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

Originally Posted by readytogo

Hey all you dinaraholics,

This may have been covered before, but I have a question.......when ever I count my new dinar some of the ink ends up on my hands. Should this be a concern? Sure hope not! Got it from safedinar. Thanks for any and all responses.

Monica

Hi Monica,

I got all my exchanges there and have never had that problem. Now they were all new currency and have been handled by several of my family and freinds.

I didn't mean to call it a problem, I should of just said never have had that accure. I dont believe anyone has posted this and alot of this members have used safedinar. Anymore comments gang.

Can someone please explain to me what will happen to the prices of goods in Iraq when a reval takes place? I am trying to understand why we don't have to worry about the negative arguments, and why Mike and Adam seem so sure that things are going to work out for us (specifically, in terms of no zero lopping etc...). This makes me nervous because the potential for such a large return is there that it seems almost too good to be true. Believe me, I hope it is because I have plans...

BAGHDAD, 29 June 2006 (Associated Press)

Eleven Sunni insurgent groups have offered an immediate halt to all attacks — including those on American troops — if the United States agrees to withdraw foreign forces from Iraq in two years, insurgent and government officials told The Associated Press on Wednesday.

Withdrawal is the centerpiece of a set of demands from the groups, which operate north of Baghdad in the heavily Sunni Arab provinces of Salahuddin and Diyala. Although much of the fighting has been to the west, those provinces are increasingly violent and attacks there have crippled oil and commerce routes.

The groups who've made contact have largely shunned attacks on Iraqi civilians, focusing instead on the U.S.-led coalition forces. Their offer coincides with Prime Minister Nouri al-Maliki's decision to reach out to the Sunni insurgency with a reconciliation plan that includes an amnesty for fighters.

The Islamic Army in Iraq, Muhammad Army and the Mujahedeen Shura Council — the umbrella group that covers eight militant groups including al-Qaida in Iraq — were not party to any offers to the government.

Naseer al-Ani, a Sunni Arab politician and official with the largest Sunni political group, the Iraqi Islamic Party, said that al-Maliki should encourage the process by guaranteeing security for those making the offer and not immediately reject their demands.

"The government should prove its goodwill and not establish red lines," al-Ani said. "If the initiative is implemented in a good way, 70 percent of the insurgent groups will respond positively."

Al-Maliki, in televised remarks Wednesday, did not issue an outright rejection of the timetable demand. But he said it was unrealistic, because he could not be certain when the Iraqi army and police would be strong enough to make a foreign presence unnecessary for Iraq's security.

In Washington, Defense Secretary Donald Rumsfeld said that President Bush's "view has been and remains that a timetable is not something that is useful. It is a signal to the enemies that all you have to do is just wait and it's yours.

"The goal is not to trade something off for something else to make somebody happy, the goal is to succeed," he said.

Bush has said U.S. troops will remain in Iraq for years to guarantee the success of the new Iraqi government. However, American military officials have said substantial reductions of the current force of 127,000 U.S. troops could be made before the end of 2007.

Eight of the 11 insurgent groups banded together to approach al-Maliki's government under The 1920 Revolution Brigade, which has claimed credit for killing U.S. troops in the past. All 11, working through intermediaries, have issued identical demands, according to insurgent spokesmen and government officials.

The officials spoke on condition of anomymity because of the sensitivity of the information and for fear of retribution.

The total number of insurgents is not known, nor how many men belong to each group. But there are believed to be about two dozen insurgent organizations in Iraq, so the 11 contacting the government could represent a substantial part of the Sunni-led insurgency.

Al-Maliki's offer of amnesty for insurgents would not absolve those who have killed Iraqis or American coalition troops. But proving which individuals have carried out fatal attacks would, in many — if not most — cases, be a difficult task.

The issue is extremely sensitive in the United States, which has lost more than 2,500 uniformed men and women in Iraq, many to the insurgents' bombs and ambushes.

Coinciding with al-Maliki's attempts to bring Sunni Arabs to the bargaining table, U.S. Ambassador Zalmay Khalilzad held talks Tuesday in Saudi Arabia with King Abdullah. The Saudis have influence with many Sunni insurgents in Iraq.

