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

Originally Posted by Cdn Scrooge

It has been mentioned before (don't have the link handy) that the dinar traded internationally at levels between $3.00 USD and almost $5.00 USD for many years PRIOR to Saddam's regime. Their economy was quite healthy then and had a strong agricultural base as well as oil. They were once the world's largest exporter of dates.

$3.22 back in 1988. Consider how much more oil they are pumping out NOW, twice as much at three times the price and it puts it all into perspective......

Ability of New Iraqi Leaders Doubted
Ability of New Iraqi Leaders Doubted - washingtonpost.com
(For those that cannot sign into the Washington Post site, read below!)

By Michael Abramowitz and Thomas E. Ricks
Washington Post Staff Writers
Friday, October 13, 2006; Page A11

A co-chairman of the blue-ribbon panel reviewing U.S. policy in Iraq raised concern last night about the ability of the Iraqi government to address the country's problems, as more indications emerged that the group is considering recommendations that would break sharply with Bush administration policies.

A group of experts assisting the commission has prepared two option papers for the panel, according to sources with knowledge of the group's work. One paper calls for a phased withdrawal of U.S. troops from Iraq; the other calls for more focus on security in Baghdad and for working toward political accommodation with insurgents, not democracy, the sources said. Details of the papers were first reported yesterday by the New York Sun.

One source said the documents represent the two main ideas before the commission. Another said they are among several working papers prepared for the panel and cautioned that commission members may well disagree during future deliberations.

Appearing last night on PBS's "NewsHour With Jim Lehrer," the panel's co-chairmen -- former congressman Lee H. Hamilton (Ind.), a Democrat, and former secretary of state James A. Baker III, a Republican -- emphasized that they will make no recommendations until after the Nov. 7 midterm elections. That is an effort, they said, to depoliticize their efforts.

"Nothing is ruled out. Nothing is ruled in," Baker said. Hamilton added: "Any report in the press which says that we have agreed upon any recommendation is flat-out wrong."

Still, Hamilton said he is concerned about the ability of the new Iraqi government, headed by Prime Minister Nouri al-Maliki, to provide basic services and security.

"I still have real questions in my mind as to the capacity, the will of the Iraqi government to move," said Hamilton, who recently visited Baghdad with members of the panel. "There are some encouraging signs. Their rhetoric has been pretty good, but the follow-through with action has not measured up to our hopes."

Baker's presence at the head of the bipartisan panel created by Congress has attracted intense interest in foreign policy circles because of his closeness to the Bush family. Some view the panel's recommendations as a possible vehicle to revisit Iraq policy after the elections.

The administration is cooperating with the panel, and President Bush said this week that he looks forward to its recommendations. "I think it's good to have some of our elder statesmen . . . go over there and take a look," he said Wednesday.

Still, as the options papers suggest, the panel is looking well beyond Bush's current strategy, which involves 140,000 U.S. troops trying to maintain security until the new government's security forces can keep the peace.

According to the Sun, one paper says: "The United States should aim for stability particularly in Baghdad and political accommodation in Iraq rather than victory." The other option, titled "Redeploy and Contain," calls for the phased withdrawal of U.S. troops from Iraq, though when and where they would go is unclear.

British General Calls for Pullout 'Soon' From Iraq - washingtonpost.com
(For those that cannot view, article below!)
British General Calls for Pullout 'Soon' From Iraq
Associated Press
Friday, October 13, 2006; Page A23

LONDON -- Britain's new army commander said British troops in Iraq are making the situation worse and must leave the country soon, according to an interview published Thursday.

Gen. Richard Dannatt said the British military should "get ourselves out sometime soon because our presence exacerbates the security problems," according to the interview with the Daily Mail released on the paper's Web site.

"Whatever consent we may have had in the first place" from the Iraqi people "has largely turned to intolerance," he said. The Defense Ministry and Prime Minister Tony Blair's office said they could not immediately comment.

"We are in a Muslim country and Muslims' views of foreigners in their country are quite clear," Dannatt said. "As a foreigner, you can be welcomed by being invited in a country, but we weren't invited certainly by those in Iraq at the time."

Dannatt was severely critical of British and American planning for postwar Iraq, describing the rationale behind the invasion as flawed.

"I think history will show that the planning for what happened after the initial successful war fighting phase was poor, probably based more on optimism than sound planning," he said.

"The original intention was that we put in place a liberal democracy that was an exemplar for the region, was pro West and might have a beneficial effect on the balance within the Middle East.

"That was the hope, whether that was a sensible or naive hope history will judge. I don't think we are going to do that. I think we should aim for a lower ambition."

Originally Posted by opps50

From IIF

Hey I've been hanging around this site for a year or so I'm a contractor working in Baghdad for about three years now, you guy's have a lot of good info here I just want to had one thing. They will start issuing the debit cards on 16 Oct 06, this way everyone should have them for the start of the Islamic Holiday Eid al Fitr, so don't give up hope for and RV we still have a week before the start of there Christmas...

I don't know where this idea of "debit cards" came from. If you go back and read what the report said it says they will be handing out bank cheques with the ration cards. Might be one of the unfortunate by-products of the machine translations. Often they are somewhat garbled and difficult to read.

Originally Posted by motomachi

Fox News talking about Iraq, problems,

Marshal Law,

Gov Coup!

Reference David from Washington Post, he reference a "blog"!

Ability of New Iraqi Leaders Doubted - washingtonpost.com

Please explain waht they are saying..."they said nothing is going to happen"????

