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

Originally Posted by Inscrutable

In the article which stated the auction closing for 10 days it also stated that the CBI is enforcing a rule where dealers and currency exchangers who purchase from the auction must report where the money is going, before they were buying under the table, at the end of the 10 days that will not be allowed, that is in addition to the other possible things the CBI is doing.
Banks are the biggest players in the auction but what we didn't know is that dealers and exchangers in country have also been purchasing "dinar" at the auction.

http://www.iraqdirectory.com/DisplayNewsAr.aspx?id=2384

I dont Disagree with the New rules. As I had seen this with Safedinar. In the beginning they never asked for ID or proof of who you were, unless it was a Great Amount (10 Million are More). But now they randomly ask for the proper id. I asume after the 10 days that all exchanges will be recorded. ( This Might be a blessing, that was in disquise.)

On the other hand they (safedinar), and the Freedinar guys have never said they went thru Auctions to aquire for their customers. If I remember correctlly the are lisenced thru the proper channels to do what they do, since Bush authorized the rights for Americans to be able to Invest.

As far as the Banks that pertisipate in the Auctions, are the Banks of these Middle East Countries Only, I believe. JPMorgan Chase of New York does a CBI exchange rate of exact. Just like if you are I had a Warka Account. If I am worng here, sorry. Just the way my take is.

I had an arabic friend translate the article so it is a bit different then a web translation. The web translation cannot break it down with explanation as a speaker can. It's all good news though if that counts.

Originally Posted by haydenh

Hi all, i am reading the translation of this article a little differently. It seems to be talking more about an expected rise in teh exchange rate because of the CBI will not be involved in currency actuions and that they expect due to supply the rate will increase. It seems to talk more about them not really wanting people to be profiteering from the event but i don't see anything actually stating that people must report where the funds are going. I have pasted the translation. THe link keeps sending me to an arabic link and there is nothing in the english site about this artice. HEre it is, please show me where i am getting it wrong please :D

A sudden rise of the dollar exchange rate in Iraq
بسبب عطلة العيدBecause of holiday
المصدر : الشرق الأوسط - 24/10/2006Source : Middle East-24 / 10 / 2006



تباينت اسعار صرف الدولار الاميركي بين البنك المركزي العراقي والاسواق المحلية خاصة بعد ان توقف المزاد الرسمي لبيع العملات عن الانعقاد ولمدة عشرة ايام بسبب عيد الفطر.Varied in the dollar exchange rate between the American Central Bank of Iraq and domestic markets, especially after the official stopped the auction to sell currencies to convene for a period of ten days because of Eid al-Fitr.
واكد المراقبون لسوق العملات ان أي مناسبة يتخللها عطل رسمية وخاصة المستمرة لعدة ايام من شأنها ان ترفع قيمة الدولار الاميركي مقابل الدينار العراقي لكن بفارق محدود لا يتجاوز في اشد الحالات 1500 دينار للدولار وذلك لأن مثل هذه الزيادات حسب رأي بعض المضاربين ستكون مؤقته، وهم يتخوفون من البنك المركزي العراقي الذي وقف كصمام امان للدينار العراقي والسوق.The observers of the currency market that any appropriate punctuated by public holidays and special continuing for several days is expected to raise the value of the American dollar against the Iraqi dinar but the difference is limited only in the most serious cases of 1500 dinars to the dollar, because such increases in the view of some speculators will be temporary, They fear from the Iraqi Central Bank by stopping safety valve of the Iraqi dinar and the market. ولو رأى البنك ان السوق ارتفع وكما حدث هذا فعلا قبل عام ونصف العام فسيقطع عطلته ليبدأ بطرح كميات كبيرة من العملة الصعبة للسوق وبشكل مباشر وباسعار اقل بكثير من سعر التداول ولهذا نرى اكثر المضاربين متخوفين من الاحتفاظ بكميات كبيرة داخل حقائبهم مخافة تعرضهم للخسارة.Even the view that the bank market rose as the case already before this year and a half it would go a vacation to begin offering large amounts of hard currency on the market and directly and at prices lower than the price of this transaction and believe more speculators nervous about keeping large quantities within their bags due to the risk of loss. لكن يتم التعامل في السوق على اساس العرض والطلب وهذا يعني ان المضاربين الصغار أي المتعاملين مع المواطن سيحقق ارباحا عالية جدا لهذا السبب أي العرض والطلب.But dealing in the market on the basis of supply and demand, this means that speculators small dealers with any citizen would have very high profits for this reason any of supply and demand. وعن توقعاتهم لأسعار السوق بين المراقب أن أسعار الدولار في المزاد المركزي المقام في البنك المركزي العراقي بدأ أخيرا بالتراجع أمام الدينار العراقي لان البنك بدأ يطرح كميات ضخمة من الدولار بسبب احتياج الحكومة للنقد المحلي خاصة أن حجم الاستهلاك الحكومي زاد أخيرا وهذا يتطلب تأمين تلك الصرفيا ت عن طريق المزاد.And the expectations of market prices between the observer that the dollar exchange rate in the auction, the central place in the Central Bank of Iraq finally began to retreat before the Iraqi dinar, as the bank began raises huge amounts of dollars because of the need of local government to criticism, especially as the volume of government consumption increased recently and this requires secure Sarvia T. through the auction. وقد ارتفع العرض أخيرا من 35 مليون دولار الى 60 مليونا في اليوم الواحد.Finally, the supply has increased from $ 35 million to $ 60 million per day.

