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

Originally posted by Arkie:

Please don't laugh at me. Did the CBI just buy back $110,265,000 dollars worth of Dinars?

Yes, you are correct.

Posted by: saleem on Monday, November 13, 2006 - 09:11 AM

Parliament-Vote
Vote on electoral commission draft law expected in Parliament By Santa Michael
Baghdad, Nov 13, (VOI) – The parliament 52nd session is expected to vote Monday on a draft law concerning the independent high electoral commission in Iraq.
On Wednesday, the parliament delayed a vote on the draft law to Sunday and later to Monday after it hosted the Iraqi Prime Minister Nouri al-Maliki to debate the security file in Iraq.
The parliament legal committee opposed during Wednesday’s session a delay of vote on the proposed law for, the committee said , “a third extension of the electoral commission functioning ends on November 10.”

It would be interesting to hear from someone that have talked to BoA today.
The rumour we heard was that they would start selling dinars on the 13th november. Today that is.

And if BoA is selling dinars, well then the dinars are on the forex market.
But at current rate that would be a disaster.

Next big meeting EU Trade signing 20/11.

Is it just me or do you agree that they need to have a stronger value on the dinars before signing EU trade contracts?

Originally Posted by Raditz

It would be interesting to hear from someone that have talked to BoA today.
The rumour we heard was that they would start selling dinars on the 13th november. Today that is.

And if BoA is selling dinars, well then the dinars are on the forex market.
But at current rate that would be a disaster.

Next big meeting EU Trade signing 20/11.

Is it just me or do you agree that they need to have a stronger value on the dinars before signing EU trade contracts?

It is not you. I agree with you.

Signing EU Trade agreements with the current program rate is opening your doors for the International Community with the current rate. EU is like WTO I believe they need an international currency for this.

They are pretty stupid when they do it with the current exchange rate.

When is the FOREX open. I live in Europe so there is a difference in time.

It is now 4:52 in NY I don't know how late the forex opens their and the banks. I think I will see it in the afternoon here.

Strange things are happening.

Originally Posted by Raditz

It would be interesting to hear from someone that have talked to BoA today.
The rumour we heard was that they would start selling dinars on the 13th november. Today that is.

And if BoA is selling dinars, well then the dinars are on the forex market.
But at current rate that would be a disaster.

Next big meeting EU Trade signing 20/11.

Is it just me or do you agree that they need to have a stronger value on the dinars before signing EU trade contracts?

i believe the rumor was that they would know the morning of the 13th whether they were trading yet or not. yes or no via fax/email/teletype or something.

Originally Posted by shotgunsusie

i believe the rumor was that they would know the morning of the 13th whether they were trading yet or not. yes or no via fax/email/teletype or something.

I am just guessing here but is it possible that even though they still had an auction this morning that they could still reval and announce this morning. The CBI can do whatever they want whenever they want so is it possible to still see something this morning. They are really skating on thin ice here...they are gambling so much with this delay of a reval. The international community is tired of their dancing around the issue. Am I missing something here ..... ?

Originally Posted by kiko

These auctions are the most crazy ones that I have seen since I am in the Dinar.

I think they are preparing the RV and reducing the inflation a bit.

I only would like to know how long this needs to go on?

Yesterday the number of banks were 10, today 17. Do we read anything into that?

Originally Posted by CharmedPiper

I am just guessing here but is it possible that even though they still had an auction this morning that they could still reval and announce this morning. The CBI can do whatever they want whenever they want so is it possible to still see something this morning. They are really skating on thin ice here...they are gambling so much with this delay of a reval. The international community is tired of their dancing around the issue. Am I missing something here ..... ?

CP I really admire your optimism, but I think this whole RV situation has nothing to do with the Iraqi people, it is all about big business and oil. Honestly, if the 10K money went out to the people with no RV, then for me this means, that we are waiting for (1) the official enactment of the FIL, (2) the passing and enactment of the HCL; (3) the completion of the ICI; and lastly definate confirmation that the SA and Kuwait debt issues have truly been resolved. Unfortunately no RV till those items are handled, but it will be soon. IMHO

Ref: The CBI auction.

Again we see an auction where the CBI has conducted an auction that has moved a large amount of currency from circulation (110M). With the exception of yesterday, the last six auctions has been some of the largest in their history. If my math is correct, over 450M USD of dinar has been removed and replaced with USD in the local banks. A huge move in itself. The question was "does this reduce inflation". The answer is yes. We know that inflation is too much money chasing to few goods. This movement of dinars out of the system is an extremely healthy move and when combined with the overall debt reduction is a classic action that will result in a higher value for the dinar and credit worthiness of Iraq as a whole. How many more days can they continue to remove Dinar out of the economy? We don't know. But it isn't a move that can continue indefinitly. At some point they will have removed the excess by using their currency reserves and oil money. This recent trend is exactly what you would expect them (CBI) to do prior to an increase in value of their currency. So I am very encouraged by these actions and feel they are in compliance with the SBA from the IMF. So many times we have seen small countries continue to print money until it is worthless. By removing dinar from the economy they are taking the opposite and responsible direction that will decrease inflation and decrease the CBIs exposure for larger amounts of dinar in the economy should the currency be revalued. Again, how long can this go on? I don't know. We'll have to see. But this is a very large and favorable movement in the direction of an economy that will result in a longer term increased value of the dinar and will benefit all investors and the Iraqi people by increasing their purchasing power. Your comments are appreciated.

I went to the TBI to see todays exhangerates. Their site shows ar error.
Iraqi news and Iraqi Dinar liks not responding.
Could this mean somethig?

Could somebody with knowledge look in to it?

http://www.tbiraq.com/menafn_currencies_bl.asp


Iraqi Dinar

Major Global Currencies against Iraqi Dinar
CurrencyBuySellUpdated:
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