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Warka accounts have their own risk;
Uninsured....no FDIC insurance or anything comparable.
Limited withdrawals....several have stated they can withdraw a maximum of 10k per day (unless previously authorized)ie; a letter
from you requesting a large withdrawal for instance purchase of a home.
Service....several have had problems getting questions answered or long delays getting answers.
I can understand the appeal of doing this....but feel safer with cash in hand.
Warka accounts will lop also.
All Iraq dinar denominated accounts will lop 3 zeros when this is implemented.
Bonus of having a Warka, or any other Iraqi bank account.
You don't have to worry about the physical exchange of currency.
It will be done for free.
Cash holders will have to deal with selling on e-bay, or selling back to a dealer. They will have to PAY for an exchange... and if the exchange period is short, they might get stuck with worthless paper.
Warka downside... like others have pointed out. You're trusting your money to an Iraqi bank. Who knows if they can be trusted.
My guess... a lot of people have sent money over there. When the lop is announced, a large percentage of those people will probably want their money back. Warka might/probably will have some type of policy to ease the pain of that for them. They probably aren't going to just send everyones entire account back to them all at the same time.
Iraq
Table C. Data Integrity and Access by the Public
http://dsbb.imf.org/Applications/web/gdds/gddscountrycategorydiapreport/?strcode=IRQ&strcat=454
Ok....it's cool. Yeah I agree with you it's risky, don't ya think it's also risky to have all your IQD investment in one basket as in hard currency? Sure Warka is a risk, but having my 15 million Iraqi dinars all in large bills is maybe a risk too?...That I am trying to minimize by opening a WARKA account and maybe having 2 million dinar there as well. Also yeah we can "chase" after them better here...I guess....not sure Madoff victims would agree. But anyway...I'm a rookie and I guess this is my 3rd post of the day so I am at my limit for the day. Cya 2Morrow! :)
The CBI will probably not put out an official statement until they actually implement the plan. They are trickeling the news out there so no one can say they weren't warned. If you wait for the actual announcement you will likely get trampled in a stamped of investors trying to get rid of their dinar.
the spokesman even stated in the article last week that they were going to go about this quitely....
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46006844
Saleh pointed out that "past wars fought by Iraq, has caused the rise and inflation in the money supply of 25 billion dinars in 1980 to 23 trillion dinars now," asserting that "the Central Bank of Iraq moving in the direction of literacy zeros currency quietly, to avoid problems for the future" .
Warka accounts.
I do not have one myself and did just enough DD on the Iraqi Bank
question to decide it was a risk I did not want to take.
I am not in the ISX or in any Iraqi bank.
I only support and recommend American banks.
I only hold physical dinar and it is just 5% of my investment portfolio.
5% seemed a balanced risk on such a speculative play.
So sorry I cannot help with any Warka questions.
IQD in @ .0009 HOLD!~
WOW....my point was basically, assuming you were to be an alien non-resident account holder, it would seem a little risky with accountability. If my assumption was incorrect I apoligize. At least here we can chase after them. The only thing you might benefit from is the physical exchange that would take place if there was a LOP, that is assuming you would be able to maintain control and access to your accounts.
Yeah but how much money did American bankers steal?
Anybody know a real answer to my question instead of a diversion?
Didn't they just bust a Warka bank mananger for running off with 900 billion dinar?
Rookie here, apologize if this has been previously discussed.
Would a WARKA account protect an IQD investor from most downsides of a LOP?
Lets say today I wire $5000 US Dollars to my Warka account, then authorize them to convert the dollars I wired to IQD.
So my account would show a "balance".
Isn't a balance in an account somewhat immune to a currency LOP, where-as if you hold real currency you could be effected more?
This is exactly what I am waiting for, an official statement from the Central Bank of Iraq. The removing 3 zeros redenomination article was broadcast on Radio Free Iraq website, and then the same exact article repeated on a couple of other sources. I want to see what the CBI has to say. Has anyone noticed that the exchange rate details for 5 foreign currencies disappeared yesterday from the CBI homepage?
No YOU missed a very important FACT.
And that fact is that the CBI puts out all OFFICIAL press
releases and all OFFICIAL announcements and all OFFICIAL news
on their web site under announcements and news section.
So if it has NOT been posted on the OFFICIAL web site of the C.B.I.
then it cannot be accepted as true and factual information.
Fact: All official policy changes of the Iraqi Dinar are posted on the the official CBI web site.
Fact: There are no posted changes or announcements posted on the official CBI web site.
Fact: Seeing that there have been no official statements released by the CBI in its news and announcements section then all of the postings about a LOP are to be seen as intentional disinformation being spread to confuse the ignorant.
Thank you for pointing out that I had indeed omitted important facts Areospace!~
Link to the CBI:
http://www.cbi.iq/index.html
You missed the most important fact.
The CBI has stated they will redenominate the Iraqi Dinar... lopping 3 zeros off the currency in the process.
That TRUMPS your opinion that it is poised for a huge RV.
The big RV pump was exposed as a lie the moment it bacame aware that Iraq had a money supply in the TRILLIONS.
Iraq to join GCC trade group
Jaafar al-Hamadani, Chief of Iraq's Chambers of Commerce Union, has said Iraq will soon join the Federation of the Gulf Cooperation Council Chambers of Commerce, Aswat al-Iraq news agency has reported. Iraq's return to the group should encourage investment into the country, he said.
www.ameinfo.com/207296.html
And......
Iraq seen as key area for GCC investment in 2010
Iraq seen as key area for GCC investment in 2010
Thursday, 21 January 2010
2010 represents a strong opportunity for GCC companies to export their knowledge and experience to Iraq, according to a global business consultancy.
Control Risks believes that improvements in the security environment and the political situation in Baghdad mean that a number of industries – not just the energy sector – are being welcomed into the northern Gulf country.
“The second oilfield bidding round showed that both the Iraqi government and foreign companies had undergone the learning process,” said Jonathan Wood, global issues analyst at Control Risks.
“The Iraqi government has learnt how to attract foreign direct investment [FDI] in a more efficient way, and the overseas firms have learnt to broker more realistic deals and profit margins.”
Wood said that oil wasn’t the only area of interest, with companies winning contracts in the power generation, telecoms, financial services, logistics, cement and construction fields.
In the first nine months of 2009, one report claimed that the UAE was the highest foreign investor in Iraq, at $37 billion, representing around a quarter of all global investments during that period.
