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

Originally Posted by stockjedi

Just saw this page, I don't know how old it is, what do you guys think about it?

XE.com - Information on The IQD Iraq Dinar

I don't think very much of it at all. For example:

A Little History

The official rate of the old Iraq Dinar, $3.22 USD (U.S. Dollars), was set in 1982 by Saddam Hussein. The old Iraq Dinar could not be freely traded, so this rate was never tested or upheld on the world market.

The current Iraq Dinar (IQD) was introduced between October 2003 and January 2004 by the Coalition Provisional Authority in close consultation with financial experts from Iraq and the international community. The IQD is currently valued at a little less than seven hundredths of a US cent. (1 USD = 1460 IQD). The old "Saddam" Dinar has no current value and is worth only what a collector is willing to pay for it.

They are ignoring the fact that it was worth more then $3.22 USD for many years PRIOR to Saddam Hussein taking over and it traded freely on the forex markets all during that time.

Another example:

The IQD is not freely traded, and is not being used in any significant international transactions. We are unaware of any official bank or foreign exchange office outside of the middle east that will exchange the IQD.

Seems to me there have been many "official" banks mentioned in this forum that will sell NID to you. I am referring to banks such as Scotiabank in Canada, Chase and a couple of others in the US, and Adster mentioned more than one in the UK. I seriously doubt that ANY of these banks would be pleased to know that they are being considered not to be official banks.

Another example:

The IQD trades on a very small, tightly controlled exchange. The total volume of IQD traded by the Central Bank of Iraq is in the thousands of dollars, compared to the $1,900 billion dollars traded on the Foreign exchange market every day. This small number of trades makes the IQD's value effectively immaterial.

CBI daily auctions run anywhere from 40 to 80 million USD lately. You mean to tell me that only a few thousand each day are traded for NID and all the rest are for other currencies. That seems to me to be possible, but highly illogical.

Based on the dates of the list of articles they suggest for further reading this was originally written back in August of 2006. A lot has happened since then and I wonder if they would still be saying the same things today that they did then.

We bought our first IQD when my husband was in Kuwait. When he arrived in Iraq, the IQD could no longer exit the country. Some of his buddies said they purchased their IQD through Gid and Associates. We bought some and received everything as promised. The rates are reasonable, too. $740 for a million. The least you can purchase is 125,000 for $95. There is a fee with each order, so it's best to buy a larger quantity than several small quantities.

Iraqi Dinar - Registered Iraqi Dinar Dealer

I got some news from a bud of mine here this morning. He made a hefty purchase from someone on Ebay from GB a month ago. He paid by cashiers check. Check was cashed Oct 5 and he still has'nt recieved his order. I've read about customs siezing shipments from out of country, however, he has'nt been notified by customs yet. Don't look good.

Originally Posted by MOK-

I saw a decent deal on Ebay. $790 per Mil. The only thing is, you gotta buy 100 Mil worth. cough, choke. I Wish!

that is expensive !

more than chase and more than usdinar.com ? and u can buy as little as you want at these places

Prexactly. Banks the way to go.

An international official. The (contract) is intended to restore Iraq for the Arab region
Source : KUNA-31 / 10 / 2006

The official spokesperson for the United Nations in Iraq Said Erekat said the aim of the preparatory meetings for the (contract) to be hosted by the State Bank of Kuwait tomorrow is the work on the reintegration of Iraq in the Arab region and the international community.

He added Erakat, in a meeting with the Kuwaiti News Agency (KUNA) said here today that the parties participate in the meeting of countries and international organizations will enable Iraq to obtain the necessary assistance to end the rampant violence there and to achieve transparency and good governance.

.Erekat pointed out that the United Nations will take part in the preparatory meetings that the nature of aid to Iraq will differ from those presented to the developing and poor countries of the fact that Iraq is a rich natural resources and great human capacities, adding that the assistance would be investments with the proceeds.

He pointed out that the assistance will be offset obligations and benefits to the Iraqi government, such as achieving national reconciliation among the warring parties in Iraq, describing the internal situation there as "extremely serious".

