>? He added <What is important in this connection to take into account a study that may result from the decision of equality dinar dollar, the repercussions on the local commercial transactions, and how to avoid any disruption to transfers of traders and banks.

Translated version of http://www.baghdadchamber.com/modules.php?name=News&file=article&sid=10793


Cheers!
DayDream

(26/06/06)

Finance ministry & Iraqi central bank study a suggestion about lifting off the worth of Iraqi diner and returning back as the past,
and the suggestion supported by the international bank. Finance minister Bayan Jabr Zubaidi declared that he suggested on bank governor lifting off three zeros so diner would be equal to dollar, on the other hand, he declared his support for national peace initiative.

Iraq Development Program - Iraqi Dinar equality to dollar, Zubaidi suggests

*******************************************

Thought these 2 articles needed to be together:


Originally posted by cigarman..no link provided

Baker Jaber AL Zubaidi: Iraqi Dinar Value should be Raised
29/06/2006
Source: Al-Sabah

The Ministry of Finance together with the Central Bank are studying a proposal to raise the value of the Iraqi dinar in order to return it to previous levels where one Iraqi dinar was valued at 3.33 US dollars. This was pre 1980 before Iraq became involved in three destructive wars that at one time led to the currency's value dropping to a level of 3,000 Iraqi dinars to one US dollar. The proposal has the support and approval of the World Bank.

A statement by B.J. AL Zubaidi, the Minister of Finance, in which he said that he had suggested to the Chairman of the Central Bank, Dr. Sinan AL Shibibi, that three zeros be taken from the Iraqi Dinar in order to raise its value so that one Dinar be equal to a Dollar. He explained that the financial authorities were set on holding a meeting next month to discuss the matter. The meeting is to be attended by experts and spe******ts from the Ministry of Finance, the Iraqi Central Bank and the Commercial Bank .

The new Minister confirmed that 2007 would see the preparation of a qualitative budget, the first of its kind in Iraq history, and that the new program would pinpoint economic indicators.

See Post #45, #50 and #51 for other "three zeros" articles
Post #120 shows why lopping is a no-no

Cheers!
DayDream

The banking and business community to show considerable interest in the proposal equality dinar dollar

Conference
Finance Minister announced the Iraqi statement Zubaidi, <that the ministry and the Central Bank are considering a proposal to lift the value of the Iraqi dinar, and return to normal>.

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I got this on kiko's chat site...not sure the link is correct because I can't translate Kurdish. No date provided so if you can find this EXACT article with date please let me know.

Cheers!
DayDream

Witness the Iraqi dinar improved markedly these days about the dollar's exchange rate, the Central Bank of Iraq to attribute the cause of recent actions

Followed by the task of raising the interest rate as well as the introduction of large amounts of foreign currencies in the market but a number of economists believe that these procedures were inadequate for the recovery of the purchasing power of the dinar is not accompanied by fiscal and monetary policies can achieve the required balance, it is expected expert at the Central Bank for improvement in the value of the Iraqi dinar with the decline in prices is gradually after two months from now.
We note that prices are still stable despite the recovery value of the dinar relatively. The reason that the traders publicly Basaarham old to make up for the losses which they may be exposed by it.
There was some question need to answer around what the of actual forces that stands behind the deteriorating situations, or force in the exchange rates the Iraqi dinar on the important factors including, that the exchange rate of the Iraqi dinar determined practically in the exchange markets on the according to supply and demand factors Like the other goods and services, but that the demand for the foreign currencies longer a a derivative of the demand for foreign goods and services while the presentation of foreign currencies longer a reflection of a foreign request on the goods and services of Iraq, and considered experts economy reluctance of (monetary policy) on the address the great imbalances particularly in the market monetary and represented local currency liquidity and the increasing menaced and rising inflation rates in an accelerated manner revert undoubtedly a huge impact within the marketplace.