The study, by Dunia Frontier Consultants, said that the only other Gulf country to make a significant investment in Iraq was Kuwait, with $6.8 billion during that period.
http://www.arabianbusiness.com/579459-iraq-seen-as-key-area-for-gcc-investment-in-2010-
Ema, Nice post but even though I'm positive on the dinar I think it still needs to be kept real.
Iraq isn't even in the GCC are they? Ref: Fact: The central location of Iraq as per the GCC has Iraq to be the pivotal economic force in the region.
2nd to last and third too last facts are pure opinion although I do hope you are correct.
It is entertaining to stop thru everyday and see you and Aero going back and forth. All old arguments but none the less.
I do appreciate the new articles you dig up and post regularly.
Tim
What else would you expect?
Dr Frankel was tasked by the IMF and world bank along with other economic experts to come up with a plan for the new Iraqi Dinar and they did so.
The PEP Peg put forward by Dr Frankel was not just done so on a whim and being contacted out of the blue by people like yourself would prompt such a disclaimer.
Do you not see that you and your unsolicited contact with him is what prompted such a public disclaimer?
All effort has been made to discourage the future speculation in the Iraqi Dinar and as we can all see this effort has had great success on some who are easily swayed and controlled.
Try as you may Areospace...no matter what you say will change the facts.
And those facts are evident by all who look with an open and objective mind.
Fact: Iraq is posed to be the largest oil producer in the world in the near future.
Fact: Iraq is soon to be the one nation in the world that is 100% debt free.
Fact: The central location of Iraq as per the GCC has Iraq to be the pivotal economic force in the region.
Fact: Security is improving and the free democratic elections are moving forward.
Fact: Iraq is poised to see the total removal of chapter 7 sanctions possibly as soon as this weekend.
Fact: Iraq has a massive amount of gold and foreign currency reserves.
Fact: Iraq has displayed fantastic economic policy and control over the last 4 years.
Fact: Iraq has met and or exceeded all IMF and world bank economic standards and guide lines.
Fact: Even CNBC greatly recognizes the vast economic potential of Iraq and the Iraqi Dinar.
Fact: The Iraqi dinar is posed for a major revaluation at any time now to adjust and return it to a regional par value.
Fact: The only ones who fail to see all of the above are either delusional, obsessed, crazy or just plain ignorant.
IQD in @ .0009 HOLD!~
Same guy who wrote that plan. Later said this.
Jeffrey Frankel, a Harvard economics professor
To critics, the fact that the dinar’s resale value relies on the enthusiasm of other speculators makes it little more than a collectible—or worse, the central element in an elaborate pyramid scheme. Jeffrey Frankel, a Harvard economics professor, calls the activity “pretend currency trading.” “I’ve received a large number of e-mails from people saying, ‘I understand you’re an expert on Iraq. Do you have any views? Can you advise me?’” he says. “I get the feeling that all these people doing this shouldn’t be. They’re little people, they don’t know what they’re doing, and they’re going to lose a lot of money.”
http://www.bostonmagazine.com/articles/a_fistful_of_dinars/
Also... I personally corresponded with Jeffrey Frankel after the story posted was plastered on dinar sites years ago. He told me at that time that his article was widly missinterpreted. He in no way was trying to prescribe an actual value for the dinar. He was only talking in generalities about how to support the dinar.
Redenomination study conclusions.
These are the conclusions of a study of lops. It's done by a educated economist... not a crazed dinar pumper.
These are the hypotheses of the UNC study.
http://www.unc.edu/~lmosley/APSA%202005.pdf
Hypothesis 1: Both authoritarian and democratic governments may have political reasons for redenomination. Democratic governments are likely to redenominate in response to high inflation. Authoritarian governments may redenominate even without high inflation, particularly in the presence of civil conflict.
Indeed, Mas (1995) suggests that authoritarian governments will choose confiscatory currency reform rather than direct inflation as a strategy of financing.
Iraq is trying to be a democracy and they are redenominating in a response to the high inflation, even hyperinflation, of the 80's and 90's.
Hypothesis 2: Redenomination is more likely following a period of high inflation and a subsequent stabilization. A dramatic downward movement in inflation increases the probability of a redenomination. This is particularly likely in countries that are more open to international capital flows, that are under an IMF adjustment program, and that have politically independent central banks.
That one describes Iraq perfectly
Hypothesis 3: Redenomination is more likely immediately after an election (or with many years remaining until the next election), less likely immediately before an election, and more likely in more fractionalized political systems.
Iraq is about to conduct elections.
Hypothesis 4: Redenomination is less likely, all else equal, when left-leaning parties are in office, and more likely when right-leaning politicians hold office.
are they left or right, not sure... probably not a huge factor
Hypothesis 5: Redenomination is more likely in nations where it has been used in the past. The total past experience with redenomination increases the hazard of its use.
Don't think Iraq has done it in the past, but certainly dosn't mean they wont
Hypothesis 6: Redenomination is more likely, all else equal, where foreign currency substitution is more prevalent in the domestic economy. This is more likely in nations with high inflation, with high local currency/dollar ratios; and foreign currency substitution is more likely after 1989 (as financial globalization expands) than before.
That sounds like Iraq
Hypothesis 7: Redenomination is a more likely response to economic problems in more heterogeneous societies, and in younger nation-states.
Iraq certainly is a "younger nation-state"
So of the 7 conclusions of the lop study done by someone with REAL qualifications... Iraq fits perfectly in 5 of the 7 Hypothesis.
Thanks! Proof No LOP!
"It said that Iraq has the parameters to qualify as a strong and developed economy in the region."
Iraq meets the parameters to qualify.
To see a LOP you would see a weak and failing economy.
But Iraq as proven with many many links here on this board Iraq has the makings of the strongest economy on earth!
NO LOP!
IQD in @ .0009 HOLD!~
Iraq seeks strategic economic partnership with US
February 9, 2010 - 10:42:00
BAGHDAD / Aswat al-Iraq: Iraqi Trade Ministry said on Tuesday that Iraq needs the U.S. as an investor and strategic partner to form a developed economy.
“Iraq wants to expand its economic and trade relations with the U.S.,” the Ministry said in a release received by Aswat al-Iraq news agency.
It said that Iraq has the parameters to qualify as a strong and developed economy in the region.
MH (P) / SS
http://en.aswataliraq.info/?p=126700
One more time for those slow on the uptake.
The only OFFICIAL source of the true historical rates for the Iraqi Dinar is the IMF.
Stay away from the black market value stories and stick with the facts from the IMF site.
