Thread: Iraqi/Dinar News before 3-12-2007 7:45PM CentralTimeZone

Announcement No.(879)

D.G. of Foreign Exchange Control

The 879 daily currency auction was held in the Central Bank of Iraq day Thursday 2007/ 3/ 8 so the results were as follows :

Details Notes
Number of banks 11 -----
Auction price selling dinar / US $ 1279 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 54.145.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 54.145.000 -----
Total offers for selling (US $) ----- -----









D.G. of Investments

Daily price Bulletin buying and selling Thursday 2007/3/8

Currency
Currency Code
Selling Price In IQD
Buying Price In IQD

US Dollar
USD
1278.000
1277.361

European Euro
EUR
1680.314
1679.474

British Pound
GBP
2468.457
2467.223

Canadian Dollar
CAD
1084.429
1083.887

Swiss Franc
CHF
1046.855
1046.331

Swedish Krona
SEK
181.452
181.361

Norwegian Kroner
NOK
206.186
206.082

Danish Krone
DKK
225.616
225.503

Japanese Yen
JPY
10.978
10.973


The above price represent reference rate and does not from any commitment on the Central Bank of Iraq.

For me, it just hasn't been the same without you. If it wasn't for you, many of us here would not even have known about this investment. When you left I felt sad that we might not all see this thing through together.

Now it feels like the good old days again so, welcome back and let's hope the party begins VERY SOON!!!!!!!

My thanks, as always, to you and all the great members here who work so hard to keep us informed.

Keep those positive vibes going everyone!

Megansgirl

Originally Posted by Tigger1

Announcement No.(879)

D.G. of Foreign Exchange Control

The 879 daily currency auction was held in the Central Bank of Iraq day Thursday 2007/ 3/ 8 so the results were as follows :

Details Notes
Number of banks 11 -----
Auction price selling dinar / US $ 1279 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 54.145.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 54.145.000 -----
Total offers for selling (US $) ----- -----

They went the other way?

How long has it been since the CBI went back up? Is this the start of a retraction to shake out nervous speculators?

Originally Posted by Tigger1

Announcement No.(879)

D.G. of Foreign Exchange Control

The 879 daily currency auction was held in the Central Bank of Iraq day Thursday 2007/ 3/ 8 so the results were as follows :

Details Notes
Number of banks 11 -----
Auction price selling dinar / US $ 1279 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 54.145.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 54.145.000 -----
Total offers for selling (US $) ----- -----









D.G. of Investments

Daily price Bulletin buying and selling Thursday 2007/3/8

Currency
Currency Code
Selling Price In IQD
Buying Price In IQD

US Dollar
USD
1278.000
1277.361

European Euro
EUR
1680.314
1679.474

British Pound
GBP
2468.457
2467.223

Canadian Dollar
CAD
1084.429
1083.887

Swiss Franc
CHF
1046.855
1046.331

Swedish Krona
SEK
181.452
181.361

Norwegian Kroner
NOK
206.186
206.082

Danish Krone
DKK
225.616
225.503

Japanese Yen
JPY
10.978
10.973


The above price represent reference rate and does not from any commitment on the Central Bank of Iraq.

Ut roh...

Am I imagining this or did the price just go up 1 dinar from 1278 to 1279???

Zoiwks....

Originally Posted by dinartank

You make a very good valid point and opinion. But how much of a revaluation would make the dinar a valuable tool? What would be good enough to make the dinar stong but also encourage foriegn investment as this is what they want?

This question is a variation of the "how high will it rv". There seems to be two camps on this. One, is the gradual rise whose opinion is that it will open in the low areas of say, .05 etc. Not a popular opinion on this forum and can get you nasty PMs and make people upset. The other opinions are much more exciting and feel that it has to rv in the triple digits. Based on their (iraq) resources, removal of the curency and GOI budgets, the currency is still undervalued and could go very high. An RV is a process, not a singular event. Regardless of where it opens, it can continue to move upward based on a lot of factors. But when we concentrate on the fundamentals and facts, the GOI and the CBI are in a position to value this currency much higher and have said exactly that, "make imports cheaper", and use the dinar as a "valuable and powerful tool". Only one way to do this, increase the exchange rate. I believe this is going to make money for all of us and will be a process that stays with us for a very long time. If they plan to produce 6 to 8 MBD in a few years, then I still want to have dinar in the box when I see these oil production levels. We are not one time lottery winners, we are investors that should take a longer view of this and allow our investment to grow over time as Iraq continues to grow (IMHO). Thank You.

