Thread: Iraq/Dinar Until June 9th 1PM CST

Great post and article. Thanks Lunar.

Best regards,

Thelema

Originally Posted by Lunar

My point is that your posts are based on your opinion and speculation.....not on any facts. The CBI rate is currently 1260 but there is nothing to indicate it will stay there or if it will move...therefore you are just speculating what it will do next.

It certainly is not my opinion that the rate is stuck at 1260. This one, glaring fact, is the basis of my simple deduction. I don't need to be a molecular scientist to see that the rate is not moving - I see it and I can believe it.

Now, I am permitted to intelligently deduct (extrapolate) what this means for myself and other dinar investors.

I also realize that if the dinar rate was continuing to decrease in tiny increments below 1260, that many would justifiably be making the case for a "slow grow" approach.

Originally Posted by Thelema

Great post and article. Thanks Lunar.

Best regards,

Thelema

Thank you.

Originally Posted by billknows

It certainly is not my opinion that the rate is stuck at 1260. This one, glaring fact, is the basis of my simple deduction. I don't need to be a molecular scientist to see that the rate is not moving - I see it and I can believe it.

Now, I am permitted to intelligently deduct (extrapolate) what this means for myself and other dinar investors.

I also realize that if the dinar rate was continuing to decrease in tiny increments below 1260, that many would justifiably be making the case for a "slow grow" approach.

Four days ago the rate was 1259 so it can hardly be classified as stuck at 1260. It would appear you just want to be argumentative by continuing to insist your opinion is news. Have a good day.

Originally Posted by Inscrutable

Shake out?

In your humble opinion, how much would this shake out rate be?
(Purely speculative on your part of course)

Thanks,

Din

Bush & OSullivan meet GOI willingness to accelerate the completion of Debaath, HCL, and National Reconciliation
The fate of Iraqi President Office integrity political dispute erupts

Bush Commissioner to Baghdad to treat 4 heated files

London -8-6 : : up to Baghdad early next week Megan Ouselvan High American presidential performance for the control of the Iraqi government's willingness to accelerate the completion of 4 heated files relating to the amendment of the constitution and legal uprooting the Baath, oil and gas and to achieve national reconciliation, especially since they know the conditions of Iraq through its assistance to the American civil governor of Iraq's past Paul Bremer .. With expected to witness the House of Representatives tomorrow, Saturday, the Iraqi stormy meeting with a vote of confidence on the integrity of the Office of President of public integrity Judge Radi Radi who turned claim excluded from office to a dispute between the political blocs represented in the Council.

The semi-official Iraqi source "Ilaf" Ouselvan Kroger today that the American President George Bush to Iraq will arrive in Baghdad early next week to observe the work of the Iraqi government and to work with her and the rest of the political leaders to accomplish heated files demanded by the American administration to ensure the success of its strategy in Iraq. He pointed out that Ouselvan will assist in the four key issues concerning the distribution of oil wealth and reconsidering the law abolishing the Baath and amending the Constitution in addition to achieving a comprehensive national reconciliation and the completion of elections of local councils of the governorates.

He pointed out that Ouselvan maintains good relations with most of the current Iraqi politicians through its assistance to Bremer during his administration of Iraq for the period from April 9 (April) in 2003 when it was the toppling of former President Saddam Hussein and even handing over sovereignty to the Iraqis on the 30th of June (June) 2004. He pointed out that these politicians closest to it is the Iraqi Vice President and leader of the Supreme Council of Islamic Iraq Adel Abdul Mahdi accused by one of the most prominent Iraqi capacity to assume the presidency of the government.

He said that Megan Ouselvan had suffered in October (October) in 2003 to the danger of death when the hotel was inhabited in Baghdad for a missile strike ..

..

And when she found the door to her room closed escaped from the nets cattle on the brink of a narrow and dangerous located on the 10th floor and then took to the street .. Officers then moved next to one of the palaces of Saddam.

و

Earlier, Bush warmly praised the capabilities Ouselvan which will be charged nicknamed "the presidential," pointing out that it would go to Iraq to work with Ambassador Ryan Krokrali up and implementation of the steps agreed to by the White House and Congress to be applied in Iraq. And Bush had last week signed the law that looms possible withdrawal of American forces from Iraq if the Iraqi government failed to achieve progress in the area of political and security reforms.

