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

The decline in purchase applications in the dollar auction Central Bank
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)

Demand declined in the auction Iraqi Central Bank to buy the dollar today, Tuesday, recording 10 million and 605 thousand dollars against Mlbona 12 and 95 thousand dollars yesterday.
Such orders by eight million and 980 thousand dollars in cash, one million and 625 thousand dollars in the form of remittances outside the country, the Bank has full coverage at the exchange rate amounted to 1380 dinars low eight points on the exchange rate yesterday.

With advanced banks participate in the auction, and the eight offers to sell the dollar hit ten million and 880 thousand dollars, the highest of the bids, the bank has bought fully exchange rate amounted to 1378 dinars to the dollar.

The Abdul Razak as far as economic expert, commenting on, that the reason for the sale offers high due to the fact that some of those who do not need foreign currency urgently sells amounts for fear of the daily decline of the dollar exchange rate, which would decrease the value of foreign exchange day after day.

ÏæáÇÑ- (ÅÞÊÕÇÏ) :: Aswat al Iraq :: Aswat al Iraq

Economic Banking: expert for the "morning" : Iraqi company for bank guarantees right start.

For banking reform Baghdad-Yasser incumbent The company intends to Iraq for bank guarantees to hold an extensive meeting with the heads of the boards of private banks that fall under the umbrella of the company and the beginning of 2007 in Amman. And hold business owners and small and medium-sized enterprises hopes on the role The required to be played by the Iraqi company for the bank guarantees to provide soft loans and necessary for the activation and operation of projects, one of the foremost objectives of a company. Banking expert member of the company's board Zuhair Al-Hafiz told (morning) :

The meeting to be held in Amman early 2007 participants will outline what action the company and the mechanism to be adopted in order to activate its role in promoting the march of development and construction and reconstruction in Iraq.

Hafiz expert also revealed that the (private banks among the founding members of the company are Bank of Baghdad, the Middle East investment, Basra and the National Investment Bank of the Iraqi National Bank, Commercial Sumar, Alorka investment, Mosul for Development and Investment, the Bank of the North, Assyrian International Investment, the Gulf commercial and investment bank Iraqi banks took it upon themselves to the establishment of this company aimed at developing market domestic lending.

He also said that the objective of the company is to promote opportunities for small and medium-sized enterprises access to formal credit sources of funding and banks. A banking expert Zheralhafez that the company's activities will contribute to the strengthening of the role of the private sector in development and construction projects to support reconstruction and the development of its role in leading the economic process and the company's loans will be provided to small and medium-sized enterprises guarantor to put those important projects. He explained that the company will contribute to the promotion of access of small and medium-sized enterprises to qualify for credit facilities from private banks, as well as support modern practices in the credit and sound banking practices in the process of granting loans to small and medium-sized private banks to assist in the development of new sectors. Al Hafith between special criteria laid down by the the Iraqi company for bank guarantees must be applicability to the borrower and then the company will guarantee with the bank referred to which will to completing and submitting a file requested an assurance the loan to the company and ascertaining the completion of the procedures subscription the necessary properly Asked about the possibility of the accession of banks to this program explained Al Hafith that the Private Bank Al-Ragheb to accede meet the conditions contained in the Convention on the participating banks which clarify the obligations of each from the bank and the Iraqi company for bank guarantees and be the bank Suggest Technical from by the Central Bank of Iraq and committed all regulations and instructed pointing out that the company do not deal with the borrowers directly, but dealing solely with the bank the participant. He pointed out that the company had identified extended guarantees ranging between 5 - 1 years and the guarantee of loans that qualify for fixed assets and working capital loans short-term financing for working capital for a period of not more than 360 days, while loans assets for these two 5 - 1 years and is repaying the loans under the monthly payments are a grace period of the loan by the bank and depend to a large degree on estimates of cash flows. He said a member of the company's board that the Iraqi company for bank guarantees to ensure the loans extended to the modern project of incorporation. It should be noted that the Iraqi banking sector needs comprehensive reform to be able to raise the required turn in the economic development process in Iraq and the expected contribution hard to meet the needs of the construction and reconstruction of Iraq and indicated that the company is one of signs of departure towards effective role of the private banks in development.

Translated version of http://www.alsabaah.com/paper.php?source=akbar&page=31

[QUOTE=day dreamer;151250]

Originally Posted by Socata 850

Number of banks 8 -----
Auction price selling dinar / US $ 1380 -----
Auction price buying dinar / US $ 1378 -----
Amount sold at auction price (US $) 10.605.000 -----
Amount purchased at Auction price (US $) 10.880.000
Total offers for buying (US $) 10.605.000 -----
Total offers for selling (US $) 10.880.000


[B][SIZE="3"]Goooooooooooooood Morning RolClub !!


Another 8 points on this auction, [SIZE="5"][COLOR="Red"]"but more dinars going back into circulation than were taken out(WHY????) For the first time in over two months the CBI has put dinars back into circulation from a net standpoint.




7. 379,500,000 Dinars back into circulation today
(WHY WOULD THEY DO THIS NOW??????????????)

I have a theroy on this. Somebody has to pay for the smaller denoms!! This could be the transaction of transfering the smaller bills. Did'nt see anything saying they were the large ones.

Just trying to put a positive spin on this everyone.

Gloribee

Ooopps, Raddy beat me to it. LOL Great minds think alike.