IMF historical rate for the Iraqi Dinar:
Link:
http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2008-08-31&category=EXCHRT
Old article from 08 and not even from the CBI.
Just quoting an unnamed source.
Old and not from the CBI and no named source = BS
Pre war dinar value... more.
(http://www.export.gov/iraq/pdf/crs_iraq_economy.pdf).
“This report was originally prepared at the request of the Senate Committee on Foreign Relations. With the Committee's permission, it is being made generally aailable for the use of Members.”
Currency and the Balance of Payments: The Iraqi dinar was long considered a strong currency aided by oil revenues and rising foreign exchange reserves. Some of this reputation may be attributable to the decision, by the National Bank of Iraq in the 1950’s, to maintain 100% reserves behind outstanding domestic currency.30 The official rate was variously set between $3 per dinar to $3.38 per dinar in the 1970s, the last official rate of $3.11 per dinar was set in 1982. During the 1970s, the official and markets rates generally corresponded and by 1980 the country had $35 billion in foreign exchange reserves. By 1987, that figure had fallen to $2 billion. The currency depreciated steadily during the Iran-Iraq war, and the pace of descent quickened after the first Gulf war. One estimate had the currency depreciate from 4 to 8 dinars per dollar in 1990-91. The advent of sanctions paradoxically stabilized the currency for a brief time as foreign exchange transactions virtually ceased. However, the onset of limited food and medicine trade under sanctions renewed the downward slide. The dinar reached an all-time low of 2,660 per dollar in December 1995. It has slowly appreciated from that low, yet has fluctuated widely from 1,000 to 2,300 dinars per dollar in the period 1997-2001 on the black market.
Inflation: As with other indicators, data on inflation are spotty and, during the 1990s, price data have a highly anecdotal quality. Before the oil boom, the Iraqi economy was characterized by price stability with an inflation rate at 5-6% during the period 1960-73.34 This source calculates inflation increasing from 18% to 68% between 1975-79 as a consequence of substantial currency inflows related to the oil boom.35 Prices continued to rise during the Iran-Iraq war as resources were diverted toward the military and government borrowing from the central bank expanded the monetary base. Inflation was recorded at 95% in 1980 and had increased to 400% by 1989. During the 1990s, a period of hyperinflation occurred. The government continued to print money to meet expenditures while economic sanctions shut off the supply of imported goods leading to a classical monetary overhang. A yearly inflation rate of upwards of 2,000% per cent was reported in open market food prices between 1990-1991.36 Another source estimated that inflation increased 5,000% between 1990and 1995.
CBI: removal of zeros is normal.
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://en.aswataliraq.info/%3Fp%3D101904
CBI described the removal of 3 inflation-generated 0's from Iraqi banknotes “a normal procedure by most central banks in countries that have gone through long periods of high inflation…
Who is right? Areospace or CNBC?
CNBC Invest in the Iraqi Dinar!
So who is right?
Areospace and the bashers who do not even own Iraqi Dinar?
Or all of these high level investment advisors on CNBC?
See what the team at CNBC has to say about the Iraqi Dinar and Iraq compared to what Areospace and the bashers have to say and then you decide!
CNBC Is now the Time to invest in Iraq?
HOT!~ CNBC Iraqi Dinar videos!~
***Is Now the Time to Invest? CNBC Videos - Updates
October 19, 2009
Is Now the Time to Invest? CNBC REPORTS ON IRAQ - VIDEO
www.cnbc.com/id/15840232?video=1300361285&play=1
http://www.cnbc.com/id/15840232?video=1300181675&play=1
Rebuilding Iraq Financially
Hussein Al-Uzri, president and chairman of the Trade Bank of Iraq, tells CNBC's Erin Burnett how Iraq will be rebuilt financially
http://www.cnbc.com/id/15840232?video=1300167523&play=1
Stop Trading, Listen to Cramer! Investing in Oil
http://www.cnbc.com/id/15840232?video=1300394511&play=1
Tuesday October 20, 2009 - Dinar ...
Stop Trading, Listen to Cramer!!!!!!!!!!!!!!!
http://www.cnbc.com/id/15840232?video=1301855841&play=1
Investing in Iraq
http://www.cnbc.com/id/15840232?video=1301513340&play=1
Patriots & Profits
http://www.cnbc.com/id/15840232?video=1303034063&play=1
Inside Iraq's Exchange
Airtime:
Wed. Oct. 28 2009 2:43 PM ET
How to capitalize on opportunities in Iraq, with Taha Abdul, Iraq Stock Exchange CEO and CNBC's Erin Burnett.
http://www.cnbc.com/id/15840232?video=1311362110&play=1
**Trade the Dinar - Airtime:
Wed. Oct. 28 2009 2:53 PM ET
How to trade Iraq, with Alli Ajha, Dinar Trade Inc. president
http://www.cnbc.com/id/15840232?video=1311362126&play=1
That is a working white paper and is not the official historical exchange rates for Iraq.
You cannot argue the facts and the fact of the official historical exchange rate is posted on the IMF site.
Those can be found here:
http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2008-08-31&category=EXCHRT
Some IMF info for you.
http://www.imf.org/external/pubs/ft/scr/2004/cr04325.pdf
During the previous regime, the (old) Iraqi dinar was the legal tender in the country and comprised two types of co-circulating banknotes: the “Swiss” dinar, issued between 1979 and 1989, and circulated only in the northern Kurdish provinces after 1989, and the “Saddam” dinar, issued by the Central bank of Iraq(CBI) from 1990 onwards (with effective available denominations in recent years of only ID 250 and ID 10,000 banknotes). The printing of the Saddam dinar was not fully controlled by the CBI, and the resultwas soaring inflation.
Or this IMF document.
http://www.imf.org/external/np/oth/102103.pdf
6. Two types of banknotes were in circulation—the Saddam dinar (issued by the CBI from 1990 onwards and whose only effectively available denominations were ID 250 and ID 10,000 in recent years) and the Swiss dinar issued between 1979 and 1989, which circulated only in the northern Kurdish provinces.
17. With the CBI yet to become fully operational, monetary policy has been passivesince the start of hostilities. However, the lack of banknotes has led to tight monetary conditions. This is reflected in the aforementioned stability of the price level since
February, as well as the broad stability of the exchange rate through August, notwithstanding the prevailing economic and political uncertainties. From July through end-August 2003, the value of ID 250 note fluctuated around an exchange rate of ID 1,500/US$, while in the case of the ID 10,000 note, the exchange rate was about ID 2,000/US$ (Figure 2). These rates implied some nominal appreciation relative to the average exchange rate of ID 2,000/US$ that prevailed in 2002. However, during September and in the first two weeks of October, the exchange rate for both types of notes fluctuated about ID 2,100/US$ on average.
