Thread: Iraq/Dinar News. before Febuary 2nd 2006

Worms in email, how? I wanna know, I still have to drive 15 miles to the bait shop.
Liven up, that was the posters opinion and not what the GOI is doing.

Originally Posted by boomcreek

I, personally, don't trust this. Why would they, all of a sudden, change there intentions with everything being reported to take place, like WTO? "Oh...by the way...thanks for all the financial assistance and all, but weve decided that we're going to hold off on making our "preferred" currency worth anything for a while. We hope you guys can be patient with us...we're just afraid our people will be more prosperous than us, and we would hate to lose our power over them. Oh, and that loan you gave us...oh yeah, we hope you can wait for a few years for our payments. Do you have a RE-FINANCE program?" Oh...and pardon me while I give you a wedgie."
Someone is trying to get you to give up, for whatever reason. Kinda like people who send "worms" out in emails...somehow, they get a thrill out of watching people squirm.

Originally Posted by Inscrutable

Worms in email, how? I wanna know, I still have to drive 15 miles to the bait shop.
Liven up, that was the posters opinion and not what the GOI is doing.

You shoudn't bother... being an avid angler myself... just peel off that cover from yr breakfast sardine can and be creative with a plier and VOILA....!!! you have a scrumptuous-looking, shining fly bait...to be used over and over until RV arrives!


In the meantime....revvVV up and invest elsewhere, kills the boredom and for those that hate reading over and over like a bookworm...check out other alternatives while the western front gets encountered and u're safe sizing any catch available here in RC, there or wherever you fish


YB. - Cheers, learn & earn...

Originally Posted by Gloribee

A partial from Hightides post.

He pointed out that the latter amount came from the sale of oil derivatives to citizens, in addition to three billion dollars, for the implementation of projects and building new refinaries.

As for the role of the budget in raising the value of the dinar against the dollar, Azzubeidi said that a decision was made to raise the value of the dinar against the dollar in the budget, and the rate was determined purely by 1260 dinar, hoping to return to its normal state like the Gulf currency, as befits a country rich in oil and other wealth, and hoping to decrease the rate of the dollar to 1000 dinar during the three or four years.
And on the subject of lifting support from oil derivatives, he pointed to an agreement with the International Monetary Fund, which pledged to cancel $ 100 billion of Iraq's debt in return for the implementation of economic reforms, pointing out that these reforms developed by international experts, in coordination with the Iraqi government, the Ministry of Oil and Iraqi economists.

Not sure if I like this statement or not???

Gloribee

I just thought of something here. I am not one to try to read into articles looking for things that aren't there. But, In the statement the author states they want to raise the value of dinar. But initially they state 1260 to 1. Or thats what we thought. Look at the wording. It does not say to 1260 it says by 1260. We are currently at 1293. 1293 minus 1260= 33 to 1. That gets it a lot closer to the dollar, which is the stated goal of the budget. Please chime in on my thoughts here.

The Oil Fund promises to drop Iraq’s debts in return for reforms
Finance Minister announces raising the dinar exchange rate
29 January 2007 (Iraq Directory)
The Iraqi Minister of Finance, Baqer Jabr Al-Zubaydi, described the budget of 2007, as “ambitious” seeking to resolve the problems of the country in the area of security, investment and unemployment, and expressed his hope that it will to contribute to increased economic growth to 8 or 10%.
The minister said in a press interview that oil resources forms 93% of the budget, while the rest will be secured from taxes and fees. He referred to the allocation of more than ten billion dollars for investment eight billion for security, in addition to about seven billion dollars to support the Ministry of Oil.
He pointed out that the latter amount came from the sale of oil derivatives to citizens, in addition to three billion dollars, for the implementation of projects and building new refinaries.

As for the role of the budget in raising the value of the dinar against the dollar, Azzubeidi said that a decision was made to raise the value of the dinar against the dollar in the budget, and the rate was determined purely by 1260 dinar, hoping to return to its normal state like the Gulf currency, as befits a country rich in oil and other wealth, and hoping to decrease the rate of the dollar to 1000 dinar during the three or four years.

