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

Announcement No.(808)

D.G. of Foreign Exchange Control

The 808 daily currency auction was held in the Central Bank of Iraq day Sunday 2006 / 11/ 19 so the results were as follows :

Details Notes
Number of banks 12 -----
Auction price selling dinar / US $ 1452 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 31.495.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 31.495.000 -----
Total offers for selling (US $) ------ -----

Cash amounts sold to the bank and its customers were USD(12.395.000) at a rate of(1452+1+10=1463)IQD\USD .
The amount sold to make transfers abroad was USD (19.100.000) at a rate of (1452-2)+ one dinar as a bank fee and exempt the transferred amount from conversion fee.

ISXDATA.com: Baghdad Time: 01:39am, 11/20/2006 ~ market is closed | $1 USD = 1454.64 IQD

Hey R&R, we hear the Kurds are restless and want to plow on forward. Do you and Indera have any up-dates for us. we really appreciate your comments. So far we have no word on the 10K handout, any word on that?

Thanks in advance, Gloribee

I will like to add then the CBI can not do a R/V without the approvement of the worldbank and the IMF.Sorry no link so you have to believe me or not

Originally Posted by danny51

We do? Link please.

http://www.state.gov/documents/organization/76276.pdf

scroll to page 19 and it says it in black and white.

Originally Posted by clueless

I had one other thought / idea about the change in exchange rate in these recent auctions. I believe that the rate is controlled by the CBI and so I wonder if they are finding that they need to continue to offer a slightly "better" deal to the banks in order to continue to get the volume of exchange that they want to see. As I understand what Wm.K has been saying, the CBI will try to bring in their "targetted" amount of dinar as inexpensively as possible. Thanks.

Absolutely correct. The most amount of dinas for the least amount of money.
Continue to entice and provide an incentive to the regional banks to convert their dinars into dollars.

Originally Posted by Dinar-Excited

Hi Everyone,

I just wanted to ask what kind of RV date may we be looking at. I was basing my thoughts of an RV on the IAMB meeting but as that has been postponed until December 2007. Is the Compact still going to be signed on the 30th November? Dose anyone have dates on the big important meetings that may influence an RV?

Thanks,

Dinar-Excited

So are they still having a meet this 12 Dec. 2006 or it be in 2007

Originally Posted by danny51

We do? Link please.

Go to the IMF website and read-up on Iraq. There you will find the link. If you don't want to take the effort, then you will never find the link.

GK, if remember correctly the IMF and World Bank both has given the CBI the ok to do what they need to do in order to keep the dinar stable. That was awhile ago, so if you want to read it for your self the link is in the history thread. Go for it.

Remember this, that 1460 par value was set by the CPA. Not by the sovereign, internationally recognized government of Iraq!!! The CPA was an occupational authority, not a sovereign government, and surely not an IMF member country. It's clear from the IMF art of agreements that only a member country can establish its par value with 85% approval from its members. As we stand right now, Iraq's de jeure par value under Saddam's reign would still be in effect, since the new gov't of Iraq has not rescinded it nor has it established a new par value with the IMF. Good things are forthcoming.

"Under an international monetary system of the kind prevailing on January 1, 1976, exchange arrangements may include (i) the maintenance by a member of a value for its currency in terms of the special drawing right or another denominator, other than gold, selected by the member, or (ii) cooperative arrangements by which members maintain the value of their currencies in relation to the value of the currency or currencies of other members, or (iii) other exchange arrangements of a member's choice."

Iraq can establish a new par value or continue established saddam-era par value of the IQD based on oil!!!

Am i missing it ? I went to page 19 of the link : i only see the word
" suggested "