I have always heard that if the cbi rate is 1200 that is supposed be some magical number, that will invoke a reval or the start of one. Is this true or more speculation. we are at 1201 now so... let me know what you all think and be polite thanks
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I have always heard that if the cbi rate is 1200 that is supposed be some magical number, that will invoke a reval or the start of one. Is this true or more speculation. we are at 1201 now so... let me know what you all think and be polite thanks
Announcement No.(1161)
D.G. of Foreign Exchange Control
The 1161 daily currency auction was held in the Central Bank of Iraq day Thursday 2008/5/8 so the results were as follows :Details Notes
Number of banks16-----
Auction price selling dinar / US $1200-----
Auction price buying dinar / US $1198-----
Amount sold at auction price (US $)164.635.000-----
Amount purchased at Auction price (US $) 2.550.000
Total offers for buying (US $)164.635.000-----
Total offers for selling (US $)2.550.000-----
Interesting,
The CBI officials often referred to the 1200 pointr as a benchmark or target, and it did happen slowly which they said would be their course of action to establish stability with dinar, so now that this benchmark has been met, now we all have to wait for the magic. lol
Good luck to all, Mike
Greetings Al,
It is amazing how quiet it has been, and very little information is coming out of Iraq, so makes you wonder, combined with hitting this benchmark, along with exchange of coins, and very little other informaiton, perhaps we will see restoration of value of dinar as was stated many times by officials, so that was all I was referring to, what was stated, nothing new to add unfortunately, so time will tell.
Good luck to all, Mike
It was stated in this document some good stuff , but is extremely long and can give you a head ache. I thought this part was good. I actually found this info on another site but figure I would post cause it is within this discussion.
For purposes of monitoring under the program, a program exchange rate will be used.
This program exchange rate will be set at ID 1,200 per U.S. dollar. The program exchange
rate will be used to convert into Iraqi dinars the U.S. dollar value of all CBI foreign assets
and liabilities denominated in U.S. dollars, as required. For CBI assets and liabilities
denominated in SDRs and in foreign currencies other than the U.S. dollar, they will be
converted in U.S. dollars at their respective SDR-exchange rates prevailing as of
December 17, 2007, as published on the IMF’s website.
If you wanna load the PDF and see go to page 57 section 4.
http://www.imf.org/external/pubs/ft/scr/2008/cr0817.pdf
Now I believe this is the magical number possibly because this is the rate they wanna be at before the program rate is lifted. Now there may be a few other requirements that need to be done so with that said. I don't think were gonna see another pip here and a pip there but go out on a limb and say a bold adjustment. Could be days weeks or months. Yet on the other hand I remember reading 1000 to 1 by some important official a while back is what they were hoping for in the near future ..but that was old info so who knows. But I think were really close guys as my thoughts since I got into this thing is that something will happen before GWB leaves office. Were ready now for the real rate please. What it is or could be is anyones guess but did we not here from shabbi a few weeks back telling folks to hold onto there dinars and that they wish to return to 70s and 80s rates. I can dig up a link if you wanna it don't have it right now and also the question of a loop is out of the question as it was publicly stated today thats not there intentions!!! Big news and the M2 numbers were said to be only 8 trillon! not these nubers of 24-27 being thrown around.http://translate.google.com/translat...N%26as_qdr%3Dd There was also an article that came out stated by the oil minister about a week ago that they now have 335 or was 350 billion barrels of proven reserves found so far HUGE! I can dig up links if you want just let me know but the info is out there. Its not as quiet as things seem mike, yea the article 7 and HCL news is quiet but theres some good news comming out as of recent. Whats your thoughts mike on what I have said. I feel we are so very very close folks! Hold on to your hat. Im getting excited about this investment again. -Tank
Agreed,
We have all read the snippets being thrown about by officials which stated a restoration to former rates, whatever that means, so it cannot be ignored since so many had stated effectively the same thing.
As we all know, things just move painfully slow in Iraq, and with all the corruption, the PM and cronies wanted enough time to stash away their billions first, so as you can see, there is no way to tell when this will happen, but think of the wealth these crooks in gov. will have tucked away when it happens. Sure is an extra incentive for them to move forward soon.
If you look back over history, Saddam tucked away millions, and all his cronies did the same thing, including his sons, so this is imbred into society, after all, we have all heard of the book, Thief of Baghdad. lol Now you know the history of Iraq. It will never change, but now with 350M barrels in reserve, the whole country can satisfy their thieving ways. I do believe we are close, and since it has been so quiet, I feel we are closer than ever.
Good luck to all, Mike
- I believe the program they are referring to is mentioned here in various ways. So yes, I do believe that there are other aspects to be completed but we are getting closer and closer every day.
