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

Originally Posted by Inscrutable

I'm going over to open a Shi'a Pet factory. Shi shi shi Shi'a.

U so Krazy!!!!

denial from White House of Iraqi move to oust al-Maliki
Posted: 12/11/2006 4:02:38 PM



WHITE HOUSE (AP) - The White House is flatly denying a report that key Shiite leaders are maneuvering to oust Iraq's prime minister.

Press Secretary Tony Snow tells reporters there's no move afoot to "dump" Nouri al-Maliki.

An Associated Press dispatch from Baghdad quotes Iraqi lawmakers as saying Shiites are holding talks on a new alliance because al-Maliki has been unable to end sectarian bloodshed.

The alliance reportedly would be led by Abdul-Aziz al-Hakim, who met with President Bush last week, though someone else would likely be prime minister. The AP report quotes a senior aide to al-Maliki as saying, "We know what's going on and we will sabotage it."

Asked what's wrong in the story, Snow said, "Basically, everything."

Snow adds the president has full confidence in al-Maliki. Earlier this month, at a meeting in Jordan, Bush called al-Maliki "the right man for Iraq".

Photo Copyright Getty Images

Originally Posted by Hope Full

The 2007 $41 billion budget assumes an exchange rate of 1,260 dinars to the dollar, he said, adding the cabinet would discuss the draft budget on Saturday before hopefully sending it to parliament next week.

"There is an expected increase in the value of the dinar. The exchange rate is expected to drop from 1,500 dinars to the dollar to 1,260 in early 2007," he said in an interview.

"We will calculate the budget based on 1,260 dinars to the dollar and based on 50 dollars per barrel (of oil) and production of 1.7 million barrels per day.

Correct me if I'm wrong but if they have a budget equivalent to $41 billion dollars based on 1260 dinar per dollar, if it takes 1260 dinar to buy one dollar then it would take 51,660,000,000,000 or 51 trillion 660 billion dinars to equal $41 billion dollars. Estimates of what was in circulation was on the high side 17-20 trillion on the low side 7-12 trillion. Jabar is saying they would have to have over 52 trillion dinar in circulation to meet their budget.

Considering the CBI just took over 1 trillion out of circulation I find it highly unlikely that they're going to start cranking up the presses and double or triple the dinars in circulation.

Jabar you can hang your 1260 rate next to your zero lop!

Originally Posted by artin

Hi,

I Am New Hear.i Whondering How Kan I Buy Dinar?

End How Kan I Seil Den?

Thanks

Type Iraqi Dinar in the web browser, thats how most people have found out.

Originally Posted by ordinaryseawoman

This is for Bill Knowles and all you other econowizards out there...

I am thinking that in order for Iraq to enjoy the benefits of being an integrated part of the the world economy it's currency would have to be fully convertable...ie when I go to the airport, before I get on my plane I can exchange some dollars for dinars. What do we expect to happen when the currency becomes fully convertable? Will it be subject to supply and demand, with the market ultimately setting the value? Will the CBI have to conduct currency auctions (continually adjusting the supply against the demand) to control the rate? or will there be flat peg--CBI sets the rate at 1250 (a possibility according to the latest article)?

my thinking is that they may reval at a very low rate, but I cannot believe that it would stay there for any length of time. Once big business and big oil steps in, the only way to keep the currency down is by artificial means.

Honestly, can you think of a better way to shake out weary indirect investors? Tell 'em it's going to be another little while, and that the rate is going to be less than a penny....I'm sure there will be some who on hearing this will seriously consider cashing in and getting on with their lives...

I get all of this but there is ONE thing that continually comes around when I think of all the reasons it will reval higher than a buck...even if eventually...NATIONAL PRIDE. Come on...think about this. All the other countries (without all the natural resources Iraq has) around you can afford a life of relative luxury and you can't because your money is worthless? I know living here in MN if the cheeseheads in WI had money worth more than me I would be a bit on the upset side...perhaps in time even willing to blow up a few cheese factories.

There have been a few postings today asking if the big meeting was on for tomorrrow, and I haven't heard even the faintest tingle of info on that. SGS? Addie? anybody?

