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

Minister of Planning : Iraq needs to recover its economy
17 November 2006 (Al-Sabaah)

Minister of planning and development cooperation, Ali Qaleep Baban has showed priorities that Iraq needs to walk at the road of economical recovering.

He added in his speech at the meeting of preparatory group of international covenant in UN office, Iraq needs building and renewing its armed forces to protect inner security of the country and rehabilitate production sectors to continue their work and overcome their problems, saying that government find it difficult to provide finance for building schools an hospitals.

Raising price of Petrol to America and reduce it to Europe and Asia
17 November 2006 (Iraq Directory)

An official of the Iraqi oil sector stated yesterday that Iraq raised the official selling price of Basra light crude oil to be shipped in December to its clients in the United States, but reduced the price to buyers in Europe and Asia.

The Iraqi Oil Marketing Organization (SOMO) determined the sales price of December to American buyers at a deduction of 8.20 $ of the price in West Texas Intermediate crude oil contracts, compared to the American discount of 8.90 $ in November contracts.

The price of oil shipments in December contracts for Asia was determined at the prices of Oman and Dubai crude oil minus 2.90 $, which is ten cents less on the price in November.

Raising price of Petrol to America and reduce it to Europe and Asia | Iraq Updates

Originally posted by RR:

Sure it could inch up or shoot up . . . the key word is UP . . .

Exactly, as usual Rolls, you make the perfect point. No matter whether it is small steps or big ones, up is where we want to go.... At this point I'm just thrilled to see some movement.

Maliki : Iraq will not be a center or passageway for terrorist organizations
Managing Editor

Maliki : Iraq will not be a center or passageway for non-Iraqi Alarhabihaloutneh Luna / prime minister /
The Prime Minister Nuri al-Maliki today, Thursday, Turkey to take the initiative to write off 80% of the debt owed to it by Iraq from the era of the ousted regime like in the European Union and the Paris Club. He asked al-Maliki in a joint press conference with the Turkish Prime Minister in Ankara, Turkish companies to contribute to the reconstruction of Iraq, reminding Alastthmaralthi law was approved by the Iraqi parliament.
The Prime Minister Nuri al-Maliki had met upon arrival the Turkish capital of Ankara this morning, the Prime Minister of Turkey, Mr. Recep Tayyip Ordogan, It was during the meeting and exchange views on issues of common interest between the two neighboring countries. The two sides stressed their keenness on the establishment of better relations on the basis of cooperation in the political, economic, security and counter-terrorism and non-interference in internal affairs. reviewed Prime Minister Maliki steps Walt j by the government, which set the political track of the draft national reconciliation and economic path, which aims to rebuild Iraq, and the fight against terrorism. He stressed that the government would not allow Iraq to take land-based or a conduit for terrorist organizations and that we need so the Iraqi Constitution also regulates the relationship with the neighboring countries on the basis of mutual respect.
He added that the Constitution provides for resolving issues and dilemmas that ensures the rights of all nationalities and ethnic groups and equitable distribution of the wealth of including the issue of Kirkuk. He continued Maliki "that Kirkuk is Iraqi and we will not be against any of its components and will solve Ashkalatha according to the Constitution."
For his part, expressed the Prime Minister of Turkey support for the unity and sovereignty of Iraq and praised the initiative of national reconciliation and the Iraqi government to tackle terrorism and expressed Turkey's desire to strengthen relations with the Gemi p aspects.
This was followed by an expanded presence of all members of the Iraqi delegation discussed with their Turkish counterparts, It was agreed to hold regular bilateral meetings of the Ministers of Interior, Foreign Affairs, Finance, Transport, electricity and oil.

Iraq is a member of the Economic and Social Council of the United Nations
17 November 2006 (Iraq Directory)

Iraq won membership in the Economic and Social Council of the United Nations (ECOSOC) on the continent of Asia during the elections which took place in the General Assembly of the United Nations on Thursday, 2 / 11 / 2006.

The Council is considered one of the main and important bodies of the United Nations, and it is responsible for designing economic and social policies in this organization.

Iraq has obtained 181 votes out of 192 (which is the number of Member States at the United Nations) to become one of the few States that have got a high percentage of votes.

Iraq is a member of the Economic and Social Council of the United Nations | Iraq Updates

The importance of Iraq to the World!

Originally Posted by Adster

On a side note I'm disappointed to read so much bickering between members, what happened to the family here? I couldn't give a shiite whether RR is a fraud or whether he isn't, judge for yourselves either way, it doesn't need to be discussed openly on the dinar news thread. Take it to pm's if that's what you want. Who cares!? Is it important? Will it make a difference to the reval rate?!

