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

Great article Goldraker,
So possibly.........................all the way back up to 3.22. With a supply and demand mentallity.
LIT

Originally Posted by goldraker

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..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,

retreat Before the Iraqi dinar.......I read this to mean if they put the dinar on the open market and let suply and demand drive it......It will go "back" (retreat) to the ( back to value of the dinat before ) "value" as before of the "dinar "

I read it as the value of the dollar retreating compared to the dinar, but is the same result, a relatively higher-valued dinar, though this section reads at odds with the rest.

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.

[FONT="Impact"]In general it seems to be a commentary speculating that the dinar will decline in value to as low as 1500 dinar/$ during the 10 days the Central Bank of Iraq is closed for Eid al-Fatr (since it is CBI actions that maintain the dinar exchange rate), but that based on the money the CBI has in reserve and the ongoing increase in gov't budget and drive for reconstruction in Iraq, that it should be temporary, giving investors an opportunity to profit from the dip and subsequent correction, but not long enough to cause a change in prices for the average citizen.

The final comment regarding the increased demand in conversion because of the govt spending and business due to reconstruction is in line with all of our theories about why the dinar is at an artificially low value. It's likely a timing issue - if the dinar were unpegged, there is the possibility of a drop in value because of the security/inflation situation that would need time to correct as the results of foreign investment would take some time to manifest, though the value could just as well rise immediately with the support/intervention of the CBI (and IMF, EIEIO and other cooperating countries' national banks as discussed elsewhere.

It's dealing with strange intangibles that do affect markets worldwide, like 'consumer confidence' - if they can boost the dinar, confidence will increase and it will snowball in the right direction - upward. If they unpeg it and f*** it up by letting it fall on its face, they've doomed themselves. ]

Efforts to make Yemen part of GCC economic bloc gathers momentum
BY BABU DAS AUGUSTINE

26 October 2006
DUBAI — The argument in favour of making Yemen part of the GCC economic bloc in the shortest time frame is gaining momentum within Yemen and across the GCC countries.


Efforts to make Yemen part of GCC economic bloc gathers momentum
BY BABU DAS AUGUSTINE

26 October 2006



DUBAI — The argument in favour of making Yemen part of the GCC economic bloc in the shortest time frame is gaining momentum within Yemen and across the GCC countries.


Although there have been divergent opinions among economists and politicians about the efficacy of such a move, in the recent months there has been a big push towards preparing the Yemeni economy to match the requirements of joining the GCC Customs Union, GCC Common Market and probably the GCC Monetary Union with in a time frame of 8 to 10 years.

The efforts are clearly evident in the recent moves by multilateral lending agencies and regional think-tanks in addressing the issue directly to all concerned in the region.

In association with Yemeni Ministry of Planning and International Cooperation, the Dubai-based Gulf Research Center will hold a symposium on November 8 - 9 to establish the mechanisms required for Yemen’s admission to Gulf Cooperation Council. The event is scheduled to take place in Dubai in the presence of senior officials from Gulf council and Yemen plus researchers and specialised experts in foreign affairs.

“The main objective of the symposium is to manifest the importance of historic and cultural relations between Yemen and GCC member states and discuss strategic, security and political issues and developments associating with Yemen’s GCC entry in a coming stage,” said the Head of the Gulf Research Centre, Abdulaziz bin Othman bin Saqr.

The symposium is due to concentrate on analysing the requirements and mechanisms of Yemen’s development qualification, the size of funding needs and the nature of joint economic, political and strategic achievements. Additionally, the symposium is to discuss a future vision for the course of Yemen’s partnership with GCC member states.

Yemen, on its part is also set to make serious efforts to make its economy compatible for a potential integration with its six oil rich neighbours. The big issue before Yemen to join the GCC club is to bring some order to its chaotic economy.

According to the 2006 Index of Economic Freedom, Yemen's top income tax rate is 35 per cent. The top corporate tax rate is also 35 per cent and the government expenditures as a share of GDP increased 4.8 percentage points to 38.2 per cent last year. From 1995 to 2004, based on data from the IMF's 2005 World Economic Outlook, Yemen's weighted average annual rate of inflation was 12.03 per cent, up from the 11.02 per cent from 1994 to 2003 reported in the 2005 Index. As a result, Yemen's monetary policy score is 1 point worse this year.