He said that there are many initiatives that have been put forward to stop the fighting in Iraq, including the Iraqi Prime Minister Nuri al-Maliki and the meeting of Iraqi religious scholars in Mecca and initiative of the Arab League to achieve reconciliation and concord between the Iraqi forces.

He warned that the bad conditions in Iraq could spill over to neighboring countries and that is not in the interests of the region.

In the question of (KUNA) on how coordination among multilateral aid in the management of the process and to ensure the achievement of its objectives Erekat said that the donor countries had set up a committee preparing for the practical steps to achieve the goals of (the International Decade), under the auspices of the United Nations.
The parties involved in the initiative will not discuss the issue of Iraq's debt, but pointed out that there were signs of faith on the part of some states, such as Kuwait, adding that it was to their advantage to mitigate the consequences of the Iraq debt with no prejudice to their right to claim such debt.

Erekat pointed out that the meeting tomorrow is the preparation for the launching of the initiative at the end of this year, pointing out that all the participants insist on a positive outcome of this meeting, followed by practical steps, the Commission oversees these steps to ensure that objectives were achieved.

Erekat stressed that the United Nations deal with the political forces and of all religious and civil society in Iraq, pointing out that it offered several medical and humanitarian assistance, political, as well as work on reconstruction in the interior.

And on the size of financial aid that Iraq needs in the coming years as well as the disbursement of such aid said that the estimate due to the Iraqi government in collaboration with art troupes and the competent bodies of the United Nations and the World Bank.

RR any new from your wifes contacts??? Anyhow the coment in the news today about the dinar being stable ......I am so sick and facking tired of hearing it!!!!
The dinar is stable so that must mean the economy is doing just fine...bull shiate!! These people are starving and blowing them selves up... the malita is sick of us occupying there homeland and maybe there woudnt be a malita if we got the fack out of there and gave the people of iraq some spending power!!! I feel we are close but JEZZZ with elections coming up as i realize iraq is not on our time table but we have influence....Just do something already!!!!! just venting sorry neno but it does have an opinion based on a news article with MR K i forget his name saying oh the dinar is stable and im sick and tired hearing that comment with inflation as high as 70% and people are starving. Facking RV the dinar already for christ sake

Invited to the opening of branches of the Center for International Economy

Source : Iraqi Media Network southern region - 31 / 10 / 2006

Shown major international companies in Italy, Hungary, Iran, Kuwait, Egypt and Syria serious interest in participating in the reconstruction of Iraq and constructive. He said the Secretary-General of the Center for International Economics for the blessing of Alafi said that the center received a number of calls for the opening of branches of the center in these countries like branch in Turkey. Where coordination with the southern provinces safe for the purpose of bringing these companies.

He explained that the Italian companies in the Northern Province, and sent us an invitation to the opening of a new branch of the Center is to provide an appropriate atmosphere for the businessmen and a forum for companies wishing to work in Iraq.

While the desire Hungarian companies participating in campaigns reconstruction expected to launch soon in the governorates safe.
Alafi pointed out that a high level delegation from the Center also visit Italy, Kuwait and Iran, accompanied by representatives from the southern governorates for the potential offered by these companies and brief them on the needs of the governorates of projects and priorities.
He pointed out that al-Ghamdi group of companies in Cairo, which has branches in London, Cairo, Jeddah, expressed a desire to open a branch of the Center in Cairo with the Center received an invitation from a group of companies Syria for the same purpose.

Between that and the next two months will attest the opening of two branches in the first Hungarian has appointed Mr. Kadhim sounded Chairman, It also will be opening another branch in Kuwait.

In terms of the relevant international economy continue his meetings with Messrs. governors in the provinces of the south and center, as the Secretary-General and the Economic Adviser to the Center for the meeting with the deputy governor of Baghdad, which held talks on the possibility of cooperation in the field of attracting international companies in the light of the new investment law.

