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

Distribution of 200 residential plot of land in Najaf

(Voice of Iraq) - 11-23-2006
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Distribution of 200 residential plot of land in Najaf
By Haider al
Najaf - (Voices of Iraq)
The Commission on the allocation of land in the governorate of Najaf today, Thursday, the distribution of 200 residential plot of land in hand to the families of the martyrs of freedom and who, of those who were victims of the regime.
He said the official spokesman for the Civil Administration conservatism Ahmed Dabel News Agency (Voices of Iraq) Independent that this step comes, "an update of what started the allocation of land in Najaf, where the distribution of 600 residential plot of land in different parts of Najaf. "
He added, "have been distributed 200 plot of land in the hand of freedom housing (15 kilometers east of the city of Najaf) which belong to the district of Kufah and an area of 200 meters of one piece."
He continued, "included the families of martyrs and distribution who, in times of the former regime from the people of liberty."
H M

Demand for the dollar registered its lowest level in 2006
Baghdad - (Voices of Iraq)

Record demand for the dollar today, Thursday, its lowest level this year. It also has three dinars to the dollar value amid expectations of continued decline in medicine for the American currency, with the direction of the Iraqi Central to raise the value of the Iraqi dinar at the expense of the dollar.

The Central Bank said in a statement that demand for the dollar today at the conclusion of the meetings this week, the volume of the requested five million and 330 thousand dollars, compared to 11 million and 450 thousand dollars on Wednesday.

Distributed demand for the dollar by one million and 290 thousand dollars in cash and four million and 40 thousand dollars in the form of remittances outside the bank full coverage of exchange rate amounted to 1441 dinars, down 3 dinars on the price yesterday.

Did not make any of the six banks participating in the auction, the lowest number of banks participate in one meeting this year, any offers to sell the dollar.

He expected to Yasiri, owner of the banking and one dealing with the auction to continue the demand for the dollar remained low during the coming period due to the continuation of the Central Bank in reducing the price of the dollar that is bought today reduced its price tomorrow.

He said in a statement to the News Agency (Voices of Iraq) Independent that "requests for the dollar will remain low in wait for the exchange rate that the Central Bank wants to get to and not known until now."

ÏæáÇÑ- (ÇÞÊÕÇÏ) :: Aswat al Iraq :: Aswat al Iraq

The RV is coming soon!!

Originally Posted by shotgunsusie

i told a fellow investor that it would be 1441 because i saw it in my mind like it was posted on the page and that was the rate. i was tired ok. lol

I'm sending you a bottle of slepping pills and a fifth of Jack.

When it gets you tired see it in your mind as $3.22 then come here and tell me.

If you were given 2 currencies...one equal to $1USD...the other worth 1.01 USD, which currency would be your currency of choice? Well a penny is a penny, I'd choose the one worth 1.01USD, wouldn't you?

Well the CBI is banking on that choice being made also...

The first page : new fiscal policy leading to a rise in the exchange rate of the Iraqi dinar

Baghdad/ long

In an unprecedented led the Central Bank of Iraq ambitious campaign to promote the exchange rate of the Iraqi dinar according to a plan designed to absorb liquidity and the reduction of inflation rates expressed at heights and clear on the prices of goods and services.

The presentation of the Central Bank through the auction, organized by the daily buying and selling of foreign currency sums of dollars, where they were able to achieve a gradual reduction of the dollar exchange rate started from 1470 dinars to the dollar to reach the price at the meeting yesterday transactions related to 1444.

Al (short) from official sources in the Central Bank, said that this policy would continue to thrive and become the Iraqi dinar currency of choice in daily dealings. With those sources expressed its confidence in achieving this policy even finishing off phenomenon (dollarization). The financial sources noted that government agencies, companies and several parties overestimated the adoption of the dollar currency dealings content in the market, including played an influential role in the exacerbation of the situation inflationary and this policy comes in the wake of several warnings by the Central Bank pointed to the escalation of the situation to the inflationary rate of 76.6% during the month of August last year compared with August 2005. it depends on the impact of an interest rate increase granted by the pointing of 6 to 12%. With the bank issuing of the bonds amounted to Release hundred billion dinars rewarding benefits are paid through the 182 days, But the reluctance of banks to respond to civil actions that carry the Central Bank to adopt a policy to strengthen the exchange ambition and confirmed in a statement pursuit and determined action to reduce the inflationary situation at various levels.

