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

Originally Posted by shotgunsusie

well, here they are admitting the lower denoms are a comin.
Translated version of http://www.alyaum.com/

The Central Bank of Iraq denies change dinar early next year
Safed Alsamuk-Baghdad

The Iraqi Central Bank denied that the change of the local currency within the current Iraqi actions he intends to begin work so as to meet the economic inflation in Iraq with the beginning of the year 2007. The official spokesman said told ((today)) announced yesterday that there is no intention to change the Iraqi dinar at the moment, He refused to disclose whether there were any similar intention in the near future, after the Financial experts recommended deleting three zeroes from the Iraqi dinar after the American dollar to her and about a thousand dinars. The spokesman noted that the launching of the issuance of new categories of the Iraqi currency into circulation depends on the requirements of the Iraqi economy to meet the expenses of the state in the coming stage, especially local supervision of the banking activity by the central bank and means of reform, The Central Bank supervises the banking activity level by the activities of banks towards the enhancement of their role in the implementation of monetary policy in particular through channeling the savings to the various aspects of investment, so as to achieve economic growth. He continued to say «The Central Bank has granted banking licenses of many Arab and foreign banks, whether licensing NTSB open a branch in Iraq or the establishment of a banking entity, It was also the opening of representation offices. He pointed out that this step is the beginning of cooperation and openness to the world towards the revitalization of the economy in Iraq. The Central Bank of Iraq still continue to sell the dollar against the Iraqi dinar through auction, which will be mounted when the daily, adding that this auction is a tool to achieve stability in the value of the Iraqi dinar by defending the exchange rate stable for a long time. This, in turn, will affect the general level of prices. For his part, Minister of Finance, the Iraqi statement Jabr said the decision to increase the salaries of the staff work will start with the beginning of the year 2007. at a time when observers are worried economists Iraqis of the dangers of increasing inflation by successive increases for staff salaries to cope with price rises of living without MySQL economic problems, He pointed out that he would start in the top five of the (10 - 5) and that at the beginning of next year will get the owners of these degrees on the increase of 50-70%.

Mind you I’m taking a shot at this, I’m not really sure but it sounds as if they are stating a rate of one dinar equaling a value of the American dollar plus 1000 dinars or about 1.69 USD if I’m right.

Originally Posted by wciappetta

Mind you I’m taking a shot at this, I’m not really sure but it sounds as if they are stating a rate of one dinar equaling a value of the American dollar plus 1000 dinars or about 1.69 USD if I’m right.

Done, sold to the American golfer Wardy!

How do you get to this figure matey?

Originally Posted by Adster

Kinda makes you feel good knowing Europe, the US, Russia, Japan and China are behind our investment. Oh, not forgetting Syria, Kuwait and the Saudis. Even the Iranian PM is having talks with top Iraqi officials as we speak.

Throw that in with oil being sold at $59 per barrel and Iraq having only discovered 10% of their wealth and banging out 3mbd by the end of the year is enough to bring a smile to ones boat race, (face.).

How can our investment fail with the world behind it???

Good point Adam,

And obviously, when the world learns the truth about Saudi's wells running dry, this is going to be a case where Saudi's will want a piece of Iraq oil pie as well. (g)

Good luck to all, Mike

Originally Posted by Adster

Done, sold to the American golfer Wardy!

How do you get to this figure matey?

well i think they are saying in their usual funky way of saying things, that one dinar should equal one US dollar plus the current value of 1000 ID , which would be one dollar plus 69 cents american or 1.69USD.

I read it saying that once 1USD=1000Dinar, they will drop 3 zeroes off the Dinar, making 1=1

Originally Posted by wciappetta

well i think they are saying in their usual funky way of saying things, that one dinar should equal one US dollar plus the current value of 1000 ID , which would be one dollar plus 69 cents american or 1.69USD.

Yeah Adam pppfffttt.

JK

I just had my arabic translator read it.

