Thread: Iraq/Dinar News. Before Feb. 21, 2007

Originally Posted by arvie

Im talking in terms of a major reval. As far as the recent increase in value, go and convert your dinars to US then tell me how happy you are with the profit unless you are holding millions of dollars worth of dinar. Alot of us arent holding millions so the only thing thats going to excite me is a 1dinar = $1.00 or better reval.

Many of us became excited when banks began exchanging dinars and we all went from pretty paper in a box to a tradable currency with a small profit. Since many have been involved in this investment for several years and not like some, for only a couple of months, I can understand why some might be frustrated and negative. I realize that levels are not what some would want, however, we have had a significant rise in the value of this currency in a short period of time. Based on the economic fundamentals and not specualtion or rumor or he said she said or any other humma-humma-frick-frack, one can, assuming they have any understanding of economic issues, to expect a healthy re-evaluation of this currency to impressive levels. Thank You.

one can expect a healthy re-evaluation of this currency to impressive levels.


Now THAT'S a quote!!!

Stik

Depositors cache their cash to dodge gangs, bribes, lines
James Palmer, Chronicle Foreign Service

Wednesday, February 21, 2007


(02-21) 04:00 PST Baghdad -- A trip to the bank, like so many routine activities in Iraq, often entails extraordinary measures. In addition to the death-defying risk of stepping out into the street, a would-be depositor has to be wary of criminal gangs and crooked clerks fishing for bribes. Lesser inconveniences include caps on wire transfers, weeklong delays for checks to clear, limited supplies of high-value notes and hours waiting in line.

So, as more Iraqis spend more of their time staying home, that is where they are also stashing their money.

"You must keep it somewhere," said Abd Ali Radi, the 56-year-old owner of a modest bus company. "This is a problem for all Iraqis today."

Radi recalled a recent trip to his bank in Baghdad. Nervously edging ahead in line toward a teller's window he heard the familiar sound of someone injecting a cartridge of bullets into the chamber of an automatic pistol.

At which point, Radi fled.

Ali Al-Ajeely, a 48-year-old travel agency owner who handles large amounts of cash, avoids the city's depositories altogether. Although Iraqi banks guarantee their depositors' holdings, "It's safer to stay away," Al-Ajeely said, an opinion shared by Hamza Own, a 47-year-old waterworks contractor.

"I have better ways of storing my money," he said.

Bank officials are keenly aware that many of their institutions have suffered brazen daylight heists from their main offices, branches and armored vehicles.

"Most banks handling cash have experienced large robberies -- a million here, another million there," said Foud Mustafa, managing director of the Credit Bank of Iraq.

The robberies have forced some financial institutions to downsize their businesses.

Zuhair Al-Hafidh, 70, managing director of the Ashur National Bank, says he has just 50 million dinars in hand -- roughly $38,500 -- and only two offices in the country, including one in Baghdad with just 25 employees.

"Smaller is better now," said Al-Hafidh, whose bank focuses on the investment sector.

Meanwhile, in a city where 100 people or more are killed every day, many residents find it more practical to hold their money near their loved ones.

"Keeping money in the house is better than keeping it in the bank because if anything happens to you, your family has the money," said Al-Ajeely, the travel agent.

Those who don't have that option -- because they handle too much cash in this largely cash-driven economy to keep it stuffed in a mattress -- have other problems.

Raad Mohammed Salman, 45, whose company transports oil, complains of corrupt bank clerks who commonly press for bribes of 50,000 Iraqi dinars, or about $38.50, to complete a 30 million dinar transaction ($23,122).

"They know I have good contracts with the Oil Ministry," Salman said.

Waal Abdul Mutalab, a 39-year-old currency exchanger, who handles tens of thousands of dollars daily, delivers cash deposits to his bank on a motorcycle, rather than on foot.

Once inside, Mutalab said, his greatest hassle is avoiding long lines of government pensioners. "I have to arrange an appointment so I can finish quickly," he said.