See that... the rate appreciated in 2003... and as stated, the rate was 2000:1 for year 2002, which was before the war.
This is documemted in hundreds of places... yet you are the only person I know on any dinar board that still doesn't except it.
That article is about 2 years old. That's a site that todays date is always displayed. Yesterday when posted on another board, the link showed Feb 8 as the date, Today it shows Feb 9... and tomorrow it will show Feb 10.
Plus... how could you read this...."noting that the dollar exchange rate dropped significantly during the current year"
and think it's current. The hasn't changed one pip in the last year.
Plan to increase the value of the dinar against the dollar and the deletion of three zeroes
Finance Ministry has prepared a plan to increase the value of the dinar against the dollar and then delete the three zeroes from the dinar's value to contribute to the advancement of the Iraqi economy during the coming period with the Iraqi central bank denied the rumors making the dollar worth 1000 dinars and said in a statement issued by the Ministry of Finance:, the Minister Baqir Jabr said During his recent visit to the Jordanian capital Amman, said the CBI chagrin financially estimated $ 22 billion and three tons of gold intended to support the Iraqi dinar. He said that successful fiscal policy pursued in Iraq have contributed to increasing the value of the Iraqi dinar against the dollar, noting that the dollar exchange rate dropped significantly during the current year, stressing that all efforts will be channeled to the deletion of three zeros from the value of the dinar.
On the other hand denied the authoritative source in the Iraqi Central Bank rumors making the dollar worth 1000 dinars, or a change denominations or raise zeros from the current currency.
He said in a press statement that the bank has been following with great interest the phenomenon of low demand for the dollar in the local exchange markets, stressing that such information or rumors surrounding the aim of achieving commercial gain emergency for some users at the expense of the public.
http://foratnews.com/paper.asp?id=8383
The IMF is not a joke.
Are you serious dude?
You think that Saddam dictated to the IMF?
You think that YOU are right and the IMF is a joke?
You seem to not understand who the IMF is.
The IMF stands for the International Monetary Fund.
The International Monetary Fund (IMF) is an international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments. It is an organization formed with a stated objective of stabilizing international exchange rates and facilitating development.[3] It also offers highly leveraged loans, mainly to poorer countries. Its headquarters are in Washington, D.C., United States.
The International Monetary Fund was created in July 1944, originally with 45 members,[4] with a goal to stabilize exchange rates and assist the reconstruction of the world's international payment system. Countries contributed to a pool which could be borrowed from, on a temporary basis, by countries with payment imbalances (Condon, 2007). The IMF was important when it was first created because it helped the world stabilize the economic system. The IMF is still important because it works to improve the economies of its member countries.[5]
The IMF describes itself as "an organization of 186 countries (as of June 29, 2009),[6][7] working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty". With the exception of Taiwan (expelled in 1980),[8] North Korea, Cuba (left in 1964),[9] Andorra, Monaco, Liechtenstein, Tuvalu and Nauru, all UN member states participate directly in the IMF. Member states are represented on a 24-member Executive Board (five Executive Directors are appointed by the five members with the largest quotas, nineteen Executive Directors are elected by the remaining members), and all members appoint a Governor to the IMF's Board of Governors.[10]
[edit] History
The International Monetary Fund was conceived in July 1944 during the United Nations Monetary and Financial Conference. The representatives of 45 governments met in the Mount Washington Hotel in the area of Bretton Woods, New Hampshire, United States, with the delegates to the conference agreeing on a framework for international economic cooperation.[11] The IMF was formally organized on December 27, 1945, when the first 29 countries signed its Articles of Agreement. The statutory purposes of the IMF today are the same as when they were formulated in 1943 (see #Assistance and reforms).
[edit] Today
The IMF's influence in the global economy steadily increased as it accumulated more members. The number of IMF member countries has more than quadrupled from the 44 states involved in its establishment, reflecting in particular the attainment of political independence by many developing countries and more recently the collapse of the Soviet bloc. The expansion of the IMF's membership, together with the changes in the world economy, have required the IMF to adapt in a variety of ways to continue serving its purposes effectively.
In 2008, faced with a shortfall in revenue, the International Monetary Fund's executive board agreed to sell part of the IMF's gold reserves. On April 27, 2008, IMF Managing Director Dominique Strauss-Kahn welcomed the board's decision of April 7, 2008 to propose a new framework for the fund, designed to close a projected $400 million budget deficit over the next few years. The budget proposal includes sharp spending cuts of $100 million until 2011 that will include up to 380 staff dismissals.[12]
At the 2009 G-20 London summit, it was decided that the IMF would require additional financial resources to meet prospective needs of its member countries during the ongoing global financial crisis. As part of that decision, the G-20 leaders pledged to increase the IMF's supplemental cash tenfold to $500 billion, and to allocate to member countries another $250 billion via Special Drawing Rights.[13][14]
In 1995, the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and the Special Data Dissemination Standard (SDDS).
The International Monetary Fund executive board approved the SDDS and GDDS in 1996 and 1997 respectively and subsequent amendments were published in a revised “Guide to the General Data Dissemination System”. The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals and Poverty Reduction Strategic Papers.
The IMF established a system and standard to guide members in the dissemination to the public of their economic and financial data. Currently there are two such systems: General Data Dissemination System (GDDS) and its superset Special Data Dissemination System (SDDS), for those member countries having or seeking access to international capital markets.
The primary objective of the GDDS is to encourage IMF member countries to build a framework to improve data quality and increase statistical capacity building. This will involve the preparation of metadata describing current statistical collection practices and setting improvement plans. Upon building a framework, a country can evaluate statistical needs, set priorities in improving the timeliness, transparency, reliability and accessibility of financial and economic data.
The official rate was a joke and everyone, almost everyone, in the world knew it.
the information I posted is from the Central Bank of Iraq. The information you posted was dictated by Saddam.
Based upon the reasons nations LOP.
Nations LOP because of run away hyper inflation, constant failure of the exchange rate and massive economic instability.
Iraq has none of that.
In FACT:
Iraq has one of the most stable exchange rates world wide and has inflation well under control.
Also Iraq is one of the only nations who is about to be debt free.
Compared to the US Iraq's debt is also near non existant.
You do know that the United States has a debt of near 9 trillion dollars right?