We're so close, we need to stay positive, work together and enjoy the last few days/weeks of this investment. For facks sake, no more arguments, let's look and work towards our financial goals. Why we're here, right?

The reval has started, we're going to be rich!

I'd like to just add that this is a one off investment in our lives, a no brainer. We have shares in soon to be the richest country in the world and the most seeked after commodity in oil which the world cannot do without. We know there will be no reprint/lop and the world is behind Iraq.

Personally, I've gone out and bought more dinars on a 0% credit card. Why? Well, no interest for 9 months by which time we will have our big reval! I don't want to regret not buying enough and thinking 'shiite, why didn't I get more!'. Now I'm not encouraging anyone to get into debt by buying more dinars, but I just wanted to weigh up and let people know that buy what you can afford at this point as we're so close and you won't look back and think, 'I should have bought more'.

Not to get into you personal business but the dinar you pruchased, did you purchase low denominations? My fear is that I have half my dinar worth in the 25k bills and I am getting a little nervous that something is sneeking around the corner to do away, freeze, or recall the high denominations.

$40 b the Budget For Next Year
17 November 2006 (Al-Sabaah)

Deputy PM Barham Salih declared that, the economical committee in cabinet council and finance ministry working on preparing the federal Iraqi balance sheet for 2007, pointing that there would ensuring new capabilities for re-construction Baghdad.

On the other hand, PM Norri al-Maliki said in a press conference presented by many officials and multi nations forces represents that he ordered all the ministries of releasing money and the balance sheets for re-building the capital of Iraq- Baghdad.

He added that, the Iraqi patient has took along time especially the Baghdadis.

$40 b the Budget For Next Year | Iraq Updates

In other words, we have to hurry up!

Originally Posted by railroad

Not to get into you personal business but the dinar you pruchased, did you purchase low denominations? My fear is that I have half my dinar worth in the 25k bills and I am getting a little nervous that something is sneeking around the corner to do away, freeze, or recall the high denominations.

Initially I bought 25k, then down to mostly 10k and 5ks. You have nothing to worry about, they will recall them but it'll be over a 6 month period so you'll have plenty of time to exchange them. Banks won't be turning down your money!

I would encourage folks to offload their bigger denoms once the time comes after the reval. Keep the lower ones for further down the line.

Originally Posted by Adster

Now I'm not encouraging anyone to get into debt by buying more dinars, but I just wanted to weigh up and let people know that buy what you can afford at this point as we're so close and you won't look back and think, 'I should have bought more'.

Then there is a possibility for those who cannot afford to buy as much as they would like to, and like gambling: Bruce at iraqidinars is selling call options. If you think that the dinar will reval before Dec-15 you can buy an option to buy 1 mil in 25K notes for $28.45. That means that you can buy the million at a price of $949.95 anytime before Dec-15 even if there has been a reval. If the value of a million at that time is less than $949.95, you lose your $28.45. He also sells similar options for March 15, 2007 at $96.74.

Adster has said that Bruce is an honest man so I really think he will, if it revals at 1:1, send you money worth a million bucks for less than a thousand.

I do not encourage anybody to do this as it clearly is gambling at high risk, but I'd like to point out the possibility.

Originally posted by Webinvestor:

If i may add something here - the exchange rate, if not openly traded of the FOREX market, is easily under control of the central bank. If the RV at say, 0.05 and it is not on the FOREX, then the rate is still "artificial". The key, IMO, is a freely traded currency that adjusts according to the market.

So, how long would it take to get to 1:1 then? FX traders watch all the nws coming out a country. Unemployment, inflation, housing, retail sales... any and everything to gauge how the market is performing. Also, security and stability play a huge role in the value.

So, trying to guess what the dinar will do after becoming openly traded (if that's part of the plan) is pretty difficult. But, if it "opens" too low it will appreaciate to a level that everyone the economic world is comfortable with. A growing dinar rate will go hand in hand with a growing local economy.

Sean

I think it actually isn't going to be easy for them to control the foreign owned dinar. The reason being is that the only banks that they really control are the Iraqi banks. Thus, with an internal reval they really only seem to be able to get money from the Iraqi banks. The foreign banks may return dinar to Iraq at a higher internal peg rate, they may not. Depends on whether the foreign banks want to hold it for a future higher value or if they think the rate will drop. And who among us can send our dinar back directly to the CBI without going through the banks or money exchangers. I believe this revalue depends primarily how much currency the CBI has direct or the most control over. That definitely isn't the foreign owned dinar.