The price of Iraqi President Bush attended Jalal Talabani during their meeting in the White House last week capabilities Megan Ouselvan that operated by Stephen Hadley his deputy national security adviser who is now playing an increasing role in the Iraqi issue, but recently resigned from her post in the National Security Council. Bush said that Megan Ouselvan will travel there to help the Iraqi Ambassador Ryan Crocker as well as follow up the implementation of the steps agreed to by the White House and Congress to be applied in Iraq .. He added : "I pay tribute to the role played by Megan dedicated to the freedom of Iraq."

Megan will become that have already served in Iraq is practically personal American fourth there beside each of the General David Berr íos commander of the American forces in Iraq and Ambassador Ryan Crocker, Ambassador Timothy Karni charged with the reconstruction of Iraq. These figures are practically controlled by their headquarters in the Green Zone in the vital matters in the country.

Miss Megan Ouselvan born on the 13th of September (September) 1969 and Original Irish holders of bachelor's from Georgetown University and most recently a Master's degree and doctorate from Oxford University. It later became the Brookings Fellow of the Center for Studies under the leadership of Richard Haas, and worked with him at the center of political planning in the Ministry of Foreign Affairs for the development of smart sanctions against Iraq. Nominated her in the White House for the post of National Security Advisor American future.

The source explained that Ouselvan enjoyed strong personality and had been working inside the small team near Bush in the White House in the daily follow-up of the situation in Iraq will, through its work in Baghdad to send reports directly to the White House about the progress of the reforms that have been agreed upon between Washington and the government of Iraqi Prime Minister Nuri al-Maliki It is the most important directions of sectarianism in the country where the Bush administration believes now that they led to kindle sectarian violence.

اة

Political dispute over the fate of Iraqi President Office integrity

.

It is expected to witness the House Iraqi tumultuous meeting tomorrow while MPs vote of confidence to the survival of the Iraqi Integrity Authority chairman Judge Radi Radi in office or remove him and appoint a substitute after the chairman of the Integrity Commission of the Council, Sheikh Sabah Al-Sa'idi 13 counts of financial and administrative abuses during interrogation last Wednesday.

The Vice-Iraqi "Ilaf" Coalition and Iraqi Shiite unified coalition of Kurdistan were preparing to vote against Nadi in favor of remaining in office Sunni Accord Front. He pointed out that there were several candidates to succeed Radi headed by the Minister of Justice in the government of Ibrahim al-Jaafari previous Abdul Hussein Hendl a judge and a university professor. He explained that there are other candidates being mentioned are currently Jafar al-Musawi, head of the prosecution in the Supreme Iraqi Criminal Court, Wael Abdel Latif, a judge and deputy Iraqi List.

The House has questioned the Nadi for 3 hours last Wednesday in a tumultuous meeting during which he was accused by the Attorney-Sa'idi 13 counts documented evidence and the evidence of wasted state funds, theft, negligence and causing the killing of a number of staff in the integrity addition to the misuse of powers in the appointment of a number of officials close or of influence in addition to the neglect of a warrant issued by the de-Baathification coverage on the number of staff of the laws and hide them to continue their work de****e the coverage decisions.

Not House Speaker Mahmoud Almchidani who conducted the meeting successful and become a party in the interrogation process and enter more than once may watch led to a chaos when Cess number of deputies and distributing issue accusations and counter-accusations between the Shiite Coalition bloc, which stood against Nadi and compatibility Sunni bloc, which stood with him.

The left-Sa'idi embarrassing to the President of the Council, after the presentation of the formal signing of a letter addressed to the President of the body integrity, urging action is not taken against the chopping staff who demanded the removal dismissed from their posts. He pointed out that Sa'idi Almchidani endorsed biographical and Zkahm has complied Nadi for the communication of this de****e being legally breach, which is not entitled to the Speaker of the House of sponsorship and one acquittal discharged from the resolutions of the dismissed except by judicial decision and in the assets of this particular body.

At the intervention of the writer deputy leader Dawa Party accused the Head of the bloc Adnan Al-Dulaimi compatibility claim that the termination of questioning came on the background knowledge of complicity President of the Council suspend uproot staff who referred to Sa'idi name .. Individual Almchidani ripped the writer accused leaders of the coalition, stating the name of Mr. Aziz Hakim and Hadi Amri, a response to the accusation, saying the President compatibility bloc to which he belongs Almchidani, who left the Council Chamber, leaving the presidency to his first deputy, Sheikh Khaled al-Attiyah, who guided the meeting after the return of calm and claim Member the Bloc coalition and consensus write these accusations and interventions President of the questioning session.

