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

Originally Posted by Lakeway

Number of banks 12 -----
Auction price selling dinar / US $ 1400 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 24.930.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 24.930.000 -----
Total offers for selling (US $) ------

We jumped 11 today people. I am thrilled to see it gathering momentum. Let's just hope this continues and maybe picks up even more momentum as we go. I am hoping for a really REALLY BIG jump soon.

Hmm, 11 points down. Still can be a result of what we have read about returning to the normal circulation.

There was a difference of 10 dinars between values of street and cbi I believe.

Curious if it will go down tommorow with 11 points or not!

All positive but waiting for the big moment that must come soon.

اEconomic : Thresholds : debt on Iraq

Adnan al-Kinani

Although the International Monetary Fund, indicating the thresholds for the low-income earners or average, it was no one of these thresholds pinpoint permanent debt, in addition to the situation in Iraq is a unique case.

And as a country subjected to the conflict, the immediate needs for reconstruction are very big, and put them at the United Nations b (55) billion dollars to the proportion of (33) billion dollars made at the Madrid Conference.

.This means that both the import of capital will absorb large amounts of export revenues, and that capital expenditures will absorb large amounts of budget revenues, and thus would be reduced amounts of funding sources available to service debt, in addition to, the expenses of Iraq's internal security is likely to increase considerably if they assume political power.
ا
Rates debt, and was also among the fund repeatedly is the only (s) for that, the rates are only one part of the analysis on the sustainability of debt of the State, must understand these thresholds in a flexible manner, taking into account external factors of each State addition, the analysis of external financing requirements, as well as, (political durability) to the political action supposed needed both to study and examine.

:-Taking into consideration these two points, the Fund proposes putting three questions to assess : -
*
Q : Is the worst rates of debt along the way or at the end of the horizon is very high, so that the country vulnerable to crisis?
-
In the analysis of the (International Monetary Fund) and in accordance with the terms of Houston, it is clear that the unsustainable debt and debt service and rates to increasing levels of stocks in the financial horizon, and it was not obvious what it Mastkon contents of the ability to service debt and as Aleriohat different discount debt.

In the analysis conducted by the American Treasury Department and the Naples terms (a 67% discount) gives ratio (debt service for exports and revenues), which is estimated at less than (20) in the medium term.

The debt-service ratios to that level can be achieved through management or some creditors who intimating that the debt treatment of Iraq would be sufficient even if left Iraq burdened by debts very high proportion to the GDP and the rate of over (100%).
*
Can the state be accepted, the composition of (the surplus) to be the main and maintain in the medium term, in order to achieve stability, while rates of religion in the least?
-
The analysis (permanent debt) conducted by the International Monetary Fund surplus provides a key double digits for several years over the medium term, and we believe that the assumptions Fund (unacceptable), and wonder whether that can be implemented politically example, that the analysis on the Fund provides a very aggressive assumptions about reducing financial support for the oil and food and over the coming years.

The deletion of support for the oil unit will reduce government expenditure by 22% of GDP by 2008 as well as between the IMF report, is the decline in private consumption per capita for after 2012.

That scenario (reconstruction), which does not allow an increase acceptable to the per capita income and in the medium term might not be acceptable or enforceable politically.
*
؟Q : Is that the total funding requirement of the road is required very large, so that the state can intervene in the crisis in funding?
-
.- The International Monetary Fund predicts the financing of large holes in the medium term, which it is assumed to be financed foreign market borrowings. In any case, such a strategy is not Iraq to the risks of the market. Therefore, any debt treatment for Iraq need to examine to what extent is expected to continue funding gaps large, and not in accordance with the rates of religion.
\
.Official finance these gaps will put a great strain on the limited official sources, to enter the Iraqi market, has been chosen the former is likely to accept for some time.

.It should be noted that the funding requirements for Iraq and strongly prone to oscillation parameters in oil prices and production forecasts as supplied by the Ministry of Oil. The assumptions of the base line, heading towards the oil side.

.According to state oil pessimistic for the American Department of the Treasury, the current budget will be huge in-residence in the medium - to long-term, even under the scenario rate by 95%, according to the Treasury analysis, in addition to that, the security issues as well as the political transformation over the possibility of exposure to economic crises, based on the status of Iraq after the war.

Therefore, the treatment of debt is a priority in our economic and this Maekdh we always Mr. Finance Minister Baqir al-Zubaidi through our encounters repeated with him, the need to get rid of this debt over the next year 2007 inevitably.