And on the subject of lifting support from oil derivatives, he pointed to an agreement with the International Monetary Fund, which pledged to cancel $ 100 billion of Iraq's debt in return for the implementation of economic reforms, pointing out that these reforms developed by international experts, in coordination with the Iraqi government, the Ministry of Oil and Iraqi economists.

He pointed out that the Ministry will continue to support oil derivatives with about seven billion dollars this year, by providing the refineries with free crude oil by 400 thousand barrels a day. The ministry then will sell oil derivatives to citizens, in order to allow it to recover the outstanding amounts estimated at seven billion dollars for the implementation of projects, in addition to allocating three billion dollars of the budget to develop the drilling of oil wells, extending oil transport pipelines and building new oil refineries. He explained that the increase in the prices of oil derivatives will include high-quality imported gasoline, used by luxurious cars, according to the source.

He stressed that dealing with inflation lies in the dinar, since its low rate against the dollar is the main cause of inflation, in addition to obstructing the arrival of goods to the Iraqi depth. He pointed out that the current inflation is temporary and the high prices of oil derivatives are another cause for it, since it affects the prices of other goods and services.

He emphasized that the crisis of the arrival of goods from the border outlets to the Iraqi market, caused by the deteriorating security situation, the presence of criminal gangs, and administrative corruption, which led to the loss of large quantities of goods and the revival of smuggling operations.

He pointed out that the port of Basra is unable to complete unloading cargo, as some ships delayed more than a month from the date of discharge, which costs the authorities huge fines. He also revealed that his ministry is preparing a study for the rehabilitation of “Khafar Al-Mai” outlet between Iraq and Saudi Arabia, associated to the Saudi port “Al-Ameeq”, to provide a route for the entry of goods into Iraq.

The Oil Fund promises to drop Iraq’s debts in return for reforms | Iraq Updates

Originally Posted by RetMil

I just thought of something here. I am not one to try to read into articles looking for things that aren't there. But, In the statement the author states they want to raise the value of dinar. But initially they state 1260 to 1. Or thats what we thought. Look at the wording. It does not say to 1260 it says by 1260. We are currently at 1293. 1293 minus 1260= 33 to 1. That gets it a lot closer to the dollar, which is the stated goal of the budget. Please chime in on my thoughts here.

Well perhaps 1260 is the button pushing level to launch an RV. If the article has any salt to it then the value of one dinar would equal the value of 1000 current dinars or about .775 USD, which i would take for starters.....

Originally Posted by draft138

Hey Folks,

The only places I have really been looking are here and Dinar trade for information. Since you guys are more knowledgable than I, what are web sites that you consider reliable.

Just looking for other places to look as well.

Thanks
JD

Stay here, Rolclub is the best site you will ever find.

Thanks

"As for the role of the budget in raising the value of the dinar against the dollar, Azzubeidi said that a decision was made to raise the value of the dinar against the dollar in the budget, and the rate was determined purely by 1260 dinar, hoping to return to its normal state like the Gulf currency, as befits a country rich in oil and other wealth, and hoping to decrease the rate of the dollar to 1000 dinar during the three or four years."

1. A decision was made to raise the value of the dinar against the dollar in the budget

2. Hoping to return to its normal state like the Gulf currency

3. As befits a country rich in oil and other wealth

From these three points, we can see that:

- the dinar will rise considerably in value when the budget is approved fairly soon now.

- the currency will resemble closely something at least on an average of all the Gulf currencies or higher depending on the meaning of 'its' normal value'.

- this would only be fitting for a country so rich in oil and other commodities.

[Other information, such as 'the rate was determined purely by 1260 dinar' or 'hoping to decrease the rate of the dollar to 1000 dinar during the three or four years' have no relevance or connection (background clutter that cannot be correlated logically to the main points)].

The "billknows" interpretation:

"In the coming budget, you'll see us significantly raise the value of the dinar. This action will put us in the same league as other Gulf currencies. Don't be surprised (are you kidding?) - it will appear at what we consider to be - it's 'normal value'. Nothing else would be fitting for a country so rich in oil and other commodities."

[Reval Coming!]

Please have a look at "Iraq:The Model", a blog by a local Iraqi.

