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

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.

Railroad, I originally put out the information about the 25K notes. This was only an opinion of mine following on from one of Wm Knowles' posts. It is only something to bear in mind and probably won't happen. I apologise if it may have caused any alarm to some of our newer members but I did say this is just my opinion.

Originally Posted by ronbo

I read somewhere that there is a Chase branch in St louis. Does anyone have any info as far as location or contact info on this? I tried searching for one but none showed up in MO.
Can anyone help me?
Thanks

go to their website - top right corner is a 800 number - call them - they can tell you the one that is nears to you or what state is closer to you.

Originally Posted by ronbo

I read somewhere that there is a Chase branch in St louis. Does anyone have any info as far as location or contact info on this? I tried searching for one but none showed up in MO.
Can anyone help me?
Thanks

found this on google...Branch Locator

Originally Posted by Adster

Implementation of the Investment Law Official Press Statement:

The Iraqi-American Chamber of Commerce and Industry hold a conference on Investment in Kurdistan.

Conference will focus on the economic reality in Kurdistan and the size of the projects that have been implemented by the public and private sectors before and after the issuance of the Investment Law in the Iraqi Kurdistan region in addition to presenting the future plans of the ministers of the regional government.

"A working paper will be presented, during the conference, by the Investment Body in Kurdistan to clarify the implementation of the investment law articles in the region; its submission of legal guarantees for investors and titling lands used for investment in various sectors in addition to tax and customs exemptions."

The Iraqi-American Chamber of Commerce and Industry hold a conference on investment in Kurdistan | Iraq Updates

Is this just for this region or all of iraq?

Originally Posted by Adster

Chaaaaa facking chiinnngggggggggggggggggggggggggg. Let me hear you say it?!

Straight from the horses mouth again!!!!!


EU Policy objectives in Iraq:
The Commission strategy for Iraq is firmly anchored in the 2004 Commission Communication “The EU and Iraq: a framework for engagement” (COM (2004) 417/1 of 01/06/2004)which illustrates the EU fundamental interest in seeking a greater engagement with Iraq based on three key objectives:
The development of a secure, stable and democratic Iraq
The establishment of an open, stable, sustainable and diversified market economy
Iraq’s political and economic integration into its region and the international system.
For the realisation of these objectives the Communication which was endorsed by the European Council of 17-18 June 2005 (see Council Conclusions 10255/05) sets out an action framework allowing for progressively closer EU-Iraq relations at a pace determined by the progress in the political transition and the security conditions in the country. The framework for engagement is structured around three distinct phases reflecting the timelines endorsed by the UNSCR 1546:
Phase I – Immediate Actions: for the period between 30 June 2004 until the elections of the Transitional National Assembly (TNA) in January 2005. Humanitarian assistance, support to reconstruction and elections, informal political dialogue, engagement on the part of Iraq’s neighbours and the opening of an Iraq Office in Amman, were the main targets set forth by the Communication. This phase also included support to the creation of a multilateral framework for support to reconstruction under the auspices of the UN and the International Financial Institutions.
Phase II – Post elections: This phase, mainly centred on the constitutional process, was meant to see the intensification of the rehabilitation and reconstruction support, the starting of a formal political dialogue and the beginning of joint working groups in sectors of mutual interest.
Phase III – Medium terms: following the appointment of a constitutionally elected government, the EU would move onto negotiating a bilateral agreement, providing continued assistance for economic diversification and poverty reduction, encouraging the creation of a regional framework, gradually focusing assistance in the field of rule of law, democratisation and human rights, and, finally, the opening of a fully fledged European Commission Delegation.
The Commission so far has delivered on all key actions foreseen in phase I and is well advanced in implementing the actions foreseen for phase II. With specific regard to the political process, barely one month after the formation of the first elected government in Iraq, the first EU Troika visit to Baghdad took place in June 2005. On this occasion the EU indicated that it intended to intensify the dialogue with Iraq with a view to move into a formal political dialogue, culminating eventually into more formalised contractual relations between the EU and Iraq. In this context, the Commission has prepared in 2005 a proposal of negotiating directives for a Trade and Cooperation Agreement with Iraq. This was presented to the Council in December 2005 with the intention to offer the constitutional government the perspective of entering into negotiations on contractual relations with the EU in 2006. Preparations for the opening of a Commission Delegation in Baghdad are also progressing.2. Economic situation

Despite having some of the world’s largest oil reserves and considerable gas reserves, ample water and a tradition of attention to health and education, Iraq is now a country where all development indicators are dismal. There is a perilous mixture of low indicators, heavy dependence on oil, and large numbers of unemployed youth. Years of conflict, mismanagement and sanctions have isolated the country from international experience in most areas of governance.
After falling to US$ 12 billion as a result of the conflict, GDP recovered in 2004 to almost US$ 26 billion and per capita income to about US$ 940. Even if economic growth continues into 2005, GDP per capita will only be one fourth of what Iraq generated 25 years ago.
Although oil production and exports remain considerably below the pre-war levels, the main engine of recovery remains the oil sector, which accounts for about 70 % of GDP and over 98 % of exports and government revenues. The sharp increase in oil prices is having a significant impact on government revenues and public spending. While the international oil price has reached more than 60US$ a barrel, the domestic fuel prices in Iraq are among the lowest in the world, encouraging black market and fuel smuggling outside the country.
Another engine is private spending, which was on the rise because of increases in civil servants’ salaries and remittances from abroad. The extent of this spending is apparent in the increase in private sector imports. But security concerns have slowed down private investment and raised the cost of doing business in Iraq.
In November 2004 Iraq’s public debt was estimated at US$ 120.2 billion, of which almost one third (US$ 38.9 billion) was owed to Paris Club creditors. A major agreement was concluded with the Paris Club for a massive debt reduction plan, which would bring the debt down by 80% in three different phases. The first started immediately at the beginning of 2005, and the two subsequent ones are linked to the approval and completion of the IMF standard programme. The agreement with the Paris Club paved the way for other similar agreements for debt reduction with non-Paris Club countries, some of which were announced at the Iraq conference in Brussels.
Inflation, which spiked in the second half of 2004, has been low thus far in 2005. International reserves, which rose strongly in 2004, have been fairly steady in 2005. Iraq’s exchange rate peg to the dollar has to date been kept relatively stable, but the authorities need to adjust monetary policy to maintain the monetary framework that the peg provides.

