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

Originally Posted by ccgideon

Susie...I'm not smart enough to make much out of the above translation. Can you give opinion on what this is saying?
Thanks

and I see I am not the ONLY one...haha

if i would have known it was going to cause everyone to lop their dinar i wouldnt have posted it. it is a history of the dinar and what happened when it was devalued and how it caused inflation to skyrocket and that it needs to be corrected. it goes on to give the reasons why they need to revalue the dinar and what they need to take into consideration when setting a value.

it is a very good and positive article which bluntly states they need to adjust the value of the dinar and what steps currently they need to use to determine the rate to set it at.

i would have paid to see articles like this in the past, lol.

Well, if you read the matches costing 5000 times what they used to then they need to raise the dinar 5000 percent, WOW that was easy. Plus, the dinar devalued 6000 percent so that would put them close to the old rate. What do you guys think?

Originally Posted by shotgunsusie

if i would have known it was going to cause everyone to lop their dinar i wouldnt have posted it. it is a history of the dinar and what happened when it was devalued and how it caused inflation to skyrocket and that it needs to be corrected. it goes on to give the reasons why they need to revalue the dinar and what they need to take into consideration when setting a value.

it is a very good and positive article which bluntly states they need to adjust the value of the dinar and what steps currently they need to use to determine the rate to set it at.

i would have paid to see articles like this in the past, lol.

Ohhhhhhh

Originally Posted by whatever

You are so right SGS. I'm having a hard time with this paragraph in particular:

الى تغير وتبدل بالعلاقات التي كانت قائمة بين قطاعات ومكونات الاقتصاد الى علاقات جديدة غالباً ما تكون مشوهة، خاصة في بدايتها، فترتفع أسعار سلع وخدمات نسبة معينة حسب طبيعة موادها الاولية التي قد تكون مستوردة من مناشئ معينة بنسبة تختلف كثيراً لارتفاع سلعة أخرى ولأسباب أخرى ايضاً في حين تبقى سلع وخدمات أخرى (غالباً ما تكون محلية) لسوء الحظ على حالها

But I agree, no lop discussed here! Lime jello, Oz?

That was so funny!

If this article is talking about that matches cost 5000 times more then they used to and they need to raise the value of the dinar by 6000% then .000678 times 6000% is .040...is that right?

Originally Posted by doublescorpio

If this article is talking about that matches cost 5000 times more then they used to and they need to raise the value of the dinar by 6000% then .000678 times 6000% is .040...is that right?

My calculator shows $4.08

Aljazeera.Net - Iraqi Sunni MP loses legal immunity

Iraqi Sunni MP loses legal immunity

Sunday 08 October 2006, 18:22 Makka Time, 15:22 GMT

Al-Jubouri fell out with Saddam's government in 1990s

Iraq's parliament has voted to remove the immunity from prosecution of a Sunni legislator accused by anti-corruption investigators of pocketing millions of dollars while in charge of protecting northern oil pipelines.

On Sunday, the head of parliament's integrity commission, Sabah al- Saadi, told legislators that Mishaan al-Jubouri, who heads a small bloc in the 275-seat parliament, had misused funds earmarked for an oil pipeline protection force in 2005.

The vote in favour of lifting his legal immunity is unprecedented but largely symbolic since Mahmoud al-Mashhadani, parliament speaker, said al-Jubouri was no longer in Iraq. Al-Jubouri has an outstanding year-old arrest warrant against him.

"The accusations are dangerous because they are related to Iraq's economy," al-Saadi told parliament.

"According to investigations by the integrity commission, he used up 110 billion Iraqi dinars every month," he said, citing an amount roughly equivalent to $75 million.

Al-Jubouri could not be reached for comment on Sunday.

Rampant corruption

Corruption, especially in the oil sector, is thought to be rampant in Iraq. Oil accounts for nearly all of Iraq's revenue and corruption drains away billions of dollars desperately needed to provide Iraqis with basic services.

A spokesman for Iraq's Independent Integrity Commission could not confirm al-Saadi's figures but said Iraq's defence ministry had evidence and witnesses against al-Jubouri.

"The case involves Mishaan and his son, Yezin. It dates back to the time when he was directly and indirectly responsible for protecting oil pipelines from sabotage," spokesman Ali al-Shabout said.

"He's accused of several things, including registering fake names to overcharge for things such as meal allowances."

Targeted pipelines

Oil pipelines in the area north of Baghdad have been under frequent attack by anti-US fighters in the past three years, leaving Iraq increasingly dependent on southern oil fields for exports.

Al-Jubouri was close to the former government of Saddam Hussein. He fell out with the Iraqi authorities in mid-1990s and became a fierce Saddam opponent, and worked with many of yesterday's opposition parties.

He is well known for declaring himself the governor of Nineveh (Mosul) after the US-invasion in March 2003. He is also known for declaring himself the sole connection between Iraqi fighters and US forces in Iraq. Anti-US fighters' factions announced they had nothing to do with al-Jubouri.

I know this is a non issue, but here it is from the horses mouth, so to speak. You may recall the scare a couple of weeks ago about how someone supposedly received word from someone at WARKA BANK re: the issue of new currency...I sent an inquiry to the person I correspond with for stock purchases, etc. Well, here is his response. Enjoy!

Dear Tracy,

Thank you for bringing this matter to my immediate attention.

Please note that there is no truth behind this matter and we have not issued any statement whatsoever. We hold an obligation to provide our sincere clients with accurate and precise information.

No official statement has been issued by the Central Bank of Iraq regarding the distribution of new currency or the revaluation of the Iraqi Dinar. We have not received any instructions of procedures regarding this matter.

All statements being issued are merely market speculations and trade rumors.


Best regards,

M.K.I.

Manager

International Foreign Relations Dept.

Did you catch the part about the revaluation of the Iraqi Dinar? I bet he gets TONS of emails regarding this...they haven't received any instructions....YET!!

OSWoman

Originally Posted by cigarman

My calculator shows $4.08

I will be the first admit that I suck at math, can you show me how you came up with that?

Originally Posted by cigarman

My calculator shows $4.08

love your calculator Cigarman