تعيينات جديدة �ي بنك أو� نيويورك

New appointments at the Bank of New York
2006 12:00:00 GMT Thursday, October 12
Ilaf

New appointments in the "Bank of New York"
Dubai

The Bank of New York, which is one of the most important global banking institutions specialized in the field of securities. the restructuring and the expansion of its activities and operations in the Middle East and Africa. In this context, Hani Qablawi was appointed to the post of Chairman of the Joint work of the Bank of New York in the Middle East and Africa. after that he was the first Representative of the bank in the Gulf. It was also decided that the functions and responsibilities of the headquarters in the UAE capital Abu Dhabi. Also joining William Gazar to the Bank of New York, where the exhibition on the post of Vice-Chairman of the unity of the Middle East and Africa, in New York, to be its primary management clients in the Gulf region and the responsibility of supporting the Arab Mashreq and North Africa.


Mr. supervised / Qablawi, Director General, among his responsibilities as head of the unit of the Bank of New York in the Middle East and Africa. a team of managers and staff working in the representative offices of the Bank of New York in each of Abu Dhabi, Beirut, Cairo, Johannesburg, in addition to the staff of the unit in New York and London. Will Mr. / Qablawi accountable to William F. Williams, Executive Vice-President, which is currently responsible for the development of global markets.


In commenting on this, William F. Williams : "for the Middle East and Africa, very important part of our strategy and our commitment to the development of developing markets. our decision to transfer the management of the unit of the Middle East and Africa, from New York to the region and confirms our desire to be close to our client. It is certain that Mr. / Qablawi, which extended a base our workers in the Gulf region over the past four years thanks to its dedicated and tireless appropriate for the position, strategy formulation and application of idealism, the moves to the next phase of our plan to expand our operations in the Middle East and Africa. "


It should be noted that Hani Qablawi been a movement among a number of posts in the unity of the Middle East and North Africa in New York and Abu Dhabi alike, to decide that it would be the responsibility of himself in 2006. Before joining the Bank of New York, take Hani Qablawi numerous positions in HSBC and Bank of the Orient in New York. A financial analyst legal.


As William Gazar He has held a number of management positions in marketing and customer relations in the Arab World and Arab-American Bank in New York.
It is here that the Bank of New York working in the Middle East and Africa for over 70 years, It provides a range of integrated services to issuers and investors, and business services, and cash management. asset management, and solutions to global markets.

how about this story in an iraqi newspaper talkin about somethin involving middle eastern banking goin on at a bank in NYC??? lol
weeeeeeeeeeeeeeeee!!!!!!!!!!!!

Some of these news articles make no sense! The reporter interviews people that say Iraq needs donor funds just to rebuild and the countries finances are in shambles. HELLO!!!!! Iraq is setting on the third lagest KNOWN oil reserves. This country is ssssoooooooo rich that every citizen could be driving a mercedes benz of their choice and still use dollar bils as kindling to start their fires. The iraqi people know this, that's why their mad about the measley 10,000 dinars their getting for EID. By reading the articles today, I have come to the conclusion that JUST MAYBE a reval will come into play just before the bonus is handed out. JMO.

Originally Posted by Adster

1932
Currency unit consisting of 1,000 fils or 20 dirhams. When officially introduced at the end of the British mandate (1932), the Iraqi dinar was equal to, and was linked to, the British pound sterling, which at that time was equal to US$4.86.

1932–1949
1949–1971
Iraqi dinar (ID) equaled US$4.86 between 1932 and 1949 and after devaluation in 1949, equaled US$2.80 between 1949 and 1971.

1959–1967
Iraq officially uncoupled the Iraqi Dinar from the pound sterling as a gesture of independence in 1959, but the Iraqi dinar remained at parity with the pound until the British unit of currency was again devalued in 1967.

1971
One Iraqi dinar remained equal to US$2.80 until December 1971, when major realignments of world currencies began.

1973
Upon the devaluation of the United States dollar in 1973, the Iraqi Dinar appreciated to US$3.39.

1980
It remained at this level until the outbreak of the Iran-Iraq War in 1980.

1982
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 despite mounting debt.

1988
In early 1988, the official dinar-dollar exchange rate was still Iraqi dinar (ID)1 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.

1986–2003
1986–2003 between .33 cents to 1.32 to a dollar.

2001
Oil-production: 2.452 million bbl/day (2001 est.); note — production was disrupted as a result of the March-April 2003 war (2001 est.)

2002
GDP: purchasing power parity — $58 billion (2002 est.)

2002
Exports–partners:US 40.9%, Canada 8.2%, France 8.2%, Jordan 7.5%, Netherlands 6.4%, Italy 5.4%, Morocco 4.7%, Spain 4.4% (2002)

2003
In october 2003, the official Dinar-dollar exchange rate was ID1 to US$0.00027.

2004–2005
August 2004 till 2005, the official dinar-dollar exchange rate is ID1 to US$0.00068. Population: 25,374,691 (July 2004 est.)

2006
As of Jan 1st 2006, the official Iraqi dinar-US dollar exchange rate is ID1 to US$$0.00067.

Adster,

Thank you for the review, your work here is very much appreciated. I and many others owe a round of ale to all of you who do the work when the partying starts.

Randy

Now I think we just wait for the hydrocarbon law to be passed and then we will see the reval

If not I guess we have to wait for the accession to the WTO

Thanks, and you're welcome Randy. Keep an eye on the up to date news here....

Look forward to sharing a beer with you and everyone else one day in the not too distant future!