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

Originally Posted by Dinar Cha Ching

This was a great quote and a confirmation of what we believe. $4+ in the future is not out of the question.

I'm pretty excited for this thing to blow out of the water also, but isn't $4+ reaching? Heck, I would be ecstatic with a .30-1 now, and 1-1 within the next couple of years. Everyone keeps quoting the 80's exchange rate of $3.00+, but that was not a recognized rate, it was a rate set by Sadaam.

The GCC will probably have a unified currency before the end of 2008 with full utilization by 2010. Odds are that Iraq will be a key partner in the GCC, and I don't think the GCC will have an average currency exchange over $2.00. I hope everyone that is expecting a high RV is right, but I guess I prefer to keep my feet on the ground so events that unfold aren't so disappointing as they have been for the last 2 1/2 years. Although, the last two months have been pretty exciting.

Good luck and Happy New Years to all!

Originally Posted by kiko

Have you seen proof that it is done by Maliki, Talabani and Parliament at the rate of 1260?

I don't. They can have it done at a rate of 1:1 but tells something different!

Hey kiko, I hope you are right!

I have not seen one yet, but again, no one will see any until it happens!

However, they gotta say SOMETHING about the rate in order to give a number for the budget ( 1260 is just as good as if they said 1000 or 500, since none of them will cut the inflation or help the dinar too much)...what I mean is ...it doesn't matter what rate they specify in these press releases. They can ammend the budget at any time, right?

Originally Posted by Caviar Dreams

I'm pretty excited for this thing to blow out of the water also, but isn't $4+ reaching? Heck, I would be ecstatic with a .30-1 now, and 1-1 within the next couple of years. Everyone keeps quoting the 80's exchange rate of $3.00+, but that was not a recognized rate, it was a rate set by Sadaam.

The GCC will probably have a unified currency before the end of 2008 with full utilization by 2010. Odds are that Iraq will be a key partner in the GCC, and I don't think the GCC will have an average currency exchange over $2.00. I hope everyone that is expecting a high RV is right, but I guess I prefer to keep my feet on the ground so events that unfold aren't so disappointing as they have been for the last 2 1/2 years. Although, the last two months have been pretty exciting.

Good luck and Happy New Years to all!

Re-check the dinar history.....the value was attached to the Sterling way before Sadam, valued between 2.00 & 4.00 since the 50's.
Like you I believe good things are happining.........

Originally Posted by Caviar Dreams

I'm pretty excited for this thing to blow out of the water also, but isn't $4+ reaching? Heck, I would be ecstatic with a .30-1 now, and 1-1 within the next couple of years. Everyone keeps quoting the 80's exchange rate of $3.00+, but that was not a recognized rate, it was a rate set by Sadaam.

The GCC will probably have a unified currency before the end of 2008 with full utilization by 2010. Odds are that Iraq will be a key partner in the GCC, and I don't think the GCC will have an average currency exchange over $2.00. I hope everyone that is expecting a high RV is right, but I guess I prefer to keep my feet on the ground so events that unfold aren't so disappointing as they have been for the last 2 1/2 years. Although, the last two months have been pretty exciting.

Good luck and Happy New Years to all!

For some reason I believe that even if Saddam's rate was arbitrary, one could still not get the dinar currency unless would have paid the $3.00+ for it, cause he needed it. So, " Saddam's rate was not recognized....so what? You still had to pay the $3 for his dinar if you needed his currency.

Now, WHAT IF ....the dinar becomes " the currency of choice" and the CBI comes up with $3.00+....and the majority of business in Iraq is in dinar ( "...of choice")...wouldn't you have to pay the 3 bucks/dinar if you wanted to do business in Iraq?
I think you would. Besides that, when they are in the top three oil resources of the world, why wouldn't they do it? Everyone needs what they have.

JMO and a scenario...

Here is an article from uruknet talking about the Oil Law and its flaws.

THE RACE FOR IRAQ'S RESOURCES Will Iraq's Oil Blessing Become a Curse? :: from www.uruknet.info :: news from occupied Iraq - it

The part that jumped at me:

.....

Why so fast?

Oil is central to Iraq's reconstruction and economic recovery, and the U.S. government is urging Iraq to develop the sector quickly. The recent Iraq Study Group report recommended the US help Iraq "prepare a draft oil law" to hasten investment. The report estimates Iraq could raise oil production from 2 million to 3 or 3.5 million barrels per day over the next three to five years.

Critics say the US is leaning on the IMF and World Bank to push Iraq into signing oil contracts fast, so western firms can secure the oil before Chinese, Indian and Russian firms do. An IMF official told SPIEGEL ONLINE that "passage of a hydrocarbon law is not a condition for financial support from the IMF." Nevertheless, Iraqi authorities found it necessary to promise the IMF a draft petroleum law by the end of this year -- this in the same letter that says "we will take whatever steps are necessary to ensure that the program remains on track."