On the other hand, currency exchange market witnessed weak demand for the dollar and other foreign currencies, including advances of the price of the Iraqi dinar prelude to potential Anaaksh on the prices of commodities and services in the local market.



Pretty much says to me that the purpose of these auctions are to bring the IQD to the point that it will be worth MORE than the USD and the people will CHOOSE to use their own money as opposed to the dollar.

Loop the Lop....HANG 'EM high!!

Any thoughts?

Cheers!
DayDream

Originally Posted by kiko

Demand for the dollar registered its lowest level in 2006

He expected to Yasiri, owner of the banking and one dealing with the auction to continue the demand for the dollar remained low during the coming period due to the continuation of the Central Bank in reducing the price of the dollar that is bought today reduced its price tomorrow.

He said in a statement to the News Agency (Voices of Iraq) Independent that "requests for the dollar will remain low in wait for the exchange rate that the Central Bank wants to get to and not known until now."

ÏæáÇÑ- (ÇÞÊÕÇÏ) :: Aswat al Iraq :: Aswat al Iraq

The RV is coming soon!!

Oh man.. we still don't have the smoking gun in this mystery we're trying to solve, but we sure can smell the sulphur.

Wonderful to wake up to such good work and comments by Socata, Kiko, Susie, Charmed, Apollo, et all.

Happy Thanksgiving to all here in the states, and a great day to all..

Randy

2007،Justice / follow-up to the Central Bank denied that the change of the local currency within the current procedures, which were scheduled to begin work in the face of economic inflation in Iraq with the beginning of the year 2007.

..The source said that there was no intention empowered to change the dinar at the moment, He refused to disclose whether there were any similar intention in the near future, after the Financial experts recommended deleting three zeroes of the dinar after the American dollar to about one thousand and five hundred dinars. The spokesman noted that the launching of the issuance of new categories of currency circulation depends on the requirements of the economy to meet the expenses of the state in the coming stage, especially local supervision of the banking activity before the Central Bank and reform, The Central Bank supervises the 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 continued to say, the Central Bank has granted banking licenses of many of the Arab banks e and foreign whether licensing NTSB open a branch in Iraq or the establishment of a banking entity, It was also the opening of representation offices. He pointed out that this step is the beginning of cooperation and openness to the world towards the revitalization of the economy in Iraq. ا .The Central Bank still continue to sell the dollar against the Iraqi dinar through auction, which will be mounted when the daily, adding that this auction is a tool to achieve 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. For his part, Minister of Finance, Jabr statement that the decision to increase the salaries of the staff work will start with the beginning of the year 2007. at a time when observers are worried economists Iraqis of the dangers of increasing inflation by successive increases for staff salaries to cope with price rises of living without MySQL economic problems, He pointed out that he would start in the top five of the (10 - 5) and that at the beginning of next year will get the owners of these degrees on the increase of 50-70%.
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Posted by: nadioshka on Thursday, November 23, 2006 - 12:07 PM
Najaf-Emirates-Oil
Najaf sign MOU with Emirati oil exploration company
By Haidar al-Kaabi
Baghdad, Nov 23, (VOI) – Najaf governor Asaad Abu Kelel signed a memorandum of understanding with an Emirati company to do oil exploration work in the Iraqi province, an official source said on Thursday.
“During his tour in several Gulf countries which he finished several days ago, (Abu Kelel) signed an MOU with an Emirati company in Ras al-Khaima to drill for oil in Najaf,” Ahmed De’beel, media director in the governorate, told the independent news agency Voices of Iraq (VOI).
“Should the project hit success, Najaf would take 51% of the profits and the Emirati company would take 49% while the civil government in Najaf would not take any responsibility if it proved unfruitful,” he said.
De’beel did not give the name of the oil company or other details about the project.
He said the project would be referred to Najaf provincial council for discussion and details would be announced later.

Najaf-Emirates-Oil :: Aswat al Iraq :: Aswat al Iraq

Originally Posted by kiko

The Iraqi Central raise interest rates to 16% to deal with high inflation
Baghdad - (Voices of Iraq)

The Central Bank of Iraq today, Wednesday, as the high rate of inflation in the month of October last October by (2 t 7%) from the previous month, pointing to the adoption of a strict policy of interest rates, referred to the (16%) for the payment of commercial banks to make fundamental adjustments in various bank interest rates to deal with this inflation.

