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

Originally Posted by One Oar

Another with a little different wording


Voices of Iraq: Iraq-Currency
Posted by: saleem on Sunday, October 29, 2006 - 01:25 PM
Iraq-Currency
Iraqi central bank sells $61.420 million to meet high demand
By Dergham Mohammed Ali
Baghdad, Oct 29, (VOI) – Demand for the U.S. dollar was higher in Iraq’s Central Bank auction on Sunday after a ten-day-recess during the Eid al-Fitr vacation at the end of the holy Muslim fasting month of Ramadam.
The demand for the U.S. dollar jumped to $61.420 million on Sunday from $43 million in the previous session.
Banks bid for $34.580 million in cash and $26.480 million in transfers abroad, the central bank said in a statement.
It said the bank covered all demand at 1,471 dinars a dollar, one dinar higher than the previous session.
None of the banks that participated in the auction offered to sell dollars.



I went and checked the CBI chart- I don't see a 10 day recess.
There were 6 consecutive days from the 23rd to the 28th.
Other no auction days for the month were sporadic.
You gotta be freakin Sherlock Holmes with this bunch

How do we know that some of those auctions posted actually took place....could be a smoke-screen....Sounds like they are trying to keep the hounds off the trail for as long as possible....GIVE IT UP YOU HAVE BEEN TREE'D.....Just reval!!!

Originally Posted by One Oar

Another with a little different wording


Voices of Iraq: Iraq-Currency
Posted by: saleem on Sunday, October 29, 2006 - 01:25 PM
Iraq-Currency
Iraqi central bank sells $61.420 million to meet high demand
By Dergham Mohammed Ali
Baghdad, Oct 29, (VOI) – Demand for the U.S. dollar was higher in Iraq’s Central Bank auction on Sunday after a ten-day-recess during the Eid al-Fitr vacation at the end of the holy Muslim fasting month of Ramadam.
The demand for the U.S. dollar jumped to $61.420 million on Sunday from $43 million in the previous session.
Banks bid for $34.580 million in cash and $26.480 million in transfers abroad, the central bank said in a statement.
It said the bank covered all demand at 1,471 dinars a dollar, one dinar higher than the previous session.
None of the banks that participated in the auction offered to sell dollars.



I went and checked the CBI chart- I don't see a 10 day recess.
There were 6 consecutive days from the 23rd to the 28th.
Other no auction days for the month were all Friday/Saturday (10/6-7; 10/13-14; 10/20-21)
You gotta be freakin Sherlock Holmes with this bunch

Well I'm not a rocket scientist but...shouldn't these numbers add up? I'd hate to have my money in their bank....THEY CAN'T ADD!!

Cheers!
DayDream

Here guys, up to date list of up and coming events. IF what I've heard/read is true then we can expect the dinar to be fully convertible in the next 2 weeks. This happens it will be released onto the Forex. For this to occur it will be pegged either to the euro, dollar or the SDR. Probably the dollar I think. The key is still the smaller denoms. Rumours of them being installed into the banks are only rumours, shame we cannot verify this/see something more on it.

Feel free to add to the list below. I put in number 10 but there's no way the new rate will be so low.


1. October 15th. 3 year anniversery of the New Iraqi Dinar.
2. October 19th. Religious leaders meet in Mecca to endorse a call for an end to all sectarian bloodshed
3. October 24th. End of Ramadan.
4. October 30-31. IAMB meeting. (Article V111 done and dusted?)
5. End of October. ICBG to launch by end of October.
6. FIL passed 10 October, we were told it would take a month to be officially enacted, so we're looking at around 7/11 for announcement in the Gazette.
7. Rumour of BoA selling dinars from 13/11, we were told they'd only be dealing with dinars once it was 'trading' internationally........
8. End of November. International Compact for Iraq signed, sealed and delivered. Hopefully debt forgiveness by Saudi and Kuwait as well.
9. December ?. DFI is turned over to the GOI.
10. December 31 end of year 1345 IQD to 1 USD CBI/IMF projection achieved.
11. Jan 1st. Beginning of a new fiscal year.
12. March 22, 2007. Iraq's IMF Stand-By Arrangement expires
13. 2008. Iraq begins making large IMF fund payments.

Originally Posted by Adster

Here guys, up to date list of up and coming events. IF what I've heard/read is true then we can expect the dinar to be fully convertible in the next 2 weeks. This happens it will be released onto the Forex. For this to occur it will be pegged either to the euro, dollar or the SDR. Probably the dollar I think. The key is still the smaller denoms. Rumours of them being installed into the banks are only rumours, shame we cannot verify this/see something more on it.

Yes, just what I had been anticipating since I started into the purchasing of the dinars from the beginning.... YesssZ, I have only been focussing buying ONLY the smaller denoms...for they would be very much higher in demand and least suspicious to handle when in trading...

YB. cheers to the coming of the Dinars into our earning baskets!!!

Din Ar tell ya all...it's close and fast approaching round Thanksgiving Day....


YB. cheers & En Shallah....