Originally Posted by megansgirl

For me, it just hasn't been the same without you. If it wasn't for you, many of us here would not even have known about this investment. When you left I felt sad that we might not all see this thing through together.

Now it feels like the good old days again so, welcome back and let's hope the party begins VERY SOON!!!!!!!

My thanks, as always, to you and all the great members here who work so hard to keep us informed.

Keep those positive vibes going everyone!

Megansgirl

Ahhhh, bless you, thanks Megan, good to hear from you too. Most welcome, we'll cross this line together, all of us.


I noticed the rate went the other way today. Nothing to worry about, not sure why they have done this, only Shabs knows I guess. Gearing up for something bigger maybe......Panicking speculators into offloading their 'wads' maybe.........Still down overall for the week but IF this continued going the other way I'm sure the IMF would have something to say........

Anyhow, Oanda is showing 1217 and have a look at this MENAFN has the dinar at 1212 shown by Stevo elsewhere.......The market will drive this rate up, supply and demand and from all accounts the dinar is getting harder to get hold of. Throw that in with a passed HCL, and enacted HCL, FIL and signed IC and imagine where the dinar could be at.

Hi,

It appears that quite a few countries close to Iraq are considering revalueing their currencies in the next month or so as the dollar is so weak- Do you think that the Iraqi,s will take this into account when revalueing and therefore add a cent or two to their original figure.

Apologies, not got time to go back to see if already posted and am sure our detectives here have posted it!


Key : Governor of the Central Bank : This year's budget focused on increasing the volume of investment in Iraq


بغداد ـ علي جاسم:Baghdad : Ali Jasim
Dr. Sinan Shabibi Governor of the Central Bank that this year's budget, the budget investment because it focused on the size of the investment Ziada.
.And Shabibi said that the Central Bank's role is to address the imbalance resulting from the development process that will produce changes in the the economic infrastructure master.


.He pointed out that the work of the Central Bank is to achieve development in a stable monetary attention through all means and policies achieve economic stability and moderation in the environment straight and moderate inflation rate.
.He continued : "Our budget for the preservation of resources, and will be achieved through combat inflation.
مStressing that the bank had several measures including raising the exchange rate of the dinar.
.He pointed out that the impact of this action on the budget through the impact on the purchasing power of the government, will increase by addressing inflation.
.He added Shabibi : Such a policy will increase the confidence dinars, which will pull some of the money to the banking sector and the rationalization of government spending for it the impact on inflation.
.He indicated that this action will lead to the reduction of prices of import goods such as private sector imports and the import of the government's development comes the transfer of the Iraqi dinar to the dollar.
He added that this policy at the time weakens the ability of the government to buy the dinar, it strengthens Aldenarabraghi owned by the government.
Pointing out that the bank wants as a means to affect the economic and monetary policy by making the dinar a valuable and powerful.


Translated version of ÌÑíÏÉ ÇáÕÈÇÍ ÇáÌÏíÏ

Originally Posted by abbey56

Hi,

It appears that quite a few countries close to Iraq are considering revalueing their currencies in the next month or so as the dollar is so weak- Do you think that the Iraqi,s will take this into account when revalueing and therefore add a cent or two to their original figure.

Maybe they'll all R/V at the same time !
.
..
.
.
.
.
.
.

Originally Posted by abbey56

Hi,

It appears that quite a few countries close to Iraq are considering revalueing their currencies in the next month or so as the dollar is so weak- Do you think that the Iraqi,s will take this into account when revalueing and therefore add a cent or two to their original figure.

They are staying one step ahead of Iraq and they believe Iraq is about to revalue its own currency. See this as a positive sign of what will unfold soon. IF and when there is a unified currency Iraq would have to have a rate at that point in parity with the GCC countries and 1260-1279 is not that.