In order to shed light on the repercussions of the recent dollar before (Iraqi dinar), we encountered an economist d. Reza Qarishi of the College of Administration and Economy at the Mustansiriya University of which he spoke, saying : There is an important point which must be understood is that the Iraqi Central Bank is currently working on the stability of the exchange rate of the Iraqi dinar, not the fixed exchange rate and what the (Central Bank) is the process of the purchase of the Iraqi dinar by selling the dollar and many reasons envisaged (Central Bank of Iraq) to get the Iraqi currency and for the coverage of public expenditures, and for the stability of the exchange rate of the Iraqi dinar only that the Central Bank has the capacity advantage in this area as rising reserves of hard currency and especially (the dollar) makes by the Central Bank of power to strengthen the rate of exchange of the Iraqi dinar against the dollar, but these procedures followed, major impacts must take into account the harsh and in a form that reduces the negative aspects to a minimum possible, but these procedures are not free of the negative effects on the overall economy and the Iraqi market if it is not carefully studied in a precise manner and phased, bearing in mind that the changes that occurred in the proportions of the dollar in front of the Iraqi dinar is not abrupt changes but is relatively acceptable and dictated market conditions, and affirmed some economists that the imbalance public budget which began manifestations, The first in (1982) and the compulsions of the present authority to finance the deficit borrow money from Foundation Release, in this period noon a separation is revealed in the rates of exchange in (the parallel market) on the the official exchange rate almost immutable and continued to be the case with his position even launch of Action system import without diverting external where the disparity between the the official exchange rate and parallel limited and slow For one reason focusing most of the foreign trade of Iraq the then However the Iraqi Ministry of Trade which was taking place at prices official exchange where he had been the trade balance covers the loan of Foreign Affairs and when fired dealing formally introduced the import without diverting external back-to-the balance Official commercial trade balance reflects the hidden value of imports and exports through the import and export outlets hidden Economists pointed out that the parallel market rate determined under the trade balance deficit, which was hidden automatically block the smuggling of Iraqi currency to the neighboring countries where the demand for speculative future

These conditions in addition to the Iraqi economy for several strong shocks led to the structural imbalances in the structure of the Iraqi economy emerged as the negative results in the instability of the exchange rate of the Iraqi dinar and exposure to situations of weakness and deterioration, where it has become difficult to deal with the issues on the horizon, it must be a financial and monetary policy and clear-cut was aimed at stabilizing the country's economic situation.

Translated version of http://www.ahali-iraq.net/payv/index.php?option=com_content&task=view&id=2181&Ite mid=30

1-20-07?

Cheers!
DayDream

1-17-07

The salary increases are calculated from this month
The dollar at 1260 dinars this year and drop to one thousand dinars soon

The Egyptian Minister of Finance that the 2007 budget had been lifted support for oil derivatives, and confirmed that his ministry had decided to work under a new salary from this month has allocated the funds required, but the House did not approve a plan of implementation so far, pointing out that the value of the Iraqi dinar against the dollar, will be at 1260 dinars for this year with a fiscal policy for the Iraqi dinar to normal.
He said Baqer Zubaidi, the Minister of Finance in a special Basubah yesterday : that the seven billion dollars is the value of crude oil, which is pumped from Iraqi oil fields to refineries Iraqi oil belongs to the Iraqi Oil Ministry said that this was in support of the Iraqi government for petroleum products also been allocated three billion dollars from the financial budget to cover the expenses of construction of new lines and maintenance of existing refineries, with a further $ 300-million dollars to buy kerosene.
He explained that Zubaidi Akiam amounts of the sale of petroleum products would remain with the Ministry of oil used to sustain and develop other oil projects, pointing out that the furor raised to support the lifting of oil derivatives has only included the lifting of subsidy on imported gasoline quality, which is used in modern cars.
And that the Ministry of Oil and the purchase of materials used in improving the derivatives of its own budget.
As for the salaries of the State Minister of Finance said : that his ministry had issued directives to the state regardless staff salaries according to a new salary but that the parliament has delayed the ratification of the implementation of the plan due to the lack of quorum as the delay in the preparation of the budget and its own budget approved by the Supreme Judiciary Council is the latest budget process by the government to the House of Representatives.
He pointed out that new applications for the government of Kurdistan, including deducting the value of its imports directly from the various added reason to delay submission of the budget.
He explained that the Ministry of Finance has figures for the budget of the Ministry of Defense and Ministry as decided by the sovereign to between the parties as called for by the Ministry of non-sovereign.
He emphasized - Zubaidi that the Ministry of Finance and in consultation with the Central Bank of seeks to identify the rate of exchange of the dollar the value of in 1260 dinars during the this year with laid down a plan to return the Iraqi dinar to its former era during the coming three years expressing his hope to stabilize the custody of during the coming three years expressing his hope to stabilize rate of exchange of 1000 dinars during the coming period the pointing out that the inflation not a situation fixed but is temporary and that one of the causes for crisis cruise goods and its access to the depths of the Iraqi ports because of the terrorist operations also that the rise of the prices of oil derivatives during crises another cause of inflation. Regarding the current year budget-Zubaidi described as ambitious for the first time achieved eight billion dollars for security, despite the allocation of large amounts of investment that will contribute to solve the crisis of unemployment and increase economic growth by 10-8%, so as to ensure the completion of service projects in all governorates.
He said the remaining funds from the account of the final years amounted to eight billion dollars that the government would provide final budget to the House of Representatives during the first quarter of this year.
He called Al-Zubaidi morning daily opening channels of communication with the Ministry of Finance for the purpose of participating in the transfer of the facts and push the other parties to determine the responsibility of financial policy and to support democracy by the government of national unity.
(Details of the meeting in a later issue)