Al-Maliki also set up an e-mail account to communicate with insurgents, flashing the address on the screen during a broadcast Sunday night.

For al-Maliki, reaching out to the Sunnis risks heightening tensions in his ruling coalition of mostly Shiite Muslim political groups. Al-Maliki is said to be increasingly disenchanted with the close ties between the country's most powerful Shiite organization and Iran, which is ruled by a Shiite theocracy.

Abdul Aziz al-Hakim, leader of the Supreme Council for the Islamic Revolution in Iraq, a Shiite group with historic ties to the Iranians, favors close relations with Iran. Many of Iraq's most powerful Shiite politicians and religious figures spent years in Iranian exile during Saddam Hussein's regime.

In addition to the withdrawal timetable, the Iraqi insurgents have demanded:

• An end to U.S. and Iraqi military operations against insurgent forces.

• Compensation for Iraqis killed by U.S. and government forces and reimbursement for property damage.

• An end to the ban on army officers from Saddam's regime in the Iraqi military.

• An end to the government ban on former members of the Baath Party — which ruled the country under Saddam.

• The release of insurgent detainees.

The 1920 Revolution Brigades, the umbrella for seven other groups, was established in the so-called Sunni Triangle north and west of Baghdad shortly after the 2003 U.S.-led invasion. Its name refers to Iraq's historical fight against British colonialism.

The group has claimed responsibility for attacking American troops, including the downing of two helicopters in 2004.

"If they set a two-year timetable for the withdrawal we will stop all our operations immediately," said the leader in a telephone interview with the AP. The man, who refused to give his name for security reasons, spoke from the telephone of one of the mediators. Others present made similar remarks.

Besides the 1920 Revolution Brigades, the eight include Abtal al-Iraq (Heroes of Iraq), the 9th of April Group, al-Fateh Brigades, al-Mukhtar Brigades, Salahuddin Brigades, Mujahedeen Army and the Brigades of the General Command of the Armed Forces. The three other groups are small organizations that also mainly operate in areas north of Baghdad.

In other developments Wednesday:

• Russian President Vladimir Putin ordered his special services to hunt down and "destroy" the killers of four Russian Embassy workers in Iraq.

• National Security Adviser Mouwafak al-Rubaie said a key al-Qaida suspect wanted in the bombing of a Shiite shrine — a Tunisian identified as Yousri Fakher Mohammed Ali — was captured. However, he said the Iraqi mastermind of the attack that pushed the country to the brink of civil war, Haitham Sabah Shaker Mohammed al-Badri, was at large. There never was a claim of responsibility for the bombing.

Originally Posted by free2b

Can someone please explain to me what will happen to the prices of goods in Iraq when a reval takes place? I am trying to understand why we don't have to worry about the negative arguments, and why Mike and Adam seem so sure that things are going to work out for us (specifically, in terms of no zero lopping etc...). This makes me nervous because the potential for such a large return is there that it seems almost too good to be true. Believe me, I hope it is because I have plans...

the price of any goods imported into Iraq will get a whole lot cheaper to bring in.

i am not saying it won't happen, but if they did as loops and others have suggested, taking off zeroes from the bills and doing a reprint is that the net effect would be zero, so there would be no real benefit outside of getting larger denoms out of circulation.

if i have a 25000 dinar note that has a current value of $.00068, and i trade in that note for a 25 dinar note/coin worth $.68, then i have in effect not increased the value at all because the value of what i held "pre-lop" would be the exact same as what i had "post-lop". the message sent by that would be that the currency now in circulation has never had any real value. Iraqi citizen bank accounts would be pretty much wiped out and in exchange they wouldn't have any added ability to purchase goods and services. all opinion of course. sorry for posting another "op-ed" ourhouse

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29 June 2006 (Baghdad: Al Sabah newspaper)

The Ministry of Finance together with the Central Bank are studying a proposal to raise the value of the Iraqi dinar in order to return it to previous levels where one Iraqi dinar was valued at 3.33 US dollars. This was pre 1980 before Iraq became involved in three destructive wars that at one time led to the currency's value dropping to a level of 3,000 Iraqi dinars to one US dollar. The proposal has the support and approval of the World Bank.