نفى البنك المركزي العراقي ان يكون تغيير العملة المحلية العراقية الحالية ضمن الاجراءات التي يعتزم البدء بالعمل بها لمواجهة التضخم الاقتصادي في العراق مع مطلع العام 2007, وقال متحدث رسمي لـ((اليوم)) امس ان لا نية فى تغيير الدينار العراقي في الوقت الحالي , رافضا الكشف عما اذا كانت هنالك نية مشابهة في المستقبل القريب , بعد ان اوصى خبراء ماليون بحذف ثلاثة اصفار من الدينار العراقي بعد ان وصل الدولار الامريكي الى نحو الف وخمسائة دينار.
واشار المتحدث الى ان البدء فى اصدار فئات جديدة من العملة العراقية الى التداول يتوقف على مقتضيات الاقتصاد العراقي لمواجهة نفقات الدولة في المرحلة المقبلة وخاصة الاشراف المحلي على النشاط المصرفي من قبل البنك المركزي ووسائل اصلاحه، ويقوم البنك المركزي بالاشراف على النشاط المصرفي المحلي من خلال الصلة بأنشطة المصارف باتجاه تعزيز دورها في تنفيذ السياسة النقدية لا سيما من خلال توجيه المدخرات نحو شتى اوجه الاستثمار وبما يحقق النمو الاقتصادي.
وتابع القول «لقد قام البنك المركزي بمنح تراخيص مصرفية للعديد من المصارف العربية والاجنبية سواء كان الترخيص متضمناً فتح فرع له في العراق او تأسيس كيان مصرفي، كذلك تم فتح مكاتب تمثيل، مشيرا الى ان هذه الخطوة تعد بداية التعاون والانفتاح نحو العالم باتجاه تنشيط حركة الاقتصاد في العراق ..
وأن البنك المركزي العراقي ما زال يواصل القيام ببيع الدولار الامريكي مقابل الدينار العراقي من خلال المزاد اليومي الذي يقام فيه منوها إلى ان هذا المزاد يعد أداة لتحقيق الاستقرار في قيمة الدينار العراقي عن طريق الدفاع عن سعر صرف مستقر لمدة طويلة، مما ينعكس على المستوى العام للاسعار.
ومن جانبه قال وزير المالية العراقي بيان جبر إن قرار زيادة الرواتب للموظفين سيبدأ العمل به مع مطلع العام 2007 , في وقت يتخوف فيه المراقبون الاقتصاديون العراقيون من مخاطر تزايد حالات التضخم جراء الزيادات المتلاحقة لرواتب الموظفين لمواجهة الغلاء المعيشي دون معالجات اقتصادية مصاحبة, واشار الى انه سيبدأ في الدرجات الخمس من (5-10) و أنه في بداية العام القادم سوف يحصل أصحاب هذه الدرجات على الزيادة من 50-70 بالمائة .


I did not lead him in the story in any way, I asked that he read exactly what it said and his interpretation of that part was they are talking about making 1000 dinars equal to one dollar. The other parts of the article are how we are translating them.

So if for now they make it 1000 Dinar equal to one dollar they will need to use 100 dinar coin for 10 cent transactions, 25 coin for 2.5 cent transactions and will need to add fils for pennies.

Originally Posted by Alphamystic

Yeah Adam pppfffttt.

JK

Curious what does PFT mean?

Originally Posted by jedi17

Yes they have massive oil reserves, however they have pissed off the US, just like Syria and Iran. If Cuba had large Oil reserves do you think their currencey would be any different. I think that we should watch countries that work with the US, such as Kuwait. These other countries (Syria, Iran, Venezuela) are not in the WTO, which we all know that the US and other countries are pushing for Iraq membership. anada has large amount of Oil...however it is in the "tar sands" which make it difficult and costly to extract.

Good points,

In addition, think about it, VZ's Chavez is a confirmed international i-d-i-o-t with his remarks about Bush a couple months ago at UN meeting, so his actions will keep the country in poverty as long as he is in power.

If you noticed what was happening after his remarks, all you have to do is see how U.S. has reacted against Citgo, 7-11 has severed their relationship with Citgo for all their gas stations, so that says it all in my opinion, Chavez will pay for his remarks, and so will Citgo for being hooked up in VZ, and with Chavez moving to state owned oil, this is going to be interesting battle. I know one thing for sure, you won't catch me filling up at Citgo, or at any Mobil/Exxon station. LOL

Did you happen to catch recent commercials on TV by Citgo and VZ trying to make amends by offering consumers a 40% discount on heating oil fuel? Sounds like they are in damage control from drop off in sales to counter future losses of 7-11 deal. So to show your support, don't buy into Citgo or VZ rip off is my advice. In addition, support 7-11's move when they switch to new fuel supplier. This is what the power of the people can accomplish, if only we join forces together.

Good luck to all, Mike

I did not lead him in the story in any way, I asked that he read exactly what it said and his interpretation of that part was they are talking about making 1000 dinars equal to one dollar. The other parts of the article are how we are translating them.

So if for now they make it 1000 Dinar equal to one dollar they will need to use 100 dinar coin for 10 cent transactions, 25 coin for 2.5 cent transactions and will need to add fils for pennies.
______________________________________

if this is the case where it says 1usd = 1000 dinars, that's the same as a zero lop, which has recently been posted was a suggestion from the ex-minister of finance. AND that it had been decided that it would not happen.