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

Well that's nasty, but right now 1.25 billion is about what they'd need to buy, oh say, a car.

Now You did a good job with the translation. I reckon we're gonna be rich. I sorta feel like uncle Jed.LOL

Originally Posted by pipshurricane

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

I don't know how the rest of you read this but I take it to mean that the terrorists are having issues with "funding" if they are having to resort to robbing banks to obtain funds. Not to mention that those funds will likely have to be converted "outside" of Iraq (so they can't be traced back to the exchanger) and at a "less than ideal" exchange rate. You don't just walk into a bank in Jordan or elsewhere with "traceable" currency and attempt to exchange it. Generally, when terrorists have to resort to bank robbery and/or kidnapping and ransoms to generate operating capital, they've basically been reduced to being nuisances more than forces to be reckoned with...

EW

Originally Posted by everwiser

I don't know how the rest of you read this but I take it to mean that the terrorists are having issues with "funding" if they are having to resort to robbing banks to obtain funds. Not to mention that those funds will likely have to be converted "outside" of Iraq (so they can't be traced back to the exchanger) and at a "less than ideal" exchange rate. You don't just walk into a bank in Jordan or elsewhere with "traceable" currency and attempt to exchange it. Generally, when terrorists have to resort to bank robbery and/or kidnapping and ransoms to generate operating capital, they've basically been reduced to being nuisances more than forces to be reckoned with...

EW

Just throwing this out there...first thing I thought when I read this is " Oh Man! If this pegs in a week, those dirtbags will have 1.25 BILLION DOLLARS worth of dinars..." Does anyone else think that perhaps the reason for the robbery is the pending reval?

18 July 2006 (PortAl Iraq)
U.S. Secretary of Commerce Carlos Gutierrez visited Baghdad and met with Iraqi Prime Minister Maliki, other senior officials and private sector representatives July 17 to discuss ways to help the Iraqi economy grow and increase the number of Iraqi jobs.

Promoting Iraq's Private Sector

"Promoting private sector development in Iraq is a key part of the new Government's strategy to expand the economy and foster peace, stability and prosperity for the Iraqi people. Prime Minister Maliki and the new Iraqi government face many opportunities and challenges on the road to building a well functioning modern economy. But progress is being made - registered companies have soared from 8,000 to 34,000 and there are now 7 million subscribers of cellular services," Gutierrez said.

"I was impressed by the free market oriented initiatives announced by the Prime Minister in his speech to Parliament on July 12. President Bush and the entire Administration are committed to helping the Iraqi people along the way."

Meeting Iraqi Business Leaders

In addition to his government meetings, Gutierrez delivered remarks to the American Chamber of Commerce, participated in a roundtable discussion with Iraqi business leaders and toured an Iraqi business showcase highlighting the progress made in the communications sector during the past three years. Gutierrez also featured recently launched public and public-private partnerships aimed at boosting Iraq's international trade and investment.

"It was very heartening to see the energy and vision of the Iraqi entrepreneurs, who not only are focused on building their businesses, but also in building a modern, prosperous Iraq."

U.S. Initiatives to Strengthen Iraqi Economy

President Bush's requested that Gutierrez travel to Iraq and work with Iraqi counterparts to identify ways the U.S. government can help the Iraqi government revitalize its economy.

Gutierrez announced that the Commerce Department is implementing new initiatives aimed at helping the Iraqi government and private sector further enhance economic development and create jobs:

Gutierrez and Iraqi Minister of Trade al-Sudani signed a joint statement outlining a cooperative action plan between the Department of Commerce and Ministry of Trade and appointed co-chairs to a working group charged with implementing the plan. The cooperative plan covers enhancing commercial relations, capacity building, trade development and promotion, and World Trade Organization accession.

Gutierrez unveiled a Commercial Law Development Program for Iraq, focused on creating a legal and tax environment conducive to domestic and foreign investment in Iraq's key economic sectors, starting with the mineral resources sector. Through this Commerce Department initiative, Iraqi officials will be able to access the expertise of world-class professors and practitioners and attend technical workshops that will address Iraq-specific legal and tax issues.

Gutierrez and Iraq's Minister of Trade also agreed to create the U.S.-Iraq Business Dialogue, a group of Iraqi and American firms which will discuss private sector issues with both governments. The group would focus on enhancing commercial relations, training and providing input on trade and commercial policies in both countries.

Gutierrez announced that he is sending two trade advisers to Iraq for a one-year assignment to advise the Iraqi Government on standards and trade development and promotion issues.

Gutierrez provided details on the Commerce Department's National Institute of Standards and Technology (NIST) "Standards in Trade" construction and housing training to be held in Washington.

Gutierrez highlighted:

Iraq's economy and infrastructure have made tremendous progress since March 2003, particularly in the information technology sector where wireless telecommunications and internet access have gone from no infrastructure to over 7 million wireless subscribers (24 percent of population) and 2,000 internet cafes.

The stock market has gone from a state-owned entity with 13 companies listed to an independent stock exchange with 96 companies listed.

Company registrations have jumped from 8,000 to 34,000. The number of international airports has quadrupled from one to four.

Local markets and businesses are flourishing, selling consumer goods previously not available in Iraq.

According to the U.S. Embassy in Baghdad, Gutierrez noted that Iraq's new economic freedom has unleashed a wave of economic activity and pent-up demand among Iraqi consumers. Gutierrez also noted that by working to integrate Iraq's informal economy into a more open, modern economic system, the Iraqi government will - among other benefits - be able to increase tax revenues, improve consumer safety, fight corruption and promote investment and rule of law.

Commerce Department's Background in Iraq

Since March 2003, the Commerce Department has supported the Bush Administration's efforts in Iraq by sending 15 professionals to serve on detail with the Office of Reconstruction and Humanitarian Assistance, Coalition Provisional Authority or regular assignments with the U.S. Embassy. These professionals served in positions advising the Iraqi Government, drafting trade related legislation, supporting business centers and staffing the U.S. Commercial Service office.

The Commerce Department works with the Government of Iraq to help build a strong Iraqi economy, develop Iraq's private sector and enhance U.S. Iraq-commercial ties. The Commerce Department's Iraq Investment and Reconstruction Task Force (IIRTF) provides advice on trade issues to the Iraqi Government, serves an information clearinghouse for commercial opportunities in Iraq and helps facilitate capacity building programs for Iraq.

The Task Force has organized three Iraqi private sector trade delegations to the United States, participated in or organized more than 50 trade and outreach events internationally and currently manages the most comprehensive U.S. government export portal for Iraq reconstruction.
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I think it's a shame that bank security is lax enough to allow thieves to abscond with that much cash. That's a boat load of currency even if it was all large denominations. It stikes me as a bit suspicious that there was that much cash out of the vault for the taking. Very suspicious indeed.

Tiffany, In my opinion it shouldn't hurt a reval. Hopefully, they have the serial numbers logged and if they try to exchange for a different currency, they can retrieve the stolen bills. But, who knows, we are talking about Iraq.LOL

Originally Posted by tiffany

Just throwing this out there...first thing I thought when I read this is " Oh Man! If this pegs in a week, those dirtbags will have 1.25 BILLION DOLLARS worth of dinars..." Does anyone else think that perhaps the reason for the robbery is the pending reval?

Yes I do ....or.... it was a job to fund BootLeg dealers as the Dinar is harder and harder to get. Even my supplier is having troble with the smaller denomenations. So it must be getting close for these things to start happening. This more to the real world getting there now. My 2 dinar thought

did they steal 1.25 billion or 1.25 million dinar 1.25 billion dinar is worth
840 million not 840 thousand ?

never mind : i was getting ahead of myself sorry