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

Originally Posted by danny51

I doubt if there will be any serious speculation on the dinar regardless of the CBI actions at this point due to the totally out of control sectarian violence that shows no sign of diminishing. The Iraqi parliament can legislate until the cows come home but no savvy bigtime investor (Trump, Gates, Institutions etc...) is going to put his money on the dinar until some modicum of peace is established between the Sunni and the Shiite. Of course we small time investors will speculate!!

Don't agree with you on this one.

Bringing out that you are gonna raise your exchange rate is a message that every business man or speculator understand. Speculators and big guys aren't only watching the violence.

A Trump can come and buy a lot of dinars and I am sure he will wait with cashing in till everything is in place because the ROI is HUGHE.

Originally Posted by Mike5200

Frank Rizzo wrote:Thanks for all the useful info... you really explained it so I have a better grasp of this whole thing.
I just have a quick question... At this current pace, would you care to take a wild guess as to when this could go big? And also, wouldn't this recent CBI article that's in all the news recently throw a monkeywrench into their whole idea of gradually RV'ing the dinar? i.e-All the new speculation that is bound to happen?

Frank, when was gradually RVing the dinar ever a plan and by whom ? The CBI?
I always thought that idea came from the "grow slow crowd" on another forum. At any rate that idea is certainly out the window now!

I was just trying to pick his brain a little more about the idea he had about the reason for todays price change at the CBI...
He seems to know his economics... A hella lot more than I do... I'm still hoping for the overnight 1.46 RV...

Originally Posted by nabu

Hi all,

I have a question regarding this :

Bahrain Bhd/usd 2.656 (100 USD = 37.60 BHD)
Kuwait kwd/usd 3.475 (100 USD = 28.914 KWD)
Oman omr/usd 2.605 (100 USD = 38.00 OMR)
Qatar qar/usd .27 (100 USD = 364 QAR)
S. Arabia sar/usd .27 (100 USD = 375 SAR)
UAE aed/usd .27 (100 USD = 367.25 AED)

Are all the currencies of these countries internationally traded ?

Thank you !

Yes, but as members of the Gulf Cooperation Council (GCC), they plan to establish a common currency by 2010... kinda like the Euro of the Middle East.

Originally Posted by kiko

DNO sees bigger Iraq oil discovery
14/11/2006

Norway's DNO, the first foreign oil firm to drill in Iraq after the invasion, said its oil discovery in north Iraq is bigger than expected and confirmed production would begin in early 2007.

Shares in DNO jumped by as much as 5.6 per cent in early trade as investors cheered plans to launch production in the first quarter of 2007 despite Iraq's sectarian violence and uncertainties over rights to tap its oil riches.

DNO said the Tawke 2 well in Kurdish-controlled northern Iraq has tested 3,840 barrels of oil per day, confirming a western extension of its Tawke oil discovery.

'Preliminary results from the well indicate increased reserves,' DNO said in a statement.

DNO chief executive Helge Eide said the company would start production at two of its three wells in the Tawke discovery.

'We are now (planning to) start two of the three wells, so it (daily production) would not be far from 10,000 barrels, but we will not say anything exact now,' Eide said.

DNO also said it was in a process of finalising an agreement with the Kurdistan Regional Government to increase its working interest in the production sharing agreement by 15 percentage points to 55 per cent.

In return for the bigger stake, DNO would provide all of the funding of the project costs, the company said.

DNO, whose main production operations are in Yemen, has a market capitalisation of around $1.8 billion.

'The results from Tawke 2 are very encouraging and confirm the robustness of the Tawke development,' Eide said in a statement.

'We are on schedule to achieve our important near term target to produce the first oil from Tawke during the first quarter of next year,' he said.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2564

Interesting,

Finally they are releasing the new oil reserves which were discovered last year. A few more to come, so look for Iraq to be #1 in oil reserves by the end of 2007. Now won't that give a BIG boost to our dinar. (g)

Good luck to all, Mike

ÌÑíÏÉ ÇáÕÈÇÍ - Central Bank to adopt new policy to end inflations' rates

Is it me or is a piece of the translation missing on this article. I love to see the Header though...

