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

Originally Posted by ronbo

Originally posted by SGS:

Quote:
The bank will maintain Marazi Iraqi on the other tracks in Ceasix cash efforts to achieve intermediate goals for reducing inflation and contain inflationary expectations, relying on "stabilizing nominal" cash Aatar Yazzmen rate of the Iraqi dinar against the dollar and boosted the purchasing power of the Iraqi dinar to move across the tracks and cash assistance in inflation targeting. As imply afor Ihalanange cash adopted by the World Marazi Iraqi Without doubt on the link between climate and means of monetary policy,whether in the area of interest rates or exchange rates on one hand,The stability of the general level of prices on the other hand promised the Association of tasks President underlying the Marazi Bank in the implementation of its goals to maximize the purchasing power of cash income and the strengthening of the capacities of the country coffers in a way that achieves the objectives of economic growth in the long term.

Just a thought here.
Does anyone find it feasible that they would rv at the Aatar Yazzmen rate of I think it was $3.67? I know, me either, but think about this - Goverments are holding large amounts of dinar, in turn they will have boatloads or 747's of money to buy the oil with. Also if they did rv at that rate think about how much money the US alone would get in taxes! And the taxes would not be just a one time deal because we would not spend all of our $ in 1 year. So we would pay taxes on it as long as we draw interest on it. Does this make sense or am I way off base?

I love that line of thinking but where did that rate come from. I remember the article but don't remember seeing anything concrete about that rate

Oct 30, 2006

Asharq Al-Awsat - The dollar exchange rate varied between the Iraqi Central Bank and local markets, especially after the official auction to sell currencies stopped convening for ten days because of Eid al-Fitr, last week.

The observers of the currency market confirmed that any occasion interposed by public holidays, specially those that continue for several days, is expected to help raise the value of dollar against Iraqi dinar but the difference is limited and does not exceed in the most serious cases 1500 dinars to the dollar.

Such increases in the view of some speculators will be temporary, and they fear from the Iraqi Central Bank being a safety valve of the Iraqi dinar and market. If the Bank thought that the market rose, as the case happened a year and a half ago, it would suspend its vacation to begin offering large amounts of hard currency in the market directly and at prices lower than the circulation price; that is why most speculators are afraid to keep large quantities within their bags due to the risk of loss.

But, dealing in the market is done on the basis of supply and demand; this means that small speculators, dealing directly with citizens, would achieve very high profits for this reason.. And about their expectations of market prices, the observer demonstrated that the dollar exchange rate in the central auction, held in the Iraqi Central Bank, finally began to retreat before the Iraqi dinar, as the Bank started floating huge amounts of dollars because of the government's need for local cash, especially as the volume of government's consumption increased recently and this requires securing these expenses through the auction. The supply has increased lately from $35 million to $60 million per day.

The Central Bank started its daily auction with 1470 Iraqi dinars to the dollar after being 1477. As for the markets, the dealers were not affected by the sudden decline but they would rush to raise their prices at the same moment with the increase; thus, it is expected for the demand to increase during these ten days, which would not be attended by the Iraqi Central Bank, but not much.

About the last formal cession of the Bank, the auction manager clarified that the sale price at which the auction came to was 1470 Iraqi dinars to the dollar, accepted by the Bank, according to the buyers' desire and sold $43.8 million at the same price.

The quantity sold in cash to Banks and their clients was $18.690 million at the price of 1470 with the addition of 11 points as prices contrast and profitability ratios, while the quantity sold for remittances to out of Iraq was $25 million, at 1470 Iraqi dinars.

This means that the amount of remittances surpassed the sale quantities of banks and this is due to the high demand for transfer, especially after the increased need to acquit the companies collaborating with the outside and the start of the reconstruction phase in Iraq.

Originally Posted by jsfletcher

I love that line of thinking but where did that rate come from. I remember the article but don't remember seeing anything concrete about that rate

I don't remember who posted it, but someone said that was amount for that particular rate was what they though it was at. I know several folks tried to find out what it was, don't know if they ever found anything except maybe it was named after some guy that had to do with the banking industry or something financial anyway.

Originally Posted by mustang sally

Oct 30, 2006

Asharq Al-Awsat - The dollar exchange rate varied between the Iraqi Central Bank and local markets, especially after the official auction to sell currencies stopped convening for ten days because of Eid al-Fitr, last week.

