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

Originally Posted by Offshore-Wealth.com

Central Bank says dinar stable

Central Bank says Iraqi dinar stable06/07/2006 Source: Al-Sharq Al-Awsat

Mudhir Salih, an expert with the Central Bank of Iraq, said that the Iraqi dinar is stable and there is no need at this point to print more money.

Salih added that the Bank departments are assessing the monetary stability and have not noticed any problems so far.

Salih said that any future demand for additional money printing has to be preceded by an increase in investment projects.

Interesting,

The above highlighted statement is exactly what we wanted to hear after the release of news of wanting to return to $3.22 to the dollar. This was testing world market response and further demonstrating the stability of dinar to support this value, so we are in good shape for at least a .67 to 1.00 revalue.


Good luck to all, Mike

Thanks Mike. I just hit another all time HIGH! Three bananas, I mean cheers for Mike!

Hope you know that you are very much appreciated. Cause you are!

Monica

Originally Posted by Offshore-Wealth.com

Central Bank says dinar stable

Central Bank says Iraqi dinar stable06/07/2006 Source: Al-Sharq Al-Awsat

Mudhir Salih, an expert with the Central Bank of Iraq, said that the Iraqi dinar is stable and there is no need at this point to print more money.

Salih added that the Bank departments are assessing the monetary stability and have not noticed any problems so far.

Salih said that any future demand for additional money printing has to be preceded by an increase in investment projects.

Interesting,

The above highlighted statement is exactly what we wanted to hear after the release of news of wanting to return to $3.22 to the dollar. This was testing world market response and further demonstrating the stability of dinar to support this value, so we are in good shape for at least a .67 to 1.00 revalue.
Good luck to all, Mike

Well it's about time you see things the way I WANT YOU TO! LOL!!!
WOOooOOOooHOOOoOOOO!

Hey Choochie! The Defib machine needs someone to operate it on you! lol! You'll be laying on the floor unconscious and your little machine will be over on the table.... (I must admit...I think my heart stopped while reading Mike's post too! )

Why isn't my banana dancing??? He better get in line with the others or I'm gonna delete him!

Debt Free!!!

--------------------------------------------------------------------------------

Iraq : Finance announced the cancellation of their commercial debt, financial planning State Source : Euphrates The Ministry of Finance announced that it had written off the debts of Iraq arising from payments by trade creditors. The statement added the ministry that the Iraqi delegation participating in the meetings of the General Navigation Company Arabia, which was held in Dubai recently managed to capturing a unanimous decision to write off all debts owed by Iraq by members of the shareholders of the company and representatives of both (Kuwait, Saudi Arabia and the United Arab Emirates, the united, Qatar and Bahrain).

Tha same news has yesterday just right here:

Iraq plans to revalue currency
07/07/2006
Source: Gulf Daily News

Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency, the finance minister said yesterday.

Senior government and central bank officials have said the proposal has been under consideration for some time to make one new dinar equal to 1,000 current dinars, a move that would bring the currency closer to parity with the US dollar.

Asked about such a suggestion in an interview on Arabiya television, Finance Minister Bayan Jabor said: "This is the ministry's suggestion to the central bank. We think in the long term it will be for the benefit of Iraq."

Jabor said surveys indicated popular support for the move.

The oil-rich nation's currency was once worth more than $3, he recalled, before the ruinous wars and international sanctions during the rule of Saddam Hussein.

There are currently about 1,450 dinars to the dollar, a rate that has been relatively stable since shortly after the US invasion in 2003. At that time new banknotes were issued by the US occupiers to remove Saddam's image.

Other nations that have been through rampant inflation have followed a similar course, notably Russia in the 1990s.

Until the 1980s, many prices in Iraq commonly also used the fils. One dinar equals 1,000 fils. The smallest denomination note today is 250 dinars.

http://www.iraqdirectory.com/DisplayNews.aspx?id=1636

http://www.msnbc.msn.com/id/13738902/

OK, I believe this to be the meaning of that article...

"Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency", the finance minister said on Thursday.
Meaning:
Iraq is poised to release the lower denominations that have already been printed so that they could be used in normal every day commerce once the value of the dinar has been raised to near parity to the dollar.