Aiming for stability
Maintaining macroeconomic stability remains a key objective of the authorities' program for 2008. The Central Bank of Iraq will gear its monetary and exchange rate policies toward achieving this objective. Fiscal policy will help contain inflation by keeping current spending, notably the wage and pension bill, in check to limit pressure on Iraq's small non-oil economy. The envisaged increase in government investment, in view of its high import content, should have only a limited impact on inflation.
In light of Iraq's large reconstruction needs, the government has prepared an ambitious investment program for 2008. It is taking steps to speed up projects that could not be undertaken in previous years, in particular to rebuild infrastructure and improve the provision of electricity, water and sanitation, education, and health care. Provided that further security improvements allow execution of the public investment program and a return to a more normal functioning of the economy, economic activity outside the oil sector should pick up.
The authorities' program will also focus on the oil sector and the need for higher investment to raise output and for greater transparency. Raising oil production will be crucial to provide the resources needed for reconstruction over the medium term. Projects to increase production and export capacity in the south and better protect the northern export pipeline are either under way or planned. With continued exports through the north, oil production is projected to increase to 2.2 mbpd in 2008, helping to boost economic growth overall to about 7 percent.
Following the installation of a metering system in the Basra export terminal, metering systems in other ports and oil installations are also being put in place. During 2008, an all-Iraqi Committee of Financial Experts will prepare to take over the audit oversight role of the Development Fund for Iraq, through which all oil revenues are channeled, from the International Advisory and Monitoring Board, which has performed this role since December 2003.
Under the new program, restructuring Iraq's banking sector will be a major challenge. The sector is dominated by state-owned commercial banks, which account for 90 percent of the banking sector's total assets (70 percent for Rafidain and Rasheed banks alone). The banks lack expertise in commercial banking and market finance. There is very little extension of credit to the private sector, and the banks' asset composition is heavily tilted toward government securities.
Compared with other banks in the region, Iraqi banks' deposit base and loan portfolio are small. Most banks lack the expertise to assess risks and, thus, few offer loans with maturities of more than one year. As a result, financial intermediation is weak (see Chart 3). Banks' total loan portfolio at end-2006 was only $2.2 billion (4 percent of GDP), mostly in the form of overdrafts. Total deposits stood at $12.9 billion (26 percent of GDP).
http://www.imf.org/external/pubs/ft/...R021308B-3.gif
Under the program, financial and operational audits of the two largest banks will be undertaken and a restructuring program adopted, with IMF and World Bank technical assistance. Other structural reforms include modernizing public financial management and strengthening the accounting and reporting framework of the Central Bank of Iraq.
Outlook hinges on security
Iraq's medium-term outlook is favorable, provided security continues to improve. The sustainability of its external debt situation would, however, still require the third and final tranche of Paris Club debt rescheduling (worth 20 percent in net present value terms) planned for end-2008 and further progress in reaching debt reduction agreements with Iraq's other creditors. Disbursement of the last Paris Club tranche is contingent on good performance under the new Stand-By Arrangement.
Although much remains to be done, Iraq has registered a number of successes. Significant progress was made in stabilizing the macroeconomic environment and in advancing the structural reform agenda. The 2008 program will focus on similar objectives to capitalize on the momentum achieved by the first program and, in particular, to help the economy begin growing again. Continued progress, however, will depend on the success of efforts to stabilize the security situation and strengthen the political consensus.
__________________
hey Benzboy...maybe someone needs to tell the Iraqi Government that they reached the rate of 1200.....I'm not quite sure that they have stolen all that they can steal from under the table for the past 3 years while they have been in office while their own people continue to go hungry ....with oil prices what they are and have been for a while now you would think that these people would wake up and smell the roses...what they[the people] need to do is come October vote in all new people to the Parliament...I think that would send a message that the government needs to get off its A** and do something constructive for the people...not just talk and bicker about it...IMHO...Pat:mad3:
Well...it is obvious the world is not going to drop its currency to a level sympathetic of the NID. So what is left to do?
And really Iraq cannot get out from under the dollar base connection, no matter how much they squirm. It is a done deal. And every delay is to bring pain to the country and the world economy. It will significantly happen soon, very soon. 2008 will be a year to remember. For more ways than one.
Maceman
Announcement No.(1166)
D.G. of Foreign Exchange Control
The 1166 daily currency auction was held in the Central Bank of Iraq day Thuresday 2008/5/15 so the results were as follows :Details Notes
Number of banks13-----
Auction price selling dinar / US $1199-----
Auction price buying dinar / US $----------
Amount sold at auction price (US $)47.210.000-----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $)47.210.000-----
Total offers for selling (US $)----------
Over the years we have watched this investment, seems that the passing of an HCl, Security for citizens and commerce were all needed to get the IQD off the mat. Well, like it or not, we are knocking on the door with all of the above and now at 1199... Any wonder why my hair is much grayer now than when I joined the RolClub??? My thought is that we see something soon,. If not by June, then I think we are in for a longer ride than I bargained for.. JMO.. Stay well Seaview thanks for keeping the home fires burning. Blessings all. Warrior
thank a soldier...
for doing the tought job in the world....
no matter what country you live in....