I'm waiting for the one that says Git 'er done boys!

17 November 2006 (Baltimore Examiner)

Technology may be in high demand in Iraq, but it may not be the best bet for businesses wanting to expand their customer base.

"You need licenses for certain things you sell abroad," said Doug Barry, director of communications for the U.S. Commercial Service, the trade branch of the U.S. Commerce Department’s International Trade Administration.

High-tech firms need license to conduct business | Iraq Updates

Originally Posted by DinarDarling

I have had an ongoing dialog with a vp of Private Banking at my local B of A. He stated that since this could quite possibly be a very volatile currency in the first 6 months, the U.S. could conceivably "appoint" ONE bank to handle it rather than several being able to get in on it. In other words, he wasn't really sure that B of A would want to handle it once it's a world currency. Posted this for what it's worth.

I'm sorry, I don't have time to find the article but I know there was a list of banks with an official relationship with CBI for the various countries. Bank of America was the one for the US, Royal Bank for Canada. I wish I'd bookmarked it. Anyway, that's why B of A has been the source for other banks and it would be enitirely up to them whether they deal direct with the public at any point (depending on their agreement with the CBI).

Originally Posted by boomcreek

I'm waiting for the one that says Git 'er done boys!

and i am waiting for the one that says Got'er done !

Well Guys I just got off the phone with a Chase Bank in my area in south florida....When I called I asked "Can I speak with somebody who handles and deals with foriegn currency.. She replied "What do you want to know and how can I help you." I asked I want to purchase some iraqi dinar can you do that for me." She said hold on put me on hold for a min came back and said no we do not. I didn't dig into why and why not I just said ok and hung up that was it.

I also can tell you that Wachovia doesn't deal with it either for i have an acount with them and also my mother works for them. My mom has had one instance where some guy came into the bank about 4 months ago back in june with some dinar and want to get rid of them as he thought it had revalued at 10 cents LOL and its supposed to hit ..80-1 dollar at the end of the year he told my mom and my mom told him that we don't deal with this currency . My mom imediately calls me and tells me this story and i go imediately online check the cbi and the forums and nothing. But it is the end of the year so we will see if this KOOK story has any truth to it. So heres to wishful thinking, hopefully we all will have the best CHRISTMAS EVER!!!!!!! And for you all that are jewish HAPPY HAUNAKA!!! sorry if i misspelled.

Hi guys! Haven't been on since last night and I am just now beginning to read todays posts... page 1. Not sure if the article about the lower denominations I pointed out yesterday is still being discussed or not but I thought I would post a new translation of it.

Old translation:

Justice / special source confirmed authorized in the Iraqi Central Bank that there is no intention at this time to change the Iraqi currency,

It is expected that the issuance of new categories to the transaction in accordance with the requirements of the Iraqi economy to meet the expenses of the state in the next stage.

With regard to the supervision of the local banking activity in Iraq by the Central Bank of Egypt and means of reform, The source pointed out that the Central Bank will supervise banking activity level by the activities of banks towards the enhancement of their role in the implementation of monetary policy in particular through channeling the savings to the various aspects of investment, so as to achieve economic growth.

He added : The Central Bank had granted banking licenses of many Arab and foreign banks, whether licensing NTSB open a branch in Iraq or the establishment of a banking entity, It was also the opening of representation offices.

This is the beginning of cooperation and openness to the world towards the revitalization of the economy in the country with the Iraqi Central Bank to sell the American dollar against the Iraqi dinar through a daily auction exhibit, since this auction is a tool for achieving stability in the value of the Iraqi dinar by defending the exchange rate stable for a long time. This, in turn, will affect the general level of prices?

Newer translation:

The justice / a special confirmed an entrusted source in the Iraqi Central Bank forbid there is no intention nowadays for changing the Iraqi currency,

And it is expected that issuing new categories takes place to the discussion following the requirements of the Iraqi economy for the confrontation of the country expenses in the next stage .

And concerning the supervision of the local bank activity in Iraq from the central bank and its reform, the source pointed that the central bank carries out the supervision of the local bank activity through the connection by the banks activities towards the consolidation of its role in the execution of a monetary policy specially through directing the savings towards various investment faces and by what achieves the economic growth .

And he added : that the central bank has granted bank licences to many of the Arab banks and the foreign ones whether was the licence is including the establishment of a branch of it in Iraq or the establishment of a bank entity, also the establishment of representation bureaus took place, and it is prepared.

This the beginning of cooperation and openness towards the world towards the activation of the economy movement in the country while the bank continues the Iraqi central carrying out of selling the American dollar against the Iraqi dinar through the daily auction that is established in it, since this auction is considered a tool for the achievement of stability in the Iraqi dinar value by the defense of exchange price a dwelling for a long time, which is reflected in the general level is to the prices!

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Any thoughts?

Cheers!
DayDream