ÌÑíÏÉ ÇáÕÈÇÍ - ÚÊÈÇÊ ÇáÏíæä Úáì ÇáÚÑÇÞ

Originally Posted by kiko

Here is a article again about the unemployment and the loan of 10 million dinars (not 10 thousand dinars). No $ 0.66 in my opinion, just a mistype.

Budget starting on 1/1/2007, we must see some real results by then!

They have 14 days to settle things!

Well if you divide $6,600 by 10,000,00 guess what you come up with????

.00066

http://64.233.179.104/translate_c?hl...%26sid%3D34528

اEconomic : President : Iraqi industrial assembly calls for the adoption of fiscal policy encouraging

The private sector
Baghdad-Haider spring

Industrial experts stressed the importance of a comprehensive reform of the laws and controls and procedures that limit the old industrial activity and are at odds with new directions in activating the role of the private that limit the role of industrial activity and are at odds with new directions in activating the role of the private sector in leading economic advancement in the country.

He said the leader of the Iraqi industrial Abdal_hussen Meheidine Shamari said that the initiative of the Ministry of Finance to hold conferences on fiscal reform is a positive step on the road to achieving the desired success in coping with the economic variables in the new Iraq.

He added : Shamari that the tax reform, which was set up by the Ministry of Finance recently is a pioneering step in order to create new laws to build Iraq and relied on the solid foundation and solid springboard to the future.

Since the conference was studded research was very important and that many of the points addressed the flaw in the tax. But regrettably, was one-sided in his research, where the emphasis was on the charge and only all kinds of administrative and banking.

The Shamari out that the conference focused on how to secure many of the tax charge and what the grounds easy or simple to obtain tax benefits, but pointed out the need to find how to build a solid economy and the economic base. The conference called for activating the performance of the Public Authority for the development of taxes and landlords about how to deal with citizens and the private sector.

He said al-Shamri. We want to be the tax, the State bodies and ministries as (Khadem) of the citizen. And Maidfan of fees, taxes and financial consequences many had to strain his shoulder, but returning to benefit through the development of daily life and suffering.

He stressed that the citizen to pay the taxes and fees must be the (voluntary), which refers to facilitate the affairs of the citizen and not much pressure in this aspect in the end to go voluntarily to pay the taxes from his estate. Here, it is necessary to think how to persuade officials in the citizen to go of his own and paid his taxes without feeling it Mgsuba extortion or to pay the tax.

.He pointed to al-Shamri, we need to educate employee culture that what he obtains from the monthly stipend is the result of an Tsthsalh tax from citizens.

The leader of the Rally of industrial taxes to be simple and symbolic order not add to the burden carried another citizen. And to open a real-charge and tax, among other services in order to achieve justice in paying taxes and organization of work, including help to upgrade our taxation in general.

.He called Shamari that there will be many of the tax exemptions for industrial reality of the Iraqi to be able to promote and raise the Channel because it is able to absorb a lot of unemployment, as well as serving to raise the production of exports.

Originally Posted by day dreamer

Details Notes
Number of banks 12 -----
Auction price selling dinar / US $ 1400 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 24.930.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 24.930.000 -----
Total offers for selling (US $) ------ -----





D.G. of Investments

Daily price Bulletin buying and selling Sunday 2006/12/17

Currency
Currency Code
Selling Price In IQD
Buying Price In IQD

US Dollar
USD
1411.000
1409.000

European Euro
EUR
1847.705
1846.781

Sterling Pound
GBP
2756.812
2755.433

Canadian Dollar
CAD
1219.112
1218.502

Swiss Frank
CHF
1155.894
1155.316

Sweetish Krone
SEK
204.321
204.219

Norwegian Krone
NOK
226.267
226.154

Denmark Krone
DKK
247.922
247.798

Japanese Yen
JPY
11.974
11.968


The above price represent reference rate and does not from any commitment on the Central Bank of Iraq.

Note: The prices of the bulletin issued on Sunday will adopted for Monday also due to the weekend in New York .

This is great news, not what I was hoping for, but good non the less. Remember they can poke a reval in at anytime of the day. While I do not see a reval today, I suspect one is coming real soon. We were looking at a .66 for a while there. As I stated there was no word across the pond on this, I'm still hearing ( unconfirmed reports) an amount larger than this. I hope they are right.

Gloribee

Number of banks 12 -----
Auction price selling dinar / US $ 1400 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 24.930.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 24.930.000 -----
Total offers for selling (US $) ------ --


Goooooooooooooood Morning RolClub !!


