Thread: Iraq/Dinar News to April 19, 2007 10PM CST

Demand for the dollar was down in the Iraqi Central Bank’s daily auction on Tuesday, reaching $ 59.505 million compared with $49.825 million on Sunday, as the Central Bank fixed the exchange rate at 1,272 dinars per dollar until Thursday.

In its daily statement, the bank said it had covered all bids, which included $9.485 million in cash and $50.020 million in foreign transfers, at an exchange rate of 1,272 dinars per dollar, unchanged from last week.

A source at the Iraqi Central bank told the independent news agency Voices of Iraq (VOI) "the exchange rate is fixed at 1,272 dinars per dollar until Thursday."
None of the 14 banks that participated in Tuesday's auction offered to sell dollars.

The auction did not convene on Monday as the Iraqi government imposed a curfew on Baghdad on the fourth anniversary of Baghdad's fall.

Abdul-Razzaq al-Abaiji, an economist, who praised the bank's decision to fix the exchange rate at 1272 dinars per dollar told VOI, "the fixed exchange rate has encouraged traders to make more bids in today's session."

The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Higher demand for dollar as exchange rate fixed till Thursday in auction | Iraq Updates

Neno, what's the news you are holding? Cause I see you closed all the other threads...Something that we should be aware of, or just closing and closing?...

Books : dhrgham on Wednesday, April 11, 2007 1:53 PM-BT

High demand for the dollar in an auction Central Bank
Dargham of Muhammad Ali
Badad - (Voices of Iraq)
The demand to buy the dollar today, Wednesday, at its request, recording the volume reached 73 million and 395 thousand dollars, compared to 59 million and 505 thousand dollars yesterday, Tuesday,.
Such procurement requests by six million and 495 thousand dollars in cash and 66 million and 900 thousand dollars in the form of remittances outside the country covered by the bank fully fixed rate of exchange amounted to 1272 dinars, which is the same rate yesterday and other days this week from circulation.
While he did not make any of the 12 banks participating in the auction, offers to sell the dollar to the bank.
He explained to Mr. Yasiri, one dealing with the World News Agency (Voices of Iraq) Independent today that the reason for the high demand is to increase remittances governmental organizations, and demand for dollar cash retreat at the end of the term stabilization of the price of the dollar today, Wednesday, and the potential to decrease the rate of exchange tomorrow Hames.

Version traduite de la page http://www.aswataliraq.info/?newlang=ara

Originally Posted by pipshurricane

Books : dhrgham on Wednesday, April 11, 2007 1:53 PM-BT

High demand for the dollar in an auction Central Bank
Dargham of Muhammad Ali
Badad - (Voices of Iraq)
The demand to buy the dollar today, Wednesday, at its request, recording the volume reached 73 million and 395 thousand dollars, compared to 59 million and 505 thousand dollars yesterday, Tuesday,.
Such procurement requests by six million and 495 thousand dollars in cash and 66 million and 900 thousand dollars in the form of remittances outside the country covered by the bank fully fixed rate of exchange amounted to 1272 dinars, which is the same rate yesterday and other days this week from circulation.
While he did not make any of the 12 banks participating in the auction, offers to sell the dollar to the bank.
He explained to Mr. Yasiri, one dealing with the World News Agency (Voices of Iraq) Independent today that the reason for the high demand is to increase remittances governmental organizations, and demand for dollar cash retreat at the end of the term stabilization of the price of the dollar today, Wednesday, and the potential to decrease the rate of exchange tomorrow Hames.
Version traduite de la page http://www.aswataliraq.info/?newlang=ara

