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

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Iraqi consumers get oil and food that is government subsidized, so the rise in the dinar won't have an immediate effect on them and the economy. It will take some time. But as Iraqis realize the value of the dinar is rising, they will stop immediately exchanging their currency into dollars," he told The Associated Press.

Wednesday's bipartisan U.S. Iraq Study Group said that by the end of 2006, "The Central Bank of Iraqi will raise interest rates to 20 percent and appreciate the Iraqi dinar by 10 percent to combat accelerating inflation."
Two money changers in Baghdad said Thursday said their businesses haven't been affected by the central bank's intervention yet, but some consumers were watching to see what will happen to the dinar next.Government employees who are paid in dinars already are benefiting by getting a better deal at the many Iraqi stores that import products such as electronic goods and sell them in dollars only, said one money changer.
The other one said the many poor and unemployed Iraqis who survive by receiving U.S. dollars from relatives overseas — and Iraqis who work for foreign companies and are paid in greenbacks — are worse off.

Both money changers spoke on condition of anonymity to protect their security in Baghdad, where many people are killed in sectarian violence between Sunni Arab insurgent and Shiite militias. Businessmen and store owners often are kidnapped by common criminals seeking ransoms from their relatives.

Mustafa Alani, a senior adviser at the Gulf Research Center in the United Arab Emirates, said he believes the Iraqi government's concerns about inflation will not be addressed by its manipulation of the currency market because the main reasons that the prices of goods are expensive is that companies importing them have to spend so much money providing security to their truck convoys. Many avoid using warehouses in Iraq because they are easily attacked, Alani said in a telephone interview from Abu Dhabi.

Qassim agreed, saying he believes that the cost of security alone increases the cost of importing goods to Iraq from neighboring countries by 15 percent to 30 percent.



Iraq central bank boosts the country's currency in a battle against inflation - Africa & Middle East - International Herald Tribune

Originally Posted by ourhouse37

I'm with you Franny. Don't be obtuse D51. Do you know of more than "one", or are you perhaps an atheist? Don't shoot.

Why would only one person want the best for us? I bet there are a bunch in here that do. Are you out of your mind? LOL

MENAFN - 07/12/2006MENAFN-07 / 12 / 2006

(MENAFN) أعلن وزير المالية العراقي ان العراق بصدد دعم الدينار العراقي وتقويته، حيث سينعكس ذلك ايجابيا علي الدولة وعلى الشعب، ويساعد على زيادة الخدمات.(MENAFN) Finance Minister announced that Iraq is about Iraqi support and strengthening of the Iraqi dinar, where will reflect positively on the state and on the people. , and help increase the services.

وأكد الوزير في تصريح ان العام القادم سيشهد زيادة في الموازنة بنسبة تصل الى 73% عن هذا العام، اذ شهد تباطئ في صرف المبالغ، حيث صرفت وزارة الموارد المائية حوالي 75% من موازنتها و20% في الاسكان و17% في النفط.The minister said in a statement that next year will witness an increase in the budget by up to 73% this year, The last slowdown in the disbursement of the funds, where spent the Ministry of Water Resources, about 75% of its budget, and 20% in housing and 17% in oil.

ويذكر ان السبب هو ان الاموال لم تطلق الا في منصف شهر نيسان، ليؤدي الى ضياع نصف العام، فهناك 2.5 مليار دولار لاعمار المحافظات، بالإضافة الى عدم وجود مكاتب استشارية هندسية وقلة الخبرة.It is noteworthy that the reason is that the funds have not been launched only in the month of April fair, for lead to the loss of half a year, There is $ 2.5 billion for the reconstruction of the provinces, in addition to the lack of engineering consulting firms and the lack of experience.

ومن المتوقع ان يشهد الشهر الاول من العام القادم التحرك لصرف وقيام المحافظات بتهيئة المكاتب الاستشارية والهندسية التي ستتعامل مع صرف الموازنة بنسبة 100%.It is expected that the first month of next year to move the exchange rate and the creation of provincial offices consulting, engineering, which will deal with the disbursement of the budget by 100%.

وتجدر الاشارة الى ان العام المقبل سيشهد ثورة اعمارية كبيرة، وسوف تسهم في تقليص حجم البطالة وتعزيز الامن والاستقرار في العراق.It should be noted that the coming year will witness a revolution Aemarih large, It will contribute to reduce unemployment and enhance security and stability in Iraq.

www.imf.org/external/np/loi/2005/irq/120605.pdf - Similar pages
[ More results from IMF -- International Monetary Fund Home Page ]

The above is a link to a "Letter of Intent" from Dr. Shabibi of the CBI and the former MOF to the IMF- it is in the form of a 22 page PDF file, dated 1 year ago Dec. 6 2005. In it the CBI and GOI are stating their economic "game plan" for the year 2006 to the IMF.I take it some of you have seen this already and probably many haven't.I find it interesting for what it contains that has happened this year and also for what is NOT in it. For example implementing the RTGS system and AHCS systems by end Nov. 2006 (#37 page 11).Also the metering of the oil system (which we read about a couple of weeks ago) and the drafting of a petroleum law (happening now) by end Dec. 2006 (#36 page 10).Items 17 & 18 on the last page of the document gives the CBI/GOI great flexibility in deviating from the game plan to acheive goals as long as they notify the IMF of these changes. What I DO NOT FIND in this document is this notion that the CBI is trying to get to the 1345 rate by the end of 2006 that has been professed to in at least 4 posts on this thread in the last 24 hrs as if it is gospel!! If that was stated anywhere by the CBI you would think it would be in this document. That was from the IMF in 2003, a SUGGESTED Projection/guideline that is now useless and meaningless, will not overcome 76% inflation or improve the lives of the Iraqi people in any way!