Wow, 11 points on this auction. But the amazing thing is the amount of dollars at the auction. If this 11 point drop had taken place just a few weeks ago, I would imagine the total volume would have been closer to 100 million or better. There was a post earlier that a GI in Iraq was having trouble getting even 1000 dinars for the dollar. I think this validates that info in that the CBI is drying up the supply pretty rapidly. We have broken the 5% mark on the increase in the value of the dinar since the CBI initiated its reval plan. Maybe IT will come before Christmas, who knows !!


1. The dinar to the dollar is down 11 more points today from 1411 to 1400

2. Another $24,930,000 (net) worth of dinars, (IQD 34,902,000,000) out of circulation

3. 12 banks participating.

4. 45th auction since the beginning of CBI's reval plan

5. 78 days into the CBI's reval plan.

6. 2,785,701,227,000 dinars pulled from circulation !!

7. No Dinars back into circulation today

8. 77 dinar change since Nov 1st (baseline was 1477) 5.213% increase in value of the dinar since beginning of reval plan
__________________
http://www.controller.com/listings/f...73126A3BA06591

http://www.controller.com/listings/f...73126A3BA06591

Originally Posted by frathousemicrowave

11 points on this auction......GO DINAR GO!!!

Could this be the begining of the "speeding up" that Wm Knowles was talking about? I hope so.

We read about returning to the official exchange rate/returning to normal circulation.

We also have read about the difference of 10 dinar points between local market and CBI I believe.

I have a question for wm.knowles.

Could it be that they have made the rates the same with this auction and if so, could it be an important step for the CBI prior to a large increasement in the exchange rate?

Fack me sideways, 1400!!! 11 point drop, cha chinnnnnnngggggggggggg, wooooooooooooooooooooooooooooooooot.


A gain of $80 from Thursday with the wad I have!!! If anyone wants a spreadsheet that tells you how much profit etc made, drop me a pm with your email address. Quite interesting as it goes.

Originally Posted by Socata 850

Number of banks 12 -----
Auction price selling dinar / US $ 1400 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 24.930.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 24.930.000 -----
Total offers for selling (US $) ------ --


Goooooooooooooood Morning RolClub !!


Wow, 11 points on this auction. But the amazing thing is the amount of dollars at the auction. If this 11 point drop had taken place just a few weeks ago, I would imagine the total volume would have been closer to 100 million or better. There was a post earlier that a GI in Iraq was having trouble getting even 1000 dinars for the dollar. I think this validates that info in that the CBI is drying up the supply pretty rapidly. We have broken the 5% mark on the increase in the value of the dinar since the CBI initiated its reval plan. Maybe IT will come before Christmas, who knows !!


1. The dinar to the dollar is down 11 more points today from 1411 to 1400

2. Another $24,930,000 (net) worth of dinars, (IQD 34,902,000,000) out of circulation

3. 12 banks participating.

4. 45th auction since the beginning of CBI's reval plan

5. 78 days into the CBI's reval plan.

6. 2,785,701,227,000 dinars pulled from circulation !!

7. No Dinars back into circulation today

8. 77 dinar change since Nov 1st (baseline was 1477) 5.213% increase in value of the dinar since beginning of reval plan
__________________
http://www.controller.com/listings/f...73126A3BA06591

http://www.controller.com/listings/f...73126A3BA06591

Hello everyone. As a previous post stated, "It just got interesting"! We have seen the largest rise in the value of the dinar since we began this vigil. A nice increase in the rate. Not the "dribble" increases we have seen for the last month or so. So, what can we say about this? There are several things that we might think about.
This is the first rise that sends a signal to the economy that they are not afraid to raise the level of the dinar during one auction in a significant amount. And, we might want to begin to confirm a trend that they will increase the value of the dinar in increasing increments. The "speeding up" process that we have discussed. A good thing. Market psychology will begin to play much more than before. We are already hearing of merchants in Iraq unwilling to sell their dinar at these levels, they want more. I think one report was for around 1000 to 1. I suspect these types of reports will continue. There is the possibility that the CBI is "testing the water'. Demonstrating to the economy and to the world that the value is about to increase even more. They are NOT being to subtle about this. They are clearly sending a signal and the market will respond with increasing demand and a rising price. Especially since supply has apparently been cut off in a process that may have begun earlier this year. None of this precludes a bold adjust in the exchange rate. If they keep this gradual rise in the value of the dinar, then, when they do decide to adjust the currency in a more dramatic way, it will not be surprising to anyone. Just another day in the sand box.
So lets see if the week confirms our idea that the rate will continue to increase at increasing levels, that the CBI will continue to remove currency from the market, that they are not going to put more dinar into the economy, and see what reports come in about a "drying up process either in supply or price. Thank You. Life is good!