According to the constitution and rules of procedure of the House of Representatives put the question to MPs at a meeting tomorrow whether they convinced answers Radi Radi .. If the members voted affirmatively file Radi closed, but if an absolute majority of members voted against Nadi Vsessar to lift the immunity of the head of the Office of integrity who holds this position is the Minister and then brought to trial for the elimination of the charges pending against him.

Several deputies expected to vote against the Radi Radi, which was not successful in reply to the accusations and questions addressed to him in addition to that Sa'idi able to collect the signatures of 50 deputies to proceed with the lifting of the immunity of Radi Radi and brought to trial. They noted that the consensus Sunni bloc will vote against Nadi because it believes that the questioning was based on personal issues between Nadi and the Attorney-Sa'idi who is chairman of the Integrity Commission in the Chamber of Deputies.



Welcome to ALrafidayn: The Iraqi information service

صحفيPress statement



الجمعة 8 حزيران 2007Friday, June 8, 2007



.He met Prime Minister Nuri al-Maliki complete with tribal elders and dignitaries Wasit governorate, in the second day of his tour in a number of governorates.

.The word sovereignty, which reviewed the developments in the political process and the prospects of national reconciliation and against Iraq conspiracies aimed to weaken and disrupt the political process and reconstruction efforts and reconstruction.

.And Mr. Prime Minister, that Iraq is sovereign, and pioneer in the region can not be prey to the wills and conspiracies to interfere in its internal affairs CONGRESSIONAL projects and plans for the country's return to the era of conspiracy and dictatorship, it is not a shame that people change their governments in accordance with the mechanisms of democracy, but Alaarsicon share of the allied itself with intelligence and the foreign countries and be hostage to control.

.He warned sovereignty of the conspirators who raise false slogans describing them Balenmellah black on black rock on the night of just pointing out that these conspirators will pay the price certainly in the case insisted on weakening Iraq and interference in its internal affairs.

.He said sovereignty, we are not talking about invading Iraq, invaded his neighbors and destroy marshes and the massacres committed in the Anfal even talking about Iraq that respects its neighbors and does not interfere in its affairs.

.And Mr. Prime Minister, to the weakness that terrorists target bridges, network services and children's schools, but strange is the insistence of some people who fished in murky water they regrettably Iraqis, a description of the criminal acts of resistance and to be instruments of a conspiracy against Iraq.

وفي.In another part of his speech he said Prime Minister said that national reconciliation is a legal framework based on a national concept of justice and equality and not understand that reconciliation will be some stained with the blood of their own people or to restore the dissolved Baath Party and the dead - and-buried, national reconciliation would serve as a fundamental base for building a new Iraq, and will want reconciliation of devastation Iraq and stand behind Almvkhkhat.

.Addressing sovereignty partners in the political process by saying : entering in the national reconciliation that it undertakes to proceed in the political process and stand against terrorism and paid the price for that, nor can the partnership carries the political process, however, the knife to stab the other hand, the political process and national reconciliation, we want to differentiate between the real and the partner who wants to circumvent the political process.

.And Acharalesid Prime Minister to the dead - and-buried policy introduced in the country senseless wars drained the material and human potential and the return of tens of years back, adding that the dead - and-buried did not feel responsibility toward the people, born ruining institutions security, military and cultural spheres as well as the atmosphere of terror and repression, and a policy of excluding others The Iraqi people are paying the price was the economic blockade by the international embargo, which was imposed by the ousted regime, which has worked to destroy the services sector begging for help and exploit people's suffering.

.He said sovereignty has opened our broad Alesiasealbab before the Iraqis and for the first time we choose or reject own free will and under the unifying word all Iraqis and not under the domination of a single party or a single community, this is a political project, the alternative to the authoritarian regime, which resulted in the election of the Council of Representatives and Aqraraldstor and formation of a government of national unity, adding, today we have the freedom to express opinion and pluralistic media and the government listen to the criticism that we believe that there must be constructive and not detrimental to the principles and higher interests of the country.
.Invited sovereignty elders and dignitaries Wasit governorate and the general people to uphold national unity and deal with terrorists and conspirators, praising the role of the tribal councils formed National Salvation in a number of governorates.