Translated version of http://www.alsabaah.com/

See Posts #17, #28, #54 and #62 for a comparsion to this article


Cheers!
DayDream

December 2006 13, 2006

Raising the dinar to reduce prices in market

The Globe

Increasing the value of the Iraqi dinar against the dollar may hurt imports but it will help domestic trade.
The news about the appreciating value of the dinar against the dollar has hit the market in Suleimaniya hard. Many will lose their jobs. People believe that neither the government nor the Central Bank can carry out such a critical decision.
Mr. Ali Abdullah of the Bank of Harem (The Regional Bank) says that attempts to raise the value of the dinar are not something new, but many preparations have been made in order for the plan to go ahead. He says that the decision was made to overcome the economic crises in Iraq.
"To increase the value of the dinar, the government has to increase exports and produce more goods," Mr. Abdullah believes.

Despite the fact that no official spokesperson from the Central Bank has ever issued such a firm decision decreasing the dollar value to 1250 ID from its previous value of 1450 ID has created an unnatural shake in the local markets.

Professor Dr. Narmeen Marouf, an economist, tells the Kurdish Globe that this move from the Central Bank aimed at solving the inflation crated due to the high value of the dollar. "If the value of the dinar goes up, the price of goods will decline sharply; they have been paid off in dollars and are sold in dinars," she says, adding that the Central Bank has also tried before to reduce prices and balance off the supply and demand in the local markets. "As the value of the dinar increases, consumers and the local merchants are the first to benefit."
At the moment, Iraq is not exporting any goods other than oil. Almost all goods in Iraqi markets are imports; hence the inflation, particularly when the value of the dinar declines for having no support, although it is quite possible for a decision as such to be made in order to reduce domestic issues. The decision will have two beneficiary forces - it will help Iraq vie for foreign markets and reduce prices in local ones.
"Since rumours started that the dinar was going to increase in value, many have faced sever financial damages," Kamaran Ali, of Money Mart, says. However, he does not believe in such a decision. "Increasing the value of the dinar" he says, "will not benefit anyone."
After 2003, the Iraqi Central Bank decided to peg the value of the dinar. Primarily, a dollar was equal to 1,450 ID, until the value of the dinar was reduced and a dollar became 1,470 ID, then 1,500, at which the price the value of the dinar seemed to stay still.

Raising the dinar to reduce prices in market

Cheers!
DayDream

Al-Sunaid expects rise in the Iraqi dinar price (13/01/07)

A deputy in the Iraqi Parliament revealed that the rate of the Iraqi dinar will continue to rise against the dollar to reach a high level by mid-year.

The deputy on the United Iraqi Alliance list, Hassan Al-Sunaid, expected during a meeting of the Iraqi Parliament that the Iraqi dinar exchange rate will reach 1200 dinar to the dollar at mid-year, while the price of one dollar hit 1480 IQD last November.
Al-Sunaid's statement came during a session of the Parliament to discuss the general budget in Iraq during the year 2007, and it was attended by the Minister of Finance Bayan Baqir al-Zubaidi and a number of his advisers.
It is noteworthy that the Iraqi dinar has been rising gradually and continuously, in its value of exchange against the dollar since the Iraqi Central Bank adopted a new monetary policy to deal with inflation in the 13 last November.
He attributed the "causes of inflation to the disproportionate rate of the nominal level of the Iraqi dinar with its real one" which prompted the bank to raise the value of the dinar since November last year to reach during the current January to about 1320 dinar per dollar.
The expectations of Al-Sunaid of the consistent rise of the dinar to 1200 dinar to the dollar come amid widespread demand of investors and persons dealing in Iraqi dinar instead of the dollar

Iraq Development Program - Al-Sunaid expects rise in the Iraqi dinar price

Cheers!
DayDream