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

treater - i love the "redneck" interpreatation

'ats what ima talkin' about treater.....understood that translation to a T....lol....i'm from the south too ...as is cigarman...but i got to b further south then he is....one mo' step fo' me and i is in the gulf of mexico.....lol....LET IT PEG LET IT PEG LET IT PEG.....GO DINARS...Pat

Al'right there Tweat, Reckon I can dig that too now, cool.Well ....you know.......Translation do com'cross different...... you know.

Originally Posted by spinedaddy

According to the US State Dept. as of June 7th. it's a fully convertable currency with no restrictions.

"CURRENCY CONVERSION AND TRANSFER POLICIES

The currency of Iraq is the Dinar (ID - sometimes referred to as the New Iraqi Dinar). Iraq's current exchange system is characterized as a free foreign exchange system, with no restrictions on purchases or sales of foreign currencies. The Iraqi currency is fully convertible and can be exchanged freely with any other currency. In addition, there is free movement of capital without restrictions on capital inflows and outflows. Iraq's foreign exchange regime is also a multi-currency system in which foreign currencies circulate in the market and are accessible to everyone.

The exchange rate is generally determined on the basis of supply and demand conditions in the foreign exchange market. Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes. The Central Bank of Iraq (CBI) also can intervene, when necessary, in order to maintain stability in the foreign exchange market. In addition, there are no taxes or subsidies on purchases or sales of foreign exchange.

The Government of Iraq's monetary policy since 2003 has focused on maintaining price stability and a stable exchange rate. In addition, the Central Bank of Iraq conducts daily foreign exchange auctions to limit the impact on base money growth of the sale of the government's oil export earnings. "

http://www.state.gov/e/eb/ifd/2006/67643.htm
What is everyone's interpretation of the last line in paragraph 2 about (no taxes on purchases or sales of foreign exchange)? Am I reading this incorrectly, or is it saying there will be no tax liability if we exchange this currency to US dollars?
On another note, can someone suggest where I can buy some more dinar. I have been trying to purchase another 23M (for friends and family) from safedinar since Thursday and have been getting the run around. Still no shipment. Something to do with verification. I need help. I need one more order before this thing hits.

Thanks,

Johnny

I would guess this is for the "Big Boys" like the Banks and the Foriegn Exchangers of the currency supply going back and fourth. They will always taxes us below them. Just my two dinar thought.

I always use safe dinar as I will be tomorrow again. I know that over 10 million there is a proccess to go thru. I have no other I have used to say.

Originally Posted by sassy

Hey Readyto Go, You're Being Awfully Quite. What Is You're Opinion? Mine Is By The End Of July Let It Peg, Let It Peg, Let It Peg, Let It Peg. <please> Lisa

Hey Sassy,

Been working out of town and sure do miss visiting DinarLand as often as I have become accustomed to. I say by end of July! If it wants to wait till end of August, that's okay with me, just gives us the chance to get MORE DINAR!

Monica

You Know, I Think That I Could Handle That Too. But You Never Know Just What Is Lurking In The Near Future. Hopefully It'll Be A Peeeeeeeg. Just You Be Readytogo,readytogo.

Iraq plans new tender system to cap prices
18/07/2006
Source: Khaleej Times

Iraq plans to tender every two weeks for small quantities of wheat, rice and other commodities in order to avoid pushing up prices, Trade Minister Abdul Falah Al Sudany said on Monday.


The country also plans to boost storage capacity, he said.

In an interview with Reuters, Sudany said officials from the ministry also may visit the United States to “expand trade in wheat and in rice”.

“We (will) make an announcement of our needs of wheat, rice, and other commodities every two weeks in order not to make disturbances in the market or raise the prices,” Sudany said.

“It is not in the interest of the world economy or of the Iraqi economy to announce large amounts of wheat or rice.”

Last year, Iraq began to tender to purchase huge amounts of wheat every few months to build up stocks but officials said that had moved international markets against the buyer, penalising Iraq.

“Every time we tendered for a big amount the prices changed and went higher, this was not good for Iraq, we can’t afford that,” an official at the Trade Ministry said.

Sudany said the new bidding process would begin by the end of the year.

He said he or other trade officials hoped to visit the United States at the invitation of the US National Association of Wheat Growers.

He said the visit was intended to expand trade relations in US rice and wheat but would not exclude other sources.

“It should not affect our different sources of import but we would like to expand our economic relationship with the United States and I think the American government is ready to assist,” Sudany said.