GIVE US A HUGE DECREASE PULEEEEEEEEZE

Originally Posted by rvalreadydang

Baghdad / justice : an economic expert expected to witness the next five years a qualitative shift in the banking service in Iraq, said a member of the Iraqi Center for Economic Reform, Dr. Mohamed Saleh appearance of the National Iraqi News / Nina / Tuesday : " ان .That the potential and substantial financial resources to Iraq and in particular the proceeds of oil wealth will lead to a qualitative shift in the financial and investment climate and to prepare for the competitive financial influential in the Middle East and the Arabian Gulf over the next five years. .He added : "This will be achieved provided that Iraq rid itself of the burden of the debt altogether and start of reconstruction and rehabilitation of infrastructure. Saleh pointed out : The retreat of a bank in Iraq among the countries economically faltering and the starting point of which should begin for building advanced banking, and continued : "that Iraq was in the forefront of developed banker in the Middle East during the 1950s, specifically if it is allowed to continue in the circumstances of the prosperous countries in the class of the Asian tigers, Saleh went on : "We need today to the human factors and material paid to the requirements of banking front of the Civil faster and foremost provide good bank with broad prospects are beyond the traditional environment and the interaction is purely professional manner
ÌÑíÏÉ ÇáÚÏÇáÉ ÇáÚÑÇÞíÉ - ÎÈíÑ ÇÞÊÕÇÏí íÊæÞÚ ÊØæÑ ÇáÎÏãÉ ÇáãÕÑÝíÉ

there you have it. debt relief FIRST.

ABOUT TIME THE PRESIDENT GETS PISSED OFF WITH THE PARLIAMENT DRAGGING - GET THEM TO WORK!

President stresses to activate parliamentary work

April 10, 2007April 10, 2007

استقبل رئيس الجمهورية جلال طالباني، في مقر إقامته ببغداد يوم الثلاثاء 10-4-2007، نائب رئيس مجلس النواب الشيخ خالد العطية.President Jalal Talabani, at his headquarters in Baghdad on Tuesday, 4 - 10-2007, Deputy House Speaker Sheikh Khalid al-Attiya.
و جرى خلال اللقاء بحث الأوضاع السياسية و الأمنية في البلاد.During the meeting, and discuss the political and security situation in the country. كما ناقش الجانبان مشروع المصالحة الوطنية مع التأكيد على ضرورة تسهيل إصدار القرارات التي من شأنها إنجاح هذا المشروع وصولا الى تحقيق الأمن و الاستقرار و الازدهار الاقتصادي في البلاد.The sides also discussed the draft national reconciliation with emphasis on the need to facilitate the issuance of the decision that would bring this project in order to achieve security, stability and economic prosperity in the country.
و أكد الرئيس طالباني، خلال اللقاء، على ضرورة تحسين الظروف المعيشية للعراقيين، و إنعاش الاقتصاد العراقي.And President Jalal Talabani, during the meeting, stressed the need to improve the living conditions of Iraqis, and the rehabilitation of the Iraqi economy.
رئيس الجمهورية شدد أيضا على أهمية تفعيل العمل البرلماني و تقوية أداء مجلس النواب للاضطلاع بدوره في مراقبة السلطة التنفيذية.The President also stressed the importance of activating and strengthening the performance of Parliamentary the House to carry out its role in the control of the executive branch.

Originally Posted by rvalreadydang

Reduction of 80% of Iraq's debt



.Baghdad-East : The Iraqi Ministry of Finance to follow in order to reduce Iraq's debt implications as those efforts resulted in a reduction rate of 80%.
.An official source in the ministry said that work was continuing to reduce debt as it is hoped to reduce some of its debt to 100% while the number of countries that have reduced their debt currently / 54 / State. وأكد.The source confirmed that the follow-up efforts of the ministry would continue to cancel the final for the advancement of economic reality of the country, so as to ensure a decent life for all its citizens.
.The source pointed out that the ministry continue to follow up on the dues Iraq for the loans granted to some countries where the Iraqi Fund for the Development of Foreign debts up the Iraqi state and the benefits of it and according to time periods.


Translated version of http://www.alsharqiya.com/display.asp?fname=aboutus%5C2006%5C008.txt&storyti

debt gone satisfactorily = revalued dinar

Originally Posted by pipshurricane

Books : dhrgham on Wednesday, April 11, 2007 1:53 PM-BT

High demand for the dollar in an auction Central Bank
Dargham of Muhammad Ali
Badad - (Voices of Iraq)
The demand to buy the dollar today, Wednesday, at its request, recording the volume reached 73 million and 395 thousand dollars, compared to 59 million and 505 thousand dollars yesterday, Tuesday,.
Such procurement requests by six million and 495 thousand dollars in cash and 66 million and 900 thousand dollars in the form of remittances outside the country covered by the bank fully fixed rate of exchange amounted to 1272 dinars, which is the same rate yesterday and other days this week from circulation.
While he did not make any of the 12 banks participating in the auction, offers to sell the dollar to the bank.
He explained to Mr. Yasiri, one dealing with the World News Agency (Voices of Iraq) Independent today that the reason for the high demand is to increase remittances governmental organizations, and demand for dollar cash retreat at the end of the term stabilization of the price of the dollar today, Wednesday, and the potential to decrease the rate of exchange tomorrow Hames.

