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

Originally Posted by wciappetta

This is saying that they intend to restore the currency value to 75% of its true value. That value according to the US government is about $1.60
Library of Congress / Federal Research Division / Country Studies / Area Handbook Series/ Iraq / Glossary

Seventy-five percent is about $1.20 USD Happy Days folks!!!!!!!

This is a range we have heard over and over again…….And this is for starters...Yipeeeeeeeee!!!!!!

And isn't that $1.60 the Yazzman rate that the CBI mentioned in their publication of 18 october 2006 and that they wanted to use for boosting purchasing power!

Hmmm, it's all looking good folks!

Originally Posted by neno

According to back when Cigarman discovered the default rate. He also quoted that the other set was set at .310nid to the usd. If my memory serves me right.....................................It was $3.22 ?????????????

Thats what i recall seeing too

Originally Posted by wciappetta

This is saying that they intend to restore the currency value to 75% of its true value. That value according to the US government is about $1.60
Library of Congress / Federal Research Division / Country Studies / Area Handbook Series/ Iraq / Glossary

Seventy-five percent is about $1.20 USD Happy Days folks!!!!!!!

This is a range we have heard over and over again…….And this is for starters...Yipeeeeeeeee!!!!!!

Glossary -- Iraq
Autonomous Region
Governorates of As Sulaymaniyah, Dahuk, and Irbil, the Kurdish majority area. In this region--popularly known as Kurdistan--Kurdish has status of official language, and residents enjoy limited autonomy from central government.

atabeg
Turkish word that during the period of the Ottoman Empire meant governor of a province.

barrels per day
Production of crude oil and petroleum products is frequently measured in barrels per day, often abbreviated bpd or bd. A barrel is a volume measure of forty-two United States gallons. Conversion of barrels to metric tons depends on the density of a specific product. About 7.3 barrels of average crude oil, or about 7 barrels of heavy crude oil, weigh 1 metric ton. Light products, such as gasoline and kerosene, average close to eight barrels per metric ton.

currency
See dinar.

dinar (ID)
Currency unit consisting of 1,000 fils or 20 dirhams. When officially introduced at the end of the British mandate (1932), the dinar was equal to, and was linked to, the British pound sterling, which at that time was equal to US$4.86. Iraqi dinar (ID) equaled US$4.86 between 1932 and 1949 and after devaluation in 1949, equaled US$2.80 between 1949 and 1971. Iraq officially uncoupled the dinar from the pound sterling as a gesture of independence in 1959, but the dinar remained at parity with the pound until the British unit of currency was again devalued in 1967. One Iraqi dinar remained equal to US$2.80 until December 1971, when major realignments of world currencies began. Upon the devaluation of the United States dollar in 1973, the Iraqi dinar appreciated to US$3.39. It remained at this level until the outbreak of the Iran-Iraq War in 1980. In 1982 Iraq devalued the dinar by 5 percent, to a value equal to US$3.22, and sustained this official exchange rate without additional devaluation despite mounting debt. In early 1988, the official dinar-dollar exchange rate was still ID1 to US$3.22; however, with estimates of the nation's inflation rate ranging from 25 percent to 50 percent per year in 1985 and 1986, the dinar's real transaction value, or black market exchange rate, was far lower-- only about half the 1986 official rate.

Free Officers
Term applied retroactively to the group of young military officers that planned and carried out the July 14 Revolution in 1958.

GDP (gross domestic product)
A value measure of the flow of domestic goods and services produced by an economy over a period of time, such as a year. Only output values of goods for final consumption and for intermediate production are assumed to be included in final prices. GDP is sometimes aggregated and shown at market prices, meaning that indirect taxes and subsidies are included; when these have been eliminated, the result is GDP at factor cost. The word gross indicates that deductions for depreciation of physical assets have not been made.

GNP (gross national product)
GDP (q.v.) plus the net income or loss stemming from transactions with foreign countries. GNP is the broadest measurement of the output of goods and services by an economy. It can be calculated at market prices, which include indirect taxes and subsidies. Because indirect taxes and subsidies are only transfer payments, GNP is often calculated at factor cost, removing indirect taxes and subsidies.

hadith
Tradition based on the precedent of Muhammad's nondivinely revealed words that serves as one of the sources of Islamic law (sharia).

hijra
Literally to migrate, to sever relations, to leave one's tribe. Throughout the Muslim world hijra refers to the migration of Muhammad and his followers to Medina. In this sense the word has come into European languages as hegira, and it is usually, and somewhat misleadingly, translated as flight.