.He stressed the need to help Prime Alozraiali local administrations to be able to impose the authority of the law and perform their duties and provide security so that the companies work in a safe and stepping in the process of rehabilitating and equipping our armed forces to be able to take over security from multinational forces.

ثم .Then Mr. Prime Minister listened to the problems posed by the chiefs and dignitaries Wasit governorate and promised to provide solutions called for further cooperation with local authorities to help consolidate security and the provision of services.

و.And Mr. Prime Minister, held a meeting in the building of the Wasit governorate h affliction governor and members of the preservation during which to review the achievements and problems faced by the people of the governorate and how to resolve them through cooperation between the governor and the preservation of the hand and the central government on the other hand.
http://64.233.179.104/translate_c?hl.../nhr0608k.html

Originally Posted by Lunar

Four days ago the rate was 1259 so it can hardly be classified as stuck at 1260. It would appear you just want to be argumentative by continuing to insist your opinion is news. Have a good day.

I don't take your posts seriously.

You've had your fun - now post something useful that I can comment on.

Hey looky at this......it's old not sure of the date, but it's the amounts that made my eyes pop!

New Iraqi Currency
Iraq has a cash driven society where banks are seldom viewed as places to store consumer wealth and communications between branches of even the same bank are often difficult to conduct and rely mostly on face-to-face meetings to update account balances rather than the use of automated networks. The flow of funds in Iraq’s economy in general is more often than not, one of funds flowing out from banks with very little recirculation as is experienced in other societies.

Why does this happen? It’s a result of “learned behavior” including consumer experiences dating back to the end of the first Iran-Iraq war. During this timeframe, the former dictator found the country nearly broke and faced with making millions in stipend payments to returning soldiers. To generate cash, he instructed all banks to stop making payments other than those needed to pay government workers. Most who stored their wealth in the banking system lost everything. Accordingly, the current distrust in the banking system will take time and consumer education to overcome.

The population of any type of currency in banks given the current security situation makes such movements risky to the extent that it is often difficult for Iraq’s own Ministries to keep current on payments to its own workforces. It’s not an uncommon event for the State owned banks to simply run out of cash to make payrolls, and then call for special Coalition assistance to arrange transports of cash to them.

When officially introduced at the end of the British mandate (1932), the dinar [consisting of 1,000 fils or 20 dirhams] was equal to, and was linked to, the British pound sterling, which at that time was equal to US$4.86. Iraqi dinar (ID) equaled US$4.86 between 1932 and 1949 and after devaluation in 1949, equaled US$2.80 between 1949 and 1971. Iraq officially uncoupled the dinar from the pound sterling as a gesture of independence in 1959, but the dinar remained at parity with the pound until the British unit of currency was again devalued in 1967.

One Iraqi dinar remained equal to US$2.80 until December 1971, when major realignments of world currencies began. Upon the devaluation of the United States dollar in 1973, the Iraqi dinar appreciated to US$3.39. It remained at this level until the outbreak of the Iran-Iraq War in 1980. In 1982 Iraq devalued the dinar by 5 percent, to a value equal to US$3.22, and sustained this official exchange rate without additional devaluation de****e mounting debt. In early 1988, the official dinar-dollar exchange rate was still ID1 to US$3.22; however, with estimates of the nation's inflation rate ranging from 25 percent to 50 percent per year in 1985 and 1986, the dinar's real transaction value, or black market exchange rate, was far lower-- only about half the 1986 official rate.
The Iraqi dinar was worth $US3.20 before the United Nations embargo that followed Iraq's 1990 invasion of Kuwait. By August 2002 it was trading at just below 2000 to the US dollar, and by mid-April 2003 it had slipped to anywhere between 3500 and 4000 against the dollar. In July 2003 one US dollar equaled about 1,500 Iraqi dinars. Nearly all the bank notes issued after the 1991 Gulf War were without watermark or metal line due to technical difficulties, which is why so many forgeries took place.

In April 2003, following the end of major combat operations, the Iraqi economy was in distress because of closure of oil sales, imposition of UN sanctions. At that time, United States officials said that a new currency was needed, to introduce some stability. Without a proper currency in circulation there was a fear of inflation. The US decided to distribute $20 bills to the civil servents to boost the economy. This was not an issue of "dollarizing" the economy, but to get money that had real value into people's hands.

