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

Originally Posted by Mike5200

Posted by Elfwizard
This is true, the words in todays statement are word for word from a previous statement. This is not new news.

WRONG -there is no word for word similarity in ANY previous statement that matches what came out today - please look at it and re-read!!!!

Inflation remains, however, a serious source of concern. The ongoing violence and supply disruptions in the non-oil economy will undoubtedly continue to put pressure on prices. In this context, it is commendable that the Central Bank of Iraq stands ready to further tighten monetary and exchange rate policy to prevent high inflation from becoming entrenched. Fiscal policy should be supportive by keeping public sector wages and pensions in check.


Press Release: IMF Executive Board Completes First and Second Reviews Under the Stand-By Arrangement with Iraq

Released in August

Originally Posted by Elfwizard

Inflation remains, however, a serious source of concern. The ongoing violence and supply disruptions in the non-oil economy will undoubtedly continue to put pressure on prices. In this context, it is commendable that the Central Bank of Iraq stands ready to further tighten monetary and exchange rate policy to prevent high inflation from becoming entrenched. Fiscal policy should be supportive by keeping public sector wages and pensions in check.


Press Release: IMF Executive Board Completes First and Second Reviews Under the Stand-By Arrangement with Iraq

Released in August

"Stands ready to" (of before) vs. "Will" (of today)

There is a difference, it's not the same.

Bahraini firms can help to rebuild Iraq
Training programme for top Iraqi bankers launched
Mark Summers
Business Reporter

Bahraini firms can play their part in the reconstruction of Iraq by helping to develop the troubled nation’s economy, a high-profile audience was told in Manama yesterday.
Speaking at the Bahrain Institute of Banking and Finance (BIBF) at the launch of an innovative programme which will see 16 high-ranking officials of the Iraq Central Bank trained at the acclaimed Bahraini institution, Ahmed Agha, of Iraq’s embassy in the Kingdom said: “Today the economy is the most powerful tool to fight any army or to break any radical idea in the world.”
In a frank address to an audience which included US Ambassador to Bahrain William Monroe, Agha did not shy away from the problems facing Iraq – but was optimistic that with help from its neighbours the country could recover to the extent that it would be “one of the richest countries in the world”.He said: “In the last few decades it is true that Iraq did not have many friends. We were thrown into a war with Iran. We were forced to invade Kuwait and we were a threat to the region. However, those days have gone and the situation is different. “But we have another threat now and I can say that it is more dangerous than the one before. International terrorism in Iraq.”
He went on to explain the role that Bahrain could play in strengthening Iraq against its foes, adding: “We have exhausted and used so many political means to fight these enemies and still we are struggling. Why don’t we use the economy this time; why don’t we use knowledge?”
The banking supervision programme is being organised by BIBF in co-operation with the International Monetary Fund (IMF) and Federal Reserve Bank of New York (Fed NY) and is part of series of workshops hosted by Bahrain to benefit the Iraqi people.
In his opening remarks to an audience which included the visiting Iraqi delegation, Rasheed Al Maraj, governor of the Central Bank of Bahrain (CBB) said: “Bahrain is pleased to be able to host this seminar, and to be able to contribute in some way to the rebuilding of Iraq, and the promotion of a stable and successful economy serving the needs of its people. I should like to thank the BIBF for facilitating this event.”
US Ambassador William Monroe was keen to point to the progress already achieved in Iraq.
He said: “A new commercial banking law in line with international standards was enacted back in October 2003. Commercial banks have strengthened their capital base and foreign banks, including one from Bahrain, have begun operations now in Iraq.”
Last update on: 13-11-2006


http://www.bahraintribune.com/ArticleDetail.asp

to find go to the top BUSINESS tab
and then search the title

Originally Posted by Treater

"Stands ready to" (of before) vs. "Will" (of today)

There is a difference, it's not the same.

Same statement different day. We will see.

