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

Originally Posted by Adster

Says it's on audio from today............

Adster, also stated on other forum with link.

Saudi forgave Iraq Debt - Investor's Iraq Forum

Originally Posted by Treater

Anyone seen this?

"Baghdad : Ali Jasim
تجاوزت عدد الاسهم المتداولة في الجلسة الاخير لسوق العراق للاوراق المالية (497) مليون سهم وبقيمة بلغت (1.103) مليار دينار من خلال تنفيذ (249) عقدا بعد ان تداول فيها اسهم (18) شركة.Exceeded the number of shares traded in the last meeting of the Iraq market of securities (497) million shares and the value of (1.103) billion dinars through the implementation (249) contract after the circulation of shares of the company (18).


It should be noted that the Bank Alorka returned to circulation after the end of proceedings capitalization rate of profits (30%), increased the company's capital from (24) to one billion dinars (31) billion dinars The circulation rate of exchange dinars (2.350) per share after that the rate of price dinars (2.850) before capitalization and at the exclusion of the addendum to the equivalent of the shares offerings most of the shares shall be free rate has risen by price (6.8%) whenever any false (150) parallel to the level of parity or (price underscore). "


Translated version of http://www.newsabah.com/paper.php?name=News&new_topic=21

What is the date of this article? please.....

Originally Posted by Adster

Great news, although I don't understand why they still couldn't sell it if it was trading....

A few ideas that came to mind:

Maybe corporate has a rule that any unused portion of any currency that goes on the open market has to be returned back to them.

Maybe the bank managers are going to sell it to themselves.

Maybe because not enough people will be able to buy large block of IQD at the reval rate, so they won't bother to sell it.

Maybe they want to wait to see if it will float, and then go from there before selling off the rest of what they have.

I could go on, but we have to remember that banks are in business to make money, and they do.

thought i'd share my latest try to attempt to buy 1 mill dinar. went to Bank of America in NJ to ask about buying foreign currency-the manager looked suprised and did not know what I was talking about when I said Iraq dinar.I gave him the 800 number and the IQD symbol and called the #.he was transferred several times and finally got someone and he said "i have a customer here who would like to buy some Iraq "dollars"-he asked me how many "dollars" and i said 1 million iraq dinar.he then said 1 million iraq "dollars" again.then I was interrogated for info like where do I live, why did you come to this branch, and why do I want this currency. I felt very uncomfortable but then he gave me a website to check bankofamerica.com and told me to check it next week and was sorry he could not help me today. He gave me his card and I asked him when it goes onto the website-it's then a tradeable currency-he said "if you say so cause you know more than me"so bottom line he told me to check the website next week and when it is listed than he guesses it will be tradeable.He really did not know what I was talkng about but I guess the news about the website is good.this is my latest try to buy more.

Originally Posted by kiko

OH MY GOD MY EYES ARE LAYING ON THE DESK!!!



This fits exactly in the RV picture of sunday.

But my minds says we need prove of this.

ow! makes it easier to put your contacts on I bet. LOL

Originally Posted by Beaniemom

What is the date of this article? please.....

It's within the last two weeks, but I can't put any hard date on it as iraqi news is silly like that. Although it ran right below an article about CBI auction 799, thats how I know it's very recent.

DID NO ONE READ MY LINK/POST ON PAGE 17?????????
THEY ARE HANDING OUT THE 10 GRAND ON SUNDAY!!!!!!!!!!!!!!

WE ARE GETTIN OUR REVALUE BOYS AND GIRLS!!!!!!!!!!

Originally Posted by Treater

OK, I don't when this article came out, but by the article contents it came out sometime between august 2006 and now.

What do you guys make of this...

Translated version of http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=31587

Interesting. If i may paraphrase this translated article.

Iraq has the highest inflation in the world.

Can the following actions, adopted by developing countries, work in Iraq? They are:

A-financial policy
First : use budget surpluses to reduce the volume of liquidity.
Second : sell public debt (bonds) to the public. Thus the surplus cash is withdrawn from the market.
Third : Increase taxes on luxury goods.
Fourth : Reduce government spending : government spending is one of the reasons leading of increased circulation of cash in the market

B-monetary policy :
Adopt a set of qualitative and quantitative tools :
First : quantitative tools :
1- Increase the price of the discount : including special discount securities lending business, private commercial banks, The other areas are deducted these banks to the Central Bank and the Central Bank in turn raise the rediscount rate to influence credit capacity of banks to reduce the volume of cash in circulation in the market. (don't understand this one)
2- Banks to sell securities, in order to reduce circulation on the market (the so-called open market)
3 - Increase the banks reserves.

Second : quality tools :
Reduce liquidity of currency in the market.

Third : interest rates :
Iinterest rates are affected by several factors including :
1- inflation rate, two-supply and demand, 3-exchange rates.

Role of the Central Bank of Iraq in dealing with inflation
After the fall of the previous regime, a new law was promulgated by the Central Bank (No. 56) in 2004 to set the policy objectives of the bank and duties of the bank and initiated the objectives to develop a new policy to fight inflation and the search for stability in the exchange rate of the Iraqi dinar by the daily auction for the sale and purchase of the dollar, launched in 2004, and led to the provision of foreign currency in the local market. The fixed price on the local market as the price of the American dollar ranged between 1490-1475 dinars.

The plan announced by the Central Bank in mid-March 2004 to deal with inflation and means adopted by the majority of States in dealing with inflation, namely :
1- quantitative means : means to address inflation rates by controlling the quantity of money in circulation in the local markets.
2- price means : any suitable exchange rate of the Iraqi dinar with foreign currencies, especially the American dollar.

The Central Bank hopes that the implementation of the plan to reduce 25% of the inflation rate over one year.

Among the reasons in the persistence of high rates of inflation
- worsening security situation halted construction
- low rates of productivity
- increase in government spending
- tax evasion
- financial and administrative corruption
- mismanagement and the lack of law
- acts of sabotage against oil installations (major problem)

They continue to talk about inflation rate percentages for previous years...

Shabibi said : The restructuring of the two banks "Rafidain and Rashid" State-owned is a matter of urgency and priority

Shabibi said that the first objective of the Central Bank is to maintain price stability and take action on monetary policy. However, he said that the the real problem is not the monetary sector - security affects wages and insurance premiums and ease of movement of goods, pointing out that very important factor.

Shabibi cast the blame on poverty and unemployment increases to those involved in sabotage and terrorism and the corruption and incompetence in the management of government companies reduced the benefits of high oil prices to the average Iraqi citizen.

The commercial banks ability to withdraw cash in circulation in the market is still very modest despite tens of billions of Iraqi dinars sold to the banking system in Iraq at each auction.

It seems that inflation rates continue to rise in spite of all the measures taken by the official bodies in the financial and monetary Iraq. These actions would not be feasible without a stable security and the rule of law.

Originally Posted by boomcreek

Got information from a BofA in Tulsa that they would be exchanging and verifying the authenticity on their premises. Said they have the necessary equipment to do so, therefore, it isn't necessary for the currency to be sent off somewhere.

Can you please post the location of this BofA branch for us?
Thanks

Originally Posted by kiko

Adster, also stated on other forum with link.

Saudi forgave Iraq Debt - Investor's Iraq Forum

Been looking for the audio. I know they promised to forgive it but not seen or heard anything saying it had been forgiven......

peakoil has facked off, had pm'd him too for the audio, would love to hear it. This is big if they have totally forgiven ALL debt.