وبدأ البنك مزاده اليومي بـ1470 دينارا للدولار بعد أن كان سعر الدولار 1477.The Bank has begun daily canteen in his possession at 1470 dinars to the dollar after the dollar in 1477. أما داخل الاسواق فنرى أن المتعاملين مع المواطن لا يتأثرون بالانخفاض المفاجئ فيما يسارعون الى رفع اسعارهم مع الزيادة وبنفس اللحظة وعليه يتوقع ان يرتفع الطلب خلال هذه العشرة ايام والتي سيغيب عنها البنك المركزي العراقي ولكن بنسب غير قوية.As in the markets believe that dealing with citizen not affected sudden decline in rushing to raise prices with the increase and the same moment, and it is expected to increase demand during these ten days, which would not be attended by the Central Bank of Iraq, but is disproportionately strong. وعن آخر جلسة رسمية للبنك، بين مدير المزاد في البنك ان السعر الذي رسا عليه المزاد بيعا كان 1470 دينارا للدولار، وقبل البنك بسعر المزاد بحسب رغبة المشترين وقام ببيع 43.8 مليون دولار وبنفس الاسعار وكانت الكمية المباعة نقدا الى المصارف وزبائنه 18.690 مليون دولار وبسعر 1470 يضاف لها 11 نقطة كفارق اسعار ونسب ربحية.And the last formal meeting of the bank, among the auction manager in the bank that the rate at which the yacht by the auction sale was 1470 dinars to the dollar, Before the bank at the auction, according to the desire of buyers and the sale of 43.8 million at the same prices and the quantity sold in cash to banks and clients to 18.690 million in 1470 and the rate of addition to a difference of 11 points prices and profitability ratios. أما الكمية المباعة لاجراء الحوالات الى خارج العراق فكانت 25 مليون دولار وبسعر 1470 دينارا.The quantity sold for money out of Iraq was $ 25 million, at 1470 dinars. وهذا يعني ان مبالغ الحوالات ارتفعت عن كميات البيع للمصارف وهذا يعود الى زيادة الطلب على التحويل خاصة بعد ازدياد الحاجة على تبرئة ذمة الشركات المتعاملة مع الخارج وبدء مرحلة الاعمار في العراق.This means that the amounts of money went on sale quantities of banks and this is due to the increased demand for conversion, especially after the increased need to acquit the companies collaborating with the outside world and the start of the reconstruction phase in Iraq.

