Thread: Iraq/Dinar News. 09/05 to 01/14/07

hi mike...last week u left me a message stating that the going rate for dinars was 860 US dollars for 1 million dollars...is that still the rate?..if it is i would like to purchase 2 million dinars....if u could do the math including shipping and handling to my home address here in louisiana i would gladly send u a cashier's check for the amount...then u could place the order for me since u know where to purchase them and have them shipped to my address....i trust u with my money...i've seen u on rolclub forum and u seem to b an honest man....if u would leave me the amount and ur mailing address so i could send u the cashier's check.....plase leave me a message..on this forum...thanx....Pat

Originally Posted by bigopie

hi mike...last week u left me a message stating that the going rate for dinars was 860 US dollars for 1 million dollars...is that still the rate?..if it is i would like to purchase 2 million dinars....if u could do the math including shipping and handling to my home address here in louisiana i would gladly send u a cashier's check for the amount...then u could place the order for me since u know where to purchase them and have them shipped to my address....i trust u with my money...i've seen u on rolclub forum and u seem to b an honest man....if u would leave me the amount and ur mailing address so i could send u the cashier's check.....plase leave me a message..on this forum...thanx....Pat

Hi Pat,

No problem, look in your PM box for details as it is working again.

Regards, Mike

Mike check your PMs... I sent a real good one!

share it with us mad scot

Tony

http://www.middleeastforex.com/index.php?section=109

If Iraq join, and there is a lot of indication they will then their own currency has to be around what the other middle eastern countries is by then if not a year or so before for stability purposes. Seeing as the lowest other currency is the Saudi Riyal at .26 to the dollar out of all the 6 states aside from Iraq then we can see the dinar being at least that by then. Hopefully a lot sooner.

Here's some info I dug up:



There are many who believe that Iraq will be part of the GCC or Gulf Cooperation Council in the year 2010. The Gulf Cooperation Counsel is a 6 member counsel of the gulf states of Kuwait, Saudi Arabia, Qatar, Bahrain, the United Arab Emirates and Oman. They are schedualed to all come under one currency (similar to that of the Euro) in 2010. These countries all have 3 things in common...

1. They are all gulf states.
2. They all have oil.
3. They are all going to peg that new currency to the dollar.

The Gulf Cooperation Council seeks to strengthen cooperation (in areas such as agriculture, industry, investment, security, and trade) GCC members have agreed
to establish a customs union in 2005 and a broader economic union (including a single market and currency) by 2010.

The presidency of the Gulf Cooperation Council rotates yearly among members. Council headquarters are in Riyadh, Saudi Arabia

Based on the news articles below we can come to the conclusion that the GCC wants Iraq and vise versa...

New Iraq Can Join GCC: Bahraini Minister

"MANAMA, 19 October 2003 — Post-Saddam Hussein Iraq is in a position to join the Gulf Cooperation Council (GCC), either partially or as a full member, a Bahraini minister said yesterday. “I believe Iraq is in a position to join the GCC, either partially or as a full-fledged member,” Trade Minister Ali Saleh Al-Saleh told reporters."

Iraq Seeks GCC Entry

Associated Press, Arab News

KUWAIT CITY, 7 December 2003 — A member of Iraq’s Governing Council said yesterday that his country wants to join the six-nation Gulf Cooperation Council and has the right to belong to the regional organization.

Ibrahim al-Jaafari, a member of the US-appointed Iraqi council, made the statement two weeks before a summit meeting of GCC leaders is scheduled in Kuwait.

“We believe that the new Iraq has to be a member of the GCC,” Al-Jaafari told reporters on the sidelines of a conference on Islamic groups and political reform. “(Iraq) doesn’t only have the right to belong, it can also offer strong backing and support for the Gulf countries.”

The council groups Kuwait, Saudi Arabia, Qatar, Bahrain, the United Arab Emirates and Oman. Iraq was never a member, but it was represented in some of the GCC’s cultural and sports organizations.

Iraq’s ties to the organization were cut when President Saddam Hussein ordered the invasion of Kuwait in 1990 and the Iraqi Army occupied the country for seven months. A US-led coalition liberated the country in the 1991 Gulf War.

“Iraq is a country that overlooks the Gulf, this is a truth... it is actually an Arab Gulf country,” Al-Jaafari said. If the regime of Saddam Hussein was an obstacle, it is gone now, he added.
Al-Jaafari said he has discussed this with all Gulf states and “found nothing but positive positions.” Ties between Kuwait and Iraq were severed until the United States and Britain invaded Iraq and removed Saddam from power in April.

Iraq 'not healthy enough' for GCC
Thursday 15 July 2004, 11:56 Makka Time, 8:56 GMT

Don't expect Iraq to join the Gulf Cooperation Council (GCC), says Iraq's president. At least not yet.

It is unrealistic for Iraq to ask to join the six-member council due to the current political situation said Iraqi President Shaikh Ghazi al-Yawar on Wednesday.