And that in the past 10 years the US Dollar has declined almost 50% in value.
Also Iraq is posed to be the number one provider in the world for Oil.
Based upon these FACTS when placed side beside the nation of Iraq is in BETTER economic shape than the US!
And being in BETTER economic position and standing than the US there is absolutly zero reason the nation of Iraq would do a LOP.
Nor after the CONSTANT oversite by the IMF would they be allowed to do so.
Based on all of the above.
Got it?
IQD in @ .0009 HOLD!~
Do NOT put words in my mouth.
As I said before the facts are with the IMF.
What that is talking about is the BLACK MARKET street rates.
Not the official IMF rate!
The OFFICIAL rate can be found at the IMF.
Just so you understand...the IMF is the only OFFICIAL rate for any currency.
Get it?
Or again Areospace...are you trying to say that what YOU say over rides the FACTS that are found at the IMF website?
Too d@mn funny.
IMF OFFICIAL (not black market) Rates:
http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2008-08-31&category=EXCHRT
based on...........?????
In this case the US did redenominate their currency. They just took the higher denominations out of circulation. This post about what the US did was made to create a diversion of the facts here is the difference:
For an example if you had a $1000 US note when they were collecting the higher denominations they would give you 10-$100 bills in exchange for it. The value was equal.
In Iraq they are saying that they will re-(which means "do over") the nomination which means numbers on the currency. So they are going to redo the numbers to exclude 3 zeros. If you turn in a 25,000 dinar bill(worth currently about $21.43) they are going to give you 1-25 dinar bill (worth at the time this deal happens about $21.43)
Do you think that they are going to give you 1000-25 dinar bills for the 1-25,000 dinar bill ?
So they were walking around with STACKS of 250 dinar notes, worth $750 each according to you, for their everyday use.
Well done.
Yes I WILL "Refute" that BS!
Here are the facts.
The highest Iraqi Dinar ever issued pre 2003 New Iraqi Dinar for public use was the 250 Dinar note.
Yes they was a 10,000 dinar note printed in 2002 but that note was not issued to the public but was only for bank to bank and nation to nation transfers.
So you and your BS have been "Refuted".
In 1931, banknotes were issued by the government in denominations of ¼, ½, 1, 5, 10 and 100 dinar. The notes were printed in the United Kingdom. From 1931 to 1947, the banknotes were issued by the Iraqi currency board for the government of Iraq and banknotes were convertible into pound sterling. From 1947, the banknotes were issued by the National Bank of Iraq, then after 1954 by the Central Bank of Iraq.
100 dinars notes ceased production in the 1940s but otherwise, the same denominations were issued until 1978, when 25 dinars notes were introduced. In 1991, 50 and 100 dinars were introduced, followed by 250 dinars notes in 1995 and 10,000 dinars notes in 2002.
Banknotes issued between 1990 and October 2003, along with a 25-dinars note issued in 1986, bear an idealized engraving of former Iraqi President Saddam Hussein. Following the 1991 Gulf War, Iraq's currency was printed both locally and in China, using poor grade wood pulp paper (rather than cotton or linen) and inferior quality lithography (some notes were reputedly printed on presses designed for printing newspapers).
Counterfeited banknotes often appeared to be of better quality than real notes. Despite the collapse in the value of the Iraqi dinar, the highest denomination printed until 2002 was 250 dinars. In 2002, the Central Bank of Iraq issued a 10,000-dinars banknote to be used for "larger, and inter-bank transactions". This note was rarely accepted in practice due to fears of looting and counterfeiting. This forced people to carry around stacks of 250-dinars notes for everyday use.
http://en.wikipedia.org/wiki/Iraqi_dinar
Yep... and here's the Naira redenomination.
There have been over 60 redenominations in recent history. This is nothing new. The all are basically the same.
It ALWAYS involves a new currency replacing an old currency.
http://www.gamji.com/article6000/NEWS7367.htm
From the link
1. The Theory of Currency Redenomination
Technically, currency redenomination is defined as the process whereby a country’s currency is recalibrated due to significant inflation and currency devaluation. In general terms, however, it is simply referred to as the “dropping of zeros” from a currency.
For example, in January 2005, Turkey dropped or removed 6 zeros from its currency, the Lira (L), and replaced it with the new Turkish Lira (YTL) with conversion rate of million lira (1,000,000L) = one YTL (1YTL). Also, in July 2005, Romania dropped or “knocked off” four zeros from its currency, the leu (ROL), when it replaced it with the new Romanian leu (RON) with a conversion rate of 10,000ROL = 1RON. In July 2007, the Ghana redenominated its currency, the cedi, by making one new Ghanaian cedi (GHc) equal to 10,000 old cedi (c), i.e. by dropping four zeros. Come August 2008, the CBN plans to convert 100 naira into one new naira, i.e. drop two zeros.
The introduction of a single European currency, the Euro, on January 1, 1999 can be viewed as a redenomination of the national currencies of some of the participating countries that had high “old currency”/Euro or dollar ratios such, as Italy, Portugal, Spain and Belgium because their conversion rates were fixed at 1 Euro = 1,936.27 Italian Lira (ITL) = 200.482 Portuguese Escudo (PTE) = 166.386 Spanish Peseta (ESP) = 40.3399 Belgian Franc (BEF) = 1.18 US Dollar. However, the Euro was physically non-existent until January 1, 2002 (“E-day”).
Currency redenomination is not a new phenomenon. It dates back to the 19th century but the most spectacular one was that of the German currency in the 1920s. According to Layna Mosley, “Among developing and transition nations, currency redenomination was employed on 60 occasions during the 1960-2003 period. These redenominations varied in size, from removing one zero from the currency (14 instances) to removing six zeros (9 instances); the median redenomination was three zeros, dividing the currency by 1000. Nineteen countries have used redenomination on one occasion, while ten countries have redenominated twice (sometimes, with many years in between, as in Bolivia, in 1963 and 1987; in other cases, redenominations follow rather quickly, as in Peru in 1985 and 1991). Argentina (4), the former Yugoslavia/Serbia (5), and Brazil (6) are the most frequent users of redenomination”.
