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

Originally Posted by clintstella

Voices of Iraq :-$ (economy)

Books : dhrgham on Tuesday, November 14, 2006-11:58 AM BT

The exchange rate depreciation of the dollar in a single
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)
Decreased demand for the dollar purchase auction in the Central Bank at a meeting today, Tuesday, recording 62 million and 540 thousand dollars against 110 million yesterday.
Such procurement requests today between 32 million and 910 thousand dollars in cash, and 29 million and 630 thousand dollars in the form of remittances outside the bank full coverage at the exchange rate is the lowest of dollars during more than a year reached 1460 dinars, , down five points from yesterday's meeting.
This is the largest decline in the exchange rate seen in the auction, one meeting has absolutely did not ask any of the 16 banks participating in the auction, offers to sell the dollar.
He said the Yasiri, owner of the banking News Agency (Voices of Iraq) Independent that the bank cut prices five points in an attempt to increase its sales of dollars in cash hand for the withdrawal of more liquidity in the local plan to reduce inflation, and not compel banks to sell the dollar for the bank in the auction, on the other hand, because that will give greater liquidity of the local market.
H M

wm.knowles

Would you please make this understandable for us

Originally Posted by Jola

Just to say my opinion: I would never believe a reval at $3 for one dinar will happen. While I would certainly love to cash in at that rate, I just feel it is too much...

I take it more as 1 dinar = 31 cents, so it would be the other way around: 3 dinars for one dollar - to begin with...and maybe the rate will raise from there up...

Do you guys believe that the dinar will jump from 1460 for one dollar to 3 dollars for one dinar?

No, it probably will not jump to that in one big leap, but their goal is to get it to that rate in the future. The banks have kept their books at that rate all the time (as below).

I would to inform all the stockholders of Baghdad Bank that the report of the managing council 2004 was prepared according to the demands of Central Bank of Iraq to balance US dollar price to 0.310 ID instead of its real value (1460) ID per 1 US dollar, so, the report and general budget do not necessarily reflect the actual situation of Baghdad Bank and the volume of economical incoming indexes, so, this report was issued in order to meet the demands of the rules and instructions.

Citizens' letters

Editorial
By: Falah al-Mishal

Journalism is a bridge between people and government whenever direct dialogue is unavailable between the two sides, hence it is a part of service for the citizen and that is why we refer some of the letters to the editorial instead of putting them in the domestic problems page.

One of them was from a man called Khalid al-Hadithi who said that figures of devil try to regain past days when Iraq was their own garden and they were gifting oil revenues for strangers of Arab states while some of the revenues were restored back again but as booby traps and explosives beside many weapons and malicious people who accept to blow up themselves for hurting our people. The man asks why we are silent towards those people.

It was clear that terror infiltrates through Iraq's borders and the man proposes to cut funds and trade exchanges with those states as a way of pressure on them to halt aids for the terrorists.

Korean cars for Iraq less 30% of price

Baghdad, Nov. 14, P. 1

Korean Ambassador in Baghdad Jang Jay stressed his country readiness to export new cars for Iraq less 30% of their prices and renewed Korea's strong will to open cooperation horizons in all economical and financial and commercial fields with Iraq, spokesman of Trade Ministry said.The Ambassador focused on Korean companies wish to participate in fields of oil and gas and upkeeping Iraqi factories and setting up new projects in infrastructure during a meeting with Trade Minister Dr Abdulfalah Al sudani.

Originally Posted by owejac

CBI must R/V ASAP becouse of the massive speculation todays press release will call on.

As for the relationship between 1460 & .31IQD

1. At todays rate you have to pay 1460 IQD for 1US$
2. After R/V you will pay 0.31 IQD for 1 US$

This meaning if you have 1.000.000 dinars todays value vould be a measly US$ 684,93
Now if you take the same 1.000.000 dinars to the bank after the R/V you have a wooootie US$ 3.225.806,45

Now that's worth some exitement. Don't you think?

Please know that we do not know yet, if the R/V will be at US$ 3,22 to the Dinar!!!!

But wee sure are hoping. Ain't we?

Psssst...you're confusing us Americans with your decimal points and commas.

Originally Posted by SeaRayaWaitin'

Psssst...you're confusing us Americans with your decimal points and commas.

Sorry SRW please correct me, and I shall try to get it right the next time

Maliki discuss with Abdel Mahdi and Hakim many of the security and economic issues
By aliraqnews in 14 / 11 / 2006 12:17:31

Prime Minister Nuri al-Maliki, during his meeting with Vice-President Adel Abdel Mahdi, head of the Supreme Council for Islamic Revolution Abdul Aziz al-Hakim, many of the issues a priority in the work of the government.

The Council's statement today that "at the top of the issues that had been discussed the security issue and the economic issue, as well as efforts in the framework of a serious search for the success of the reconciliation."

As happened in the meeting "discussed the relationship with the multinational forces and the security and order of the Convention in order to achieve greater powers to enable the Iraqi forces from carrying out its tasks."

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Originally Posted by Onenomad

I agree with you I have always thought if they do RV it would have to be high to stop people like Mr Gates, Buffett, Soros etc We all know Iraq will be one of THE wealthiest nations on earth as their markets open up to the world and even at a rate of 1:1 big time investors will see the opportunity JMO

Maybe they have finally tightened up what leaves Iraq so they are not worried about further speculation, plus the fact that they are absorbing many dinars through the auctions.
Could be that what is being bought up here from the banks is circle jerk money where sellers are scared and getting out and others are buying in, nothing really leaving Iraq anymore just the circulation of whats already out.

On the 1:1 scenario I would think that even at $2.50 to 1 ID big investors would still buy in because there is still a large band of return. We may even be in for a big surprise and see a revaluation upward to $3.00

Just got a couple of e-mails back from some friends working for KBR in Iraq. Their computor denies access to open links. You will have to cut and paste the articles for them to be able to read.

No one so far has heard anything concrete, but will e-mail ASAP should something come up, and I in turn will post here.

Gloribee

Originally Posted by SeaRayaWaitin'

Psssst...you're confusing us Americans with your decimal points and commas.

and confusing us Brits too.

We use decimal points to signify fractions of a currency,

eg: £0.55 = 55 pence

or £199.55 = 199 pounds .55 pence

Then we use commas to make it easy to read larger numbers,

eg: £19,957.23 = 19 thousand,957 pounds . 23 pence

or £1,423,456.17 = 1 million, 423 thousand, 456 pounds .17 pence


We apply this to any numbers, whether it is a currency or not.

I hope this helps.