Today, 21 banking companies operate in Iraq, but financial experts warn that is not enough to serve the population and finance the rebuilding of the country.

The Credit Bank of Iraq planned to create 55 branches following the fall of Saddam Hussein, but after the recent closing of two branches in Baghdad it now has only 12 offices open across the country, though its assets have climbed to more than $387 million, according to Mustafa, the bank's director.

Meanwhile, international banks are hesitant to get involved.

"We have no dealings with foreign banks now," said Farzdak Abdal Razak, a manager at the Middle East Investment Bank in Baghdad. He said that talks regarding a merger with Citibank officials in Jordan collapsed in the past year.

Bank directors in Iraq still dream of adding branches, of foreign investors knocking on their doors, and of ATM machines operating 24 hours a day.

Al-Ajeely, the travel agent, has a more modest banking method. "I keep it in my pockets," he said.

This article appeared on page A - 9 of the San Francisco Chronicle


Depositors cache their cash to dodge gangs, bribes, lines

Originally Posted by Wm.Knowles

Many of us became excited when banks began exchanging dinars and we all went from pretty paper in a box to a tradable currency with a small profit. Since many have been involved in this investment for several years and not like some, for only a couple of months, I can understand why some might be frustrated and negative. I realize that levels are not what some would want, however, we have had a significant rise in the value of this currency in a short period of time. Based on the economic fundamentals and not specualtion or rumor or he said she said or any other humma-humma-frick-frack, one can, assuming they have any understanding of economic issues, to expect a healthy re-evaluation of this currency to impressive levels. Thank You.

Thank you Mr. Knowles;

the thing about your post that caught my eye is where you stated "a significant rise" and bells and whistles went off. Now where have I seen that before? When was it? And who said it?

I believe it was an Iraqi guy in a position of power and authority. And it must have been 6 months to a year ago? and I believe the forum brainiacs deduced that at that time this term "significant" meant something quite different than what you intend. All a matter of perception, I percieve.

Right at this moment I would glady let a portion of my dinar go. catch up on bills and keep the collectors off my back. I would settle for 0.31 cents on the dinar, but it really looks like a while longer to worry about the RV price. It will happen SOON---at least thats what some of the top guns say. I'm still waiting. Want to meet the whole gang. LOL

Originally Posted by Wm.Knowles

Many of us became excited when banks began exchanging dinars and we all went from pretty paper in a box to a tradable currency with a small profit. Since many have been involved in this investment for several years and not like some, for only a couple of months, I can understand why some might be frustrated and negative. I realize that levels are not what some would want, however, we have had a significant rise in the value of this currency in a short period of time. Based on the economic fundamentals and not specualtion or rumor or he said she said or any other humma-humma-frick-frack, one can, assuming they have any understanding of economic issues, to expect a healthy re-evaluation of this currency to impressive levels. Thank You.

humma-humma-frick-frack. Now there's one to take home with you. That sounds like something that would have come out of my bizarre, hilarious family. I'm taking it home. thank you William, you've made my day.
hummahummafrickfrack indeed. marvelous.

Briefing En Route Baghdad, Iraq


Secretary Condoleezza Rice
En Route Baghdad, Iraq
February 17, 2007

SECRETARY RICE: All right, I thought we would just spend a few minutes
talking
about the Baghdad stop. We've talked a lot about the Middle East stops.
But I
think it's an important time, good time to go to Baghdad. The Baghdad
security
plan is just beginning to unfold and I think it's important to realize
that it
wasn't ever intended to be a sort of single day; it was intended to
ramp up
over time. And I will have an opportunity to talk to the Prime Minister
about
how he views the start of the plan.

