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

Originally Posted by Pippyman

I didnt notice this the last time this was posted... But this is interesting..... What can you READ INTO this sentence???
(why would they stop exchanging their dinars into dollars unless the dinar all of a sudden became just as valuable???? Also note it says IMMEDIATELY!)

I read into it that it constitutes the last duck to get into line. It is about the Iraqi wants, after all, and if they have dinars in their pockets when there is a large rv...then they benefit. IMO

I don't know if it was ever discovered how much dinar was printed/in circulation - but I was just having a flute around a 'de la rue' website and it gives the amount of dinar initially printed. Of course I don't know if anymore has since been ordered and printed. Check out the link and the article below.

Hope the link works - I'm not very good at this.

http://www.delarue.com/webdocs/about...exchange08.pdf


The Article is a bit long - but a fascinating read :-

Why the urgency? There were various longstanding problems with the old-style currency, but the most pressing was the shortage of banknotes. “There were basically two denominations in use – 250s and 10,000s – because the note issue was overwhelmingly composed of them” says Karen Triggs, a UK civil servant who was seconded to the Iraqi Currency Exchange team. “Inflation had eroded the value of the other lower denomination notes, so they were more inconvenient to use”.

“A note issue with two denominations is inconvenient – particularly when one note is worth 40 times the other. People either found it hard to get change, if they had 10,000s, or they had to carry around a stack of notes – a sight that’s familiar from countries with hyperinflation, although this wasn’t the case in Iraq.”

The primitive de facto structuring of the Saddam currency meant that planners also needed to consider the denominational structure – though as the Bank of England’s Andrew Bailey notes (see page 10), planning could not be very sophisticated, given the timescale and lack of information.

Printing the new notes was a task of jawdropping proportions. Banknotes with a value approaching 4.5 trillion (million million) dinars had to be printed in total – equivalent to US$3 billion – of which a sizeable proportion had to be in place for exchange to begin on October 15.

The job was entrusted to a global consortium of paper manufacturers and security printers. De La Rue led the consortium, co-ordinated the highly complex global operation and provided vital expertise. It also printed the majority of the new banknotes at plants in Malta, Sri Lanka, Kenya and the UK.

For the company’s staff it was a huge undertaking, requiring seven-day working and the cancellation of the traditional summer closure period in many locations. Paper for the new banknotes had to be ready within 10 days of receiving the order. Design amendments, a new high-value denomination and origination material were produced in a matter of weeks – along with millions of metres of security thread.

Staff had to find technical solutions to the problems caused by different equipment used by partner companies. Despite the scale of the project and its very tight timescale, people on the Iraqi Currency Exchange team (codename Operation ICE) were in no doubt that the banknotes would be ready on time. Their confidence was justified.

Just 10 weeks after the order was placed, a consignment of 30 million new Iraqi dinars was flown into Baghdad. The exchange process was ready to begin. Operation ICE By the time the first cargo of notes arrived in Baghdad, around a dozen specialists – economists, security advisers, bankers and logisticians – had been working closely with the Central Bank of Iraq (CBI) for nearly two months, and the public education campaign was in full swing.

In the volatile environment of post-conflict Iraq, the security of the banknotes during their transportation to banks and exchange centres was an obvious issue. 500 Fijian ex-soldiers travelled all over Iraq with convoys delivering the new dinars and picking up old ones. Around 4000 Iraqis provided security at bank branches.

Given the fears about security, the number of incidents was surprisingly small. During November there were five successive attacks in Samarra, culminating in two ambushes which led to fierce fighting. However, convoys managed to deliver and pick up from banks during lulls in firing. During the process as a whole, there were no deaths and only a small number of injuries among the Iraqi Currency Exchange (ICE) team.
No currency was lost.

Once exchange started, officials were relieved to see that queues were orderly and calm. Banknotes arrived in huge quantities; people carried them in trailers, or arrived dragging boxes or large bags. After each exchange the old notes were dipped in red ink and sent off to Baghdad for verification and eventual destruction by the Central Bank of Iraq.

Sorry if this has already been established.

We won't see anything happen for a couple of days now will we?

Originally Posted by aceman

We won't see anything happen for a couple of days now will we?

Right, next auction will be on Sunday.

Originally Posted by rvalreadydang

Minister vows to beat ‘terror’ and reconstruct Iraq in 2007

Azzaman, December 7, 2006

The year 2007 will see the end of ‘terror’ in Iraq, return of stability and large-scale reconstruction, a cabinet minister claimed.

Finance Minister Baqer Solagh said the same year should see the value of the Iraqi dinar surging as a sign of a robust economy.

In a statement faxed to Azzaman, the minister said he would personally follow the implementation of projects that he hoped will see a drastic decline in unemployment.

The statement was released ahead of the publication of 2007 budget which Solagh said would secure the necessary financial resources to reconstruct the country.

“Next year will see a revolution in reconstruction which will check unemployment, defeat terror and consolidate security and stability in the new Iraq,” he said.

But he gave a gloomy picture of the pace of reconstruction in 2006 in which projects worth more than 2.5 billion dollars remain unimplemented due to security problems.

But the minister said he would see to it that all projects in the 2007 are carried out.

He gave no figures on money earmarked for reconstruction in 2007.

email this page printable version
Azzaman in English

I think this one is going to be saved and set as my desktop wallpaper

WOOOOOOOOT!!!!!!!!!!!

I am beginning to hate weekends now, because I am anxious to see what happens come Sunday.

Originally Posted by aceman

I am beginning to hate weekends now, because I am anxious to see what happens come Sunday.

I hear ya

we are so very close

Originally Posted by aceman

I am beginning to hate weekends now, because I am anxious to see what happens come Sunday.

And we ain't talking NASCAR either.................

This is nice and just wanted to share ............

I have added my request for RV at the end.


Heavenly Father, Help us remember that the jerk who cut us off in traffic last night is a single mother who worked nine hours that day and is rushing home to cook dinner, help with homework, do the laundry and spend a few precious moments with her children.



Help us to remember that the pierced, tattooed, disinterested

young man who can't make change correctly is a worried

19-year-old college student, balancing his apprehension

over final exams with his fear of not getting his student loans for next semester.



Remind us, Lord, that the scary looking bum, begging for money in the same spot every day (who really ought to get a job!) is a slave to addictions that we can only imagine in our worst nightmares.



Help us to remember that the old couple walking annoyingly

slow through the store aisles and blocking our shopping

progress are savoring this moment, knowing that,

based on the biopsy report she got back last week, this

will be the last year that they go shopping together.



Heavenly Father, remind us each day that, of all the gifts you give us, the greatest gift is love. It is not enough to share that love with those we hold dear.



Open our hearts not to just those who are close to us, but to all humanity.



Let us be slow to judge and quick to forgive, show patience,

empathy and love.



Thank you lord for all the things I take for granted each day .

Please Dear lord , Guide the Iraqis to RV the DINAR at a HIGH rate. $1.50 Or better. BOB





****************************************

AMEN !!!!!!!!!!!