In the ongoing debate about the redenomination of the Nigerian currency, some commentators have been using the terms redenomination and revaluation interchangeably, i.e. to mean the same thing. Technically, this is wrong. Currency redenomination is different from both currency revaluation and currency appreciation. In strict terms, redenomination does not increase the “value” (or strength) of a currency in relation to other currencies per se. What happens when a currency is redenominated is that some zeros are dropped in the official exchange rate at “conversion” date, e.g. one US dollar = 1.25 new Naira (NN) = 125 “old naira” (N) on August 1, 2008 (i.e. NN1.0 = N100.00). On the other hand, currency revaluation is an increase in the value of a currency vis-à-vis other currencies under a fixed exchange rate system, i.e. when the government or monetary authorities arbitrarily fix the exchange rate. For instance, the naira is revalued when the exchange rate is changed from IUS$ =N130 to 1US$ = N125, i.e. increase in the value or strength of the naira because you now need fewer naira to buy a dollar. Devaluation is the opposite of revaluation, i.e. a decrease in the value of a currency via-a-vis other currencies under a fixed exchange rate system, e.g. change from 1US$=N125 to 1US$ to N130, meaning a decrease or fall in the strength or value of the naira because you will need more naira to buy a dollar. The terms currency appreciation and depreciation are used to describe a decrease and increase, respectively, in the value or strength of a currency vis-à-vis other currencies under a floating exchange rate system, i.e. when market forces generate changes in the value of the currency. However, it is possible for currency redenomination to occur (pari passu) with revaluation or appreciation, for instance, if on the day of redenomination in August 2008, the new exchange rate is fixed 1US$=NN1.25 when the exchange rate just before the redenomination was 1US$=N128 (with NN1.0 = N100). Similarly, redenomination can occur with devaluation or depreciation if the exchange rate is fixed at 1US$=NN1.25 when the exchange rate just before the redenomination was 1US$=N123.
yessir you are right and I don't understand why more can't get it.....
here is a link to a brochure prepared by Venezuela that if one substitutes dinar for bolivar explains it completely.
http://www.reconversionbcv.org.ve/pdf/TripticoColorIng.pdf
Me too. worlds crazy enough than to keep wondering about this thing.
Key Words From article (currently some 25 trillion dinars.)In circulation. Iraq has 40+ billion Dollars in resurve. Do the math. We got Areo to thank for ratios of currency to resurves to better understand value of what the currency SHOULD be realy at. Thats all im going to say. Good luck "Go Dinar"
Hey Rick just trust me when i say I'm note selling my Dinar and yes im not buy any more Dinar. This is going to be ?? " Go Dinar"
WELL I clicked on the lick you provided, Then I clicked on this on the same site=http://www.iraqdirectory.com/en/news.asp
And what is stairing me in the Face but this=See Below
============================================================
Home | News Archive | Newsletter | | ????
Iraq Planning Currency Redenomination
Iraq Planning Currency Redenomination
RFERL - [2/7/2010]
The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports.
Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.
Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.
Both will be legal tender in Iraq until the old notes are completely withdrawn.
Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.
Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq's money supply is cash in circulation.
Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.
Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.
The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.
----------------------------------------------------------stop.
NOW I really am confused. IS this CURRENT or OUTDATED NEWS from long ago. Someone Must be good at getting the FACTS for sure. Anyone care to help save my Sanity. lol.
This sounds to me like they want the Iraqi Dinar to increase in value. Not by LOP
JMHO
Chas56789
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46091828
Use of US Dollar to Be Eliminated in Iraq
13th Sustainment Command (Expeditionary) RSS
Story by Spc. Lisa A. Cope
Date: 01.30.2010
Posted: 01.30.2010 07:53
Use of U.S. Dollar to Be Eliminated in Iraq
CONTINGENCY OPERATING LOCATION BASRA, Iraq – United States currency may soon become difficult to find in Iraq as part of an effort to protect Soldiers and increase the value of the Iraqi dinar.
Sgt. Brittany A. Raimer, a dispersing manager with the 368th Finance Management Company, out of Wichita, Kan., 36th Sustainment Brigade, 13th Sustainment Command (Expeditionary), said eliminating the use of U.S. currency on the battlefield will help to stimulate the economy of Iraq.
"One of the main focuses of finance is to ultimately eliminate U.S. currency from the battlefield," said Raimer, a Lake Charles, La., native. "Our government is implementing the use of the Iraqi dinar, to both undermine the dependency the Iraqi nationals have on American currency and to back the Dinar, greatly increasing its weight on the market."
No Problem, Morning 's can do that to us all. And Punto THANK YOU for the Linc, Works like a Charm. Appreciate the help.
So agian I will ask you.
Do you believe that Iraqis were running around with $750 and $30,000 bills in their pockets?
There have been many reports that they only used two denominations... the 250 and 10,000 dinar notes. You claim they had a $3 per dinar rate... so that's $750 and $30,000 as their only bills.
Can you explain that?
Sorry Rick, read your post early this morn as I was running out of the house. I thought you were making the claim that it would not lop. Guess I should have read slower and more carefully.
Heres a site for you Rick may help
http://www.iraqdirectory.com/en/default.asp
Let me know if it works. "Go Dinar"
Black market values are all over the board and are not the IMF set and accepted rate.
Geopolitical events such as war can have violent ramifications on the black market values in many things.
Stick with the facts as per stated by the IMF not off hand news stories of human events.
Black market rates are just that...black market.
Stick with the documented fatual information found at the IMF site and leave the news stories alone.
Central Bank Of Iraq: ... http://www.cbi.iq/
- XE.com (Currency conversion) ...... http://www.xe.com/ucc/ ...... http://www.xe.com/currencycharts/?from=IQD&to=USD&view=1D
- BAGHDAD Time ...... http://www.timeanddate.com/worldclock/city.html?n=27
- UN Meeting Site Page: ...... http://www.un.org/media/accreditatio ... mediaalert.asp
- UN Web Cast: ...... http://www.un.org/webcast/2010.html
<iframe src=" frameborder="0" width="82" height="18"></iframe>
- Iraqi Oil Photos - http://media.ft.com/cms/88df8636-0395-11dc-a931-000b5df10621.swf
- Up to the Minute RATES click here ...... http://www.gocurrency.com/
Inside Iraq - The media's role in Iraq's election. http://www.youtube.com/watch?v=m1Or6-KtIF0
THE IRAQ DINAR
The real Iraq Economy
http://www.cnbc.com/id/15840232?video=156657336&play=1
JUNE 15 … There is a rule, if they are going to LOP they need to PR it six months before it happens. June 15 is six months before December 31 2010.
