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

Originally Posted by kiko

I hoped also that the FIL would be enacted yet and I also hoped on the EU negiotions but Nada yet.

In my opinion we now have to wait on the whole package. ICI, HCL and IAMB around 10-15 december.

Gives them time to pull out more from circulation and they can enact the whole package at once.

Hi Kiko,

This was my thought as well. But I have a couple of concerns about the HCL. Now they are stating early next year and what really worries me is the arguments over oil rights with the Kurds and the rest of the Government. I think this maybe one of the big delays and why we have not seen an RV yet. On the positive side they are gearing up for something with the auctions but I just hope arguments do not send them into snail pace.

Dinar-Excited

Originally Posted by Wm.Knowles

Hello everyone. Again we continue to see a trend that by now we are all familiar with. Removing dinars from the economy with a small increase in the exchange rate. Obviously, they have not reached their target amount of dinar to remove. But as I have said before, this is what you would want/expect prior to a large adjustment in the exchange rate. The CBI is working for us and the Iraqi people in a meaningful and responsible way. I am asked several times a day what level will it RV at, and when. I don't know the answers to either question. It is like other doctors dealing with a very sick person, and they have done the right things and the patient is showing good signs of improvement. But since it usually takes a while to recover from a serious illness (iraq) the recovery period is difficult to predict. Even thugh you are sure they will fully recover. However as I stated in an earlier post, they cannot return to their past policies of selling as much dinar to the market at an exceptionally low price. To "undo" the removal of currency by returning to past practices is unreasonable. Therefore the cost of the dinar will have to be signifcantly higher. This currency has been considered "undervalued" from the beggining. The exchange rate has been considered one of the main reasons for inflation by the IMF. So expect good things to come in the short term. By the way, an improvement of 3 dinars a trading day in the exchange rate when projected for a complete year is an excellent return on dollars invested. Not very exciting, but a very large percentage return on our money.

I understand what you are saying what i dont understand is i have been watching the CBI for 2 years now and they are not doing anything different. The price is dropping but the auctions are no differnt could you expalin one more time how you beleive this is a trend or an amount that they have not reached yet ?

Thanks for your time and posts

Originally Posted by Socata 850

GOOD MORNING VIETNAM !!! Whoops wrong era, guess I'm showing my age. Anyway, the total as of today for Dinars pulled out of circulation for the last twelve auctions is:::::: 1,007,744,325,000. The rate has gone down another 3 points to 1446. That is a 24 point reduction since the CBI started this aggresive campaign to reign in the Dinar and boost value within their economy. What a great time this is !!!!

Just curious. Does anyone know or have an idea what the CBI target rate of pulling Dinar out of circulation is?
And while I'm asking question here is another dumb one. Whats up with the 10,000 Dinar rashin cards. Does anyone know or have an idea of when these cards will be past out???

Originally Posted by H2O_Lover

I understand what you are saying what i dont understand is i have been watching the CBI for 2 years now and they are not doing anything different. The price is dropping but the auctions are no differnt could you expalin one more time how you beleive this is a trend or an amount that they have not reached yet ?

Thanks for your time and posts

Holy Cow! did you just skip over the last 5 pages?

OH~NO! Here we go again~!

Originally Posted by singledad

Just curious. Does anyone know or have an idea what the CBI target rate of pulling Dinar out of circulation is?
And while I'm asking question here is another dumb one. Whats up with the 10,000 Dinar rashin cards. Does anyone know or have an idea of when these cards will be past out???

Update,

No 10K as of end of day Monday, plus no word why, so again, very strange, lets keep hoping. (g)

Good luck to all, Mike

Originally Posted by Elfwizard

Not True, go to cbiraq.org and look at there Auction PDF file. You will see for yourself the auctions have not changed in about 3 years, The amounts sold vary but they always sold Dollars, not Dinars. Rarely do you see an auction where the banks want to buy dinars.

I'm afraid you are missing the point. Unless you see the daily posting, the Auction history is only showing the selling of dollars. It is not showing the sale of dinars over three years in those figures. Plus I might add that a little over a month ago maybe two the CBI said they are not increasing the amount of circulation anymore. so anything they buy contracts the level and pushed up the value.

What everyone is speaking about is the fact the the CBI has stopped introducing more dinar into the circulation while pulling out huge amounts at a frenzied rate. They are seemingly in a hurry. The rate rising doesn't matter much. At one point I thought it might but i was wrong, the real item to watch is the amount of cash coming out of the circulation. They are getting ready to RV.

Originally Posted by Elfwizard

My point was when the MOF buys dinars from the CBI the CBI is not acting as a GOV entity, they are acting like a reg bank to the MOF by exchanging funds.

Oh heres your link. Again


The
Ministry of Finance sells dollars from its oil receipts to the CBI, purchasing dinars to pay
for government operations. The CBI then sells some of those dollars in the daily foreign
exchange auctions. Transactions at this auction were typically $10-$15 million a day by
the end of March 2004.

http://www.bos.frb.org/economic/ppdp/2004/ppdp0401.pdf

I see where you coming from elfwizard and correct me if i'm wrong. The MOF is not a bank so they are not involved in the daily auctions.

Al compensation will be paid from funds of the former regime

(Voice of Iraq) - 11-21-2006
This issue was sent to a friend
Musawi : Al compensation will be paid from funds of the former regime
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)
He said the chief prosecutor at the Supreme Iraqi Criminal Court today, Tuesday, that in the case of Al-affected will get compensation will be paid from funds discovered the former regime and the creators of funds abroad and fictitious names secret, which puts seized by the government.
He explained Jafar al-Musawi, told the News Agency (Voices of Iraq) Independent, "that there was no truth in the statements attributed to, which was posted on the High Criminal Court official of the affected compensation paid in each of the Al Saddam's three daughters and his wife."
He pointed out that the civilian courts were to be followed by the distribution of these funds, and not the High Criminal Court.
And on the text of the ruling in the case of Al-Musawi said that "the court concluded in writing the text of the judgment was handed over to the court for the information published on the site during the day, he said."
The Iraqi Special Tribunal to try Saddam Hussein and seven of his aides died in the cause of Al-fifth of a second October November death by hanging for Saddam and Barazan Al-Takriti, half brother of Saddam, Awwad Albandar, who filled the Revolutionary Court judge time of the former regime.
The court sentenced Mizher Abdullah Abdullah Kazim Daih and imprisonment for 15 years for committing a murder against humanity, sentences Taha Yassin Ramadan, who served as former Iraqi Vice President to life imprisonment for committing murder a crime against humanity, With Pratt Mohammad Azzawi of insufficient evidence.
H n

Hakim will meet French Ambassador in Baghdad and discussed with him

(Voice of Iraq) - 11-21-2006
This issue was sent to a friend

Hakim will meet French Ambassador in Baghdad and discussed with him bilateral relations
List met with the head of the United Iraqi Alliance Abdel Aziz al-Hakim in Baghdad today, Tuesday, the Ambassador of France to Iraq.
A statement by the Office of Hakim had been discussed during the meeting, bilateral relations between Paris and Baghdad, and ways of strengthening them in the interests of peoples of the two friendly countries.
The statement pointed out that the regional situation was discussed in the context of the initiatives taken by the Iraqi government.
For his part, Ambassador of France will conduct a dialogue with all the components of the Iraqi people because of their desire to revitalize its role in Iraq.
Tigris