Iraq awarded a buying tender for one million tonnes of wheat to two American firms in October last year.

Australia was the major wheat supplier to Iraq under the U.N food for oil programme which started in 1996.

It allowed Iraq to use oil revenue to buy food, medicine and other goods to help the population cope with a crushing embargo from 1990-2003 that contributed to a drastic drop in living standards.

The trade relations between Iraq and Australia have worsened since the program ended in 2003.

Iraq’s Grain Board said in March it had bought 500,000 tonnes of wheat from Australian firms, 450,000 tonne from US firms and 150,000 tonnes of wheat from Germany. With 500,000 tonnes purchased from Canada, this completed a 1.6 million tonne tender issued in January.

Iraq, a major oil producer, imports around 3 million tonnes of wheat a year to help feed a population of 27 million people.

http://www.iraqdirectory.com/DisplayNews.aspx?id=1696

Sound economy is aim of Iraqi govt'' -- Iraqi PM
18/07/2006
Source: Kuna

Iraqi Prime Minister Nouri Al-Maliki said Monday a national unity government would help the Iraqi economy up on its feet again.

Al-Maliki made his remarks while receiving US Secretary of Commerce Carlos Gutierrez in his office in the Iraqi capital Baghdad.

"Iraq was a victim of a tyrant regime that led the country into years of deprivation," said Al-Maliki in a statement. "Our resources will be invested for the well of Iraqis and building a stable political system." The statement added.

Al-Maliki said that terrorism was the only major obstacle blocking the way of achieving political and economic stability. He stressed that terrorism will eventually be defeated.

The US official acknowledged the importance of a national unity government in Iraq. "A free democratic Iraq" as he put it, was the key for a sound and firm political and economic system.

Gutierrez pointed to a "serious US desire" in backing up political and economic development plans in Iraq.

http://www.iraqdirectory.com/DisplayNews.aspx?id=1699

Monday 17July, 2006

Prime Minister Meets US Minister of Trade, and Affirms:

National Unity Government Is Serious In Promoting Iraqi Economy and Cooperate With All Countries

The Prime Minister (Nouri al-Maliki) said: Iraq was a victim of adventures and wars of the late regime who made people suffer deprival for long years, we have to exploit the country's wealth in order to present real services to Iraqis, along with building stable political system that avoid the rule of the sole person, the party and the faction. He added, during meeting US Trade Minister (Mr. Gaterees) in his formal office in Baghdad: We wish to build a country where all are equal in rights and duties with the presence of justice and law, he affirmed that the national unity government is serious in promoting Iraqi economy, and enhancing cooperation with world countries within the market policy and free economy, because Iraqi riches can bring capitals through investment law which is done and waited to be ratifies by Parliament. Mr. al-Maliki added: the only obstacle facing us is terrorism, as far we need cooperation in political and economics fields we need the same to defeat terrorism which is global danger against civilization, he affirmed that Iraq is fighting the basic battle against terrorism, and as long as it takes, we will defeat terrorism. From his side, the US minister expressed his trust that the national unity government is able to achieve Iraqis wishes, and defeat terrorism along with promoting economic status, he affirmed that Iraqis and their national government proved massive bravery in facing challenges, and going on program to build free democratic Iraq, he referred that serious wish for US government to support political and economic course for Iraq and Iraqis, along with its stand with al-Maliki government in facing remains of late regime in all fields. Iraq has signed with US an agreement of commercial cooperation between the two countries, Iraqi minister of Trade signed for Iraqi side, and the US minister signed for US side, it included enhancement of trading and political cooperation.

Baghdad, July 18, (VOI) – An armed group in National Guards uniform raided a state bank in west Baghdad on Tuesday and stole 1.25 billion Iraqi dinars ($ 840,000), Iraqi police sources said.
“Gunmen wearing the official uniform of the Iraqi National Guards and using two pick-up vehicles and a BMW raided al-Rafidain Bank in he western Baghdad district of al-Ameriya and stole 1.25 billion Iraqi dinars,” one source told the independent news agency Voices of Iraq (VOI).
An interior ministry source told VOI the gunmen “walked into the bank pretending they came to collect the salary money of some army soldiers, but they soon threatened the bank employees and stole the bank money.”
Several months ago, Baghdad witnessed another big robbery when an armed group stole about $850,000 dollar from an armored vehicle after killing or wounding the escorting force.

http://www.aswataliraq.info/modules....rder=0&thold=0