Originally Posted by paynes1

They should have started using some of thier reserves to mop up some of the excess liquidty months ago so they could revalue at a decent rate during the 10,000 dinar handout. Because they have waited until recently to increase the amount of dinar being pulled from circulation it is causing the Iraqi people to suffer. The Inflation they are experiencing was caused by the IMF stipulations that they had to increase fuel costs and remove ration cards. This blows my mind that the GOI is handing out the 10,000 dinar without a revalue. I hope the 10,000 dinar handout has some type of restriction on it were the Iraqi canot get spend it until a date in which revalues, Otherwise, this is a big blunder to keep having auctions at the current rates if the GOI is worried about security. They will never tackle the security problem at the artificially low rate the dinar trades at now.

GOI

paynes1 there was a mention of restrictions in the Official Gazette Post about the 10K gift. I haven't a clue what it means, it had me puzzled when I read it. Does anyone have a clue what it could possibly mean? Can it be just a smoke screen saying its to prevent fraud when in reality it is helping them postpone payment till they r/v???

Distribution payments violated in Babylon
Babylon / long
Start-Rafidain Bank branch Babylon today regardless grant feast that had been endorsed by the Council of Ministers to grant citizens the occasion of the Eid al-Fitr holiday. Hakim pointed out that Hussein Jabr director of Rafidain Bank / Babylon saying : this grant will be disbursed as of today for three months according to the area in which the names of the agents and the date of payment of the grant to the families so that all citizens of receipt and the exchange will continue until January 31, 2007, adding : For the purpose of getting rid of the fraud had been organized special restrictions for each family, according to detect particular spurred

Any thoughts?

Cheers!
DayDream

Originally Posted by Elfwizard

Inflation remains, however, a serious source of concern. The ongoing violence and supply disruptions in the non-oil economy will undoubtedly continue to put pressure on prices. In this context, it is commendable that the Central Bank of Iraq stands ready to further tighten monetary and exchange rate policy to prevent high inflation from becoming entrenched. Fiscal policy should be supportive by keeping public sector wages and pensions in check.


Press Release: IMF Executive Board Completes First and Second Reviews Under the Stand-By Arrangement with Iraq

Released in August

Wheres the part about raising the purchasing power of the Dinar or preventing the dollarization or making cash a more effctive means etc. etc.
You have found a simlar sentence, yes but todays statement is much more than that.

Thanks
Mike

Originally Posted by H2O_Lover

Why don’t we use the economy this time; why don’t we use knowledge?”

This has been my question all along^^^^ Is the GoI really so corrupt that it can't be done? it is the easiest solution possible.

Originally Posted by choochie

It sounds like what we were going through with Chase banks. Some people were buying, while some were saying that they were being told "no". To me it seems to be the same with BofA right now.

The same
(love watching these guys beat the tar out of each other)

Exactly,

When I think of how many times Chase said they didn't, they did, they didn't, I would expect nothing different from any of these banks. They have never been known to hire very competent employees, and I have delt with hundreds of banks over my lifetime, and it appears nothing has changed. LOL

Good luck to all, Mike

Originally Posted by owejac

I do not know if I am right here koz I am no financial expert.

My thoughts are as follw.

1. Iraq have a sertain amount of dinars OK
2. If they covert those dinars into US$ they still are not haveing more money.

Am I right?

sucking them (dinars) back into CBI, will cause less dinars out in the nation of iraq, therefore via the laws of supply and demand, reducing inflation and strengthening the dinar's value in an upward direction.

when there is more of something in a system, it is easier to get hold of, and loses its value.

suppose for instance, a huge deposit of gold was announced in australia, as much as 1/2 the worlds current supply. then globally, the price of gold would go down.

once the revalue is announced, backed up by the oil futures for instance, yes, they do suddenly have a huge amount more money, same as all us will, perhaps to buy planes with too...

make mine a Hawker!

im not a financial expert either, i just have designs on financial freedom like the rest here.

"work" to me is a four letter word.

Originally Posted by lndmn_01

This has been my question all along^^^^ Is the GoI really so corrupt that it can't be done? it is the easiest solution possible.

no comment as i might be tossed off the forum