"I believe this request is unrealistic," Yawar told reporters in Baghdad after meeting with members of the country's new appeals court.

"We in Iraq are not in a position that would allow us to impose upon our brothers (such a request)."

He said Iraq faces a lot of problems and is in no position to join "a very organised and healthy body," like the GCC, which groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Economic quarantine

Yawar likened a request by Iraq to join the GCC to someone with a severe cold asking to come into your home.

"Maybe, in the future, when Iraq recovers, by then, these countries will be ready to accept the democratic Iraq. We will play an important role," he said.

The GCC and its member countries have welcomed the interim government installed by US-led occupying forces.

Before Saddam Hussein's invasion of Kuwait in 1991 and the end of diplomatic ties between Iraq and the GCC states, Baghdad was granted the status of observer during some of the council's summits and meetings.

Furthermore given this table courtesy of JeffP, we can see that the 6 gulf states are equally divided economicaly in reguards to their currency...

1 US Dollar = 3.75020 Saudi Riyal -current banknotes:1,5,10,20,50,100,500
1 Saudi Riyal (SAR) = 0.26665 US Dollar (USD)

1 US Dollar = 3.64000 Qatari Rial - current banknotes:1,5,10,50,100,500
1 Qatari Rial (QAR) = 0.27473 US Dollar (USD)

1 US Dollar = 3.67450 Utd. Arab Emir. Dirham -current banknotes: 5,10,20,50,100,200,500,1000
1 Utd. Arab Emir. Dirham (AED) = 0.27 215 US Dollar (USD)

----This space officially reserved for Iraq ----

1 US Dollar = 0.37701 Bahraini Dinar -current banknotes:1/2,1,5,10,20
1 Bahraini Dinar (BHD) = 2.65245 US Dollar (USD)

1 US Dollar = 0.38599 Omani Rial -current banknotes: 1,5,10,20,50
1 Omani Rial (OMR) = 2.59074 US Dollar (USD)

1 US Dollar = 0.29353 Kuwaiti Dinar -current banknotes: 1/4,1/2,1,5,10,20
1 Kuwaiti Dinar (KWD) = 3.40681 US Dollar (USD)

yo Ad,
this reads in a kind of double way. I get on one hand that it could be until 2010 until things happen, and on the other hand it could be sooner than later. What's your current take? Did I not read this thoroughly enough? Probably the seismic waves from over at Pips. Has affected my mind.

hey mike...thanx for answering...i checked my P.M. box....i replied to u in ur box but they say u have too many P.M.'s in there....lol...so clear them out and u gonna see mine....if the figure i posted on there is correct.let me know...it will b a ""GO""...i will then send u the cashier's check tomorrow...at the address and under ur company name as u posted....just leave me a message in my box or on here...again...thanx...Pat

ourhouse37,

My own take is Iraq will be part of the GCC in 2010. And to be part of it and have one currency, bit like the Euro across Europe their rate needs to be around Saudis by then which is .26 to the dollar. I believe we'll be at that rate within 12 months from now.

Have a look at this guys, just dug it up from some research.

Have a read of this, could it explain why recently we are seeing 2 symbols for the dinar on the charts on ADVFN and other sites....A reval is on its way....

Checkout the 'Also if a currency is revalued' part below.....

http://en.wikipedia.org/wiki/ISO_4217


The first two letters of the code are the two letters of ISO 3166-1 alpha-2 country codes (which are similar to those used for national top-level domains on the Internet) and the third is usually the initial of the currency itself. So Japan's currency code becomes JPY—JP for Japan and Y for yen. This eliminates the problem caused by the names dollar, franc and pound being used in dozens of different countries, all with wildly differing values. Also, if a currency is revalued, the currency code's last letter is changed to distinguish it from the old currency. In some cases, the third letter is the initial for "new" in that country's language, to distinguish it from an older currency that was revalued; the code often long outlasts the usage of the term "new" itself. Examples of this include the Mexican peso (MXN) and the Turkish lira (TRY). Other changes can be seen, however; the Russian ruble, for example, changed from RUR to RUB, where the B comes from the third letter in the word "ruble".

There is also a three-digit code number assigned to each currency, in the same manner as there is also a three-digit code number assigned to each country as part of ISO 3166.

The standard also defines the relationship between the major currency unit and any minor currency unit. Often, the minor currency unit has a value that is 1/100 of the major unit, but 1/10 or 1/1000 are also common. Some currencies do not have any minor currency unit at all. In others, the major currency unit has so little value that the minor unit is no longer generally used (e.g. the Japanese sen, 1/100th of a yen). Mauritania does not use a decimal division of units, setting 1 ouguiya (UM) = 5 khoums, and Madagascar has 1 ariary = 5 iraimbilanja.

But I don't understand... If Iraq is to join the GCC, which will have its own currency (like the Euro), doesn't that mean then, that the dinars will be worthless? Because there will be a new currency?
Karin

Ah, but not all Euro members use the Euro so there's no reason why all GCC countries would abolish their own currancies either.