I'm looking forward to talking to our people about how we are coming
with the
elements of support that are needed from state and economic agencies on
the
political side, on the economic side. But I also intend to have a
meeting with
a number of the Iraqi leaders who I think form a kind of centrist group
that
can help support the Prime Minister and the government in what they're
trying
to do in bringing population security to their people, in bringing down
the
level of sectarian violence and delivering services and jobs to the
people. I
think at this point we're really only checking inputs because it's too
early to
expect there to have been real results from the plan. But I do want to
make
certain that everybody feels that we're getting the right input. So
that's the
purpose of this Baghdad stop.

QUESTION: How would you rate Prime Minister Maliki's performance at the
moment?
You have been critical in the past. Do you think he really is committed
this
time and that his commitment is -- so far in terms of the security
clampdown he
has pulled out all the stops to get it -- to move it forward?

SECRETARY RICE: I've been quite impressed with his performance and the
performance of his government thus far. The speech that General Abboud
gave a
few days ago in which he talked about really the commitment of the
government
to even reconstruct neighborhoods that had been torn apart by sectarian
violence was really a remarkable speech and I think showed a dedication
to
ending the sectarian violence and bringing about -- I can read sign
language,
right? And bringing about an end to the sectarian violence and really
being
even-handed in a way that the population is protected I think has been
very
impressive.

And I'll have a better sense when I get there of how the input side is
going,
but my impression from the briefings that we've had back home is that
the
Iraqis are showing up, they are doing the job alongside their coalition
counterparts and that they're off to a good start.

QUESTION: (Inaudible.)

SECRETARY RICE: Well, it's the beginning, clearly. But I do sense that
the
strength of commitment -- the Prime Minister has spoken about this plan
probably four or five times to the population to really bring the kind
of
support for the plan that's needed from the population as well as from
the
political leadership. And I think it's been impressive thus far. But
again, I
think we don't know about results and we're going to have to continue
to work
on the input side.

I do want to understand better how well the Iraqis are doing or how
well they
think they're doing on some of the national reconciliation issues. It
seems to
me that those need to move along more quickly. They've made a lot of
progress
on the oil law. It would be good if that gets finished. And they need,
obviously, on laws like de-Baathification and provincial elections to
move
ahead, although we understand the council of representatives is going
to be in
recess but there's a lot of work that can be done by the cabinet to get
ready
for when the council is ready to come back and consider the
legislation.

QUESTION: If I could ask you to follow up on that. You've spoken in the
past
about the need for the Maliki government to meet benchmarks and to show
progress on some of those national reconciliation issues. At least by
my count
from the document that he gave the government last year, gave the U.S.
Government last year outlining some of those benchmarks, they haven't
actually
fully met any of them. At what point does -- you know, essentially do
benchmarks cease to be the measure of progress for you?

SECRETARY RICE: Well, you know, the wait for progress can't be endless,
but we
track not just the end points but the process itself. And I do think
particularly on the national oil law there's been a lot of progress
made and
they seem to be very close to concluding that oil law. And so it's
really
important that they complete it, but it's also important that they've
made
progress.

One of the issues that I'd like to get a better sense for is how they
think
they're doing on de-Baathification, for instance, which has been a real
issue
because that touches people's lives in the Sunni community. You'll
remember
that with the initial de-Baathification initiative that they took,
there were
teachers and people who couldn't hold their jobs and so it obviously
has a real
impact on the lives of ordinary Iraqis and so I will want to see how
they think
that process is going. But obviously, the end point is really
important, but
when they're making progress that's also important to note.

QUESTION: Are you concerned that as the security drive has gotten
underway that
a lot of the militia and insurgents seem to have melted away, and
whether or
not that's a positive sign that actually may be making steps towards a
reconciliation going about, or are you afraid that they're not simply
going
away to come back and fight (inaudible)?

SECRETARY RICE: Well, a lot depends on how the Iraqi Government uses
whatever
breathing space militia -- if, in fact, militias have decided to stand
down and
stop killing innocent Iraqis, or death squads or the militias, that
can't be a
bad thing. That's got to be a good thing. But how the Iraqis use the
breathing
space that that might provide is what's really important. Is there
really
progress on political reconciliation? Is there progress on bringing
people into
the political process who have been outside of it? Is there progress
neighborhood by neighborhood in showing that the Iraqis, following on
what we
can do, are prepared to deliver jobs and opportunity and reconstruction
to
these areas that have been hard hit by sectarian violence?

