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

Originally Posted by Dinar Cha Ching

Didn't the books from 2004 state .30 IQD and not $.30? If so that's a HUGE difference.

page
Balance 2004



General Budget 2004



Chairman of Managing Council Speech:



Ladies and Gentlemen stockholders of Baghdad Bank:

Iraq had been through some unusual circumstances within the last two years like instability and lack of security that have had a destructive impact on economy, investment and industrial production, but, despite of all that Baghdad Bank achieved a big success during the financial year of 2004 in comparison to the previous financial year and the most important index to that is balancing US dollar price with the current price of 1460 ID



Baghdad bank has taken also serious steps towards opening Al-Bayaa branch at the end of 2004 and rented a location for Al-Suliemaniya branch which shall be opened in March 2005 in addition to the expansion of Baghdad bank activities on the international level as it has made banking connections with many international banks. worth mentioning that Baghdad Bank started putting into practice new systems in Mansour, Palestine and Bayaa branches.

Presently such systems are being put into practice in the general center and general management to be spread later on to the other branches. Baghdad Bank has also signed a contract to use (SWIFT) system in external transfers in 2005. This system shall be run during the above mentioned year.

I would to inform all the stockholders of Baghdad Bank that the report of the managing council 2004 was prepared according to the demands of Central Bank of Iraq to balance US dollar price to0.310 ID instead of its real value (1460) ID per 1 US dollar, so, the report and general budget do not necessarily reflect the actual situation of Baghdad Bank and the volume of economical incoming indexes, so, this report was issued in order to meet the demands of the rules and instructions.

The General Institution of Baghdad Bank that was held on November 16 2004 had taken a decision to make a partnership with Gulf Bank and Iraqi Payee Company with percentage of 49 %, increasing Capital to approximately 10.000.000.000 ID. We would like to inform stockholders of the bank that Central Bank of Iraq reclaimed that the increase of capital to 52.963.600.000 ID all at once instead of two stages. The managing council of the bank and new stockholders agreed to meet the demands of Central Bank of Iraq as long as they do not affect the basis of partnership that all sides have agreed upon in the previous meeting of the General Institution of Baghdad Bank and we are waiting for the final resolution of Central Bank of Iraq about our above mentioned approval.

And hereby I express my deep appreciation to Central Bank of Iraq and department of company registration to their utilitarian and constructive roles in supporting Baghdad Bank and Iraqi economy in general. I also appreciate the honorable situation of all personnel of the bank for preservation of bank properties and for their exceptional efforts in hard times that Iraq had been through within the last two years.

Speaking of official exchange rate, does anyone off hand remember seeing that statement from Bank Of Baghdad (I think, or is it Trade Bank Of Iraq, I think it's the first) where they still say the "real" rate is recognized as $.33 or somewhere very close to that? Man, I wish I knew the link, anyone remember that, perhaps that could shed some light on this.

Edit: LOL, Hope Full, already posted it that fast (two posts up)!!! Great work!!!

Originally Posted by kiko

Big increase in the demand for dollar
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)

The demand for dollar in the auction the Central Bank of Iraq today, Thursday, recording 60 million and 250 thousand dollars, compared with 17 million and 125 thousand dollars yesterday.
Such requests for the purchase of 22 million and 750 thousand dollars in cash and 37 million and 500 thousand dollars in the form of remittances outside the bank full coverage of exchange rate amounted to 1411 dinars to the dollar, a decline of three dinars on the exchange rate yesterday.

Two of the 15 banks participating in the auction today, the largest number of banks involved in one meeting during the last two months, bids for the sale of $ 200 thousand for the bank bought full exchange rate reached 1409 dinars to the dollar, which is the first since the sale of four meetings.

He expected to Yasiri, a bank dealers with the auction in a statement to the News Agency (Voices of Iraq) Independent, to witness the auction, the return of normal circulation during the forthcoming meetings due to equal the official exchange rate with the rate of exchange in the local market.

ÏæáÇÑ- (ÅÞÊÕÇÏ) :: Aswat al Iraq :: Aswat al Iraq

Return to normal circulation with the official exchange rate!!

Are they saying that they stopped with withdrawing money and that the real exchange rate will be set for the next auction (sunday)?

Please can somebody explain this?

What Forthcoming meetings I think these "meetings" are key and say it all.

Originally Posted by kiko

Big increase in the demand for dollar
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)

The demand for dollar in the auction the Central Bank of Iraq today, Thursday, recording 60 million and 250 thousand dollars, compared with 17 million and 125 thousand dollars yesterday.
Such requests for the purchase of 22 million and 750 thousand dollars in cash and 37 million and 500 thousand dollars in the form of remittances outside the bank full coverage of exchange rate amounted to 1411 dinars to the dollar, a decline of three dinars on the exchange rate yesterday.

Two of the 15 banks participating in the auction today, the largest number of banks involved in one meeting during the last two months, bids for the sale of $ 200 thousand for the bank bought full exchange rate reached 1409 dinars to the dollar, which is the first since the sale of four meetings.

He expected to Yasiri, a bank dealers with the auction in a statement to the News Agency (Voices of Iraq) Independent, to witness the auction, the return of normal circulation during the forthcoming meetings due to equal the official exchange rate with the rate of exchange in the local market.

ÏæáÇÑ- (ÅÞÊÕÇÏ) :: Aswat al Iraq :: Aswat al Iraq

Return to normal circulation with the official exchange rate!!