Senior government and central bank officials have told Reuters the proposal has been under consideration for some time to "make one new dinar equal to 1,000 current dinars, a move that would bring the currency closer to parity with the U.S. dollar".
Meaning:
Simultaneously along with the release of the smaller denominations, the value of the 1,000 dinar (which is now worth .68 dollars) will become the value of the newly released 1 dinar. By doing this, it would bring the currency closer to the same value of the USD.

Make sense to me! 1 dinar = .68 USD or 1,000 dinar = $680 USD This would equate to the 25,000 dinar = $17,000 USD

Were the new banknotes issued by the occupiers as stated?

Originally Posted by stratco

Were the new banknotes issued by the occupiers as stated?

http://www.cbiraq.org/cbs5_a.htm

Iraqi Currency - Bank Notes

Understood SoFla - my question is were they issued by the occupiers, that is, the US.

By SAMEER N. YACOUB


BAGHDAD, Iraq Jul 7, 2006 (AP)— Iraqi forces backed by U.S. aircraft battled militants in a Shiite stronghold of eastern Baghdad early Friday, killing or wounding more than 30 fighters and capturing an extremist leader who was the target of the raid, Iraqi and U.S. officials said.
In another operation, Iraqi troops backed by U.S. soldiers arrested a top regional commander of a Shiite militia near Hillah, a U.S. statement said. The moves appeared part of a crackdown on sectarian militias blamed for the escalation in Shiite-Sunni violence that has led to fears of civil war in recent months.
Bombs and a mortar round struck three Sunni mosques in Baghdad and northeast of the capital, killing at least nine people and wounding seven, authorities said. The explosions hit the mosques despite a four-hour driving ban in the capital aimed at preventing such attacks that often target the main weekly Islamic religious service.
Meanwhile a Sunni cleric was abducted in Baghdad, a powerful religious leader said in his sermon, denouncing the attack. Ahmed Abdul Ghafour al-Samaraie, the head of the Sunni Endowment, the state agency responsible for Sunni mosques and shrines, said he had been informed that Sheik Alaa of the Ibn Taimya mosque had been kidnapped at a checkpoint.
The U.S. military said the raid in Baghdad's Sadr City slum was launched to apprehend "an insurgent leader responsible for numerous deaths of Iraqi citizens." He was arrested after a gunbattle between Iraqi forces and insurgents, the U.S. said.
There were no casualties among U.S. or Iraqi soldiers, the Americans said.
U.S. officials did not identify the insurgent leader but residents of the Shiite neighborhood said he was Abu Diraa, a commander in the Mahdi militia of radical cleric Muqtada al-Sadr.
The U.S. statement said the militant leader was involved "in the transfer of weapons from Syria into Iraq" in an effort to break away "from his current insurgent organization." The statement did not mention any U.S. role in the raid, but residents said they could hear American aircraft providing cover.

In a statement Thursday, the U.S. said Iraqi and U.S. forces also arrested Adnan al-Unaybi, commander of a Mahdi militia force south of Baghdad. The statement said he was arrested north of Hillah, about 60 miles south of Baghdad.
An al-Sadr aide, Sheik Abdul-Hadi al-Darraji, denounced the Baghdad raid, saying 11 civilians were killed and dozens wounded as U.S. jets fired on the area as people were sleeping on their roofs because of the searing summer temperatures and electricity shortages.
"This is a big escalation from the American side," he said. "I condemn all the silence toward such violations and I call for the withdrawal of the American forces."
There were conflicting casualty figures. Lt. Kadim Abbas Hamza of the Sadr City police said fighter planes also fired from the air and nine people, including a woman, were killed and 14 were wounded. He also said eight people were arrested.
A hospital official said seven people were killed and 34 wounded.
An Iraqi army officer said the Americans had provided them with a list of names of people to be arrested in Sadr City. Iraqi soldiers led the raid while the Americans played a support role, but nobody was arrested because of the clashes, the officer said, speaking on condition of anonymity for security reasons.
The early morning raid also came as security forces were searching for a female Sunni legislator, who was abducted by gunmen in a nearby Shiite area nearly a week ago. Al-Sadr's aide said his group had condemned the kidnapping and denied that the cleric's followers or members of the Mahdi army were linked to it.
U.S. and Iraqi forces also staged a raid in Sadr City in late March, with the Americans saying 16 suspected insurgents were killed. Police put the number at 22.

Associated Press writer Qais al-Bashir contributed to this report in Baghdad.

Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.