Read the latest article about "Operation Baghdad starts on February 5"

Very good

IRAQ THE MODEL

Originally Posted by boomcreek

I, personally, don't trust this. Why would they, all of a sudden, change there intentions with everything being reported to take place, like WTO? "Oh...by the way...thanks for all the financial assistance and all, but weve decided that we're going to hold off on making our "preferred" currency worth anything for a while. We hope you guys can be patient with us...we're just afraid our people will be more prosperous than us, and we would hate to lose our power over them. Oh, and that loan you gave us...oh yeah, we hope you can wait for a few years for our payments. Do you have a RE-FINANCE program?" Oh...and pardon me while I give you a wedgie."
Someone is trying to get you to give up, for whatever reason. Kinda like people who send "worms" out in emails...somehow, they get a thrill out of watching people squirm.

Boomcreek,

Go back and read the whole post. It is not an article, just my take on something.

Monica

Originally Posted by billknows

"As for the role of the budget in raising the value of the dinar against the dollar, Azzubeidi said that a decision was made to raise the value of the dinar against the dollar in the budget, and the rate was determined purely by 1260 dinar, hoping to return to its normal state like the Gulf currency, as befits a country rich in oil and other wealth, and hoping to decrease the rate of the dollar to 1000 dinar during the three or four years."

1. A decision was made to raise the value of the dinar against the dollar in the budget

2. Hoping to return to its normal state like the Gulf currency

3. As befits a country rich in oil and other wealth

From these three points, we can see that:

- the dinar will rise considerably in value when the budget is approved fairly soon now.

- the currency will resemble closely something at least on an average of all the Gulf currencies or higher depending on the meaning of 'its' normal value'.

- this would only be fitting for a country so rich in oil and other commodities.

[Other information, such as 'the rate was determined purely by 1260 dinar' or 'hoping to decrease the rate of the dollar to 1000 dinar during the three or four years' have no relevance or connection (background clutter that cannot be correlated logically to the main points)].

Billknows Interpretation:

"In the coming budget, you'll see us significantly raise the value of the dinar. This action will put us in the same league as other Gulf currencies. Don't be surprised - it will appear at what we consider to be - it's 'normal value'. Nothing else would be fitting for a country so rich in oil and other commodities."

[Reval Coming!]

Excellent points and before the questions come up about SA's rate here's a good explanation by TerryTate as to why SA appears lower but in reality is not.

Originally Posted by TerryTate

Neno, as far as Syria's and Iran's currency being low you are right, but in regard to Saudi Arabia you need to look a little closer. The reason I say this is because the S.A. Riyal is actually on par with the Kuwaiti Dinar. The reason is simple, but let me try to convolute it by explaining it mathmatically. Both the Kuwaiti Dinar and the Saudi Riyal have smaller sub units called fils--->correct? Well, the Kuwaiti Dinar is equal to 1000 K.W. fils, while the Saudi Riyal is equal to 100 S.A. fils. Thus the Kuwaiti Dinar is based upon a 1000 unit subset, while the Saudi Arabian Riyal is based upon a 100 unit subset. The reason the subset is important is due to the exchange rate. Take for example the Kuwaiti Dinar when broken down to its subset:

1 K.W. Dinar = 1000 fils = 3.3 dollars
Thus, 1 fil = 0.0033 dollars

Now lets look at the Saudi Riyal broken down to its subset:

1 S.A. Riyal = 100 fils = 0.27 dollars
Thus, 1 fil = 0.0027 dollars

Now when you break down each currency to the subsets you nearly have equality---->correct. So, the trick is how each of the currencies are set up numerically. Most of the Middle Eastern countries are set up on the 1000 unit subset, while a few like Saudi Arabia are set up on the 100 unit subset. Break them all down to the smallest units and you will see that they are all very close in value. Iraq, by the way is on the 1000 fil system.

As for Syria and Iran, I would bet that they wouldn't be that far off either if they weren't trying to oppose the U.S. Most of their problems stem from political choices rather than economic, and I suspect that sooner than many think, they will begin to come around to what is going to happen in the Middle East, whether the Adamajanincompoops of those countries like it or not.

As they say, the writing (or in this case-mathematics) is on the wall. Anyway, hope that was clear.

All of this bodes VERY well for us!