A statement issued by the Central Bank today received news agency (Voices of Iraq) independent copy of the index for consumer prices in Iraq in the month of October October 2006, "added the increase in inflation rates were approximately (2 t 7%) compared with September of the same year."
The statement added that the increase "has shown diverse rises in the prices of all goods and services,

Reflected in one form or another at the level of annual inflation which witnessed a remarkable increase of about (9 t 52%), according to the indicators of the month of October compared to last month of last September (6 R. 51%). "

The Central Bank noted that "in spite of the slight decline in the annual rate of inflation in the last month of October 2006 (an index of consumer prices. The exception of the two fuel and lighting, transport and communication), It recorded nearly (32%) after having witnessed the rise of (1 t 33%) in the month of September of this year. "

He continued : "... However, the Central Bank still considers that the level of bank liquidity high,
Teshrh as well as real interest rates low of undesirable effects on economic activity (ie, nominal interest rate minus the inflation rate), The influential sources contribute to the high level of inflation caused by the overall demand in the economy. "

The statement added, "Therefore, the senior Iraqi Central Bank, next month, to raise the interest rate has (interest rate monetary policy) by four percentage points. to read (16%). "
He pointed out that this increase was "at the same time accompanied by commensurate changes in interest rates and nightly interest rates on credit first."

The Iraqi Central to adopt "a tight monetary policy, particularly in the area of prices Interest, will commercial banks to make fundamental adjustments in interest rates with various bank. Including interest on savings deposits. "

The statement alluded to the Central Bank that it would be "other adjustments" on interest rates has in the coming period "if they did not show a decline in inflation indicators."

ÇáÈäß ÇáãÑßÒí- ÊÖÎã ( ÅÞÊÕÇÏ) :: Aswat al Iraq :: Aswat al Iraq

This is another example of a central bank intervening in the economy in a way that reduces the base money supply.

Thankful for a dollar or more.


Sorry about hi-jacking the thread.

Originally Posted by kiko

The Iraqi Central raise interest rates to 16% to deal with high inflation
Baghdad - (Voices of Iraq)

The Central Bank of Iraq today, Wednesday, as the high rate of inflation in the month of October last October by (2 t 7%) from the previous month, pointing to the adoption of a strict policy of interest rates, referred to the (16%) for the payment of commercial banks to make fundamental adjustments in various bank interest rates to deal with this inflation.

A statement issued by the Central Bank today received news agency (Voices of Iraq) independent copy of the index for consumer prices in Iraq in the month of October October 2006, "added the increase in inflation rates were approximately (2 t 7%) compared with September of the same year."
The statement added that the increase "has shown diverse rises in the prices of all goods and services,

Reflected in one form or another at the level of annual inflation which witnessed a remarkable increase of about (9 t 52%), according to the indicators of the month of October compared to last month of last September (6 R. 51%). "

The Central Bank noted that "in spite of the slight decline in the annual rate of inflation in the last month of October 2006 (an index of consumer prices. The exception of the two fuel and lighting, transport and communication), It recorded nearly (32%) after having witnessed the rise of (1 t 33%) in the month of September of this year. "

He continued : "... However, the Central Bank still considers that the level of bank liquidity high,
Teshrh as well as real interest rates low of undesirable effects on economic activity (ie, nominal interest rate minus the inflation rate), The influential sources contribute to the high level of inflation caused by the overall demand in the economy. "

The statement added, "Therefore, the senior Iraqi Central Bank, next month, to raise the interest rate has (interest rate monetary policy) by four percentage points. to read (16%). "
He pointed out that this increase was "at the same time accompanied by commensurate changes in interest rates and nightly interest rates on credit first."

The Iraqi Central to adopt "a tight monetary policy, particularly in the area of prices Interest, will commercial banks to make fundamental adjustments in interest rates with various bank. Including interest on savings deposits. "

The statement alluded to the Central Bank that it would be "other adjustments" on interest rates has in the coming period "if they did not show a decline in inflation indicators."

ÇáÈäß ÇáãÑßÒí- ÊÖÎã ( ÅÞÊÕÇÏ) :: Aswat al Iraq :: Aswat al Iraq

Interesting,

As we have seen, to date, an increase in interest rates has had no impact on inflation, and for obvious reasons, few borrow money in Iraq as they live day to day, so I cannot for the life of me see where another increase is going to have anymore impact than the last raise. Sure makes you wonder when they are going to get their heads out of their a$$es and really attack inflation and revalue. (g)

Good luck to all, Mike