So I don't know the full story. I think none of us know the full story
of
precisely what the militias are doing, but if there is a diminution in
the
violence as a result, if they’ve decided that they're not going to
challenge the Baghdad security plan, then the use of that time for good
purposes could make the situation much more stable. And in any case,
eventually
these militias have to be dismantled anyway.

QUESTION: There's been a lot of discussion over Iran's involvement in
stoking
up the violence in Iraq. How involved do you think Iran's leadership is
in
this?

SECRETARY RICE: Well, I think the President covered this very well the
other
day. We know and I think there's a lot of evidence that Quds force has
been
involved in activities in Iran that are destabilizing. We went to the
Iranian
Government almost -- well, more than a year ago, a year and a half ago,
to say
that we were concerned about these explosive -- highly explosive IEDs.

And the DNI has said that it's hard to imagine a circumstance in which
this
kind of activity would take place without the knowledge of Iranian
Government,
but I can't -- I don't think -- I certainly can't and I don't believe
the US.
Government can give you chapter and verse about the involvement of the
leadership of the Iranian Government. But I think you have to hold the
Iranian
Government as a whole accountable for the activities of its constituent
parts,
and that's why we would appeal to the Iranian Government to play a
stabilizing
role instead of a destabilizing role in Iraq. But I can't give you
chapter and
verse on what the leadership does and does not know.

QUESTION: I know you've been asked this a million times, but do you
have any
plans in the near future to speak directly to Iran about its
interference or
alleged interference in Iraq?

SECRETARY RICE: Well, we talk all the time to the Iraqi Government
about this
issue and they talk to the Iranians. At this point we have, of course,
delivered messages in the past to the Iranians that say please, you
know, stop
this activity, this is destabilizing the region and it's killing our
soldiers.
But we have the -- we have channels that we have used from time to
time, and on
this particular issue we have communicated to the Iranian Government
our
concerns about these activities.

QUESTION: Can you talk a little bit more about the meeting with some of
the
other politicians you're seeing? Who are they and is there any concern
that by
meeting with them it would appear to undercut your support for Maliki?

SECRETARY RICE: Well, Iraq, as inchoate as it is, it is a democratic
government. And in a democracy, the elected leader, elected leaders,
need to
support various constituencies. And that's what my message is going to
be to
these leaders with whom I'm meeting. Sean can give you the complete
list, but
it's President Talabani and I think [Barham] Salah and others. I don't
have the
full list myself. But I've met with all of them at one point in time --
one
time or another before.

And these are all people who have a stake in a unified, democratic,
stable,
nonsectarian Iraq. Tariq al-Hashimi, for instance, will be there. And
these are
people who have at various times made statements, offered support in
policy,
and indeed made sacrifices in the case of somebody like Hashimi, who
has lost
family members, of their dedication to that goal. And that is Prime
Minister
Maliki's goal and he needs the support of other leaders. We very often
talk
about whether the Maliki government can deliver and sometimes it
actually gets
personalized: Can Maliki deliver? Well, this is a group of leaders that
needs
to deliver and they need to be supportive of what is being done there.
They
need to be out with their constituencies working on these issues. And I
think
they want to do that, and so that's what I'm going to be encouraging.

QUESTION: Could you maybe bring us up to date on the PRTs and the
expansion of
the PRTs because (inaudible) want to talk about that, but I'm not quite
sure
what the situation is.

SECRETARY RICE: Well, we are ready to expand the PRTs. We have agreed
to expand
them into a number of areas, but we're putting early emphasis on
Baghdad,
neighborhoods in Baghdad, and then Anbar to accompany the surge in
military
forces with a political and economic surge as well. We're doing fine in
terms
of staffing them from the State Department point of view. We've
identified the
people who are going to lead them, who are going to be the political
officers
and so forth.