Many economists specializing in finance and monetary actions the Iraqi Central Bank to lower the rate of the dinar against the dollar sale an important step on the road to control the volume of inflation.
.They emphasized the importance of raising the interest rate of up to 12% in achieving the goal of curbing inflation would in the short term to stabilize the acceptable price prevailing in the Iraqi market.
.It noted that the (morning) depression, and the upheaval of this action on the stock sale and purchase rates in most of the stores are banking Baghdad must follow this dangerous turn in the capital market in the Iraqi press statements, a number of different Concerned importance of the matter and the enemy of a remarkable step towards reducing inflation and raise the value of Iraqi dinar and reduce prices of goods and services.
.When he said Ghalib Baban, Minister of Planning of the benefits of this procedure in Deflator which, he said also : that the Central Bank's decision, which came after extensive study by the stakeholders also aims to encourage holders of capital in addition to citizens in general on saving.
.For his part, Governor of the Central Bank Sinan Shabibi : that the goal of the Central Bank is currently limited in the fight against inflation, which reached about 76% and reduce the height by providing better conditions for economic development and improving the performance of the banking sector and provide stability.
.The Shabibi said that among the reasons inflation is increasing cash in circulation, necessary to follow a new monetary policy aimed at improving the dollar's exchange rate towards reducing its price several points in the auction, organized by the Central Bank every day to sell the dollar to withdraw currency from circulation.
ف.With the general director of research at the Central Bank of Iraq appearance of Dr. Mohamed Saleh said that the Central Bank is responsible by virtue of Law No. 56 of 2004 to cope with inflation and reducing levels since the form of this principle, the basis for adoption of monetary policy in the performance of their duties, and on this basis should the Central Bank that sets policy priorities, and here we mean monetary policy to combat inflationary activities using the tools available.
.He adds : no benefit to the monetary policy variables and intermediate or intermediate objectives reflect on the relationship between the impact of these variables to reduce the general level of prices and contain inflation. Among these variables of interest rates stabilizing, "long-term" and stabilizing the exchange rate, or investigative, and the levels prevailing exchange, noting that these changes can not control unless it is directly targeted by similar variables and the variables or operational objectives are references or means Acharateh or information be used to influence stability in the cash market.
كانت مصادره، فانه في النهاية ظاهرة نقدية، وبناء على ذلك فان اولويات الاستقرار تعد لازمة منطقية لبناء وتحفيز الاقتصاد.Among these references technique interest rate, the Central Bank of Iraq, a price indication would be tantamount compass navigation to influence the behavior of interest rates, as determined by which the Central Bank lends Why? What banks deposited in the Central Bank? Under the control of the volume of cash as it is believed that whatever the confiscation of inflation, in the end, monetary phenomenon, and Accordingly, the priorities are stability to the crisis logical to build and stimulate the economy.
..Illustrates Saleh on this basis inflation is the basis for increasing the speed of money circulation and to abandon them what leads to the weakness of demand monetary and the growing demand for goods and services a matter of counterproductive, and in order to preserve the coherence of demand monetary and maximization its levels order does not turn to the spending strong emphasis on goods and services for the Central Bank, only the use of its tools in the raising the rate of interest to him to catalyze the structure of interest rates and maintaining the coherence of savings and maximization their purchasing power including helps monetary policy in addressing the table elevations high liquidity and contain them within a cash market "banking" turning into bloc cash adrift the direction of goods and services ..
النقدية وماجدوى رفع مستوى الفائدة ازاء ارتفاع الاسعار؟In the light of Matqdm highlights many of the questions in the forefront Can a Central Bank unit of curbing inflation and control the volume of cash and Majdoi raise the level of interest at the high prices?
ا10%.Economists stressed the importance of the oldest in the Iraqi Central Bank of procedures to control the volume of inflation, which reached the high figures exceeded 70% by reducing the price of selling the dollar against the Iraqi dinar and raising the interest rate up to 12% from 10%, which generated a remarkable stability in prices in the markets of Iraq's stagnation in the sale and purchase rates in most of the stores banking in Baghdad.
واكد الاقتصاديون ايضاً على اهمية ان يستمر البنك المركزي بهذا النهج الذي من شأنه كبح جماح التضخم الذي بات يهدد استقرار جميع الاوضاع في العراق بما فيها الامني والاجتماعي اضافة للوضع الاقتصادي.The economists also stressed the importance that the Central Bank will continue this approach, which would curb inflation, which now threatens the stability of all the situation in Iraq, including security and social addition to the economic situation.
ب المركزي الى الاقدام على هذا الاجراء الذي عده الكثير من المتابعين خطوة نحو اصلاح شامل للاقتصاد العراقي.The observers speculate that the rise in the value of the Iraqi dinar against the dollar would reduce inflation and revive the economic situation of Iraqi families, which has suffered greatly because of the high rate of inflation, which was born the burden of large households now borne citizen addition to the deterioration of the level of savings is clear. Which prompted the Central Bank to take this action, which many observers several step towards a comprehensive reform of the Iraqi economy.