God bless
.
Morning wherbie, As a Viet Nam Vet, I always keep our troopers in my best thoughts and prayers. Your post says how and what we should all do. Our brave men and women are the best of the best in my opinion. Shake hands with a Military person and thank them for their service, you will see an expression that will last you a lifetime. Better yet, when you see some military types having a meal, pick up the tab. You will not forget the gratitude. As for the IQD, let's get this thing done.. RV any day now would be just fine. Blessings all, Warrior
Good morning to all. I have not been online here for quite awhile. Just watching the rates slowly tick away. Any one have any ideas or "rumors" as to when we may be looking at cashing in? I have been on this ride for 4 years now and took a break for awhile but I am really ready to get paid. Any info would be greatful. Have a nice one.
smcquiller1. while you have been gone, not much has changed. The names change, the people behind them are the same. Still a lot of pump and dump on the forums. We broke the magic 1200 number yet we still are waiting. I see us here for a good long time (JMO) wish that I felt a RV near, but alas till we see the HCL, a truly soverign Iraq with stronger security I fear slow grow it is. Just the thoughts of a tired old warrior. Don't be a stranger, dig in and stay a while. Need you back on the boards.
well I guess the 1200 was not the magical number. So I'm not sure what to think maybe there slow pips is there way of keeping inflation in check who knows. So much for my possible prediction of a bold adjustment at 1200. Maybe everything is riding on the hcl? I just hope it doesent just slowly keep growing at a snails pace. Once again we keep guessing.
Nothing major yet - Guess we can closed this out since we are below 1200.
i don't think anything is going to be done as long as this lazy corrupt government is in office..its apparent now and has been for a long time that this government is stealing billions of dollars from under the table...money which is unaccounted for..sent by us... US tax payers......they don't want to pass any laws because they are so scared the person next to them might steal more then they will get...they don't give a rats a** about their own people..its all about how much they can steal and stash away for when they get out of office....Mike[OSW] has always said this and I have to tend to agree with his assessment...theres a long time these laws could have....and should have been passed.....IMHO...Pat
well....it means....that if you have 1 Million DINARS, you will only need 1200 PIPS lower to make your 1 million DINARS worth 1 Million US DOLLARS!!.
Right now your 1 million DINARS are only worth $834.02 as the value is now at 1199.
Might be sooner then we all think....do not sell...you had your dinars for this long, time is on your side.
not to worry Ferrigno...i have been in this investment almost 4 years...not about to abandon ship now....lol...its just so frustrating watching this Government under perform and under achieve....its all about the money that they can steal under the table...like its always been with this country..just a different set of people in office now..but they all the same...IMHO...but i am waiting patiently..hopefully it won't be that much longer....Pat
not worried here...just as frustrated as the other person. You see how they can change their value overnight...and I know they can change is back again OVERNIGHT! If you consider 4+ years overnight:toofunny:.
If I take my children to play in the sand in IRAQ they will be able to extract oil from the ground. The articles coming out now state they are now the #1 country w/oil....now they just need to get their "sandy-headed" brains together and pass the HCL which will lead to $$$$ flying in to laws being passed eventually re-establishing their currency to a rate back to where it was in the 70's-80's (as per Shabibi's wishes!)
new to this site. have been invested about 6 months. There are some meetings coming up late this month. i believe june 1.
bluedevil
Welcome djohnson, make yourself at home. If we don't see anything in June, I think we just sit back and watch for early fall, around election time. May or may not play a factor but will be fun to watch. Whilst we think they MUST rv, they seem content in skimming millions daily from the economy and lining their pockets(Parliment that is) . I truly feel when the Joe Average Iraqi can stand up and make some noise, then Parliment may do something. The working Iraqi knows that oil is flowing and money coming in, yet he can't feed his family. Maybe his voice will be the trigger (JMO).. Best to you and all for a Blessed Weekend. Warrior
Yeah, I'm as frustrated as the next person that it hasn't RV'd.
Have held my dinar for over two years.
Feel very sorry for the families in Iraq who still struggle for day today survival.
What is wrong with their Gov't?
The deal, if it comes off, is WORTH WAITING FOR!!! Be patient: your profit is not as important to them as a few minor things like civil war; nasty American soldiers in the streets (Sorry to all our USA buddies- I support you but it doesn't seem like many Iraqi citizens are quite to keen!); intersectarian violence and long curved knives under the burqua of the guy behind you!