English: Central Bank to adopt new policy to end inflations' rates





Baghdad, Nov. 14, P3
An official source at the Central Bank of Iraq said: the inflation in Iraqi economy which negatively effected with the security circumstances is resulting due to the




show congestion in the real sector which concentrating in supplying fuel and its negative reflections on transport and communications' charges, while the other reason is belonging to the large effect for the total demand on commodities and services in economy.

Please baby, keep those changes coming!!!!!!!!!!!!!!!!

I am not so sure about that one Danny...

World has 7.7 millionaires

World has 7.7 million millionaires

...and about 800 billionaires, also...

FOXNews.com - Number of Billionaires Up to Record 793 - Business And Money | Business News | Financial News

Originally Posted by danny51

I doubt if there will be any serious speculation on the dinar regardless of the CBI actions at this point due to the totally out of control sectarian violence that shows no sign of diminishing. The Iraqi parliament can legislate until the cows come home but no savvy bigtime investor (Trump, Gates, Institutions etc...) is going to put his money on the dinar until some modicum of peace is established between the Sunni and the Shiite. Of course we small time investors will speculate!!

Iraq-Currency
Dollar demand down amid central bank’s measures to decrease inflation
By Dergham Mohammed Ali
Baghdad, Nov 14, (VOI) – Demand for dollars was lower at the Iraqi Central Bank daily auction on Tuesday to $62.540 million from $110 million in Monday’s auction.
The central bank said in its daily statement it covered all bids which were $32.910 million in cash and $29.630 million in foreign transfers.
The dollar exchange rate was 1,460 dinars , five ticks lower than Monday.
None of the 16 banks that participated in the auction offered to sell dollars.
Mr. Ali al-Yasseri, exchange company owner, told the independent news agency Voices of Iraq (VOI) “the central bank offered to sell dollar today with an exchange rate of 1,460 dinars, five ticks lower than Monday’s, in a bid to decrease the local liquidity amid a series of tough measures by the bank to bring down inflation.”
The Iraqi central bank, Mr. Yasseri said, “made every effort to ensure that banks participating in the central bank daily auction would not offer dollars for sell.”
“Banks’ offers to sell dollars mean letting more local currency to the market,” he added.

Anyone care to comment on this ...sorry i dont have the link it was sent to me in PM...

Originally Posted by Treater

I am not so sure about that one Danny...

World has 7.7 millionaires

World has 7.7 million millionaires

...and about 800 billionaires, also...

FOXNews.com - Number of Billionaires Up to Record 793 - Business And Money | Business News | Financial News

Wouldn't you love to see a report next year that says, "Some 100,000 people joined the ranks of the world's millionaires in 2006 thanks to the Iraqi Dinar..."

Originally Posted by webinvestor

Yes, but as members of the Gulf Cooperation Council (GCC), they plan to establish a common currency by 2010... kinda like the Euro of the Middle East.

Um no sir i believe your wrong ....the year has been moved up to the year 2008.... Iraq is under imense presure to get their shitte together before then...i wish i had a link to back it up but im sure other members can confirm that the year has been moved to 2008

Originally Posted by Dinar Duchess

What do you mean dollarization? is this something we should have concerns about? Could there be any other reason why they would be buying back dinars other than an RV.

Well first you need to understand the definition.
dollarization: Definition and Much More from Answers.com

Then you need to take into account the press statement of the danger of dollarizing the economy.

I'm not trying to scare anyone so don't take this the wrong way.

The way I look at it is this:

Iraq had US Dollars in their vault worth $1 USD compared to 1460 Dinars.

If they were to revalue the dinar tomorrow at $1 to 1 dinar then those 1460 dinars are now reversed or $1460.00 USD in reserves. Get it?