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

Originally Posted by Dinar Duchess

What if they just don't reval................... could that happen....... and if they didn't reval how would that work, by just allowing the dinar to accelerate as the economy grows.......I am just looking at a worse case scenario. Come on reval

They could allow it to float and let the markets drive it..... Unlikely, it'll be pegged to the dollar IMO. We know they can back it at a fairly high rate. And we also know the articles stating recently about increasing the dinar as in my signature below.

Originally Posted by Adster

Here guys, up to date list of up and coming events. IF what I've heard/read is true then we can expect the dinar to be fully convertible in the next 2 weeks. This happens it will be released onto the Forex. For this to occur it will be pegged either to the euro, dollar or the SDR. Probably the dollar I think. The key is still the smaller denoms. Rumours of them being installed into the banks are only rumours, shame we cannot verify this/see something more on it.

Feel free to add to the list below. I put in number 10 but there's no way the new rate will be so low.


1. October 15th. 3 year anniversery of the New Iraqi Dinar.
2. October 19th. Religious leaders meet in Mecca to endorse a call for an end to all sectarian bloodshed
3. October 24th. End of Ramadan.
4. October 30-31. IAMB meeting. (Article V111 done and dusted?)
5. End of October. ICBG to launch by end of October.
6. FIL passed 10 October, we were told it would take a month to be officially enacted, so we're looking at around 7/11 for announcement in the Gazette.
7. Rumour of BoA selling dinars from 13/11, we were told they'd only be dealing with dinars once it was 'trading' internationally........
8. End of November. International Compact for Iraq signed, sealed and delivered. Hopefully debt forgiveness by Saudi and Kuwait as well.
9. December ?. DFI is turned over to the GOI.
10. December 31 end of year 1345 IQD to 1 USD CBI/IMF projection achieved.
11. Jan 1st. Beginning of a new fiscal year.
12. March 22, 2007. Iraq's IMF Stand-By Arrangement expires
13. 2008. Iraq begins making large IMF fund payments.

Good post adster..obviously you took some time to put this together....thanks. Your schedule reminded me of a timeline, which is another great tool for putting a sequence of events together so that the history and future events are easier to ascertain. Polititians in general don't care for them simply because they give a more clear understanding of the real issues at hand (not a good thing in politics and thats why you dont see them very often). Your schedule of events or a timeline would be a great first post in each new "Latest News" thread just as a good reference point for everyone. Thanks again.... Pogo

Originally Posted by pogo

Good post adster..obviously you took some time to put this together....thanks. Your schedule reminded me of a timeline, which is another great tool for putting a sequence of events together so that the history and future events are easier to ascertain. Polititians in general don't care for them simply because they give a more clear understanding of the real issues at hand (not a good thing in politics and thats why you dont see them very often). Your schedule of events or a timeline would be a great first post in each new "Latest News" thread just as a good reference point for everyone. Thanks again.... Pogo

Thanks, some of this was put together on the other forum, I added some dates to it. Useful to keep an eye on it and thanks for finding it. Mods please make it a sticky......

Originally Posted by Adster

Article V111 + Enacted FIL= Fully convertibility currency = Reval = Forex and world markets = Dinar parties for us.

Instead of a Timeline, maybe we could develop a FLOW chart for the for the necessary events that need to occur?

Originally Posted by pogo

Instead of a Timeline, maybe we could develop a FLOW chart for the for the necessary events that need to occur?

Well we know the possible delays for a r/v might be down to the enacted fil, oil law, and debt forgiveness from Saudi and Kuwait. Oh and article V111.

I put this over on the crazy thread but most people are over here.

I thought this was a real tear jerker video and i wanted to share it all with you. I got it originally from IIF. It just brings it all home to you what its all about really. God bless our troops and bring them all home safe to their families because without them we cannot achieve our goals.

Until Then

Iraq-Currency :: Aswat al Iraq :: Aswat al Iraq

Iraq-Currency
Dollar demand in Iraqi Cenbank auction highest in 5 months
Baghdad, Oct 30, (VOI) – Demand for dollars rose at the Iraqi central bank daily auction on Monday for the second day running, reaching its highest level in five months.
Demand grew to $82.560 million from $61.420 million on Sunday, the central bank said in its daily statement received by the independent news agency Voices of Iraq (VOI).
Banks bid for $37.830 million in cash and $44.730 million in transfers abroad. The central bank covered all bids at 1,470 dinars per dollar, one dinar lower than Sunday’s exchange rate.
None of the 14 banks that took part in Monday’s auction offered to sell dollars.
DM

Originally Posted by Cyberkhan

Iraq-Currency :: Aswat al Iraq :: Aswat al Iraq

Iraq-Currency
Dollar demand in Iraqi Cenbank auction highest in 5 months
Baghdad, Oct 30, (VOI) – Demand for dollars rose at the Iraqi central bank daily auction on Monday for the second day running, reaching its highest level in five months.
Demand grew to $82.560 million from $61.420 million on Sunday, the central bank said in its daily statement received by the independent news agency Voices of Iraq (VOI).
Banks bid for $37.830 million in cash and $44.730 million in transfers abroad. The central bank covered all bids at 1,470 dinars per dollar, one dinar lower than Sunday’s exchange rate.
None of the 14 banks that took part in Monday’s auction offered to sell dollars.
DM

This doesn't look good to me, what we want to see is a higher demand for Dinar.