ID
Iraqi dinar. See dinar.

Imam
A word used in several senses. In general use and in lower case, it means the leader of congregational prayers; as such it implies no ordination or special spiritual powers beyond sufficient education to carry out this function. It is also used figuratively by many Sunni (q.v.) Muslims to mean the leader of the Islamic community. Among Shias (q.v.) the word takes on many complex meanings; in general, it indicates that particular descendent of the House of Ali ibn Abu Talib, who is believed to have been God's designated repository of the spiritual authority inherent in that line. The identity of this individual and the means of ascertaining his identity have been major issues causing divisions among Shias.

International Monetary Fund (IMF)
Established along with the World Bank in 1945, the IMF is a specialized agency affiliated with the United Nations and is responsible for stabilizing international exchange rates and payments. The main business of the IMF is the provision of loans to its members (including industrialized and developing countries) when they experience balance of payments difficulties. These loans frequently carry conditions that require substantial internal economic adjustments by the recipients, most of which are developing countries.

Levant
Historically, the countries along the eastern shores of the Mediterranean.

shaykh
Leader or chief. Word of Arabic origin used to mean either a political leader or a learned religious leader. Also used as an honorific.

Shia, from Shiat Ali, the Party of Ali
A member of the smaller of the two great divisions of Islam. The Shias supported the claims of Ali and his line to presumptive right to the caliphate and to leadership of the Muslim community, and on this issue they divided from the Sunni (q.v.) in the great schism within Islam. Later schisms have produced further divisions among the Shias over the identity and the number of Imams (q.v.). Shias revere Twelve Imams, the last of whom is believed to be in hiding.

Shiite
See Shia.

Sunni (from sunna, orthodox)
A member of the larger of the two great divisions of Islam. The Sunnis supported the traditional method of election to the caliphate, and they accepted the Umayyad line that began with caliph Muawiyah in 661. On this issue they divided from the Shias (q.v.) in the great schism within Islam.

Originally Posted by bubbajr

I am not sure if the banks will be open on the 31st, for it is part of there holiday, of the EID. There holiday starts on the eve of the 29th and will not strat back up till the 4th of janurary. But I hope I am wrong and they will continue to be open on those days. Does anyone remember the article that they said they were going to pass out the 10,000 checks before the EID, or is that the same thig as what is being mentioned on the rolclub?

By the way rolclub member are the best all the way!!!!!!

I want to wish all a MERRY CHRISTMAS AND A HAPPY NEW YEAR

an article a few weeks ago said their first day of business in iraq was january 2nd.

Iraq-Currency
Posted by: nadioshka on Monday, December 25, 2006 - 08:57 PM

Iraq-Currency
Higher demand for dollars in Iraqi Cenbank auction
Baghdad, Dec 25, (VOI) – Buying demand for U.S. dollars was higher in the Iraqi central bank daily auction on Monday, reaching $16.450 million compared to $11.635 million on Sunday.
The bank daily statement said it covered all bids which were $800,000 in cash and $15.650 million in foreign transfers.
The exchange rate was 1,345 dinars per dollar, seven dinars down from Sunday’s session.
Six banks participated in Monday’s auction, offering to sell $2.900 million which the central bank bought all at 1,343 dinars per dollar.

From the Library of Congress definition of Dinar.....
"the dinar's real transaction value, or black market exchange rate, was far lower-- only about half the 1986 official rate.".

This means that they are saying the "real" rate is one-half of the 1986 rate which was $3.22.

75% of one-half of $3.22 is $1.21

$1.21 Folks!!! That's my guess!!

Filing (website note)
Posted by: nadioshka on Monday, December 25, 2006 - 07:07 PM

Filing (website note)
Voices of Iraq news agency resumes filing after temporary failure
Baghdad, Dec 25, (VOI) – For technical reasons the website of Voices of Iraq (VOI) independent news agency was down on Monday morning. We now resume filing as usual and apologize for any inconveniences

READ MY SIGNATURE!!!! DIDNT I TELL YOU SO??? LMAO!!!!!

Smuggled Iraqi oil hampers reconstruction


Iraq’s vital oil sector loses US $15 billion due to smuggling, corruption, deteriorating security situation.


BAGHDAD - Hundreds of health, education and infrastructure projects have been delayed because of corruption and the smuggling of oil, according to officials in the Ministry of Reconstruction.