A statement was made to AL Sabah by B.J. AL Zubaidi, the Minister of Finance, in which he said that he had suggested to the Chairman of the Central Bank, Dr. Sinan AL Shibibi, that three zeros be taken from the Iraqi Dinar in order to raise its value so that one Dinar be equal to a Dollar. He explained that the financial authorities were set on holding a meeting next month to discuss the matter. The meeting is to be attended by experts and specialists from the Ministry of Finance, the Iraqi Central Bank and the Commercial Bank .

The new Minister confirmed that 2007 would see the preparation of a qualitative budget, the first of its kind in Iraq history, and that the new program would pinpoint economic indicators.

France To Open Trade Gateway with Iraq

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29 June 2006 (Baghdad: Al Sabah newspaper)

Dr. Abdul Falah AL Soudani, the Minister of Trade, has expressed his department's intention to deal with issues affecting French companies that were inherited from the previous regime and are to be overcome via just and legal solutions in order that France might once again be involved in the Iraqi economy, reinstating normal trade and economic relations between the two countries.

The remarks were made in a meeting between the Minister and the French Ambassador to Baghdad, Bernard Bajoleah, who confirmed his country's strong desire to develop trade relations with Iraq, and its readiness to participate in Iraqi reconstruction and the training of Iraqi teams in France in order to bring them up to date with the latest scientific and technological achievements.

Dr. AL Soudani said that Iraq is determined to begin a new phase in trade relations, which will give France a larger part in the reconstruction of the Iraqi economic infrastructure. He said that the Ministry is heading towards a future of increased invetment from French companies, with Iraq benefiting from France's advanced expertise.

The French Ambassador, on his part confirmed his government's willingness to increase the cooperation framework and to put French expertise at the disposal of Iraq by allocating university scholarships and by receiving 50 Ministry of Trade staff in France to develop their basic skills in data management.

In the end he extended on official invitation to the Minister to visit France, and at the same time expressed his government desires that French Trade Minister is ready to visit Baghdad.

Hi,

Thanks for that one Raditz. Does this mean that we will have to wait until after this meeting for the peg, and is this meeting the final stage before the peg. Are they really seriously aiming to peg at the rate prior to the Saddam regime?.

Well, i am no expert but yes.
This is a hugh decision for Iraq and its goverment to take, and they dont want to do any misstakes. So i dont see a reval before the meeting. But they say that the meeting will be next month meaning July, it could be in the beginning of july. So it could mean that the meating is in 1 week. Im just waiting for a date on this meeting!!

Originally Posted by Raditz

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29 June 2006 (Baghdad: Al Sabah newspaper)

The Ministry of Finance together with the Central Bank are studying a proposal to raise the value of the Iraqi dinar in order to return it to previous levels where one Iraqi dinar was valued at 3.33 US dollars. This was pre 1980 before Iraq became involved in three destructive wars that at one time led to the currency's value dropping to a level of 3,000 Iraqi dinars to one US dollar. The proposal has the support and approval of the World Bank.

A statement was made to AL Sabah by B.J. AL Zubaidi, the Minister of Finance, in which he said that he had suggested to the Chairman of the Central Bank, Dr. Sinan AL Shibibi, that three zeros be taken from the Iraqi Dinar in order to raise its value so that one Dinar be equal to a Dollar. He explained that the financial authorities were set on holding a meeting next month to discuss the matter. The meeting is to be attended by experts and specialists from the Ministry of Finance, the Iraqi Central Bank and the Commercial Bank .

The new Minister confirmed that 2007 would see the preparation of a qualitative budget, the first of its kind in Iraq history, and that the new program would pinpoint economic indicators.

Well, if they are not considering a lop (as we don't think/ want), then they sure have an ambiguous way of expressing themselves! Why don't they SAY that "three zeroes be taken from the exchange rate"?!?
After this I think I need more affirmation from Adam and Mike...
On the other hand they DO say "raise its value so that one Dinar be equal to a Dollar"...
K

Well, remember karin that they are talking about there own value here, and for the iraqi people. We the foreign traders want to hear exchange rate, but in Iraq they dont. Beause they dont need to exchange the dinars they have.
So they just say that three zeros will be taken from our iraqi dinar in order to raise its value equal to the dollar. I hope