30 October 2006 (AME Info FZ LLC)

Ahli United Bank today announced a US$ 1.2 billion 3-year syndicated deposit facility, the largest ever syndicated financing deal by any financial institution in the Middle East, had been signed.

The facility saw the participation of a total of 51 banks, and was arranged by ABN Amro, BNP Paribas, Commerzbank, Lloyd's TSB Bank and Mizuho Corporate Bank. The syndication closed heavily oversubscribed having raised over US$ 1.2 Billion from an initial launch amount of US$ 500 Million.

The syndicate is composed of a variety of international banks. 63% of the banks are from Europe, 28% from the Far East, 8% from North America and 1% from the Middle East. This included 19 new lending relationships for AUB.

'We are delighted with the results of the syndication. The strong participation demonstrates the confidence that the Capital Markets have in our bank and its strategies', said Fahad Al-Rajaan, Chairman, Ahli United Bank.

'The representation from banks from across the world is testimony of the reputation that AUB has achieved in the Banking industry. Of particular satisfaction are the significant contributions by banks in the Far East and North America which complemented our traditional support from European and Middle Eastern banks', he added.

Ahli United Bank announced a net profit of US$ 164.3 million for the nine month period ended 30 September 2006, an increase of 26% over the same period in 2005 (US$ 130.4 million). Net Interest and other income to 30 September 2006 was US$ 363.5 million (2005 - US$ 237.4 million). As of 30 September 2006, the Group's total assets stood at US$ 19.1 billion, an increase of 37.4% over 31 December 2005, reflecting a robust growth. The growth was funded by an increase in customers' deposits by US$ 3.6 billion (+54%) and inter-bank deposits by US$ 1.1 billion (+ 28%) compared to 31 December 2005. AUB group comprises subsidiary and associates banks in Bahrain, Kuwait, Qatar, Iraq, Egypt and the United Kingdom.

AUB closes US$ 1.2 billion syndicated deposit facility | Iraq Updates

30 October 2006 (AME Info FZ LLC)

Al-Babtain Power & Telecommunication Company today announced that the Company is planning to expand its production facilities.

Al-Babtain Power & Telecommunication Company is planning to expand its production facilities in the industrial zone including the addition of two galvanizing production units and three new units for towers & steel buildings production.

The Company owns several plants in the Second Industrial Area. During 2005, the company purchased a parcel of land with an area of 1,000,000 square meters that will be utilized in the Company's expansion plans.

Mr. Mohammad Al-Babtain, Chairman, Al-Babtain Power & Telecommunication Company said:

'The total cost of expansion is pegged at SAR 50 million. We believe that the expansion plan will improve the production process of the galvanized poles, towers and structural steel. We expect to reap production benefits of these expansions by the end of 2008.'

Mr. Al-Babtain added: 'The growth potential in the Middle East & North Africa power sector makes it one of Al-Babtain's main target markets. The Gulf Electricity Interconnection Grid and the Arab Electricity Interconnection Grid that will link Egypt, Jordan, Syria, Lebanon, Iraq and Turkey as well as North African Grid that will link Libya, Tunisia, Algeria and Morocco will require significant transmission towers. Al-Babtain is uniquely positioned to benefit from these projects since we have operations in both Saudi Arabia and Egypt.'

'Similarly, in Telecom, the MENA market is considered to be a promising market as there is high demand for both mobile handsets and land lines. Al-Babtain management views that the MENA region will offer the Company significant business opportunities in the future,' he concluded.

Al-Babtain Power & Telecommunication Company has announced its plan to launch its Initial Public Offering (IPO) that will open for subscription for 10 days from Saturday November 4th to Monday November 13th, 2006. HSBC has been appointed as the financial adviser and lead manager for the IPO, while SABB is the sole underwriter.

The minimum number of shares that an individual investor can subscribe is 10 shares and a maximum of 25000 shares. The minimum subscription amount is SAR 400 and maximum subscription amount is SAR 1,000,000.

The share capital of -Babtain Power & Telecommunication Company is SAR 270 million (US$72 million) consisting of 27 million shares with a nominal value of SAR 10 each. The IPO comprises 8.1 million shares - representing 30% of its share capital. Each share is priced at SAR 40 per share.

Al-Babtain announces expansion plans | Iraq Updates