Despite such huge challenges, Yemen has been vying for formal GCC status for several years, and has some partial observer status on some committees, giving the impression, for a while anyway, that full membership may not be far off.

The first of a series of serious efforts to get the plan off the ground will take place in London on November 15-16 where a group of international donors and Yemeni government will put together a $40 billion plan to address some of the key economic issues such as fiscal deficit, budget deficit and domestic inflation.

The British government will host a conference in London bringing together donors from the United States, Japan, and members of the European Union particularly, Britain, France, Germany, and Holland. The World Bank and the Yemeni government will co-chair the meetings, which will be sponsored by the GCC countries. The conference will discuss the five-year plan that will be presented by the government of Yemen, and the strategy for achieving economic growth that will qualify Yemen to join GCC.

“We hope they (the international donors) will help Yemen to implement and achieve the goals which are clearly formulated in the plan, and will have to look at the various areas in which they can best contribute,” Yemeni Foreign Minister, Abu Bakr Al Qirbi was quoted by the Yemen Observer on Yemen's plans to join the GCC.

Yemen accepted an International Monetary Fund structural adjustment programme as part of a 2002 $2.3 billion donor aid package. Yet the economic reforms are moving at a slow pace. The IMF continues to push for civil service reform, improvements in tax administration, and a reduction of subsidies. In recent years, the economy has been hurt by declining oil production and terrorist attacks, which have undermined tourism and foreign investment.

Thursday, 26 October 2006, 05:17 EDT
Iraqi Constitution Revision Committee to discuss Article 142
The 27-member committee was created from all divisions within the Iraqi parliament to examine Article 142 in the Iraqi constitution.

By The Kurdish Globe
Within the next few days, the Iraqi Constitution Revision Committee will meet to discuss and perhaps change sensitive subjects in the new Iraqi constitution, local media reported.
Within the next few days, the Iraqi Constitution Revision Committee will meet to discuss and perhaps change sensitive subjects in the new Iraqi constitution, local media reported.

"So far, the chief of the commission has not been appointed and this is anticipated to be done in the near future," said Alia Nisaef, parliament member on the Al Iraqia list.
She continued, saying, "Until then, no agenda has been set for the committee, although the issue of Kirkuk and federalism will absolutely be among the main subjects to be discussed during the meetings."

The 27-member committee was created from all divisions within the Iraqi parliament to examine Article 142 in the Iraqi constitution.

Dispaly Article

Just saw this on IIF. It is old but it makes sense. Interesting concept, good way to hand out the 10,000 Dinar!

The Other Way to Win Iraq

It looks like Warka has been busy getting their site updated. They certainly are ready to jump into the international banking world according to their site!!!

Warka Bank Official Webiste

BANKS System allows the following added values to our clients:
- 24/7 availability of banking service.
- SMS-banking services
- Mobile banking services.
- Phone-banking services.
- Internet-banking services
- ATM & POS.
- Multi- Lingual system.
- Multi- Currency system.
- Customizable system – Clients can add modules at their own convenience.
-
Core Application Module:
- General Ledger
- Embedded Straight - through – Processing Features (STP)
- Account Maintenance ( All types of accounts in various currencies)
- Secret Customers
- Clearing (Inward / Outward)
- Central Clearing System
- Transaction Processing
- Exceptional Account Charges
- Buying / Selling of Foreign Currency
- Cheque Book Request / Ordering
- Post Dated Cheque Processing
- Signature Verification
- Inter-Branch
- Standing Orders
- Block Funds
- Account Restriction
- Stopped Cheques
- Bad & Doubtful Accounts
- Account Signature Diaries
- Accounts Payable / Receivable
- Exceptional Accounts Default Value Days
- Safe Deposit Boxes
- Passbook Printing
- Foreign Currency Revaluation
- Balance Sheet Production
- Utility Bill Payment
- Value Added Tax (VAT)
- Expense / Revenue System
- Automatic Loading for Bulk Transactions
- Black Listed Customers
- Account Managers
- Chart of Account Report Grouping
- Maintain Currency Rates and Cross Rates
- Maintain Teller / User Authorities
- Maintain Teller / User Password Parameter
- ATM & POS Interface
- Card Management System
- Swift Interface

