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

The Ministry of Trade is a special study of the Arab Economic Unity
The Ministry of Commerce has prepared a special study session 84 meetings of the Council of Arab Economic Unity, which will meet in Cairo early next month, which is chaired by Iraq. He said Trade Minister Abdel Sudanese farmer, "the study include the Iraqi point of view in support of the Arab economic unity and the establishment of a free trade zone for the Arab countries to become important economic force in the region and the world." He added that the Sudanese "These meetings will serve as a real opportunity to explain the suffering of Iraq and the economic importance of the participation of Arab support infrastructure through investment in the sites declared by Iraq investment."

(10:18 Baghdad time)

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Number of banks 4 -----
Auction price selling dinar / US $ 1435 -----
Auction price buying dinar / US $ 1433 -----
Amount sold at auction price (US $) 1.330.000 -----
Amount purchased at Auction price (US $) 2.000.000
Total offers for buying (US $) 1.330.000 -----
Total offers for selling (US $) 2.000.000 -----

Originally Posted by railroad

I did ask the lady at the bank at what rate does it deam to have worth. She could not respond to that. But if you look at some of the currencies that is on forex, some are low in value, very low as a matter of fact. I believe that the worth is not the reason, its the fact that without the backing from other countries some banks assume that there is a risk. Once on Forex the risk is gone ( or would seem to be) and now it becomes attractive for banks to trade. The main thing here is what product or service does a country have that would back it's worth????? Iraqi has something that makes the world go round.......OIL it just a matter of time

A currency also has to have a supply and demand worthy enough to be trading internationally. The dinar currently doesn't have this. Once the fil and oil law are up and running this will change.

WOW As of the 17th auction since the CBI has embarked on this dinar collection venture, the CBI has allowed dinars to go back into the economy. It appears we have a net loss of about $670,000 dollars worth of dinars that were sold back to the banks. It is interesting that only 4 banks participated in the auction, and yet again the exchange rate has dropped another few points. Hard to guage the overall effect of this slight turnaround, I don't think it is significant in respect to all that has transpired over the last three weeks.

Al-Maliki left to Amman to meet with Bush
Leave Prime Minister Nuri al-Maliki today, Wednesday, at the head of a ministerial delegation to the Jordanian capital of Amman to meet with the American President George Bush. The two sides will focus discussions on the current developments in Iraq and the progress achieved so far in the deliberations of the Joint Commission for the transfer of security responsibilities and the role of the countries of the region, in support of Iraq. It is scheduled to hit the American President George W. Bush to Jordan was expected to begin the tripartite talks with the arrival of the American President to Amman.

(9:42 Baghdad time)

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They probably needed dinars for payroll or GOI operations?

The CBI lists 26 banks that are eligible to participate in the auctions. 7 state owned banks and 19 private banks. Seems odd to me that only 4 of 26 banks would partake in the auction. They simply must have run out of dinars to conduct their business and petitioned the CBI to release some of the dinars back into the system in order to keep the gears of business turning. The most important thing is that the exchange rate continues to drop and we are down another two points to 1435

Originally Posted by shotgunsusie

you dont think they didnt know exactly what this currency would be worth considering the potential for this country? strategically located, with THE best natural resources in that entire area of the globe. thats why we went and are there now.

its about to happen, all i can say is stand back and watch this currency for the next 3 years become something your wildest dreams cant even fathom.

Good post my sister. Right on the money.

Originally Posted by goldraker

They probably needed dinars for payroll or GOI operations?

they have to keep quotas of different monies. so they would have to keep a certain level of dollars. for a bank to trade as a bank internationally, 20% of the total reserves must be in foreign currencies. (read that)

Originally Posted by Socata 850

WOW As of the 17th auction since the CBI has embarked on this dinar collection venture, the CBI has allowed dinars to go back into the economy. It appears we have a net loss of about $670,000 dollars worth of dinars that were sold back to the banks. It is interesting that only 4 banks participated in the auction, and yet again the exchange rate has dropped another few points. Hard to guage the overall effect of this slight turnaround, I don't think it is significant in respect to all that has transpired over the last three weeks.

Seems to me that they wouldn't keep having auctions if their taking a loss. This would defeat there purpose of buying back dinars, trying to get them out of circulation. MAYBE they have come to an end of the auctions.
But somebody like Adster, WmKnowles can tell us, because I'm only guessing,