Thread: Iraq/Dinar News to April 19, 2007 10PM CST

Voices of Iraq: Iraq-CurrencyPosted by: nakr2004 on Thursday, April 19, 2007 - 12:55 PM
Iraq-Currency
Slight drop in demand for dollar, exchange rate stable in daily auction
By Dergham Mohamed Ali
Baghdad, Apr 19, (VOI) – Demand for the dollar in the Iraqi Central Bank’s daily auction was slightly down on Thursday, reaching $81.190 million compared with $86.385 million on Wednesday.
In its daily statement the bank said it had covered all bids, which included $9.740 million in cash and $71.450 million in foreign transfers, at an exchange rate of 1,272 dinars per dollar, unchanged from Monday.
Fifteen banks participating in Thursday's auction offered to sell two million dollars. The bank bought it all at an exchange rate of 1,270 dinars per dollar.
Ali al-Yasseri, a trader at the auction, told VOI "the decline in today's demand for the dollar was reasonable and expected as today's session was the last of the week."
He added, "the high bids to purchase dollars reflected the local market need for hard currency. Any decline in demand for the dollar at the daily auction may indicate the retreat of the dollar phenomenon in the Iraqi market and the relative success of the Central Bank's policy to absorb inflation."
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Links to other forums is a no no here.-neno

Neno, I saw you deleted the link I put in my post, but it wasn't a link to another forum, it was a link to the article that I was talking about that was posted on another forum. The article had an interesting disclaimer claiming that they have the right to delete market sensitive information from publicated documents....Perhaps that can have its own thread.

Originally Posted by One Oar

http://www.kuna.net.kw/NewsAgenciesP...72&Language=en

Interesting,

Iraq holds twice as much reserves as previously disclosed, sure sounds like someone was sandbagging on reserve reports to me, just as Barzani had stated to some of my contacts last year. Love it. (g)

Good luck and health to all, Mike

Number of banks 15 -----
Auction price selling dinar / US $ 1272 -----
Auction price buying dinar / US $ 1270 -----
Amount sold at auction price (US $) 81.190.000 -----
Amount purchased at Auction price (US $) 2.000.000
Total offers for buying (US $) 81.190.000 -----
Total offers for selling (US $) 2.000.000 -----

Gooooooooooooooood Morning Rolclub

"The More They Take, The More We Make"
"Stay the Course, its the difference between Winners and whiners"


8.7 Trillion taken out and still the Party has not started

Does it seem strange to anyone that the exact number of dinars are going back out into the economy every day now. Historically this has not been the norm. Banks need both dollars and dinars, and the number of banks have varied per auction, but the dinars being released back to the banks is now a constant. This just strikes me as much more methodical than random requests by the banks. What are the odds that all these participating banks all just need a total of $2,000,000 worth of dinars on a daily basis. Speculation on my part is that they are releasing the lower denoms. Hopefully this is true.


1. "0" Dinar rate change today, it was 1272, it is now 1272

2. A (net) worth of dinars, IQD - 100,729,680,000 pulled out of circulation today 4/19/07.

3. 15 banks participating today

4. 126th auction since the beginning of CBI's reval plan

5. 201 days into the CBI's reval plan. (SIX MONTHS+)

6. 8,731,799,941,000 dinars pulled from circulation !!

6A. Conservative ESTIMATE of Dinars still in circulation or controlled by the CBI 8,268,200,059,000

7. "2,540,000,000" Dinars back into circulation today (Again, three days in a row)

8. 205 dinar change since Oct 1st (baseline was 1477) 13.879% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).

9. 0 point reduction in the rate so far this week. Was at 1272 at the end of last week, 1272 so far this week.

10. 1 point drop in the month of April. Ended at 1273 in March, now stands at 1272
In January we saw a 2.49% drop in the rate.
In February we saw a .928% drop in the rate.
In March we saw a .546% drop in the rate.

Originally Posted by Socata 850

Number of banks 15 -----
Auction price selling dinar / US $ 1272 -----
Auction price buying dinar / US $ 1270 -----
Amount sold at auction price (US $) 81.190.000 -----
Amount purchased at Auction price (US $) 2.000.000
Total offers for buying (US $) 81.190.000 -----
Total offers for selling (US $) 2.000.000 -----

Gooooooooooooooood Morning Rolclub

"The More They Take, The More We Make"
"Stay the Course, its the difference between Winners and whiners"



8.7 Trillion taken out and still the Party has not started

Does in seem strange to anyone that the exact number of dinars are going back out into the economy every day now. Historically this has not been the norm. Banks need both dollars and dinars, and the number of banks have varied per auction, but the dinars being released back to the banks is now a constant. This just strikes me as much more methodical than random requests by the banks. What are the odds that all these participating banks all just need a total of $2,000,000 worth of dinars on a daily basis. Speculation on my part is that they are releasing the lower denoms. Hopefully this is true.


