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

It would be slap in the face of the USA in they switched to trading dinar
for oil from us dollars. They may hold it over the head of Congress.

Originally Posted by Ranger III

Does this mean that you are slipping to at least December as to when you think "WHAMMO" will occur?

don ask me to think at this point. i gave up on that in september.

I am gonna start flagging all the U.S. Political posts take it outside please

If Saddam Hussein didn't have wmd why didn't he welcome the inspections
instead of violating 17 UN demands. Instead he play games etc.
by the way Joe Wilson's report was incorrect Hussein did try to buy yellow
cake from Niger.

Originally Posted by bigred52

If Saddam Hussein didn't have wmd why didn't he welcome the inspections
instead of violating 17 UN demands. Instead he play games etc.
by the way Joe Wilson's report was incorrect Hussein did try to buy yellow
cake from Niger.

Hey bigred...

Yellow cake.... yeah right. That has been debunked long time ago. Even Colin Powell said it was false intelligence.....
But for the record I believe Saddam had chemical weapons. But do you know who sold them to him?............ The United States. We essentially put Saddam in power. There is a video of Donald Rumsfield shaking hands with Saddam when he visited Iraq in 1983 I believe most Iraqi people know this. I know most people just listen to the main stream news and dont dig deep in the truth of these wars. Maybe you should try it.


Dont believe it...

Shaking Hands with Saddam Hussein - Press Release



OK I am done... back to regular broadcasting....lol

Originally Posted by DayDream

Miss WOOTSTER I have something to say to you.....I LOVE YOU!!! You certainly have a way about you that makes a person think!

Let me start off by saying...I WAS WRONG!! You really got me wracking my brain about this Yazzmen rate. Although I stand behind everything I have stated about how the "black market" works in conjunction to the dinar value, I myself have been perplexed how the marketers were making any money in all this. All the sights I have checked were quoting the rate that I stated with some giving a worse rate than the .52USD I stated. BUT none of them were official sites soooooo I decided to try to find any other quote that would reflect more in our favor. Guess what? I found one! Its the Library of Congress!!! lookey lookey

dinar (ID)
Currency unit consisting of 1,000 fils or 20 dirhams. When officially introduced at the end of the British mandate (1932), the dinar was equal to, and was linked to, the British pound sterling, which at that time was equal to US$4.86. Iraqi dinar (ID) equaled US$4.86 between 1932 and 1949 and after devaluation in 1949, equaled US$2.80 between 1949 and 1971. Iraq officially uncoupled the dinar from the pound sterling as a gesture of independence in 1959, but the dinar remained at parity with the pound until the British unit of currency was again devalued in 1967. One Iraqi dinar remained equal to US$2.80 until December 1971, when major realignments of world currencies began. Upon the devaluation of the United States dollar in 1973, the Iraqi dinar appreciated to US$3.39. It remained at this level until the outbreak of the Iran-Iraq War in 1980. In 1982 Iraq devalued the dinar by 5 percent, to a value equal to US$3.22, and sustained this official exchange rate without additional devaluation despite mounting debt. In early 1988, the official dinar-dollar exchange rate was still ID1 to US$3.22; however, with estimates of the nation's inflation rate ranging from 25 percent to 50 percent per year in 1985 and 1986, the dinar's real transaction value, or black market exchange rate, was far lower-- only about half the 1986 official rate.

Library of Congress / Federal Research Division / Country Studies / Area Handbook Series/ Iraq / Glossary

This comes to .62 IQD/1.61 USD!!!!!

Can't get more official than this (except for out of the horses mouth themselves) and even though the CBI has been silent as far r/v rate....they really weren't silent after all. They gave us a slight hint by mentioning the Yazzman Rate!

The CBI has said they want to return to the Yazzmen Rate...well here is the Yazzmen Rate $1.61!!!!!

WOOT WOOT MISS WOOTSTER!!

Why couldn't you have responded sooner to my posts Susie (I waited and waited ?) You could've saved me a lot of headaches!

Any thoughts?

Cheers!
DayDream

you did just fine!!!
WOoT!!!!!!!!!

Originally Posted by Inscrutable

Compare the word Yassman in arabic to this word صرف

.

i think they look nothing alike myself. this is every variety of spelling here:
يازامان
yazzaman
ياسامين
yassamen
ياسامان
yassaman
يازامين
yazzamen

we didn't put him in power but we did arm him remember the saying "the
enemy of our enemy is our friend" Iraq is was battling Iran (keeping them in
check) good or bad ? Our friends from ww2 are not so friendly and the
former Axis powers are some of our strongest allies. Pippyman check on
the Butler Report issued by the British gov, Feb 3 2004 conclusion 503
quoted by Chris Hitchens in Slate.com and Vanity Fair

Originally Posted by bigred52

It would be slap in the face of the USA in they switched to trading dinar
for oil from us dollars. They may hold it over the head of Congress.

not necessarily. not if it was on an agreement basis that it revert back to usd once the economy was amply recovered.
that in itself would be kinda like a 'marshall plan'.

Fellow Dinar investors,

Sorry it’s been so long since my last post. I usually lurk from time to time, but I figure I would not ‘watch the pot’ and it appears that it is starting to boil! Maybe Mom really knows what she is talking about?

As many of you know we haven’t bought any Dinar since we stopped our sales. That was on October 17th, so other than rumors of Dinar being harder for other dealers to get we really did have any first hand knowledge. However over the last few days I have sent out several emails to some of our associates in Iraq and Jordan in regard to the availability of Dinar and if the 10K is being distributed.