Originally Posted by Wm.Knowles

The amount placed back into the economy was an insignificant amount. This in no way establishes a change in the trend. Banks still need cash for day-to-day transactions and todays amount is nothing to worry about. If my math is correct, then the net effect this week is still very large. We should begin to view these amounts over a larger period of time. Maybe if we had been doing that, we would have noticed that the net effect throughout 2006 was to reduce the amount of dinar in the economy. It was only until the CBI started taking out large amounts with NO dinar going back in that we noticed, around the first of November. So, lets relax and take a bigger view of this. Small amounts of dinar returning to the economy does in NO way negate the overall reduction of the currency from the economy. And, the fact that over time, this removal during 2006 will have a great impact on supply and the eventual rise in the value of their currency. We hope to see reduced inflation numbers for December, we''ll see. Thank You.

hy rol budys i havent sed anything about this till now .i have ben watching CBI for a long time and every time thay have $$$sold and$$$perchest the vol. in the histry only reflects the purchest $$$ this has ben going on for 3months. and thay dont give the statment any moor saying how much sold and how mutch purchust. the vol. only reflecks the dinar thay purchast.for ex.100000000sold 100000028per.vol. is got by adding this two #to gether. at CBI IN HISTERY YOU ONLY SEE VOL. FOR BUYING DINAR THE REST IS JUST SMOKE

Originally Posted by Wm.Knowles

The amount placed back into the economy was an insignificant amount. This in no way establishes a change in the trend. Banks still need cash for day-to-day transactions and todays amount is nothing to worry about. If my math is correct, then the net effect this week is still very large. We should begin to view these amounts over a larger period of time. Maybe if we had been doing that, we would have noticed that the net effect throughout 2006 was to reduce the amount of dinar in the economy. It was only until the CBI started taking out large amounts with NO dinar going back in that we noticed, around the first of November. So, lets relax and take a bigger view of this. Small amounts of dinar returning to the economy does in NO way negate the overall reduction of the currency from the economy. And, the fact that over time, this removal during 2006 will have a great impact on supply and the eventual rise in the value of their currency. We hope to see reduced inflation numbers for December, we''ll see. Thank You.

Do to the two resent Robberies, maybe the need for cash on hand had a play too. If I figure right, wan't it like 3 billion dinars in the two robberies?

Parliament-Session
Iraqi parliament session postponed for lack of quorum
Baghdad, Dec 19, (VOI) – The Iraqi parliament on Tuesday was unable to hold a formal session for lack of quorum.
“There was lack of quorum, so today’s session was mainly consultative,” a legislator, who asked not to be named, told the independent news agency Voices of Iraq (VOI) over the phone.
The parliament is expected to render its sessions consultative during the hajj season( Muslim pilgrimage to Mecca of Saudi Arabia) that ends in early January as more than 160 out of total of 275 legislators will perform hajj this year.
As the Iraqi Parliament is composed of 275 members and that the number of members planning to make a hajj this year are more than half the legislators, the sessions would consequently be delayed due to the incompletion of the legal quorum.


The work ethic for politicians seems to know no boundaries.

Conference raises 30 recommendations

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19 December 2006 (Al-Sabaah)
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High committee of reconciliation received recommendations of four committees which formed by parties and powers' conference.

MP Yonadm Kanna said that these recommendations would be imperative because governmental, parliament and judicial sides assumed to achieve it before conference and mentioned to positive results which described it as major and important would appear during few weeks. Meanwhile, committees of balancing, constitution, Iraqi army and dissolved services and sovereignty recommended of about thirty parts as avoidance sectarianism and partiality at ministries, review constitution articles related to federalism, organize Debathification committee, form army resting on national participation, banning militias of any side, put timetable to withdraw foreign forces at the same time of develop Iraqi forces.

Originally Posted by hightide3016

Conference raises 30 recommendations

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19 December 2006 (Al-Sabaah)
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High committee of reconciliation received recommendations of four committees which formed by parties and powers' conference.

MP Yonadm Kanna said that these recommendations would be imperative because governmental, parliament and judicial sides assumed to achieve it before conference and mentioned to positive results which described it as major and important would appear during few weeks. Meanwhile, committees of balancing, constitution, Iraqi army and dissolved services and sovereignty recommended of about thirty parts as avoidance sectarianism and partiality at ministries, review constitution articles related to federalism, organize Debathification committee, form army resting on national participation, banning militias of any side, put timetable to withdraw foreign forces at the same time of develop Iraqi forces.

I like the sound of that

MPs regard conference push political process forward

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Baghdad, 19 December 2006 (Al-Sabaah)
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A member at the Higher Committee of Reconciliation has indicted the positive effects of the Parties' conference which will appear over the next weeks.

Several MPs participate in the conference proceeding said that the conference had dropped the motto of the opposition and they see it as an indication on big initiatives to reconcile among quarreling parties, push the political process forward and equally work to eradicate terrorism focuses.Yondam Kanaa, the member of reconciliation committee affirmed that the conference will create many positive results will appear on the ground soon. He stated to as-Sabah newspaper that these results will appear over the few next weeks, referring that the recommendations, the committees had reached to be semi-imperative.

Politics

Ramadi people hope positive results of conference

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Anbar, 19 December 2006 (Al-Sabaah)
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Citizens from Ramadi people expressed to their hope about conference of parties and political powers conference to result in useful solutions of country's crisis and beginning Iraq reconstruction.

Member of Anbar salvage council Ahmed Bzeia'a said that some of blocs which participated in political process or other blocs want apply agendas of regional and international sides which support them not interest of Iraqi people so they didn’t participate at the conference. Meanwhile, another member said on condition of anonymity that he calls to reinstate compulsory military service because it's ideal solution to achieve peoples' unity.