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

Erbil, Kurdistan-Iraq (KRG.org) - Smiles and friendly faces greeted members of Italy's parliament as they walked freely in local markets in Erbil city during a visit to the Kurdistan Region in Iraq this week.

Representing both the ruling coalition and opposition parties, the parliamentary delegation, headed by Dario Rivolta from the Forza Italia party, included Cinzia Dato (Margherita and L’Olivo Alliance Party), Forlani Alessandro (U.D.C), and Holzmann Giorgio (Allesnza Nazionale), accompanied by the KRG Representative in Italy.

The delegation's tour included the University of Salahaddin and a hospital, among other places of interest. The MPs expressed their immense appreciation of the progress that has been made in the Kurdistan Region, and confirmed that it was truly the ‘other Iraq’, in reference to a KRG international advertising campaign by that name.

In a meeting with President Masoud Barzani, the MPs discussed the political situation in Iraq as a whole, as well as in the Kurdistan Region. President Barzani said that the solution for Iraq is a truly federal, pluralistic, democratic system that ensures the rights of all communities. He emphasised that the Region is committed to this goal and will continue to play a positive role in the future of Iraq.

The parliamentary delegation highlighted the active economic growth and investment opportunities the Kurdistan Region has to offer. The MPs offered to continue their support to promote democracy and freedom. They commended the safe environment and the supportive position played by the KRG.

KRG Prime Minister Nechirvan Barzani further emphasised that the Region is a safe environment for both local and foreign investors to participate in Iraq's reconstruction process. He highlighted the new regional investment law and the KRG's supportive role in encouraging investors.

The underlying theme of the visit was the Italian MPs' commitment to provide support and friendship to the people of the Kurdistan Region. They expressed their hope that the experience in the Region would be a model for the rest of Iraq.

During their stay, the delegation also met with KRG Deputy Prime Minister Omer Fattah, as well as Adnan Mufti, the Speaker of the Kurdistan National Assembly (KNA) or the regional parliament, and Kamal Kirkuki, his deputy, and other KRG ministers.

KRG, Kurdistan Regional Government

Skinner : CABINET before the end of this year
From Santa Mikhail
Baghdad - (Voices of Iraq)

A spokesman for the Iraqi government today, Wednesday, that it is expected that the ministerial changes are expected before the end of this year.
He explained to Mr. Skinner News Agency (Voices of Iraq) alone "response from the masses for change, Contrary to what has been happening in the past. "
He added, "The government wants to achieve high efficiency in performance, But would not change the Prime Minister but because it blocks a political agreement, I expect that the change before the end of this year. "
Skinner did not refer to the concerned ministers and the change, saying only that "there is a large number of ministers will be changed and mass chest shown willingness to change and the six ministers but Iraqi coalition will decide, and there was consensus and the Iraqi bloc led by Iyad Allawi. "
In response to a question about whether the bloc Tmtelm not the best candidate for the post, the Skinner said "blocs expressed willingness in this case to the nomination of technocrats."

ÇáÍßæãÉ - ÇáÏÈÇÛ :: Aswat al Iraq :: Aswat al Iraq

Originally Posted by CharmedPiper

Announcement No.(801)

D.G. of Foreign Exchange Control

The 801 daily currency auction was held in the Central Bank of Iraq day Wednesday 2006 / 11/ 8 so the results were as follows :

Details Notes
Number of banks 20 -----
Auction price selling dinar / US $ 1466 -----
Auction price buying dinar / US $ 1464 -----
Amount sold at auction price (US $) 97.010.000 -----
Amount purchased at Auction price (US $) 3.000.000
Total offers for buying (US $) 97.010.000 -----
Total offers for selling (US $) 3.000.000 -----

US Dollar
USD
1468.000
1467.266


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

Wow, if they continue buying up dinar at this rate, roughly $100 million dollars worth of dinar per day they will be removing roughly 150 billion dinars from circulation a day, or 750 billion dinars a week, or 3 trillion dinars in a month.... Guess thats one way to get your M2 down. Wonder who's in a hurry......

Funny how there is supposedly a high demand for the dollar yet the value of the dinar keeps creeping up in the auctions. High demand usually would indicate a higher value for the dollar, yet the dinar is value is creeping up versus the dollar, not going down. Yes I know its small, but it is still going up when they say the dollar is in demand versus the dinar... Something isn't making sense here????

pardon moi if already posted, didn't see it anywhere though

Baghdad, 08 November 2006 (NINA)
The exchange rate of Iraqi Dinar increased slightly against US Dollar on the Central Bank’s auction, Tuesday. The US Dollar was sold for 1468 Iraqi Dinars on Tuesday, whereas it was sold for 1470 Iraqi Dinars on last Thursday’s auction. The Central Bank sold 109,150,000 US Dollars.


ID exchange rate mounts slightly | Iraq Updates

Originally Posted by CharmedPiper

I wouldn't worry too much....at that rate they will have starved their citizens. I have no idea what the purpose of these high auctions are but they must feel it is more important than feeding their own.

Ya, i did not mean to imply that it will take 2 and a half years. It was simply an observation.

In reality, the rate is not as important as the volume (IMHO) because the 1470 rate is a "defacto" peg.

In a freely exchanged market, currencies are traded in pairs such as USD/EUR, USD/JPN, USD/CDN and soon, USD/NID (or will it be USD/IQD?). Economic and political news affect the rates so the US elections, in a freely traded currency, would probably have an impact on the exchange rate.

Originally Posted by TerryTate

Originally Posted by CharmedPiper



Wow, if they continue buying up dinar at this rate, roughly $100 million dollars worth of dinar per day they will be removing roughly 150 billion dinars from circulation a day, or 750 billion dinars a week, or 3 trillion dinars in a month.... Guess thats one way to get your M2 down. Wonder who's in a hurry......

Funny how there is supposedly a high demand for the dollar yet the value of the dinar keeps creeping up in the auctions. High demand usually would indicate a higher value for the dollar, yet the dinar is value is creeping up versus the dollar, not going down. Yes I know its small, but it is still going up when they say the dollar is in demand versus the dinar... Something isn't making sense here????

Ya, it doesn't make sense... unless they are taking currency off the market. It doesn't make sense... in a good way :-)

They are moving USDs into the banks in anticipation of an rv when there will be an increased demand for dollars. An opinion.

Originally Posted by webinvestor

Ya, it doesn't make sense... unless they are taking currency off the market. It doesn't make sense... in a good way :-)

If they are taking dinar off the market, reducing notes in circulation how would that affect the exchange rate. Can someone work this one out and tell me exactly what they are doing........

Originally Posted by Dinar Duchess

If they are taking dinar off the market, reducing notes in circulation how would that affect the exchange rate. Can someone work this one out and tell me exactly what they are doing........

From how i understand it, taking currency out of circulation doesn't affect rate too much. What is does affect is inflation. Taking currency out of circulation is one of a few monetary policies which is supposed to reduces inflation rates.

so is this a good or bad thing regarding the r\v???

spunds to me like some are saying they are going an alternative route and lowering the rate steadily rather then revalueing.