As Brad Setser, former acting director of the US Treasury Office of International Monetary Policy, noted, "A currency that is tightly linked to the dollar would ... make it harder for the government of Iraq to manage its dependence on oil revenues. The dollar revenue from oil sales is highly volatile, so the government would have trouble paying the same dollar salary when oil is at $10 a barrel and when oil is at $30 a barrel. Rather than matching expenses and revenues by paying dollar salaries that vary in line with global oil prices, it is far easier to pay salaries in a local currency and let the value of the local currency fluctuate against the dollar."

By the end of April 2003 the economic life and conditions in Kirkuk city were becoming increasingly difficult due to the severe shortage of fuel, the increase in market prices and the non-payment of salaries to the civil servants in Kirkuk. The produce in the market had become increasingly expensive due to the significant rise in the number of people from Erbil and Sulaymaniyah who traveled to Kirkuk for shopping purposes. These shopping trips by people from the northern governorates were a result of the more attractive prices at which products were available in Kirkuk compared to the north, due to the low value of the 'new' Iraqi Dinar used in Government of Iraq [GOI] areas as against the 'old' Iraqi Dinar in use in the north.

In the long run, Washington wanted a new Iraqi government to pick its own currency, much as Afghanistan adopted a new one after the fall of the Taliban. As of May 2003 the US reportedly estimated that it was unlikely that a new government would be formed in Iraq in less than a year, and it would take at least three months after that to design a new currency. Until then, the Iraqis would have to use the various currencies floating in the market.

In June 2003 the Iraqi central bank once again began printing Dinars, with fallen leader Saddam Hussein's image on them. The 250 dinar denominated banknotes were printed by the Baghdad mint, under the supervision of the manager of the central bank. This was an effort to overcome a severe shortage of Iraqi dinars and to offset fears of counterfeit currency. The new 250-dinar bills -- worth less than US$0.20 each, were issued because of a shortage that caused a liquidity crisis in the country.

The administrator for the Coalition Provisional Authority in Iraq, Paul Bremer, outlined in an address to the Iraqi people 07 July 2003 the key spending priorities for the Iraqi national budget over the coming six months. These included commitments to improve the water, electrical, public health and telecommunications systems.

Bremer announced that the Coalition would print and distribute new banknotes for Iraq. In response to this press announcement in Baghdad, De La Rue confirmed that it was in discussions to assist in the production of banknotes for Iraq. The Company led a consortium of global currency spe******ts to manufacture the banknotes. De La Rue is the world 's largest commercial security printer and papermaker, involved in the production of over 150 national currencies and a wide range of security documents such as travellers cheques and vouchers. Thomas de la Rue began printing British postage stamps in 1855, and obtained the contract for all Indian postal requirements.

Banknote Corporation of America, Inc. (BCA) is the largest high security printer in the United States, with headquarters in New York City and a manufacturing plant in North Carolina. Banknote Corporation specializes in intaglio printing, producing stamps for the United States Postal Service as well as for foreign postal administrations.

American Banknote Corporation (formerly United States Banknote Corporation) is primarily concerned with the engraving and printing of corporate and government securities and other secure documents, including the production of holograms. The American Bank Note Company, the first security printing company in the United States, can trace it origin over 200 years ago to the father of security printing, Paul Revere. The American Bank Note Company traces its beginning back to 1795, with the formal creation of the American Bank Note Company in 1858. On August 8, 2003, a jury found that Morris Weissman, former chairman and CEO of American Banknote, had inflated his company's earnings in 1996 and 1997. Based on the false numbers, the 1998 public offering of the company's subsidiary, American Banknote Holographics, was a success, netting the company $115 million. When the accounting fraud was uncovered in early 1999, the spinoff's shares dropped from about $16 a share to $1.80 a share. The stock was delisted in August 1999. American Bank Note Holographics ("ABNH") is in many ways a new company today, with new management that started in 1999.

