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

Parliament-Session

Posted by: saleem on Thursday, November 23, 2006 - 12:16 PM

Parliament-SessionParliament meets behind closed doors Baghdad, Nov 23, (VOI) – The Iraqi lawmakers met on Thursday morning behind closed doors to discuss topics on the agenda with no reason given for turning it to an in-camera session.The media spokesman for the parliament speaker said “ a first reading of a draft law on births and deaths registration law (148 of 1971) and a first reading of Judicial structure law (160 of 1979) are expected to be made in today’s session.”The parliament 56th session is also scheduled to resume “the second reading and debate on the military penal code and the second reading of a draft law on military penal courts.”

I bet they are going to talk about a few other drafts and laws......why so secretive........Maybe an oil law...or foreign investment law.......I don't see the big secret about draft law about births and deaths registration???? HMMMMMMMMMMMMMMMMM Sneaky, sneaky, sneaky!!!!

Basra-Handover
Posted by: nadioshka on Thursday, November 23, 2006 - 02:00 PM
Basra-HandoverBasra official expects taking over security before year end By Malek SaadounBasra, Nov 23,

(VOI) – The head of Basra security committee Hakim al-Mayiahi expected on Thursday that the southern Iraqi province would take over security before the end of 2006.“The conviction of taking over Basra security file soon is due to communications between Basra provincial council, the central Iraqi government and the coalition forces in addition to recent statements of British officials,” Maiyahi, also a member of the provincial council, told a news conference in Basra.British Foreign Secretary Margaret Beckett told the British parliament on Wednesday that Britain might hand over security in Basra to the Iraqi forces early next year.“Security forces in Basra are ready to take over the security file but they need good arming,” Mayiahi said, noting that Basra forces are currently armed very poorly.“The British forces did not serve Basra city. Throughout the past year they have worked for their own interest and only attacked those who posed a threat to them,” he added.

Originally Posted by rvalreadydang

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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Doesn't this sound like they are waiting for the local banks to get fully prepared, up to speed, into the 21st Century... before the Central Bank (initiates) "reform(s)" ?

If so, then, more than anything else ("especially") it is just a matter of training, ie: the reforming of the mechanics, processes, procedures at the local bank level. And it is this issue which appears to be in a race against the deterioration of their society!

Add to this, their announced intentions to 1) Increase the salaries of the government officials ("expenses of the State") and 2) to raise interest rates again, both of which will Bolster Inflation !! And the real question becomes...HOW WILL THEY WIN THE RACE? Just my take on it. Please correct me if I have misinterpreted this.

ND

Originally Posted by CharmedPiper

Iraq-Currency
Posted by: nadioshka on Thursday, November 23, 2006 - 01:05 PM
Iraq-Currency Dollar demand hit new low in 2006

By Dergham Mohammed AliBaghdad, Nov 23, (VOI) – Buying demand for U.S. dollars hit a new low for 2006 on Thursday and the dollar rate was down three dinars amid expectations of lower demand for the U.S. currency as the Iraqi central bank moves towards raising the dinar rate.The Cenbank said in its daily statement the dollar demand reached $5.330 million compared to $11.450 million on Wednesday.The central bank covered all bids received from local banks which were $1.290 million in cash and $4.40 million in foreign transfers.The exchange rate was at 1,441 dinars per dollar, three dinars down from the previous session.Only six banks participated in Thursday’s session, the lowest number in 2006, and none of them offered to sell dollars.The Iraqi central bank runs a daily auction on Sunday through Thursday.Ali al-Yassery, owner of an exchange office, expected demand to stay low for some time as the central bank keeps pushing the dollar rate lower.“Dollar demand will stay low in anticipation of the rate the central bank is looking for which is not clear yet,” Yassery told the independent news agency Voices of Iraq (VOI).

WoooooooooooooooT

It would be ebneficial to us to know which banks are participating in these auctions...whether they be Government owned or private owned.

I am in the Phoenix, AZ area and Mesa to be more precise does anyone know which Chase banks in this area sell dinars. I have asked several and have not had good look.

What if the last monster USD auctions last week were killing two birds with one stone?

After reading the posting about the lower demand for the dollar at auction while awaiting where the CBI is going . . .what if the banks knew last week? The CBI dries up a trillion dinars floating around AND the local banks get the chance to stock up on dollars enough to last until the CBI does its business with the exchange rate where they can then get USD at pennies on the dinar (hopefully)

This makes me think we might be within a week or two of actually getting this done . . .it also puts us in the neighborhood of Dec 12th for the next possible date that we all get excited about. Well my Dads b-day is on 12/13 and I'd love to give him a nice b-day in Laughlin.

It looks like the daily auctions might become a thing of the past.

Originally Posted by michael16

I am in the Phoenix, AZ area and Mesa to be more precise does anyone know which Chase banks in this area sell dinars. I have asked several and have not had good look.

every chase in the U.S.ofA> buys and sells dinars, you must go into the branch, and do not call, because they more than likely will have never dealt with "any" foreign currencty let alone the dinar, and will have no clue, and have the "please let me answer your quesion quickly to get you off the phone" attitude.........

normally a 24 hour turn-around....

Its time for Family and freinds and to be thankful for what we have
not what we wish we had

Happy ThanksGiving everyone

Mike

I went into the Chase bank and talked to the person in charge of foreign exchange and she said that branch or and other branch in the AZ area did not deal in dinars. I was surprised since my bother has delt with chase in OKC.

Happy ThanksGiving. We all have something good to be thankful for. enjoy your dinner, and pray for the less fortunate people. don't Ask for the DINAR to RV today Just thank the Lord that you are fortunate enough to be able to enjoy the future Benefits of you Investment.