“Hundreds of projects are being highly affected by corruption, especially in the oil sector. Education and health projects are the most affected as hundreds of schools need to be repaired and hospitals are hit by shortages of equipment and medicines. All this is a result of insecurity and also of increasing corruption in the oil sector,” said Hassan Barakat, a media officer at the Ministry of Reconstruction.

Huda Hassan, director at al-Sadr Primary and Secondary School, said his school is an example of what could be done if corruption was stamped out.

“Our school needs urgent repairs. It lacks water and working washrooms. In addition, some classes had to be closed because the ceilings are failing,” Huda said.

“We have asked the Ministry of Reconstruction to take urgent action on this and the only answer we’ve got all year was that there was no money to invest because of corruption in the oil sector, which is the main source of income in the country’s reconstruction drive,” she added.

Iraq’s vital oil sector has lost US $15 billion due to smuggling, corruption and a deteriorating security situation, an oil ministry official said, adding that the money could have been invested in reconstruction to improve the living condition of millions of Iraqis.

"Corruption, constant attacks [against oil pipelines and installations] and also the dilapidated infrastructure of the country's refineries are the main problems we have nowadays," Assem Jihad, spokesman for Iraq’s Ministry of Oil.

"Nearly US $750 million worth of oil is being smuggled out of the country each month. Reconstruction in Iraq would have been improved if this lost money had been invested. Hundreds of projects would have been finalised and hundreds others started," Jihad added.

Jihad said that Iraq, home of the world’s third biggest oil reserve, now has to import oil products, particularly petrol, from neighbouring countries such as the United Arab Emirates, Kuwait and Iran, and has spent around US $1 billion doing so over the past six months.

“This is money that would have been enough to build hundreds of schools and import hundreds of medical equipment items to improve our people’s health,” he said.

As part of their campaign against the government and US-led coalition forces, insurgents have been relentlessly attacking oil installations and employees. As a result, Jihad said,

Iraq’s main three refineries - in Beiji, Basra and Kirkuk - are working at half capacity, processing about 350,000 barrels of oil per day, compared to about 700,000 barrels per day before the US-led invasion of Iraq in March 2003.

“Before 2003, the Beiji refinery, which is the largest refinery in Iraq, was producing more than 2.5 million gallons a day, nearly half what the country needed. But today, under difficult circumstances, it produces only about 400,000 gallons a day,” Jihad said.

Iraq’s Ministry of Reconstruction, formed since the occupation of the country began, said that half of its projects have been delayed due to a lack of funds that were supposed to come from the oil sector.

"Iraq has no other income other than from oil. We depend on this to improve the country's infrastructure, but it is now critically corrupt countrywide," said Barakat of the Ministry of Reconstruction.

“This is not our fault. The ministry is struggling to use what is remaining to cover the main reconstruction requirements, but billions are still required to improve the country's condition. It might take years before the results of reconstruction can be seen," Barkat added.


© IRIN

Ignore Iraq Study Group recommendations, Kurdish parliament urges Bush

12/25/2006 KUNA
Irbil -- President of Iraqi Kurdistan National Council Adnan Al-Mufti urged Monday US President George Bush not to take seriously the recommendations of the Baker-Hamilton Iraq Study Group.

In a letter addressed to Bush, the US senate and congress and in the name of the Iraq Kurdistan people, Al-Mufti expressed the Kurdistan people's resentment of the report because its recommendations conflict with their interests in addition to beinga a violation of the articles of the Iraqi constitution.

"The tense Iraqi situation and the escalation of violence especially in central Iraq has become an issue of great concern for the Americans, the Iraqis and all world nations and we are all looking for a solution to this crisis," he added in his letter. He said for this reason the "Iraq Study Group" was formed and is led by former secretary of state James Baker and Lee Hamilton and the Kurdistan people thought it would be an objective study.

"With all due respect to the members of this study group, the Kurdistan people are opposed to a number of articles in the report and the Kurdistan parliament held on December 17 a private session to evaluate the report," he added.

He explained that the report on one side indirectly questioned the stand of the Kurdish political leadership for being committed to the federal region in a democratic Iraq.

He said for instance the report said that the Iraqi flag is not raised in Kurdistan, stressing that the Iraqi permanent constitution stipulates that a new flag must be chosen to represent all factions and not the current flag which reminds of the former Baath party which witnessed massacres against the Iraqi people.

None of the Iraq Study Group members paid a visit to Kurdistan to study the situation there and "we believe the report has ignored our black history which we witnessed on the hands of the former Baath regime" and the efforts to build a democratic federal Iraq, he added.

This letter was handed to the representative of the US embassy here and was written in light of the December 17 session.