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

Originally Posted by cigarman

I'm confused, I know it's easy, what day and time are we looking for now? Saturday, Sunday, Monday?

cbi post at 5am EST

you can sleep between 5am est and 9am est as the bank wont open till 9am

figure about 20 mins in line. and 30 mins driving time so by 11am EST we can all compare notes for rates and banks

This whole weekend has a crazy sort of twilight zone feel to it, Late night meetings marked urgent for all the press yet no press coverage, Telephone calls that instigate a city wide curfew of Baghdad its all crazy man feels like my brain has spent the last 48hrs in some sort of purple haze im getting some sleep I have a 16hr shift tomorrow so wont be able to read any news till late sunday afternoon lets hope its good. Best of luck to all

Originally Posted by Onenomad

This whole weekend has a crazy sort of twilight zone feel to it, Late night meetings marked urgent for all the press yet no press coverage, Telephone calls that instigate a city wide curfew of Baghdad its all crazy man feels like my brain has spent the last 48hrs in some sort of purple haze im getting some sleep I have a 16hr shift tomorrow so wont be able to read any news till late sunday afternoon lets hope its good. Best of luck to all

I hope the laws are enacted soon.I hope Parliament gets around to actually voting and finally passing this FIL if it's what's holding up the reval.For all we know it has already been done.I remember last year whatching Bloomberg late on a Sunday and suddenly the breaking news of the show was: "China has revalued their currency". Out of the blue, without previous notice (there was by the way:an article that surfaced a couple of days after which stated that reporters were told to come to the Central Bank of China Headquarters, give up their cell phones at the door, listen to what was going to be said, ask no questions and not to report on it until after the Central Bank had made the announcement. This I believe was a day before the announcement) except for the previous three month speculation (I believe, could have been longer) and articles about the imbalance in trade between the US and China and the need for the currency to be revalued to an exchange closer to the dollar.I could be wrong, but when (optimistic) this happens it could very well happen on a Sunday, late (maybe around 2 in the morning) when nobody's watching.I would Love for it to be that way...
Good day to all.
DinarDreams.

Originally Posted by SoulSurfer

Dozens of websites abound with information on the supposed previous value of the dinar, at or above $3.00 USD per dinar. On the surface, these claims are true, if one happily ignores the fact that this arbitrary level was picked by Saddam and his cronies and had absolutely no basing in economic fundamentals. Beware any source claiming these numbers as some kind of indicator of future value.

**END ARTICLE**

Out of curiousity does anyone know what the dinar was trading at prior to Saddam assuming power?

Yea, the rate before Saddam was $3.00 to $4.00 range. It was only Saddam took over that it started to tank.

Originally Posted by Cdn Scrooge

Out of curiousity does anyone know what the dinar was trading at prior to Saddam assuming power?

Here is a link to the IMF site that has historical data for the Dinar. Iraq: Exchange Rate as of August 31, 2006

Originally Posted by cigarman

Yea, the rate before Saddam was $3.00 to $4.00 range. It was only Saddam took over that it started to tank.

Then that kind of blows that author's theory out the window that the 3.00 was an "artificial amount set by Saddam" doesn't it? So how come he didn't know that? Maybe he didn't do enough research before he put pen to paper. Also, makes me a little dubious about his expertise on this subject in general. In other words, his whole article and the statements therein are now rather worthless.

Originally Posted by Cdn Scrooge

Out of curiousity does anyone know what the dinar was trading at prior to Saddam assuming power?

from another thread in a different place and time

That may be true HOWEVER When the dinar was first introduced in 1932 at the end of the British mandate the oil industry was just begining to take off, as oil exploration became commercialized to meet world demands (Growing automotive industry) At the time the dinar was linked to the British Pound which was valued at $4.86 USD and held the value for nearly 2 decades before being devalued twice over the next two decades as a gesture of their complete independence from the British Iraq decoupled the dinar from the pound in 1959 but still remained at parity with the pound until further devaluationin 1967. In 1971 it reached a historic low of $2.80 USD per dinar withen two years the dinar rose over 21% to $3.39 shortly after the USD was devalued and it remained at this level for the next 9 years. (Information from The New Iraqi Dinar Investment Guide publication from the Trading Equities Investment Research Group) IMO there was a time Iraq had a strong dinar and can have one again providing they get security under control.
__________________

Originally Posted by Cdn Scrooge

Then that kind of blows that author's theory out the window that the 3.00 was an "artificial amount set by Saddam" doesn't it? So how come he didn't know that? Maybe he didn't do enough research before he put pen to paper. Also, makes me a little dubious about his expertise on this subject in general. In other words, his whole article and the statements therein are now rather worthless.

There is more in that article to indicate this guy does not really know what he is talking about

Originally Posted by Cdn Scrooge

Then that kind of blows that author's theory out the window that the 3.00 was an "artificial amount set by Saddam" doesn't it? So how come he didn't know that? Maybe he didn't do enough research before he put pen to paper. Also, makes me a little dubious about his expertise on this subject in general. In other words, his whole article and the statements therein are now rather worthless.

It was a biased article without much research and with a slant.Like many newspaper and television broadcasts that are out to smear and make the Bush administration look bad.It's ok to give bad news, just as long as you also give the good news.I haven't personally seen one good news article comming out of Iraq and I know there are many good things happening there.
Good day to you.
DD.