He recalled that representatives of the provinces of Nasiriyah, Diwaniyah and Wasit, Samawah to join delegations going to highlight for the erection of major Iranian companies.
Turning to the activities of the Alafi Center branch in Turkey where the ongoing activities and meetings between Iraqi businessmen and the heads of Turkish companies, It was the signing of a number of bilateral contracts and transactions.

It should be noted the Center for International Economics is one of the institutions of civil society approved by the Office of registration organizations affiliated to the Ministry of State for civil society and enjoys the support of the government as one of the organizations related economic reconstruction campaigns and attract investments.

Originally Posted by CORY

Yeah theres no point buying from dealers anymore. i have been told by lots of banks and people that they can order it and most of the time you get it faster and cheaper also no chance of losses. And i would bet most of the dealers out there have got something set up with banks and just order it as it sells great way to make some cash
but cats out of bag now

Unless you live in Los Angeles where I have yet to find a bank that sells or buys dinar.

11 Iraqi banks agree to launch specialized companies to finance special projects
Direct support from the Central Bank and the American Agency for Development

Source : Middle East-31 / 10 / 2006

The eleven banks Iraqis, and with the direct support by the Central Bank of Iraq and the American Agency for Development, the establishment of the Iraqi company for loans, that means providing financial liquidity for those wishing to establish small-scale projects.

Regarding this project, , applied for the first time in Iraq, a banking expert said, Izz al-Din Muhammad Abid of the Iraqi Central Bank, in his speech, which emphasized, The company is complementary to the Iraqi Company for bank guarantees, the companies announced soon. , which was founded a total capital amounted to three million and a half million dollars.

It is aimed at enhancing access of small and medium-sized enterprises and micro-enterprises eligible in Iraq. on loans from private banks. in addition to supporting the use of modern practices of the credit and international banking standards in granting loans to small and medium-sized enterprises, All of this is in the objective foundation of the nation, of contributing to the sustained economic growth in Iraq.

In particular, the support and development of the private sector, and to give small and medium-sized enterprises this importance stems from the fact that share the spirit of individual initiative. direct any individual project work to improve the standard of living.

It should also be noted that these projects constitute a significant proportion of economic activity for many countries in the world, regardless of the level of sophistication whether developing or developed, constitute a high proportion of enterprises that contribute to the development of a high rate of the economies of these countries, especially developed.

And also contribute such projects to generate self-employment and jobs and contribute to help the task groups in the labor market, as well as the enjoyment several advantages, they mainly operate equipment simple and low-cost local materials and within a limited area, also working skills and technical background and the possibility of easily adapt to the new circumstances in the market and rapid response to their needs,

Finally contribute to the rehabilitation or changing the infrastructure or equipment, tools such as the development of agriculture, construction or production of commodities essential services in times of crisis. In response to a question concerning the establishment of this company to study the conditions of projects in Iraq,

The possibility of exposure to profit or loss, the Izz al-Din that, in spite of facing small and medium-sized enterprises of the numerous problems and challenges, especially in times unstable security, but, and as much as it is the banking system, the problem facing these projects cash funding for the establishment and support of these projects, For this purpose is the establishment of the Iraqi company for bank guarantees for the time being the mainstay of such projects, in order to assist them in obtaining loans from banks to participate special Iraqi capital of the company, in addition to helping those that the banks through the utilization of the amount of the guarantee for the development of a loan management and managing risks, knowing that the company owned by the (11) Iraqi banks and supported by the Central Bank of Iraq,

Because of the importance of the role played by the company in deepening the role of the Iraqi market. Different amounts of insurance, depending on the type of risks associated with volume up security to 75% of the value of the original loan. , which ranges from $ 5000 to $ 25000. The company's operations are based on institutional development and capacity-building for banks and financial companies at the same marketing and the application of loan guarantee program,

It will cover the company's activities throughout Iraq by the network branches of the banks involved in such comprehensive coverage, It will assist small and medium-sized enterprises to enter the world of credit to all governorates of Iraq and will ensure the company through bank loans made by participating banks to provide loans with a high level of quality in the productive and service projects, agricultural and commercial.

We can say that the company had achieved a step or steps forward through the development and modernization of the Iraqi banking system