1. "0" Dinar rate change today, it was 1272, it is now 1272

2. A (net) worth of dinars, IQD - 100,729,680,000 pulled out of circulation today 4/19/07.

3. 15 banks participating today

4. 126th auction since the beginning of CBI's reval plan

5. 201 days into the CBI's reval plan. (SIX MONTHS+)

6. 8,731,799,941,000 dinars pulled from circulation !!

6A. Conservative ESTIMATE of Dinars still in circulation or controlled by the CBI 8,268,200,059,000

7. "2,540,000,000" Dinars back into circulation today (Again, three days in a row)

8. 205 dinar change since Oct 1st (baseline was 1477) 13.879% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).

9. 0 point reduction in the rate so far this week. Was at 1272 at the end of last week, 1272 so far this week.

10. 1 point drop in the month of April. Ended at 1273 in March, now stands at 1272
In January we saw a 2.49% drop in the rate.
In February we saw a .928% drop in the rate.
In March we saw a .546% drop in the rate.

Yes I noticed that too, my brother commented on that this morning. It is interesting for sure.

I like your thinking!

Any day now!

If the Dinar and the Dong are RV'd even REMOTELY close together I think my head will POP right off my shoulders!

Originally Posted by rvalreadydang

Egypt is a debt write-off for Iraq by 100% .Iraqi national-Luna / Baghdad office / Egypt has promised to extinguish Iraq's debts increased by 100%, came during a meeting between Finance Minister Baqer Jabr Al-Zubaydi his Egyptian Boutros Ghali, a statement issued by the Ministry of Finance today, Thursday,.

.The statement added that the Iraqi government is seeking to extinguish all debts of 100% has urged Finance Minister Baqer Jabr Al-Zubaydi, during his meeting with the Minister of Finance of Egypt to write off Iraq's debts increased by 100% as the host of the meeting of the International Covenant, was among the Egyptian minister had already been submitted to President Hosni Mubarak promised that the these debts will be written off by 100%, emphasizing the support of the Arab Republic of Egypt to the government of Iraq.

.The Minister of Finance that there are good signs of the Kingdom of Saudi Arabia to discuss Iraq's debts to fire up to 100% and that the Iraqi citizen looks to extinguish those debts particularly from the neighboring sister said that there are contacts and consultations with the State of Kuwait and Turkey to reduce debt by 100% also discussed Mr. Baker Jabr Al-Zubaydi with the Minister of Finance to write off the debt of Slovenia Slovenia on Iraq by 100% and urged him to attend the State of the importance of the meetings of the International Slovenia, the Slovenian minister promised that the State will do everything possible to support Iraq.
æßÇáÉ ÇáÇäÈÇÁ ÇáæØäíÉ ÇáÚÑÇÞíÉ: ãÕÑ ÊÚÏ ÈÔØÈ Ïíæä ÇáÚÑÇÞ ÈäÓÈÉ 100%

YESSSSSSSSS!!!!!!!!!!!!! WOoTTTT!!!!!!!!!
SWEET DEBT RELIEF HERE WE COME!!!!!!

Originally Posted by Socata 850

Number of banks 15 -----
Auction price selling dinar / US $ 1272 -----
Auction price buying dinar / US $ 1270 -----
Amount sold at auction price (US $) 81.190.000 -----
Amount purchased at Auction price (US $) 2.000.000
Total offers for buying (US $) 81.190.000 -----
Total offers for selling (US $) 2.000.000 -----

Gooooooooooooooood Morning Rolclub

{{{snip}}}

Does it seem strange to anyone that the exact number of dinars are going back out into the economy every day now. Historically this has not been the norm. Banks need both dollars and dinars, and the number of banks have varied per auction, but the dinars being released back to the banks is now a constant. This just strikes me as much more methodical than random requests by the banks. What are the odds that all these participating banks all just need a total of $2,000,000 worth of dinars on a daily basis. Speculation on my part is that they are releasing the lower denoms. Hopefully this is true.


{{{snip}}}
[/COLOR][/SIZE][/B]

this concept is why i check how much cash on the arabic side and divide it among the banks to see how much they are operating on. they were constant for a long time and in the last few have been getting by with half as much as originally when i started paying attention to the numbers.

Oil victim of Turkey, Kurd fight
By BEN LANDO
WASHINGTON, 19 April 2007 (UPI)


Iraq's already-fragile northern oil sector could be the victim -- along with Iraqis and Turks -- if Ankara gives the green light for troops to invade northern Iraq on the hunt for the Kurdistan Workers Party.