SO! … It is appearing, if they DO NOT come out with a PR stating a LOP by June 16, 2010, then we are going into 2011 with our currency, this is, if we have any left because of the RV.This is WayneC777, If yo have more "ONLY SOLID POINTS" that can go in here ... LET ME KNOW
NEWS ARTICLES, Catagorized - IRAQ:
Iraq's - Debt Forgiveness : http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49250302
Iraq's - Oil, Gas News: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49250183
Iraq's - Banking News: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35943708
Iraq's - Inflation, Economy: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35943784
Iraq's - Political Elections: http://www.iraqdirectory.com/DisplayNews.aspx?id=12698
Iraq's - Positive Stories: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49249436
Iraq's - Security Council Report: http://www.securitycouncilreport.org/site/c.glKWLeMTIsG/b.6115649/k.8807/July_2010brIraq.htm
Iraq's - Negative Articles, Fraud Cases: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=34465158
Iraq's - Air Ports: http://www.airiraqco.com/index.htm
Iraq's - Utilities, Power and Water: http://www.reuters.com/article/marketsNews/idUSL524628320090105
Iraq's - Posts to remember: http://en.aswataliraq.info/
These links below are from another board. They will be soon posted from this board. But They all share same info.
US Banks that will exchange Iraq's Dinar
- Chase Bank - Bank of America - TD Bank - HSBC - CITI Bank - Wells Fargo (selected branches) - Compass Bank - 5/3rd Bank - Regions
Conferance Calls:
- http://dinarspeculation.com/2010/04/30/4-29-10-rv-intel-conference-call/
How to check exchange rate
- http://www.cbi.iq/index.php?pid=CurrencyAuctions
- http://www.xe.com/ucc/
- http://www.ameinfo.com/currency
- http://www.ameinfo.com/cgi-bin/cms/page.cgi
- You own local Bank representative
Iraq Dinar Possative Video's
- CNBC ................................................ http://www.youtube.com/watch?v=0m6E76f__20&feature=related
- CNBC ................................................ http://www.youtube.com/watch?v=fHnpSVRTCFI&feature=related
- CNBC Cramer .................................. http://www.youtube.com/watch?v=Eg98H_LYk5Q&feature=related
- CNBC Dinar Trade ..................... http://www.youtube.com/watch?v=kvKrqeOf9oc&feature=related
- www.JackDeangelisShow.com ........ http://www.youtube.com/watch?v=CWqtZjx1Lk0&feature=player_embedded
- ........................................................................................................................... http://www.youtube.com/watch?v=cEE3ac1i0EI&feature=related
- ........................................................................................... http://www.youtube.com/watch?v=xFa-VGI3APc&feature=related style="font-size: medium">
- ........................................................................................... http://www.youtube.com/watch?v=08wzRAj9KMs&feature=related style="font-size: medium">
- ........................................................................................... http://www.youtube.com/watch?v=1UicRAmO29A&feature=related
- UV Light Test ...................................................................... http://www.youtube.com/watch?v=--RA_6DiyVY&feature=related
- 5%, 70.................................................................................................................. http://www.youtube.com/watch?v=F-QA2rkpBSY&feature=related
- Embasitor Charles Reese, Economic Development in Iraq ................... http://www.youtube.com/watch?v=x9ZloxxC-ac&feature=player_embedded#!
- The War in Iraq and the American Economy ............................................... http://www.youtube.com/watch?v=FdsymLhCDbE&feature=related
- Jordan Questions Henry Paulson ............................................. http://www.youtube.com/watch?v=XlQeTFfdaPM&feature=related
- Hillary Rodham Clinton and Minister Hoshyar Zebari .......... http://link.brightcove.com/services/player/bcpid1705667530?bctid=111866364001
United States Department of State
http://www.state.gov/p/nea/rls/rpt/c34687.htm
Tax Links:
- http://www.moneychimp.com/features/capgain.htm
- http://www.moneychimp.com/features/capgain.htm
- http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States
- http://www.investopedia.com/articles/pf/07/capitalgains.asp?viewed=1
Iraq News:
< < < IRAQ'S NEWS SCOURSES: > > >
http://www.imf.org/external/country/IRQ/index.htm
http://iraq.usembassy.gov/iraq/20070214_iraqi_budget.html
http://www.imf.org/external/country/IRQ/index.htm
BANKING: http://en.wikipedia.org/wiki/Money_supply
Central Bank of Iraq: http://www.cbi.iq/index2.htm Exchange Rate: http://www.cbi.iq/index2.htm
New Iraq Currency: http://NewIraqCurrency.com
Iraq Stock Exchange / Daily Bulletin Sunday 7 September 2008: http://www.isx-iq.net/page/english/bulletins/day/2008/9/7-9-e.htm
Offshore Banking:
Currency Iraq's Dinar Venders:
The New Iraqi Dinar banknotes, printed by De La Rue, boast of the most up-to-date anti-counterfeit features, including watermarks, an embedded metallic strip, raised letters, an optical variable ink that can be seen only under ultra violet light, metallic ink and other variations to thwart off counterfeiters. In addition, it has high-quality paper that makes the colorful Dinar very hard to counterfeit. And of course there are other security features that have not been disclosed by the Iraqi Ministry of Finance.
Three of the easiest ways to verify the authenticity of the new Iraqi Dinar are:
1) Use black light to test for watermarks such as the horse head.
2) Use a special pen to detect fake bills with changing color - available from your local office supply store.
3) Hold the 25,000 and 10,000 Iraqi Dinar up to a light tilting it back and forth, the color changing ink will look much like a hologram.
Q. What is it that allows American citizens to invest in Iraq?
A. Presidential Order 13303: Allows US Citizens to invest in the new Iraq. Under this order and the Coalition Provisional Government Order 39, a US Citizen has the same rights to investments as an Iraqi citizen.
Notes:
Iraqi Oil Photos:
http://media.ft.com/cms/88df8636-0395-11dc-a931-000b5df10621.swf
ISX hot links
http://www.investorshub.com/boards/read_msg.asp?message_id=15860234
When the Dinar first came out in 2003 it was 4000 Dinar to $1 (American). Since then it has increased to 1290 Dinar to $1 (American) even during all the conflict and destruction to the oil refineries.
Here are some keynotes about this unique opportunity:
Prior to the Gulf War, 1 million Iraqi Dinar = US $3,200,000.(1 DINAR=$3.20 to 1 American dollar)
Now you can buy 1 million Iraqi Dinar for only US $760.
Iraq is the second leading oil producing country in the world,
and since October, 2003 the Iraqi Dinar has already appreciated 25%.
Forecasters are predicting continued appreciation of the Iraqi Dinar.
You invest $760 to purchase 1 million Iraqi Dinar.