Thanks
Mike

Originally Posted by jsfletcher

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Iraqi consumers get oil and food that is government subsidized, so the rise in the dinar won't have an immediate effect on them and the economy. It will take some time. But as Iraqis realize the value of the dinar is rising, they will stop immediately exchanging their currency into dollars," he told The Associated Press.

Wednesday's bipartisan U.S. Iraq Study Group said that by the end of 2006, "The Central Bank of Iraqi will raise interest rates to 20 percent and appreciate the Iraqi dinar by 10 percent to combat accelerating inflation."
Two money changers in Baghdad said Thursday said their businesses haven't been affected by the central bank's intervention yet, but some consumers were watching to see what will happen to the dinar next.Government employees who are paid in dinars already are benefiting by getting a better deal at the many Iraqi stores that import products such as electronic goods and sell them in dollars only, said one money changer.
The other one said the many poor and unemployed Iraqis who survive by receiving U.S. dollars from relatives overseas — and Iraqis who work for foreign companies and are paid in greenbacks — are worse off.

Both money changers spoke on condition of anonymity to protect their security in Baghdad, where many people are killed in sectarian violence between Sunni Arab insurgent and Shiite militias. Businessmen and store owners often are kidnapped by common criminals seeking ransoms from their relatives.

Mustafa Alani, a senior adviser at the Gulf Research Center in the United Arab Emirates, said he believes the Iraqi government's concerns about inflation will not be addressed by its manipulation of the currency market because the main reasons that the prices of goods are expensive is that companies importing them have to spend so much money providing security to their truck convoys. Many avoid using warehouses in Iraq because they are easily attacked, Alani said in a telephone interview from Abu Dhabi.

Qassim agreed, saying he believes that the cost of security alone increases the cost of importing goods to Iraq from neighboring countries by 15 percent to 30 percent.



Iraq central bank boosts the country's currency in a battle against inflation - Africa & Middle East - International Herald Tribune

Well there we go.

Originally Posted by danny51

Why would only one person want the best for us? I bet there are a bunch in here that do. Are you out of your mind? LOL

The one God.

Posted by DinarTime at IIF and something I never took note of.

IQD 460 Points is ONE Week

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January 7th 2004

The New Iraqi Dinar was 1630:1

On January 14th (7 days later)
It Jumped to 1170:1

460 Points

The very next day January 15th it fell 170 points to 1340
The Next auction day it fell another 100 points. Where it rippled until June 17.

Just goes to show, anything is possible

http://www.cbiraq.org/C.B.I.%20FOREI...20AUCTIONS.pdf

Originally Posted by jsfletcher

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Iraqi consumers get oil and food that is government subsidized, so the rise in the dinar won't have an immediate effect on them and the economy. It will take some time. But as Iraqis realize the value of the dinar is rising, they will stop immediately exchanging their currency into dollars," he told The Associated Press.

Wednesday's bipartisan U.S. Iraq Study Group said that by the end of 2006, "The Central Bank of Iraqi will raise interest rates to 20 percent and appreciate the Iraqi dinar by 10 percent to combat accelerating inflation."
Two money changers in Baghdad said Thursday said their businesses haven't been affected by the central bank's intervention yet, but some consumers were watching to see what will happen to the dinar next.Government employees who are paid in dinars already are benefiting by getting a better deal at the many Iraqi stores that import products such as electronic goods and sell them in dollars only, said one money changer.
The other one said the many poor and unemployed Iraqis who survive by receiving U.S. dollars from relatives overseas — and Iraqis who work for foreign companies and are paid in greenbacks — are worse off.

Both money changers spoke on condition of anonymity to protect their security in Baghdad, where many people are killed in sectarian violence between Sunni Arab insurgent and Shiite militias. Businessmen and store owners often are kidnapped by common criminals seeking ransoms from their relatives.

Mustafa Alani, a senior adviser at the Gulf Research Center in the United Arab Emirates, said he believes the Iraqi government's concerns about inflation will not be addressed by its manipulation of the currency market because the main reasons that the prices of goods are expensive is that companies importing them have to spend so much money providing security to their truck convoys. Many avoid using warehouses in Iraq because they are easily attacked, Alani said in a telephone interview from Abu Dhabi.

Qassim agreed, saying he believes that the cost of security alone increases the cost of importing goods to Iraq from neighboring countries by 15 percent to 30 percent.



Iraq central bank boosts the country's currency in a battle against inflation - Africa & Middle East - International Herald Tribune

10%....Surely this isn't true...please tell me that this is wrong!!!!

[QUOTE=Elfwizard;146155]Ya I don't think something like would stay hidden for very long. Someone that helped print them would have leaked it out allready. De Larue in France would had to have an employee that leaked it, if it were true.

I mean we cant even keep classified Whitehouse memos from being leaked.[/QUOTE]

[COLOR="Purple"] Only when they mean to leak them: they call them "trial balloons" !!!

Originally Posted by MOM2TWO

10%....Surely this isn't true...please tell me that this is wrong!!!!

Im pretty sure its right. 10% is quite a big jump really.