Sit back and enjoy the ride. If all goes well, before you retire you will be worring about how Uncle Sam is going to rip you off on the tax side of things.
That is when you remember me and contact me by PM for assistance!
Keep smiling, keep believing, and wait in patience.
Regards
GrahamB
Interesting,
As we have all been duped by gov and their greed, we can do nothing more than wait until each minister steals enough from the people of Iraq to have billions when it does revalue. How much more they need to sock away, just like Saddam and his cronies did, we don't know, but surely they each must have a busload by now given the recent reported billions in U.S. aid dollars missing. lol
Sorry, but it is gov as usual, ripping of its people, nothing new, just has to go through the cycle, and then when new elected officials are in place, they will get their share too. The only Iraqi minister who was against sucking the people dry was thrown out of country, so that clearly defined the Maliki gov, so don't hold your breath, Iraq has enough wealth to make every citizen wealthy, and with that, it will do the same for those holding onto dinar.
Good luck to all, Mike
I Guess now I have answered my own question, of what to expect when the Cbi hits 1200. Expect nothing to change. It is now under 1200 and now reval. Its like every investment that I have boughten into, sit around wait hope fight against despair and financial ruin, and yet still wait. One would have thought given the opportunity for Iraq to become its own run country with elected officials and a free government, would have spurred them on to do the honorable and straightforward thing to get its people out of poverty and a better, safer life. We all can see how that is working out. Maybe Iam just Bitter Table For One, but this is not acceptable to me and yet unless I am willing to lose money and sell of my Dinar, I have no choice to wait it out.
Benzboy
all we can do is wait benz....its been apparent for some time now how corrupt these people are[GOI]....they go around screaming and moaning how they want every country to forgive their debt yet at the same time they have had the HCL law approved by parliament and ready and waiting for a vote since February 2007 and have not passed it yet....seems to me i would wait and not forgive their debt until they show that they are thinking about their own people first and pass these laws needed to get their country back and running...everyone knows that there are billions of dollars sent by the U.S. that are not accounted for and missing....its not missing...all their ministers who are running their country are getting fat and rich...via under the table route..while their own people continue to starve and live in poverty....forgive their debt??...i never wopuld until they pass the laws///IMHO...Pat:mad:
Wow - cheer up everybody - this thread is starting to sound really depressing.
I don't want to come accross as patronising - so please forgive me - but - bare in mind these people are building an infrastructure and Government from the ground up - these things take time.
But at least we all already know it is a very, very, very wealthy Country and a lot of large Companies want to be a part of it's future.:biggrin::biggrin:
I always find it amazing that the countries that have taken the hit of forgiving Iraq's debt are all non-muslim counties (except for maybe Bosnia). The ones that won't cut them any slack are muslim. What's wrong with this picture? :wacko:
" always find it amazing that the countries that have taken the hit of forgiving Iraq's debt are all non-muslim counties (except for maybe Bosnia). The ones that won't cut them any slack are muslim. What's wrong with this picture? :wacko:"
Could it be because they know how the game is played? Stick it to the "infidels" while linning your own pockets past the bursting point. There is a reason Iraq is ranked the 3rd most corrupt govt on the planet. Care to offer a guess as to why?
Interesting,
I think it has more to do with holding out for a deal on some of Iraq's oil since all the other regional oil reserves are close to being exhausted. It would make sense they would not reduce debt unless they get oil which is vital for their survival in coming years. Yes, Saudi's are past peak, and it is well documented by insiders who were thrown out of oil industry to keep it a secret several years ago.
Bottom line, you can't trust anyone in middle east to tell the truth, we have all seen this clearly having followed events in region for past several years. They are all total BS in gov, and this is why most don't know the reasons behind the resistance to forgive debt, it is an ace in the hole they are all going to pull out at last minute, just wait and see, it will be contingent on an oil agreement in the end, just like with Russia.
Good luck to all, Mike
From what I have read, everything is done and you are right Iraq has the trump card just waiting on best deal! RV $5.26 end of JUNE!
Until the debts are decided upon I do not believe we will see a reval. I still think the Saudis are scared of losing their number one in the Middle East to Iraq and they are watching the progress of Iraq in the political arena again because their democracy threatens their very form of government.
Nothing Is Done!!!!
ohay I started this thread and I wanted to thank everyone for there opinion. That said I recently heard from a dinar buddy that a major debt against Iraq at some summit in Sweden, this is good new getting one step closer. I agree with most of the posters here in that I believe the government of Iraq to be unethical and quite unlawful,and the hierachy is too busy lining their coffers with oil money and the unaccounted for billions of dollars the US has sent them. I have always thought that this investment was a crap shoot, a realitively safe one given this arena LOL but I think with perseverence we will ride it to its conclusion.Causiously keeping the faith here
benzboy