Profit of $9,240 if the Iraqi Dinar appreciates to 1 Iraqi Dinar = 1 penny.
1 million Iraqi Dinar will = US $10,000.
Profit of $3,199,240 if the Iraqi Dinar appreciates to the pre-Gulf War rates.
1 million Iraqi Dinar will = US $3,200,000.
Kuwait Example:
Prior to Saddam Hussein Invading Kuwait: 1M Dinar = US $2,790,000
After the Kuwait invasion by Iraq: 1M Dinar = US $100,000
Today 1M Dinar = US $3,423,000*
*That's a 34-fold increase
On 11/12/06 the Kuwait Dinar is worth $3.84
Potential Value increase of a 1 Million Iraqi Dinar holding if the value of Iraqi Dinar increases to:
The resulting value of your 1,000,000 Dinar would be:
$0.01=$10,000
$0.10=$100,000
$0.20=$200,000
$0.50=$500,000
$1.00=$1,000,000
History of Iraqi Dinar and Iraq Dinar Stock Exchange
1932 Currency unit consisting of 1,000 fils or 20 dirhams. When officially introduced at the end of the British mandate (1932), the Iraqi dinar was equal to, and was linked to, the British pound sterling, which at that time was equal to US$4.86.
1932–1949
1949–1971 Iraqi dinar (ID) equaled US$4.86 between 1932 and 1949 and after devaluation in 1949, equaled US$2.80 between 1949 and 1971.
1959–1967 Iraq officially uncoupled the Iraqi Dinar from the pound sterling as a gesture of independence in 1959, but the Iraqi dinar remained at parity with the pound until the British unit of currency was again devalued in 1967.
1971 One Iraqi dinar remained equal to US$2.80 until December 1971, when major realignments of world currencies began.
1973 Upon the devaluation of the United States dollar in 1973, the Iraqi Dinar appreciated to US$3.39.
1980 It remained at this level until the outbreak of the Iran-Iraq War in 1980.
1982 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.
1988 In early 1988, the official dinar-dollar exchange rate was still Iraqi dinar (ID)1 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.
1986–2003 1986–2003 between .33 cents to 1.32 to a dollar.
2001 Oil-production: 2.452 million bbl/day (2001 est.); note — production was disrupted as a result of the March-April 2003 war (2001 est.) 2002 GDP: purchasing power parity — $58 billion (2002 est.)
2002 Exports–partners:US 40.9%, Canada 8.2%, France 8.2%, Jordan 7.5%, Netherlands 6.4%, Italy 5.4%, Morocco 4.7%, Spain 4.4% (2002)
2003 In october 2003, the official Dinar-dollar exchange rate was ID1 to US$0.00027.
2004–2005 August 2004 till 2005, the official dinar-dollar exchange rate is ID1 to US$0.00068. Population: 25,374,691 (July 2004 est.) 2006 As of Jan 1st 2006, the official Iraqi dinar-US dollar exchange rate is ID1 to US$$0.00067.
Positive Changes in Iraq
Upon Saddam Hussein’s deposition in 2003, Iraq has undergone political and economic changes. Many believe that the re-building of Iraq’s infrastructure will stabilize Iraq socially, politically, and economically. With the new government establishing a new monetary system that encourages foreign investment, and the central bank of Iraq awarding foreign licences, many also believe that the value of the new Iraqi Dinar banknote is poised to escalate.
More Treasury Bills on the Way
The government of Iraq will issue more Treasury bills to the secondary market. For the first time in years, the central bank auctioned Treasury bills in July. Thus far, local banks have bought 900 billion Iraqi dinars ($628 million) worth of three-month bills with coupons ranging between 2.5 percent and 6.8 percent. To improve Iraq’s local currency, the dinar against the dollar, Iraq’s central bank also plans to build up its foreign-currency reserves.
Creating viable domestic capital markets will start the process of trimming the massive pre-war debt. Iraq’s path to debt reduction along with the generosity of the Paris Club by forgiving 80% of Iraq’s debt is good news for the Iraqi economy. Iraq’s growth-oriented policy, along with Iraq’s prospects of economic stability makes investing in the dinar potentially lucrative.
The Central Bank of Iraq
For the first time in decades, the central bank of Iraq awarded foreign bank licences to the following banks: HSBC, Standard Chartered, National Bank of Kuwait, Iranian National Bank, Commercial Housing bank, and Bahraini Arab Banking Institute. The Bahraini Arab Banking Institute is listed on the Bahrain, Kuwait, and Paris stock exchanges, and its major shareholders include the Kuwait Investment Authority, the central bank of Libya, and the Abu Dhabi Investment Authority. Granting foreign licences and liberalizing interest rates will create a vibrant free-market economy. Iraq’s re-invigorated banking policies will positively effect the value of the dinar in the near future.
The Potential of the Dinar
Prior to United Nations sanctions, the Iraqi dinar traded at 3.35 per U.S. dollar, and prior to the war in Iraq, the Iraqi dinar traded at .33 U.S. Dollars. During major combat operations, the Iraqi dinar declined to an all time low. However, after major combat operations, the value of the dinar increased 25%. Countries such as Germany (post WWII) and Kuwait (post Iraqi invasion) experienced a similar devaluation of their currency, but both countries recovered. Today, the dinar has increased from 3,500 against the dollar during the U.S. led invasion last year to 1,400 against the U.S. dollar. Imagine the growth potential of the Iraqi dinar once Iraq recovers and begins to enjoy the potential revenue of a country rich in oil and other natural resources.
The New Iraqi Dinar Banknote
Today, De La Rue, the world’s largest commercial security printer and papermaker based in Great Britian, prints the new Iraqi dinar banknote. The new Iraqi dinar banknote has various security features making the dinar very difficult to counterfiet, and the dinar banknote is now available in 50, 250, 1000, 5000, 10000, and 25000 bills. With the re-building of Iraq’s infrastructure and with the prospect of stability at hand, the Iraqi dinar is quickly becoming a very attractive investment opportunity.
_________________________________________
Here is a list of acronyms that are commonly used in Iraq.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=27652141
Currency Transaction Report
http://msb.gov/pdf/fin104_ctr.pdf
Understanding Currency Terms (M0, M1, M2, M3 etc.)
http://en.wikipedia.org/wiki/Money_supply
Do yourself a favor, watch this video;
http://video.google.com/videoplay?docid=3340274697167011147&q=lindsey+williams&total=806&start=0&num=10&so=0&type=search&plindex=0
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