The PKK -- the party's Turkish acronym -- is considered a terrorist organization by the United States. It's accused of slipping into Turkey from bases in Iraq's Qandil Mountains to plant mines and detonate bombs. Sixteen PKK fighters were killed in the Kurdish area of Turkey Sunday and Monday by Turkish soldiers.

Turkey has threatened to invade Iraq before -- and did numerous times in the decades before the 2003 invasion -- to chase the PKK. (It also issued such threats if Iraq's semi-autonomous Kurdistan region declared independence.)

But exchanges over the past two weeks between Turkish military officials and politicians and Kurdistan Regional Government leaders have escalated, including threats Iraqi Kurds would interfere in Kurdish Turkey if Turkey interfered in the politics surrounding Kirkuk. (Kirkuk is officially outside the KRG area. Historically, Kurds were the majority with Turkmen, Christian and Arab inhabitants.

Most Kurds were forced out by Saddam Hussein. The KRG is demanding the referendum outlined in the 2005 constitution be held by the end of this year to decide whether Kirkuk, with its large amounts of oil reserves, is annexed. Turkey, Iran and Syria fear this will embolden independence-minded Kurds in their countries.)

The top Turkish general said he favors military action in northern Iraq, though he added it was a political decision to be made.

Alsumaria TV reports KRG President Masoud Barzani called for Iraqi Kurdish troops to line its border with Turkey.
"If the Turks intervene and there are pitched battles in the north -- the Turks chasing the PKK and the Iraqi Kurds taking a stand against it -- then clearly it's bound to affect not just the transportation but also the production of oil," said Bulent Aliriza, a Turkey and Caspian oil expert at the Washington-based Center for Strategic & International Studies, where he is director of the Turkey Project.

Most of Iraq's 2 million barrels a day of production are pumped from oilfields in the south, though more than a third of Iraq's 115 billion barrels of proven reserves are located in the north. Iraq's entire oil infrastructure needs major investment to update its aging system to produce at full capacity. And while violence in most of the country prevents such investment -- as does the lack of a hydrocarbons law governing the oil resources, including possible foreign investment -- the KRG is ready.

With an unofficial slogan of "Tourism not Terrorism," which a business leader promoted at a reconstruction conference in Washington last fall, the KRG has signed numerous oil development and other economic deals -- including with Turkish firms.

Although investment in the north of Iraq is easier to shore up than investment in the more violent parts of the country, the new bluster across its northern border is a sure threat.

"It's clearly a short-term loss for the Iraqi oil industry, whatever happens, whether the Turks invade or just threaten to invade," said Alex Turkeltaub, managing director of Frontier Strategy Group, a global natural-resource consultancy. "It will certainly harm production if there were military action."

All of Iraq's oil exports -- from which Iraq funds 93 percent of its federal budget -- are shipped from the port of Basra in the south. A pipeline from Kirkuk to Ceyhan, Turkey, is attacked so often when it dips into Sunni areas it's considered inoperable. (Royal Dutch Shell, in partnership with the state-owned Turkish Petroleum Corp., wants to build another more direct pipeline.)
"The sector is so bad that you don't need to do much to hurt it now," said Gal Luft, co-director of the Institute for the Analysis of Global Security, which publishes the Iraq Pipeline Watch Web site that tracks attacks on Iraq's oil sector (at least 399 from June 2003 to Feb. 27, 2007). "Anything that adds uncertainty or lack of security will just make things worse."

The Turkish army is reportedly massing on the border and making special forces moves into Iraq, according to The Jamestown Foundation. Aliriza said the United States, European Union, Arab states and Iraq would all oppose an incursion, though, which Ankara must weigh heavily.
"Nothing can be ruled out indefinitely," said Yasar Yakis, former Turkish foreign minister, a founder of the ruling Justice and Development Party and current chairman of the Parliament's European Union committee. "Turkey's security and stability is at stake, but a military solution has to be regarded always as the last resort," he told United Press International Monday during a Washington visit.
"Neither Iraq nor America is doing enough" to stop the PKK attacks, Yakis said.

Qubad Talabani, the KRG's Washington representative, called for dialogue, echoing many Iraqi and Turkish politicians.

"We are neighbors, brothers even," he said. "Iraqi Kurdistan today stands as Iraq's only stable and successful region, and that stability and prosperity will be seriously jeopardized if Turkey invades Iraqi Kurdistan."

"Make no mistake about it, however," Talabani said. "We are ultimately the guardians of our people's safety and security. It is our responsibility, and those of Kurdistan's defense forces, to protect our people, and we will do so if they are threatened in any way."

Oil victim of Turkey, Kurd fight | Iraq Updates