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

Interesting,

I think it is just the opposite, you need foreign investments to extract the most from the oil industry, and when this is accomplished, then there will be power, clean water, agriculture and all the rest required to fuel the economy, and you cannot have any of the above without a revalue being initiated before foreign investments law is announced.

Good luck to all, Mike

My point exactly Mike, I wasn't arguing that the reval was way off. I was disputing peoples perceptions of what Iraq was like before we went in. The Iraqi's are better off already than they were before as far as power is concerned. I agree that financially their not (YET). When the reval happens and foriegn money poors in then they will get the water plants, etc. going.

Hello again. I personaly am in the believe of this being sooner than later, although I will say that for anyone who actually "reaserches" there are different interpretations of what will happen. I think there are "valid" arguments for both sides. I just feel there is more evidence to support the sooner. That being said I also believe for the wise investor, unless you have millions and milloins of dinar, the real payoff could be future investing in the region once the isx is open to fi. That is just my opinion. I was hoping that maybe O-W could provide some information (off board if needed) on how to get positioned to make this new money go to work for you.

John

www.Noozz.com Editorial



July 3, 2006

Several newspapers announced last week that Iraq’s Ministry of Finance and Central Bank are evaluating a proposal to raise the Iraqi dinar’s value to match it with the American dollar. The news drew strong attention from the banking and commercial sectors as well as the citizens at large.

In an interview with Iraqi newspaper Al-Sabah, Minister Bayan Al Zubaidi said he suggested to Iraq’s Central Bank Governor Sinan Al Shibibi that “three zeroes” be taken from the value of the dinar to bring to level with the US dollar. Al Zubaidi stated that this proposition has gained the approval and support of the World Bank. He added that a meeting would be held this month to discuss the dinar value raise which would include specialists from the Ministry, the Central Bank of Iraq, and the Commercial Bank.

The news attracted attention and sparked worries of instability that could result in the trade sector and elsewhere. The commissioner of Credit Bank of Iraq, Fouad Al Hosni, said to Al Mo’tamar newspaper that such a matter was good for the Iraqi people’s sentiments but he also posed the question, “is the national economy currently capable of moving to a phase of equating the dinar with the Dollar?”

Zuheir Al Hafez, Commissioner of Ashur International Bank for Investment, agreed with Al Hosni. “The Minister’s suggestion requires cautious appraisal taking into consideration that the country’s security condition makes the economy more volatile and less capable of absorbing disturbances to commercial transactions that may result if the suggestion was not carefully evaluated,” he said.

Another voice from the banking sector, Badee’ Al Fikry, the Deputy Manager of the Basra Private Bank for Investment, wondered if the reduction of national debt and the increased liquidity due to rising oil prices were enough justification to taking such a decision. He added however that, “the important matter is to analyze the possible outcomes of equating the dinar with the dollar and how to rectify any deficiency that could result in transfers of merchants and banks.”

Not wanting to rain on anybodys parade, I just found this Editorial and thought it should be posted?

Mike, we're not physic by no means. We can only report what we're hearing from sources. It might not happen in July, BUT IT WILL HAPPEN BEFORE THE FI LAW IS IMPLAMINTED!!! The latest that can happen is October!!!! So, your 4 to 5 years is just hog wash. Go back and research something before you upset anybody again.

I've just had a very interesting pm session with someone whom certainly knows their stuff, more than myself for sure! He has told me that they are certainly ready for a r/v, he's not given a date, but he's worked out all sorts of figures, and maintains they can certainly r/v the dinar up to half of what it was worth in 2003, ie $1.25. I have the utmost respect for this person who is very 'sharp' indeed.

Also hearing this SHOULD be a done deal by 24th. Am happy with the end of July though! And as Cigarman said above, it's really a question of when now and it won't be 4 years away, lol.

Originally Posted by Offshore-Wealth.com

Exactly,

Time will tell is always an easy answer to anything.

Good luck to all, Mike

Mike,

Time will tell if and when Mike comes back here after the r/v!

Originally Posted by kevinsw

www.Noozz.com Editorial



July 3, 2006

Several newspapers announced last week that Iraq’s Ministry of Finance and Central Bank are evaluating a proposal to raise the Iraqi dinar’s value to match it with the American dollar. The news drew strong attention from the banking and commercial sectors as well as the citizens at large.

In an interview with Iraqi newspaper Al-Sabah, Minister Bayan Al Zubaidi said he suggested to Iraq’s Central Bank Governor Sinan Al Shibibi that “three zeroes” be taken from the value of the dinar to bring to level with the US dollar. Al Zubaidi stated that this proposition has gained the approval and support of the World Bank. He added that a meeting would be held this month to discuss the dinar value raise which would include specialists from the Ministry, the Central Bank of Iraq, and the Commercial Bank.

The news attracted attention and sparked worries of instability that could result in the trade sector and elsewhere. The commissioner of Credit Bank of Iraq, Fouad Al Hosni, said to Al Mo’tamar newspaper that such a matter was good for the Iraqi people’s sentiments but he also posed the question, “is the national economy currently capable of moving to a phase of equating the dinar with the Dollar?”

Zuheir Al Hafez, Commissioner of Ashur International Bank for Investment, agreed with Al Hosni. “The Minister’s suggestion requires cautious appraisal taking into consideration that the country’s security condition makes the economy more volatile and less capable of absorbing disturbances to commercial transactions that may result if the suggestion was not carefully evaluated,” he said.

Another voice from the banking sector, Badee’ Al Fikry, the Deputy Manager of the Basra Private Bank for Investment, wondered if the reduction of national debt and the increased liquidity due to rising oil prices were enough justification to taking such a decision. He added however that, “the important matter is to analyze the possible outcomes of equating the dinar with the dollar and how to rectify any deficiency that could result in transfers of merchants and banks.”

Not wanting to rain on anybodys parade, I just found this Editorial and thought it should be posted?

Exactly,

This was the reason the release of .68 to $3.22 was put out there, so that indivuduals and economists could offer input on pros and cons, and if you read this, as I did, this was good news for not one article was written with any outright objections. This was the only article I was able to find last week with even the slightest concern, not an objection, just concern.

Good luck to all, Mike

You guys are on FIRE today!! I LOVE IT! lol!!!

Mike,

I believe that it only a matter of time before the value goes up to close to what it was before. But one thing is for sure, outside of people nuking each other over there, the price will get better. I will only cash in enough to pay off my debts and hold on to the rest for longer and see what happens over time. I would hate to see a run on the currency and have everything come crashing down on all of us.

Boy, I thought today was going to be a slow day, boy was I wrong!!!!!! :