The observers of the currency market confirmed that any occasion interposed by public holidays, specially those that continue for several days, is expected to help raise the value of dollar against Iraqi dinar but the difference is limited and does not exceed in the most serious cases 1500 dinars to the dollar.

Such increases in the view of some speculators will be temporary, and they fear from the Iraqi Central Bank being a safety valve of the Iraqi dinar and market. If the Bank thought that the market rose, as the case happened a year and a half ago, it would suspend its vacation to begin offering large amounts of hard currency in the market directly and at prices lower than the circulation price; that is why most speculators are afraid to keep large quantities within their bags due to the risk of loss.

But, dealing in the market is done on the basis of supply and demand; this means that small speculators, dealing directly with citizens, would achieve very high profits for this reason.. And about their expectations of market prices, the observer demonstrated that the dollar exchange rate in the central auction, held in the Iraqi Central Bank, finally began to retreat before the Iraqi dinar, as the Bank started floating huge amounts of dollars because of the government's need for local cash, especially as the volume of government's consumption increased recently and this requires securing these expenses through the auction. The supply has increased lately from $35 million to $60 million per day.

The Central Bank started its daily auction with 1470 Iraqi dinars to the dollar after being 1477. As for the markets, the dealers were not affected by the sudden decline but they would rush to raise their prices at the same moment with the increase; thus, it is expected for the demand to increase during these ten days, which would not be attended by the Iraqi Central Bank, but not much.

About the last formal cession of the Bank, the auction manager clarified that the sale price at which the auction came to was 1470 Iraqi dinars to the dollar, accepted by the Bank, according to the buyers' desire and sold $43.8 million at the same price.

The quantity sold in cash to Banks and their clients was $18.690 million at the price of 1470 with the addition of 11 points as prices contrast and profitability ratios, while the quantity sold for remittances to out of Iraq was $25 million, at 1470 Iraqi dinars.

This means that the amount of remittances surpassed the sale quantities of banks and this is due to the high demand for transfer, especially after the increased need to acquit the companies collaborating with the outside and the start of the reconstruction phase in Iraq.

I see that is dated today, but it is funny that the exact same article was out 3 or 4 days ago

Originally Posted by frathousemicrowave

I think you're way off, but boy, do I love the way you think.

I personally don't think it will happen. But..... If it did, Iraq is a sudden success story, our national debt disappears, and bingo - GeorgeW is an instant hero!

Originally Posted by cigarman

I heard that they were new dinars because the paper was the same as the US Dollar. Don't know which is true just throwing it out there.

The paper for the NID is not the same as USD.

Kuna site|Story page|UN officials explain aims of Int''l Compact with I...10/30/2006

Anyone read this yet?

Originally Posted by ronbo

I personally don't think it will happen. But..... If it did, Iraq is a sudden success story, our national debt disappears, and bingo - GeorgeW is an instant hero!

It was posted by Goldraker, yes he mentioned the $3.67 but like you said I'm not sure if anyone found out for sure. And yes wouldn't Gee Dub look like the smartest prez ever

Originally Posted by www.xealthy.com

First of all the Old Dinar were SUPPOSEDLY distroyed.
Second NONE of the NIQD are the same dimensions of the USD.
Pretty tough job to shave off 1/16" & 1/2 from the 5k note and the 1k note is shy @ 1/2" in length. Believe half of what you see and none of what you hear!

Back to reality!

You are right they did destroy the Old Dinar that was turned in, however there was quite a bit that was not turned in. That is still floating around, being sold on e-bay and as it turns out being used to conterfit U S Dollars.

Originally Posted by Frank Rizzo

Kuna site|Story page|UN officials explain aims of Int''l Compact with I...10/30/2006

Anyone read this yet?

This is why it was a NO BRAINER to buy dinar - I can't believe anyone ever called me crazy. Great article - here's a piece.

He noted that the nature of assistance that would be extended to Iraq would be different from other developing nations because "it is rich in resources, rich in oil, rich in its human resources. There is a group of Iraqi society that is well equipped, skilled labor and well educated to handle the elements Iraq's people require." "So in that sense, investing in Iraq is a good measure. A good measure by the international community and it is a good measure by neighboring countries, " he added.