So far what I can tell you is that the 10K has not been distributed, or at least the Iraqis that we know have not seen it.

In regards to Dinar, our regular Dinar sources outside of Iraq have told us that Dinar is getting harder to come by, and we were told to expect to pay “through the nose”. Most money exchangers that we have contact with in Jordan want to charge as much as 20-30% above the CBI rate.

The banks that handle Dinar in Jordan are also low in supply and are also charging a premium, if they are selling at all.

I have ran across several posts here tonight that echo some of the calls we have received during the last week in regards to the large volumes of Dinar that the CBI is pulling from circulation. I believe that I might be able to help with a couple of these:

Originally Posted by Nomrah I

Just a question - Why would they stock local Iraqi banks with dollars? If it RV's would the Iraqi people want dollars? Talk me through this folks, I'm a bit slow today. I understand the concept of removing the dinar from circulation - but having plenty of usd on hand doesn't really make sense to me unless it's just a byproduct of removing dinar? Help?

As a businessman with projects in development in Kurdistan and Jordan, I can give you a little insight into this. I saw an explanation earlier, but I am afraid that unless you have dealt in international business you might not understand some of the terms (L.C. or “Letter of Credit” for instance). I didn’t when I first got started in international business and trade.

Here is why the local banks need dollars. Whenever we sign a deal for a particular project in Iraq it’s negotiated in dollars (for the time being anyway). If the project is 25 million USD (for example) a ‘Letter of Credit’ or ‘LC’ will be issued in our name. When its time to collect, the funds are transferred to our account in the US. In order for this to work the government or private company in Iraq that hired us will have their bank (usually a local bank, such as the Trade Bank of Iraq) issue an ‘LC’ to us. This is nothing more than a promise from the bank that they are good for the money and will put it in our account upon fulfillment of the contract. The bank that issues this however must have an account in a bank, usually in the country of the contractor (in our case the US) and have enough dollars to cover this LC. Once the deal is done, the funds get transferred from their US account to ours.

So any bank in Iraq that works with LC’s probably has a “dollar account” usually in a well known US bank. One of the banks that The Trade Bank of Iraq uses is JP Morgan Chase (for obvious reasons).

If you notice on the CBI’s auction page you will always see “…amount sold to make transfers abroad was USD ….” I am fairly sure that this is to cover those LC’s for the participating banks.

It should be noted that most high dollar transactions, no matter what country, are done with Letters of Credit. If it’s with a reputable bank, it’s as good as gold. In fact its not unusual for some companies to borrow against issued LC’s.

There are several types of LC’s, and each can have different stipulations, but for the most part they all work the same.

Originally Posted by Vipor

Although your thinking here makes total logical sense Socata from a schedule standpoint, how will that month-long wait until Dec 12th be affected by the fact that announcements have already been made by certain dignitaries about their intentions to increase the dinar value? That would give many RICH people plenty of time to stock up with dinar. Thoughts?

This is a great question, but if you think about it hard enough, you will come to the answer.

Who is a speculator? Me, you, some banks, and anyone who holds Dinar, right? Well now that the CBI has “shown its hand” will new speculators hurt them? Even if they purchased 1 billion Dinar? Nope. The CBI is not selling! The only Dinar that new speculators will be able to purchase is already in circulation. No matter how large the purchase, nothing they do is going to hurt the CBI. In fact they won’t even know if a new speculator makes a large purchase. They are not currently putting any more Dinar back into circulation, so it’s a non issue for them. The only thing the new speculators will be doing is help the CBI drive the price of Dinar up by supply and demand. So in that case, let the new speculators jump on board, its only going to help us investors who got in while the Dinar was in the ‘sub-basement’ so-to-speak..

Originally Posted by pam4jb

My understanding is that for any country who wishes to purchase oil from Iraq, has to buy the oil with Iraqi Dinars only.
This will do several positive things for Iraq.
Some of which are:
To bring dinar back to Iraq. The less out of circulation, the higher the value.
Driving the dinar's value up, it will gain world respect, and become the peoples 'currency of choice' in country.
Oil will be assuring it's value, no matter how their agriculture, tourism, business, or other industries survive.
Pam

So far we have not seen anything concrete (read “in print”) regarding this. However, we have spoke to people in the know in Kurdistan who have mentioned this as an option for them. We also have this article regarding Russia and the fact that they will be moving towards this option in 2007 RIA Novosti - Russia - Ruble-denominated oil exchanges could launch in 2007 - expert. It would be a great solution for Iraq, and given the possibility that the countries that have forgiven their debt got some Dinar in return, this would make sense. And really if you think about it, the Dinar is nothing more than an ‘Iraqi Oil Gift Certificate’ which is also redeemable for cash. Besides, if one of the potentially riches countries in the world owed you money, would you just say, “Nah, don’t worry about it.”? Not me! However, if they slipped me some ‘Iraqi Oil Gift Certificates’ under the table, well that would be a different story…

This is the most exciting time we have experienced in the last two years. With the recent actions of the CBI, we believe that we are not just close, but we are there. This is the beginning stages of a revaluation. The next big problem we all have is WHEN… Not when will it happen, but WHEN do we sell? That’s a pretty nice problem to have, in my opinion…

Thanks for reading,

Dan “Apollo”