Bremer stated that the so-called "print" dinars in circulation in most of Iraq, nor the formal national currency (or "Swiss" dinar) still used in some parts of the Kurdish North were suitable for the new Iraq. "Print dinars" were poor quality, and in practice circulated widely in only two denominations -- the 250 dinar note, and the 10,000 dinar note [and no coins]. This made Saddam dinar notes very inconvenient to use. The "Swiss" dinars, while of higher quality, were so old that they were literally falling apart in people's hands. The former national ("Swiss") dinar notes were used throughout Iraq until the early 1990's, and this national currency still circulated in the Kurdish north. The bills nicknamed "Swiss dinar" either because of their relative stability and strength or because it was made in Europe, depending on the account. The Swiss dinar was trading at about 6.7 to the dollar in early July 2003.

Bremer stated that a new currency had not been designed by the United States as only a sovereign Iraqi government could take that decision. The new currency would not depict Saddam Hussein. The design for the new currency, which was not been released in advance to the public, was taken from the designs of the "Swiss" dinar, though the new notes had different colors and denominations. The new dinars were printed in a full range of denominations: in 50s; 250s; 1,000s; 5,000s; 10,000s; and 25,000s. The new banknotes were much better protected against counterfeiting, they were much more durable and suffer less "wear and tear".

The new currency was made available to the Iraqi people on 15 October 2003. They replaced the existing Iraqi "print" dinars at parity: one new Iraqi dinar was worth the same as one "print" dinar. The new dinar replaced the "Swiss" dinar at the rate of 150 new dinars to one Swiss dinar. These different rates reflected the different prices, expressed in local currency, in different parts of the country.

Currency could be exchanged at branches of the Rafidain and Rasheed banks, and Iraqis had three months in which to make the exchanges. On 18 August 2003 the Central Bank of Iraq advised Iraqis to deposit all their dinars in local banks to facilitate their change into the new currency. The Bank's governor, Faleh Dawood Salman, said the UK firm charged with printing the new Iraqi money intended to ferry the first shipments to the country in a few days. "The process of changing the money has started and I call on all Iraqis to open accounts in both government and private banks and deposit the amounts they are willing to swap," Salman said.

On 01 October 2003 it was disclosed that agents from the Defense Criminal Investigative Service (DCIS) and the 812th Military Police Company assisted by Iraqi police and the Ministry of Finance had broken a counterfeit printing operation in Baghdad and seized counterfeit currency worth 100 billion dinars. DCIS agents and Military Police raided two locations, seized printing presses and arrested Amar Fadil Ramadan Al-Kayse, an Iraqi national who was subsequently released to Iraqi Ministry of Interior officials for prosecutorial action by the Iraqi Ministry of Justice and Courts. The investigation leading to the arrest of Al-Kayse revealed that Al-Kayse was printing and attempting to pass counterfeit 250 Iraqi dinar notes to the Central Bank of Iraq (CBI), which is funded and operated by the Coalition Provisional Authority (CPA). Al-Kayse owned and operated the Sarmad Company for Printing, a local Baghdad printing shop and worked as editor of Nuktat Dhaw ("Spot Light"), a newspaper in Baghdad.

Stephen Cecchetti, Professor of International Economics and Finance at Brandeis University, noted in June 2003 that "Cultural legitimacy is the final and most important issue to confront in designing the new Central Bank of Iraqi. What any of foreigners write or say is irrelevant unless the people of Iraq are involved. Most importantly, we cannot go into Iraq and build a set of institutions that reflect American and Western European values. This will not work. The new Central Bank of Iraqi will belong to the Iraqis and so they have to set it up. While I might think it would be fitting to start printing new Iraqi currency with an image of King Hammurabi on it, I'm not going to use the currency."

The new currency was unveiled during a press conference in the capital of Baghdad, October 4, 2003. The new Iraqi dinar is a sturdy and secure currency, imprinted with traditional Iraqi symbols -- altogether a great improvement over the flimsy bills with Saddam's face. Iraq's new banknotes include pictures of an ancient Babylonian ruler and a 10th century mathematician in place of the face of Saddam Hussein. An ancient Islamic compass, patterned on the an Astrolabe from Baghdad dated 1131 AD, on the new Iraqi 250 dinar banknote replaced the face of Saddam Hussein on the old note. This is the same Arabic Astrolabe that was used on the ½ dinar note of the 1980s issue and the 1000 Dinar note of the 2002 issue.

The original order of 2 billion notes filled more than twenty-five 747 airplanes.