Transfers Module:
- Inward Transfers
- Outward Transfers
- Direct Transfers
Bankers Draft Module
Accepted Draft Module
Traveler Cheques Sale and Stock Module
Purchased Cheques Module
Certified Cheques Module
Outstanding Issued Drafts Module
Foreign Cheques for Collection Module
Debt Securities:
- Bonds
- Treasury Bills
- Certificate of Deposits (CD)
- Floating Rate Notes (FRN)


- Equities

- Derivatives
- Future Contracts
- Option Contracts
- Swaps
- FRA (Forward Rate Agreements)
- Mutual Funds

purchased another MIL from chase today, same rate $767.67 per MIL, and same exchange rate of $626
( i believe without going to look at the number I wrote down )
she told me the exchange would also have a $5.00 currency exchange fee added, and she said just bring them in, and they would be exchanged for cash immediately with no wait !! LOL - I'm sure if you cashed in 10 million plus, they would be more than happy to complete the 5 minute transaction and hand over 10 MILLION in USD ( cash ) ...

by the way, does this rate seem really low balling , as far as an exchange rate?

Originally Posted by CharmedPiper

It looks like Warka has been busy getting their site updated. They certainly are ready to jump into the international banking world according to their site!!!

Warka Bank Official Webiste

BANKS System allows the following added values to our clients:
- 24/7 availability of banking service.
- SMS-banking services
- Mobile banking services.
- Phone-banking services.
- Internet-banking services
- ATM & POS.
- Multi- Lingual system.
- Multi- Currency system.
- Customizable system – Clients can add modules at their own convenience.
-
Core Application Module:
- General Ledger
- Embedded Straight - through – Processing Features (STP)
- Account Maintenance ( All types of accounts in various currencies)
- Secret Customers
- Clearing (Inward / Outward)
- Central Clearing System
- Transaction Processing
- Exceptional Account Charges
- Buying / Selling of Foreign Currency
- Cheque Book Request / Ordering
- Post Dated Cheque Processing
- Signature Verification
- Inter-Branch
- Standing Orders
- Block Funds
- Account Restriction
- Stopped Cheques
- Bad & Doubtful Accounts
- Account Signature Diaries
- Accounts Payable / Receivable
- Exceptional Accounts Default Value Days
- Safe Deposit Boxes
- Passbook Printing
- Foreign Currency Revaluation
- Balance Sheet Production
- Utility Bill Payment
- Value Added Tax (VAT)
- Expense / Revenue System
- Automatic Loading for Bulk Transactions
- Black Listed Customers
- Account Managers
- Chart of Account Report Grouping
- Maintain Currency Rates and Cross Rates
- Maintain Teller / User Authorities
- Maintain Teller / User Password Parameter
- ATM & POS Interface
- Card Management System
- Swift Interface

Transfers Module:
- Inward Transfers
- Outward Transfers
- Direct Transfers
Bankers Draft Module
Accepted Draft Module
Traveler Cheques Sale and Stock Module
Purchased Cheques Module
Certified Cheques Module
Outstanding Issued Drafts Module
Foreign Cheques for Collection Module
Debt Securities:
- Bonds
- Treasury Bills
- Certificate of Deposits (CD)
- Floating Rate Notes (FRN)


- Equities

- Derivatives
- Future Contracts
- Option Contracts
- Swaps
- FRA (Forward Rate Agreements)
- Mutual Funds

They used to have the exchange rate listed on the front page, but I can't find the rates listed on the site anymore.

Originally Posted by Pegasus

They used to have the exchange rate listed on the front page, but I can't find the rates listed on the site anymore.

Excellent!!!!!!!!!!!!!

I wonder why no rate is visible!!!!!!!!!!!!!!!

Originally Posted by goldraker

Excellent!!!!!!!!!!!!!

I wonder why no rate is visible!!!!!!!!!!!!!!!

Just another item to add to the list for a RV