Originally Posted by AlwaysDreaming

Was this aired tonight? Be interesting to see the transcript.

Yup. About an hour ago on Fox.

Originally Posted by Inscrutable

I had an arabic friend translate the article so it is a bit different then a web translation. The web translation cannot break it down with explanation as a speaker can. It's all good news though if that counts.

Is it possible to explain what your friend's translation was? Might make it easier for us to have a better understanding. Thanks

The best thing about the bank transaction is the fact that they give you a receipt which details exactly what you purchased, I never knew this because none of my holdings came from bank purchases. And if a corporation as large as JPMC is selling IQD and passing out receipts we can say bye-bye to every lop rumor there ever was because if they didn't allow the avenue for currency repatriation I'm sure some law would be broken somewhere.

Originally Posted by neno

I dont Disagree with the New rules. As I had seen this with Safedinar. In the beginning they never asked for ID or proof of who you were, unless it was a Great Amount (10 Million are More). But now they randomly ask for the proper id. I asume after the 10 days that all exchanges will be recorded. ( This Might be a blessing, that was in disquise.)

On the other hand they (safedinar), and the Freedinar guys have never said they went thru Auctions to aquire for their customers. If I remember correctlly the are lisenced thru the proper channels to do what they do, since Bush authorized the rights for Americans to be able to Invest.

As far as the Banks that pertisipate in the Auctions, are the Banks of these Middle East Countries Only, I believe. JPMorgan Chase of New York does a CBI exchange rate of exact. Just like if you are I had a Warka Account. If I am worng here, sorry. Just the way my take is.

Originally Posted by warrior44

this is my 1st post, the bank i got my 1st million dinar from told me when i was ready to cash it in it would take 3 weeks to get the us dollars and also the exchange rate the day i brought it in would not be the rate i would receive. they said the rate would be on the day they finally processed it. so i called bank of america and they said if you have an account with them you would get the rate of exchange for the day you took it in and would recevie the us dollars back in 2 day's. if you don't have an account with them it would take 2 weeks before you would receive the money, although you would get the rate exchange for the day you took it in. does any of this sound right to anyone? or is there a quicker smoother way to do this? i'm not trying to get the cart in front of the horse i just want to get things in order and lined up before the r/v hits.

None of this really matters as of today. Once the rv is official, the banks will be begging you to put money in their banks, they are a for profit business. rest assured we will have no problems when you want to deal with them like the big dogs...woof woof

Originally Posted by Inscrutable

I had an arabic friend translate the article so it is a bit different then a web translation. The web translation cannot break it down with explanation as a speaker can. It's all good news though if that counts.

It "COUNTS". That is for sure. How does Susie do it.

WOOOOOOOOOTTTTT!!!!!

Originally Posted by Inscrutable

The best thing about the bank transaction is the fact that they give you a receipt which details exactly what you purchased, I never knew this because none of my holdings came from bank purchases. And if a corporation as large as JPMC is selling IQD and passing out receipts we can say bye-bye to every lop rumor there ever was because if they didn't allow the avenue for currency repatriation I'm sure some law would be broken somewhere.

Welcome all to "REALITY"!!!! Where is them Dancing Banana's??

Originally Posted by AlwaysDreaming

Is it possible to explain what your friend's translation was? Might make it easier for us to have a better understanding. Thanks

I'll try to get him to do an audio translation when I see him tonight or tomorrow. It will be better then my interpretation which might be similar to a web translation. I should ask him to do a video translation because the ear to ear grin during some paragraphs is astonishing.

Originally Posted by Inscrutable

I'll try to get him to do an audio translation when I see him tonight or tomorrow. It will be better then my interpretation which might be similar to a web translation. I should ask him to do a video translation because the ear to ear grin during some paragraphs is astonishing.

Sure would like to see that GRIN!! Thank you!!