Version traduite de la page http://www.aswataliraq.info/?newlang=ara

Hello everyone. We know there is alot of controversy about the amount of dinars in print and what is the monetary policy of the CBI and if they are REALLY taking out money from circulation. Found this article on the Brand X forum. I thought I would hijack it and reprint it since it seems to be very relevant today. Supports the idea that they do have a plan... About the Hijacking.... Sooo sorry and if offended, you can bill me later... Thank you.

The Unique Situation of the Iraqi Dinar

A backgrounder on the Iraqi dinar, including details on why the Iraqi dinar is positioned for a huge rise in value.

* By: Roger Isaksson (email)
* Published: 09/11/2006
* this author's past articles
The Iraq Dinar is set up in a very simple, almost crude fashion. The set up was a quick fix after the invasion, seeing that the banking sector in Iraq was about as developed as a model T. Without a modern bank system in place, the "crude and simple" was chosen as a workable interim model.
A Brief History of the Dinar

With Saddam's face plastered all over it, the old dinar had to go. The Saddam dinar also was of very low quality, and could be easily forged on a simple copy machine.
After the invasion, new bills were immediately ordered, but due to the enormous amount needed, some of the old Saddam dinars continued to be printed and circulated until the new ones arrived.
The new dinar bills started to arrive, and they brought with them all the modern safety features one would expect. A wide spread of denominations was chosen, both to make the daily handling easier, and to cover for value variations in it's exchange. Finally, a reasonable time period was granted in order to allow the citizens of Iraq to swap the old Saddam, and "Swiss" dinar in.

The Central Bank of Iraq (CBI)

The Central Bank of Iraq (CBI) was set up as an auction system, with the CBI sitting on the newly printed currency, auctioning older outdated dinars and other foreign currencies with Iraqi banks for new dinars. Now that the currency exchange has been completed, the CBI also sends nearly half of it's daily auction of dinars to foreign banks in Kuwait, Jordan and beyond.
If you go to the CBI official website you will see the daily auction, the currency is now primarily sold in exchange for US dollars. The CBI is slowly but surely acquiring US dollars to help back the worth of the dinar. Everyday the amount of dollars in it's vaults increases.
The exact number of dinars in print, in circulation or on hold at the CBI is exactly known. By doing some very simple steps, full control is achieved through:

1. Limit the amount a person can bring with him if he is leaving Iraq, to a very small amount (in this case, 100,000 dinar);
2. Knowing the exact amount sold to banks outside of Iraq.
Once you know the amount of dinars out there, viola, you have complete control over it's fate. The CBI simply sells more or less to hold the dinar in a position exactly where they want it to be.
Given this situation, the dinar will not strictly be pegged. It has been called 'pegged' by some, but in reality you will have some small fluctuations on the dinar value, which you have likely noticed if you have followed it over time. These fluctuations are a balancing act by the CBI.
Simply put, truly pegged currencies don't move from the currency it is pegged to.
This is the basic Iraqi dinar system. Now some may already be asking, that if the Dinar is endlessly sold, wouldn't it flood the market, making them worthless? No, because you have exchanged your US dollars for your dinar, which helps to back the dinar through the above explained CBI mechanism.
Now, this is a very temporary system. Interested readers will of course note that any currency that is not free flowing is a hindrance to full economic development. This fall, new Iraq investment laws are suppose to be passed by the elected Iraqi parliament, allowing international investment companies (read: Big Oil) to invest.
At this very moment, oil company survey and geological teams are crisscrossing the desert, testing grounds, staking claims and hopefully not giving each other a black eye. Again, this is not Iraq government, US government, US Government contractors, US armed forces, etc. running around, this is oil companies. The future mega investment in Iraq which will help drive the economy forward...

Originally Posted by Wm.Knowles

Hello everyone. We know there is alot of controversy about the amount of dinars in print and what is the monetary policy of the CBI and if they are REALLY taking out money from circulation. Found this article on the Brand X forum. I thought I would hijack it and reprint it since it seems to be very relevant today. Supports the idea that they do have a plan... About the Hijacking.... Sooo sorry and if offended, you can bill me later... Thank you.