At the time that the new dinar was introduced, the Central Bank of Iraq (CBI) was made independent of the Finance Ministry, which had been under the control of the Baathist Party. The CBI had suffered from a long period of domination by the Baathist regime and isolation from the international community, and needed much assistance to rebuild. The CBI's monetary policy function required special attention. It lacked a modern statute to facilitate monetary stability, a coherent framework for conducting monetary policy aimed at achieving price stability, and corresponding instruments for implementing monetary policy.

The exchange rate of the new dinar appreciated about 25 percent in the months following its introduction in late 2003, while prices were stable and inflation low. The exchange value of the dinar was quite stable, de****e further growth in quantity. The earlier strength in the dinar helped hold down prices over the first several months of this year, and it seems quite likely that inflation will end up low this year, especially compared to the double-digit or higher rates that had characterized the Saddam era. This stability provided the basis for much-needed public confidence in the management of its currency.

Coalition Contractors did not have to be in country long to discover that there was no ability to use credit or ATM cards, and finding available bank related services was challenging given the security situation near many work sites. In order to make payments to local suppliers, vendors and sub-contractors, some resorted to carrying luggage bags of USD across borders themselves while others paid fees to international banks for the risk associated with making a physical money movement on their behalf. Nearly all contractors have had a different experience and story to share on how they have wired around the difficulties and challenges posed to them to get the currency they need when they need it, and where they need it.

Once acquired however, payments in cash continue to be problematic for the payee. For example, Iraqi persons in their role as contractors, suppliers and employees can become easy targets for criminals and insurgents when paid in cash. There have been instances when Iraqi’s have left a coalition base with a cash payment and been robbed, often resulting in injury and at times death. Payments made in the form of a check drawn on a local bank branch and denominated in Dinar is perhaps the safest way to pay Iraqi firms and persons.


New Iraqi Currency / New Iraqi Dinar

Political controversy over the fate of Kirkuk following the appointment of a conciliator spring

(صوت العراق) - 08-06-2007

(Voice of Iraq) - 08-06-2007

ارسل هذا الموضوع لصديق

Send this topic to a friend

Political controversy over the fate of Kirkuk following the appointment of a conciliator spring Chairman of the normalization of conditions

National Security Adviser Chairman of the Committee on the application of Article 140 Muwaffaq al-Rubay'i

08/06/2007 19:53

(GMT)

Political controversy is still raging between the Kurdish leaders on the number of deputies year Elsewhere on the application of Article 140 of the Iraqi Constitution, the fate of Kirkuk.

This coincided with the appointment of the Prime Minister Nuri al-Maliki national security adviser Muwaffaq al-Rubay'i, Chairman of the implementation of Article 140 after the resignation of its Chairman and Justice Minister Hashim Shebli the end of March last year.

From the Kurdish, the Minister of the Environment Deputy Chairman of the Committee on the implementation of Article 140 Nermin Othman hoped that the national security adviser Muwaffaq al-Rubay'i, who was assigned by Prime Minister Nuri al-Maliki headed the Commission, a neutral attitude towards the application of Article 140 of Kirkuk, noting in an interview with "Radio Sawa" that the Kurds are demanding to enjoy spring neutrality :

In response to a question about the possibility of spring opposed a national security adviser, and assuming the chairmanship of the Committee, Minister Nermin Othman said she does not see the contradiction, the fact that the nature of work and close political affairs, as quoted :

The minister described Nermin Othman, Vice-Chairman of the Commission on Implementation of Article 140 claims figures and politicians to amend the implementation of Article 140 and deferred action that national biased against the Kurds, as saying :

On the nature of a number of opposition figures and Kurdish factions to Article 140 The Minister Nermin Othman said that the Islamic Union of Kurdistan, which stated that justified his participation in the meeting of Iraqi political forces in Cairo that he had received the invitation to participate stressed that stands with the application of Article 140 of the Constitution, Sheikh Zebari accused of a prominent Kurdish opposition to the application of this article in collaboration with the former regime, as saying :

As for the other position, attitude by the deputy head of Iraqi bloc "Coalition Aragiw North" Osama Alenjevi, which pointed to a "campaign of Tchrid" a number of areas under the pretext of the implementation of Article 140, according to his opinion, calling the accusation of bias and loyalty to the former regime, and the alliance with the Turkish accusation cheap, in turn, accused the Kurds worked to change the demographic character of Kirkuk :

sawa

Sawa

Translated version of http://www.sotaliraq.com/