Originally Posted by YogiBrood

Yes, just what I had been anticipating since I started into the purchasing of the dinars from the beginning.... YesssZ, I have only been focussing buying ONLY the smaller denoms...for they would be very much higher in demand and least suspicious to handle when in trading...

YB. cheers to the coming of the Dinars into our earning baskets!!!

Oh No, I only have very high denoms. Does this mean I will have trouble cashing them in??

Here is an extract depicting whats in the pipeline soon to emerge...!!!

This was found reported in Yahoo online latest...

Sat Oct 28, 2:32 PM ET



BEIJING - China and Iraq are reviving a $1.2 billion deal signed by Beijing and Saddam Hussein's government in 1997 to develop an Iraqi oil field, Baghdad's oil minister said Saturday.


Officials will meet next month to renegotiate the agreement over the al-Ahdab field, said Iraqi Oil Minister Hussain al-Shahristani. He was wrapping up a three-nation tour to secure investment for Iraq's oil industry.

"If agreement is reached very quickly then I expect them to start working right away," al-Shahristani said at a news conference.

China is the world's second-largest oil consumer and has been investing heavily in trying to secure access to foreign supplies.

State-owned China National Petroleum Corp. signed the al-Ahdab deal in the midst of U.N. sanctions that barred direct dealings with Iraq's oil industry. Beijing was waiting for sanctions to end when the U.S. invasion in 2003 overthrew Saddam's government.

The new Baghdad government courted Beijing because Chinese producers have been willing to invest in Angola, Sudan and other countries considered too dangerous or politically isolated.

All other energy contracts signed by foreign producers during the Saddam era also must be renegotiated after Iraqi lawmakers enact a new oil and gas law, which is likely to happen this year.

Beijing had been thought to be out of the running for major contracts in postwar Iraq, with the best deals going to the United States and its allies. But the upsurge in violence there has made the country less attractive to Western producers.

Al-Shahristani said al-Ahdab would be among the first fields offered to foreign bidders, which will need to show technical and financial capability and a proven record in producing oil.

Iraq will need up to $20 billion in investment to develop its oil infrastructure, the minister said.

Al-Shahristani met with Chinese energy officials and executives of the country's four biggest oil companies — CNPC, China Petroleum and Chemical Corp., China National Offshore Oil Corp. and Sinochem Corp.

He said questions about security in Iraq did not come up, because the fields that interest Chinese producers are in the south, where violence is minimal.

He said Iraq also wants to develop areas in its western desert and the Kurdish region in the north.

The Chinese knows where it can be bargained for a good deal...to spurt into their up and coming Ferraris on their roads... but I'd rather NOT be near there...too many cycles at the speed of a fast train...its already happening now!!


YB. cheers to all looking the other direction...

I have DUMB question.

Was this latest CBI auction posted with the CBI still using their old server?


Arkie.

Just a reminder,

23. Good progress has been made in setting up a payments system in Iraq. The Real Time Gross Settlement System between the CBI and headquarters of commercial banks should be operational very soon and well ahead of schedule. Development of a payments clearing system through the Automatic Clearing House (with a target date of completion of November 2006) looks likely to be also completed ahead of schedule. Payments system
regulations (targeted for end-June) have already been adopted.

Commencement of payments clearing system between the headquarters of commercial banks and the CBI through the Automatic Clearing House (ACH) November 30, 2006 Running ahead of schedule.

November 15, 2006 79,226,667 6.67 Completion of fourth review and observance of end-September 2006 performance criteria, re: SBA

http://www.imf.org/external/pubs/ft/...06/cr06301.pdf

Originally Posted by laurenr

Does our year and their year end at the same time ?

Do they use the same calender ?

The Muslim New Year is a cultural event which some Muslims partake on the first day of Muharram, the first month in the Islamic Calendar. Although there is no religious significance attached to this day, many Muslims use the day to remember the life of the Prophet Muhammad and the Hijra, or emigration, he made to the city now known as Medina. Recently, in many areas of Muslim population, people have begun exchanging cards and gifts on this day.

However, not all Muslims partake of this event. Shia Muslims do not partake in such activities since the month is observed as a month of mourning in honor of Imam Hussain, who was martyred in the Battle of Karbala on Muharram 10th. Sunni Muslims believe that this is the day that the first Caliph Abu Bakr died.

Since the Islamic lunar calendar year is 11 to 12 days shorter than the solar year, Muharram migrates throughout the seasons. The estimated start dates for Muharram are as follows (all future dates are estimates and depend on sightings of the new moon), though strictly speaking the month starts at sunset on the previous day:

1423 AH: 15 March 2002
1424 AH: 4 March 2003
1425 AH: 21 February 2004
1426 AH: 11 February 2005
1427 AH: 31 January 2006
1428 AH: 20 January 2007
1429 AH: 10 January 2008
1430 AH: 29 December 2008
1431 AH: 18 December 2009
1432 AH: 7 December 2010
1433 AH: 26 November 2011
1434 AH: 15 November 2012

Cheers!
DayDream