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

Just up, gonna trawl through the back pages. Just for a bit of light entertainment, add to this thread here, come on, tell us what you will buy first.

http://www.rolclub.com/iraqi-dinar-d...d=1#post119412

Opps50!

Its okay, Keep up with searching for news! Its hard to find posts in here, because SGS is a machine with articles!

So continue your search for good news, and btw, i havent read your post before, even if sgs posted this back in the thread!

Originally Posted by kiko

Good morning you all (here it is morning).

This is the best news today!!

WTO negotiations = Full membership = International Exchange Rate.

We are close!

Very good news, with WTO accession comes a fully convertible currency on the world markets, they don't accept member countries without this.

Good work folks.

Originally Posted by shotgunsusie

adster, wanna paste that quote in here from someone in the iraqi govt. who said the dinar was going to rise in value significanty against the dollar this year 2006???

that will be my answer...

You have it in your signature! It was from a CBI insider.

I would take anything freedinar says with a pinch of salt. I do.

No problem

I thought it was good news and didn´t see you post it before

If they gain access to WTO soon,then we will see the reval I think. That is the clearest sign we have I think.

After that I think we will see a "small" reval that will grow over time. My opinion is not a high reval (though I hope so). $1.5 maybe within a couple of years (OK, this was an opinion)

Originally Posted by shotgunsusie

dont be, and delete this. not necessary. i edited as i realized it sounded harsh and wasnt meant to be.

I need some help here. Just found this post of yesterday on IIF.
It quotes an article but no link is provided with it.
Has somebody seen this article somewhere. They say it is from yesterday.

It is about the use of non market fixed rates and the use of the real exchange rate in an unofficially way.

Banking & Finance

Banking and Finance have undergone dramatic changes through the introduction of the new Foreign Investment Law (CPA Order No. 39, as amended) and the new Bank Law (CPA Order No. 40). The following is a summary with respect to main institutions in this area.

Central Bank of Iraq

The Central Bank of Iraq's ("CBI") authority to loan funds to Iraqi government ministries was suspended under CPA Order No. 18, and the CBI was authorized to determine monetary policies without approval from the Iraq Ministry of Finance.
In the past, CBI has been very protective with inflexible policies on exchange control. The government controlled foreign exchange using non-market fixed rates. This meant that money exchange at real rates used to take place by way of unofficial transactions, which in many cases contravened prevailing Law.

Foreign & Commercial Banks

The new Bank Law permits the establishment of foreign banks in Iraq, including majority or wholly owned subsidiaries of existing foreign banks or bank holding companies. Foreign banks may enter Iraq as branches subject to comprehensive supervision on a consolidated basis by a supervisory authority in the country in which the foreign bank's head office is located. Licensing of commercial banks in Iraq requires approval of CBI, and following Iraq's announcement to license six foreign banks, CBI has chosen three foreign banks through an application process, as eligible for licensing.

In 1964, all foreign banks operating in Iraq were nationalized, leading to the formation of one government owned and controlled commercial bank called Rafidain Bank. Consequently, no foreign or Arab banks were permitted to operate in Iraq during the past forty years. Rafidain Bank was later followed by a second government owned bank, Rashid Bank. Following the first Gulf War in 1991, the former regime authorized the formation of private banks, however, these banks were prohibited from conducting international transactions.

The new Bank Law provides that in the event of a conflict between the Bank Law and the provisions of any other Iraqi law, the Bank Law shall prevail.

Trade Bank of Iraq

The Trade Bank of Iraq ("TBI") was established pursuant to CPA Order No. 20. TBI has the character of an independent governmental entity, which provides financial services to facilitate Iraq's imports and exports. TBI is operated by a consortium lead JP Morgan Chase & Co. and its profits are to be distributed to the Development Fund for Iraq.

Looks like an importan article telling they are using 2 books like suggested before!

If you guys know more share please!

Interesting, sure the US and UK will pressure further with threats of pulling out troops IF the Iraqi government start facking around with delays again.....



Iraq needs foreign troops to remain indefinitely: govt spokesman
Iraq needs foreign troops to remain in the country indefinitely, until its own forces are in a position to combat the increasingly deadly insurgency, the government spokesman said Thursday.

Voices of Iraq: Iraq-Currency
Posted by: saleem on Thursday, October 12, 2006 - 01:05 PM

Iraq-Currency
Iraqi dinar at highest rate to dollar in months
By Dergham Mohammed Ali
Baghdad, Oct 12, (VOI) – The Iraqi dinar scored on Thursday its highest exchange rate to the dollar in more than five months, fetching 1,470 dinars compared to 1,471 dinars on Wednesday.
Demand was up to $58.810 million from $53.505 on Wednesday, the bank said in its daily statement.
The bank covered all bids which were $24.750 million in cash and $34.060 million in foreign transfers.
15 banks participated in the auction but none offered to sell dollars, the statement said.

Iraq-Currency :: Aswat al Iraq :: Aswat al Iraq

The government controlled foreign exchange using non-market fixed rates. This meant that money exchange at real rates used to take place by way of unofficial transactions, which in many cases contravened prevailing Law.


Does this mean they have traded with other rates than 1470??