Fire Breaks Out at Baghdad Oil Facility
By Associated Press
12:49 PM PST, December 11, 2006


BAGHDAD, Iraq -- A huge fire broke out at an oil storage facility after explosions Monday night in a volatile area south of Baghdad, police said.

Iraqi firefighters extinguished the blaze shortly after it broke out about 9:15 p.m. at the Latifiyah facility, about 25 miles south of Baghdad, area police officer Lt. Haidar Sattar said.

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He said sabotage was suspected, but more details would not be available until Tuesday because the blast occurred after dark in the Sunni-dominated area south of Baghdad known as the "Triangle of Death" for the large number of insurgent attacks.

Since the U.S.-led war ousted Saddam Hussein in 2003, Iraq's oil industry has been hit by many such attacks on its pipelines, which run through remote areas of the country.

Originally Posted by D-Day

WRONG! Just watch it before you respond. See what you think, then let us know, ok?

Inscruitable:
Again, you misquote. I just listened to most of his radio show today and there are nothing but POSITIVE mentioning of what Iraq is accomplishing. Next time, close your mouth and open your ears. You can learn a lot more.

Weddings Take Place Amid Iraq Bloodshed
The Associated Press

By THOMAS WAGNER

December 10, 2006

I pray that Iraq can one day be happy again. There were no musicians, food was sparse and guests were frisked at the door. But when the 21-year-old bride appeared in her white, full-length dress with her groom by her side, everyone beamed.

'We have suffered so many attacks here, but we still must have weddings, even if they are not like before,' said Saad Ibrahim Idan, one of the groom's uncles.

Despite Iraq's terrible violence, young couples such as 23-year-old Hussein Ali and Sumaya Jassim are marrying and trying to live normal lives. In a country where tens of thousands have died and even more have been displaced by nearly four years of war, this requires bravery, ingenuity and compromise.

Ahmed Hashim, 26, owner of a poultry shop in eastern Baghdad, got married last month.

'I postponed my marriage for three years, hoping the situation would improve. But the sectarian fighting has kept getting worse and worse,' he said in an interview at his shop. 'So I decided to go ahead, knowing what happens to me is decided by God.'

Hashim's fiancee, Shurouq Rahim, 22, couldn't risk a trip to a beauty salon. Muslim fundamentalists attack the shops, on grounds that hairdos and makeup violate their interpretation of Islam. So a beautician went to Hashim's house instead.

'This cost us double the normal fees,' he said.

The couple also had to forgo a fancy reception at a hotel, settling for a simple affair at the home of the groom's parents. 'We didn't even play music because we didn't want to draw the attention of insurgents or militias,' Hashim said.

Weddings, funerals and other gatherings are easy targets for suicide bombers.

At least five wedding receptions were attacked during the past year. On Oct. 31, a suicide car bomber hit a wedding party in Baghdad and killed 23 people, including nine children gathered outside the bride's home.

Despite the violence, the urge to marry remains strong. The Justice Ministry said it recorded 258,250 marriages last year, only 4,295 fewer than in 2004. Figures for this year have not been released.

Iraq requires all couples to marry in a civil ceremony, but many Shiite and Sunni Arabs also hold religious services at their receptions.

For families who can't afford a wedding at one of the few hotels or private clubs still open in cities, traditions have had to bend.

When Ali's family traveled to his bride's house to collect her for the reception, they packed into one car instead of the traditional, boisterous convoy of vehicles decorated with ribbons and balloons _ with relatives firing guns in the air to celebrate.

Before the war, the party would have lasted all night. But the reception, which followed a brief civil ceremony and a blessing by a Shiite cleric, was timed to finish before dark.

Even so, some relatives didn't risk driving across Baghdad to attend the reception in Sadr City, the capital's large Shiite district and frequent site of violence.

Those who did attend enjoyed a peaceful ceremony and quickly ate a modest buffet meal on plastic tables set up on a narrow street outside the home.

Ali's family also toned down its celebration for a second imperative: to honor a family next door that was still grieving for a son, a Shiite militiaman killed in fighting with rival Sunnis.

During Saddam Hussein's rule, musicians at wedding receptions were required to play songs glorifying the dictator.

Ali's parents said they were glad to be rid of that tradition, but would honor another, older one: to bring the newlyweds honey and 'kahi' pastries after their first night together, to ensure them a good life and a handsome boy as their first child.

Ali's mother, Qasmia Nanama, called the modest wedding a victory.

'So many people are dying now, I want my son to be married and have children,' she said. 'I pray that Iraq can one day be happy again.'

Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.