The Unique Situation of the Iraqi Dinar

A backgrounder on the Iraqi dinar, including details on why the Iraqi dinar is positioned for a huge rise in value.

* By: Roger Isaksson (email)
* Published: 09/11/2006
* this author's past articles
The Iraq Dinar is set up in a very simple, almost crude fashion. The set up was a quick fix after the invasion, seeing that the banking sector in Iraq was about as developed as a model T. Without a modern bank system in place, the "crude and simple" was chosen as a workable interim model.
A Brief History of the Dinar

With Saddam's face plastered all over it, the old dinar had to go. The Saddam dinar also was of very low quality, and could be easily forged on a simple copy machine.
After the invasion, new bills were immediately ordered, but due to the enormous amount needed, some of the old Saddam dinars continued to be printed and circulated until the new ones arrived.
The new dinar bills started to arrive, and they brought with them all the modern safety features one would expect. A wide spread of denominations was chosen, both to make the daily handling easier, and to cover for value variations in it's exchange. Finally, a reasonable time period was granted in order to allow the citizens of Iraq to swap the old Saddam, and "Swiss" dinar in.

The Central Bank of Iraq (CBI)

The Central Bank of Iraq (CBI) was set up as an auction system, with the CBI sitting on the newly printed currency, auctioning older outdated dinars and other foreign currencies with Iraqi banks for new dinars. Now that the currency exchange has been completed, the CBI also sends nearly half of it's daily auction of dinars to foreign banks in Kuwait, Jordan and beyond.
If you go to the CBI official website you will see the daily auction, the currency is now primarily sold in exchange for US dollars. The CBI is slowly but surely acquiring US dollars to help back the worth of the dinar. Everyday the amount of dollars in it's vaults increases.
The exact number of dinars in print, in circulation or on hold at the CBI is exactly known. By doing some very simple steps, full control is achieved through:

1. Limit the amount a person can bring with him if he is leaving Iraq, to a very small amount (in this case, 100,000 dinar);
2. Knowing the exact amount sold to banks outside of Iraq.
Once you know the amount of dinars out there, viola, you have complete control over it's fate. The CBI simply sells more or less to hold the dinar in a position exactly where they want it to be.
Given this situation, the dinar will not strictly be pegged. It has been called 'pegged' by some, but in reality you will have some small fluctuations on the dinar value, which you have likely noticed if you have followed it over time. These fluctuations are a balancing act by the CBI.
Simply put, truly pegged currencies don't move from the currency it is pegged to.
This is the basic Iraqi dinar system. Now some may already be asking, that if the Dinar is endlessly sold, wouldn't it flood the market, making them worthless? No, because you have exchanged your US dollars for your dinar, which helps to back the dinar through the above explained CBI mechanism.
Now, this is a very temporary system. Interested readers will of course note that any currency that is not free flowing is a hindrance to full economic development. This fall, new Iraq investment laws are suppose to be passed by the elected Iraqi parliament, allowing international investment companies (read: Big Oil) to invest.At this very moment, oil company survey and geological teams are crisscrossing the desert, testing grounds, staking claims and hopefully not giving each other a black eye. Again, this is not Iraq government, US government, US Government contractors, US armed forces, etc. running around, this is oil companies. The future mega investment in Iraq which will help drive the economy forward...

Anyone have a guess with the area I highlighted if that means this year or last year, fall of 2006?

National Iraqi News Agency

11 Apr 2007 16:37:04
Roadside bombs 27
12 roadside bombs deactivated north Hilla
11 Apr 2007 16:23:35
Blast 26
Blast near Baghdad mosque 11 Apr 2007 16:07:51
Operation 25
Al-Qaeda Emir captured in southern Baghdad 11 Apr 2007 15:53:39
Currency 24
USD sales hike, IQD stable 11 Apr 2007 15:41:37
Gratitude 23
Talabani thanks Americans for liberating Iraq 11 Apr 2007 15:30:18
Industry 22
Ministry of Industry provides state offices with electronic boards 11 Apr 2007 15:24:07
Comments 21
MP: Highlighting Barzani, Erdoğan comments conspiracy to derail article 140 11 Apr 2007 15:03:21
Flags 20
Iraqi flags removed from Sadr's office