But State has agreed to be the recruiter -- is the way to think of it
-- for
other civilians who will be a part of the PRTs. And we don't have in
the
Foreign Service agronomists and engineers; we have to go out and
recruit them
and -- buy contracts from the civilian population. But we and DOD are
working
through the details of how we would do that, what kinds of skill sets
we need,
and we're already heavily into the process of recruiting those people.
We look
forward to the passage of the supplemental so that we can then fund
that
recruitment. But I feel good about what we have done in terms of the
Foreign
Service call and the response of people to that call. It's now a matter
of
getting other civilians in.

But it gives me an opportunity to say that it just demonstrates the
importance
of what the President mentioned in his State of the Union, which is a
civilian
reserve corps, because we just don't have a mechanism for widespread
recruitment of civilians with different kinds of expertise to engage in
this
kind of state-building activity. And you'd like that not to have to be
the
military, not to have to be the reserve, but to be civilian. But it
takes a
while to recruit them, and if we had a civilian reserve corps they'd
already be
there and trained and they would be people who knew that they could be
called
to go to Iraq or Afghanistan.

And it's something that I think is overdue. I think going all the way
back to
the Balkans really we've needed this kind of civilian reserve corps. We
learned
the lesson in the Balkans. We learned the lesson in Afghanistan. We've
needed
those people in Haiti. We've needed those people in Liberia. We need
them in
Iraq. And given that we're going to be, I think, helping in a lot of
post-conflict stabilization efforts, then I hope that we will do that.
And I've
found a lot of support for this concept on the Hill and we're going to
be
working very closely with the Congress to try to put that together.

QUESTION: Madame Secretary, when do you think you'll be able to go to
Baghdad
on an announced visit and arrive and have an official delegation meet
you?

SECRETARY RICE: I don't know. Obviously, the security situation is not
as we
would have liked it to be and not as we would have hoped it would have
been It
is a difficult situation in which this kind of travel can't be, kind
of,
broadcast in advance. But it'll happen. You know, it'll happen. Right
now, you
have a lot of very violent people who are trying to really do away with
the
dreams of a lot of Iraqis who would just like to have a stable life,
who I
think in their own way are proud of their democracy. I have met with
Iraqi
women legislators and with university students and with others, and in
their
own way they're proud of their democracy.

But it's under attack. And part of the reason for the President's
decision -- a
lot of the reason for the President's decision to enhance our military
and
political and economic presence there is to hasten the day when Iraqis
can
protect themselves and in which the kind of violence that they're
experiencing
right now won't be the case any longer.

QUESTION: Thank you.

2007/T3-3


Released on February 17, 2007

Originally Posted by Wm.Knowles

Many of us became excited when banks began exchanging dinars and we all went from pretty paper in a box to a tradable currency with a small profit. Since many have been involved in this investment for several years and not like some, for only a couple of months, I can understand why some might be frustrated and negative. I realize that levels are not what some would want, however, we have had a significant rise in the value of this currency in a short period of time. Based on the economic fundamentals and not specualtion or rumor or he said she said or any other humma-humma-frick-frack, one can, assuming they have any understanding of economic issues, to expect a healthy re-evaluation of this currency to impressive levels. Thank You.

I think you could have a wonderful career in politics. Usually your posts are showing quite a bit of insider understanding of the whole ball of wax. Maybe today there just isn't anything new to impart, but on the whole, that was a mouthful of paragraph. I'm just not real sure what it is you said.

Originally Posted by arvie

None of us are sure if the dinar will pay off at all.

Do you always refer to yourself as "us"? LOL because I most certainly am sure that the dinars will pay off in spades just don't know when.

New one Started Here: http://www.rolclub.com/iraqi-dinar-d...hink-tank.html