Are they saying that they stopped with withdrawing money and that the real exchange rate will be set for the next auction (sunday)?

Please can somebody explain this?

Well, difficult to explain, but in my opinion it must be something good!

WWWWEEEEAAAAAHHHH!

Originally Posted by Hope Full

What Forthcoming meetings I think these "meetings" are key and say it all.

The forthcoming auctions, they consider their auctions meetings.

NORMAL CIRCULATION !!!!!

It says "normal circulation"!!!! ...wouldn't normal circulation include fils, and be more "normal" as in what it's been like for most of the lives of the Iraqi people compared to abnormal circulation w/o fils, and a very undervalued exchange rate? And if they have fils, we know what that implies.

Originally Posted by Treater

NORMAL CIRCULATION !!!!!

It says "normal circulation"!!!! ...wouldn't normal circulation include fils, and be more "normal" as in what it's been like for most of the lives of the Iraqi people compared to abnormal circulation w/o fils, and a very undervalued exchange rate? And if they have fils, we know what that implies.

That is what stays in my mind also "return to normal circulation".

We know the HCL is ready and we recently read that the would be no change in currency but they will add new categories (lower denoms) in the next stage.

I think the next stage is when the HCL is done because then everything is done to open up for the international community (the next stage).

Then if they set the exchange rate to their official exchange rate for example of $0.33 then that is for them the "normal circulation". We must not forget that the 1470 rate was an artificial rate thus "not a normal circulation".

Just an opinion!

Originally Posted by kiko

The Central Bank denies reducing the rate of the dollar against the dinar
14/12/2006


The Iraqi Central Bank denied rumors on its quest to determine the rate of the American dollar against the Iraqi dinar value of one thousand dinars. (I can believe this if their plan is to r/v at least .30 = 1 dinar)

Dr. Madhhar Mohammad Saleh, Head of Research and Statistics in the Central Bank, said in a meeting with reporters and Iraqi economists last Sunday: that the issue of determining the exchange rate of the dollar against the Iraqi dinar is not possible, now, for two reasons: first, the reserve capacity of the bank is not absolute, and second is the factor of the price increase. (What does this mean, is he telling the truth or just lying?)

He added: observing the general trends point to higher prices in return for a lack of improvement, which makes the dollar reduction to this value impossible at the present time, in addition to the limited financial capabilities of the Bank. (Is he kidding? 15 billion usd in reserves plus who knows how much in other foreign currencies plus the Saddam gold plus the largest oil reserves in the ME? What is trying to do try out for a stand up comedian on Comedy Central?)

He explained: that the significant decline in the dollar,(is this a mistranslation meant to say dinar?) directly after the fall of the previous regime, was caused by the flow of billions of dollars to Iraq and distributing them among employees as well as opening exchange and restrictions. He pointed out: that at the present time and because of the deterioration of security and the high rate of inflation, the devaluation of the dollar is not expected at all. (how can he say that when the dinar has already gained 55 points since Nov? How are they going to beat inflation, fund their budget, implement all of their reconstruction programs, donate land to tens of thousands of Iraqis, issue 3 million dinar loans each for building a house, give themselves a 60% pay raise if they don't raise the value significantly (above .30 = 1 dinar) of their dinar?

Does anyone out there have a rational, logical explanation on if things continue as they are presently how they can hope to accomplish all of their stated goals? I wonder if they continue the "dribble out the dinar theory" how or if they can ever get ahead of 70% inflation? As they dribble the increase at 2 - 3 dinar a day, the cost of goods keeps raising faster than that I would assume at a 70% inflation rate.

It would seem to me that they would have to kick start the economy in a bold way, ie r/v if they ever hope to get ahead of the downward spiral. The security isn't going to improve at 70% inflation rate plus 40% unemployment. To really get back on track is going to take a bold, decisive move on their part or they will need to change their national flag to either Iran or Saudi Arabia. IMO

worf

http://www.iraqdirectory.com/DisplayNews.aspx?id=2761

Old news reprinted!

Either these guys are lying to us or we are misunderstanding what is going on.

[QUOTE=kiko;149156]Big increase in the demand for dollar
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)

The demand for dollar in the auction the Central Bank of Iraq today, Thursday, recording 60 million and 250 thousand dollars, compared with 17 million and 125 thousand dollars yesterday.
Such requests for the purchase of 22 million and 750 thousand dollars in cash and 37 million and 500 thousand dollars in the form of remittances outside the bank full coverage of exchange rate amounted to 1411 dinars to the dollar, a decline of three dinars on the exchange rate yesterday.

Two of the 15 banks participating in the auction today, the largest number of banks involved in one meeting during the last two months, bids for the sale of $ 200 thousand for the bank bought full exchange rate reached 1409 dinars to the dollar, which is the first since the sale of four meetings.

He expected to Yasiri, a bank dealers with the auction in a statement to the News Agency (Voices of Iraq) Independent, to witness the auction, the return of normal circulation during the forthcoming meetings due to equal the official exchange rate with the rate of exchange in the local market.


My question is: What is the offical exchange rate in the local market mean? Any takers.


AL

found this over "there"

Originally Posted by pokerfool

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• The amount of foreign participation in newly formed or existing business entities in Iraq shall not be limited, unless otherwise expressly provided herein. Ref: Investment Law
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