The IMF sets the conditions for Iraq's debt relief from the so-called Paris Club countries. Eighty percent of that debt has been wiped clean, and the final 20 percent depends on certain economic reforms. With the final reduction, Iraq's debt would come to 33 percent of its GDP -- but if the reforms are not made, debt would climb to 57 percent of GDP, according to an IMF report.

Criticisms have also been levelled against the World Bank, where former US deputy defense secretary Paul Wolfowitz is in charge. Wolfowitz has been accused of pushing a US agenda after opening a World Bank office in Baghdad.

Most agree that Iraq should develop its oil -- the question is how and how fast. Apart from the law's content, Eigen stresses the drafting process must be transparent for any law to succeed: "Everything that is done behind closed doors will probably have to be renegotiated later."

Originally Posted by Caviar Dreams

I'm pretty excited for this thing to blow out of the water also, but isn't $4+ reaching? Heck, I would be ecstatic with a .30-1 now, and 1-1 within the next couple of years. Everyone keeps quoting the 80's exchange rate of $3.00+, but that was not a recognized rate, it was a rate set by Sadaam.

The GCC will probably have a unified currency before the end of 2008 with full utilization by 2010. Odds are that Iraq will be a key partner in the GCC, and I don't think the GCC will have an average currency exchange over $2.00. I hope everyone that is expecting a high RV is right, but I guess I prefer to keep my feet on the ground so events that unfold aren't so disappointing as they have been for the last 2 1/2 years. Although, the last two months have been pretty exciting.

Good luck and Happy New Years to all!

You're right, I should've said barring a GCC currency. No, I don't think $4+ is out of the question (barring a GCC currency) once it is indisputably proven that Iraqs reserves are larger than all other ME oil producing countries. Even if you don't accept $3.22 and take the black market rate of $1.60 that was based on 2.5mbd, their goal is 6-8 mbd. Once Iraq starts to develop it's fields (90% unexplored) and add the water resources and agriculture I don't think $4+ in the future is reaching, barring a GCC currency of course. Besides Kuwait is currently at $3+ and they're going to be like a flea on an elephant compared to Iraq.

Originally Posted by Caviar Dreams

I'm pretty excited for this thing to blow out of the water also, but isn't $4+ reaching? Heck, I would be ecstatic with a .30-1 now, and 1-1 within the next couple of years. Everyone keeps quoting the 80's exchange rate of $3.00+, but that was not a recognized rate, it was a rate set by Sadaam.

The GCC will probably have a unified currency before the end of 2008 with full utilization by 2010. Odds are that Iraq will be a key partner in the GCC, and I don't think the GCC will have an average currency exchange over $2.00. I hope everyone that is expecting a high RV is right, but I guess I prefer to keep my feet on the ground so events that unfold aren't so disappointing as they have been for the last 2 1/2 years. Although, the last two months have been pretty exciting.

Good luck and Happy New Years to all!

Iraq is not a member of the GCC. I have a hard time with the thought that they will or are being looked at to even join. If you know of any document or article where this has been stated, please post the link.

Thanks...

The first page : On the occasion of Eid Al-Adha and Christmas 50 thousand dinars to employees of the National Olympic Committee

Baghdad / Imad Nasser

The Iraqi National Olympic Committee pay the amount of fifty thousand dinars to all members of the Iraqi National Olympic Committee and its protection force.
According to media source in the Olympic Committee told (long), and added : that the sum gift occasion of Eid Al-Adha holiday and the New Year and Christmas.

Translated version of http://www.uruklink.net/

Cheers!
DayDream

wow safed out of stock, i think that's a first

Originally Posted by Caviar Dreams

I'm pretty excited for this thing to blow out of the water also, but isn't $4+ reaching? Heck, I would be ecstatic with a .30-1 now, and 1-1 within the next couple of years. Everyone keeps quoting the 80's exchange rate of $3.00+, but that was not a recognized rate, it was a rate set by Sadaam.

The GCC will probably have a unified currency before the end of 2008 with full utilization by 2010. Odds are that Iraq will be a key partner in the GCC, and I don't think the GCC will have an average currency exchange over $2.00. I hope everyone that is expecting a high RV is right, but I guess I prefer to keep my feet on the ground so events that unfold aren't so disappointing as they have been for the last 2 1/2 years. Although, the last two months have been pretty exciting.

Good luck and Happy New Years to all!

CURRENCY HISTORY: in April 1932 at the end of the British mandate, the Iraqi currency board opened with the launch of the dinar which was then pegged at par with the British pound and backed by pound reserves. In year 1947, the currency board was then replaced by the central bank system with the dinar quoted at $4.86 USD to the dinar. By 1970, the official exchange rate had the dinar at $2.80 USD, year 1973 at $3.39 USD. By 1982 up until Gulf War II, the official rate devalued by 5 percent to $3.22 USD to the dinar or conversely the peg at at 0.3109 IQD to 1 USD.

Bankintroductions.com - IRAQ