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20bucks to fill up one of my bikes.....sheesh!
hope the neighbors don't mind me not cutting the grass.....lol
the suns out and time to ride and I'm not talking riding lawnmower either!
except the followers of Larry and SGS.....lol
a blurb from the April 12th IMF meeting;
12. Allow me now to highlight some of the major developments in the Middle East
region. Countries in the Middle East have been staging an impressive growth performance
that remained relatively unscathed by the global financial turmoil, although policymaking in
some countries is being complicated by the depreciation of the U.S. dollar. Growth in oil
exporting countries has been strong, with trade and financial spillovers spurring even higher
growth in many non-oil exporting countries in the region. Not surprisingly, the vibrancy of
domestic demand, coupled with rising food and energy prices in many Middle Eastern
countries, along with emerging supply-side bottlenecks in several Gulf Cooperation
Countries, have stoked inflationary pressures. A somewhat uncomfortably high inflation
could be expected in the near term until macroeconomic policies that have already been
implemented take hold. That said, macroeconomic policies would be appositely adjusted to
put inflation on a firmly downward trajectory before it becomes entrenched. For the specific
case of oil-exporting countries, the exchange rate peg to the dollar will continue to pose a
challenge to monetary policy, particularly given the different cyclical positions with the U.S.
As such, government spending would be calibrated to reflect the cyclical positions of these
economies, with the composition adjusted to target the supply constraints that gave rise to
inflationary pressures.
http://www.internationalmonetaryfund...nt/eng/uae.pdf
welll hey there Aero....kinda worried that you gave up trying to save us all from the evil dinar investment.
Unfortunately you have yet to sway me....so I guess you can consider me a lost cause.....lol....good to see your still at
it!
wonder what the admission price is going to be?
nah.....they would screw it up somehow until it was time to go on holiday then have a meeting to decide which side of the building to throw from.
SDR information..........
I thought with the new SDR rate about to be updated on the IMF site some might like to read some information on what it's all about.
The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries. SDRs are allocated to member countries in proportion to their IMF quotas. The SDR also serves as the unit of account of the IMF and some other international organizations. Its value is based on a basket of key international currencies.
Why was the SDR created and what is it used for today?
The Special Drawing Right (SDR) was created by the IMF in 1969 to support the Bretton Woods fixed exchange rate system. A country participating in this system needed official reserves—government or central bank holdings of gold and widely accepted foreign currencies—that could be used to purchase the domestic currency in world foreign exchange markets, as required to maintain its exchange rate. But the international supply of two key reserve assets— gold and the U.S. dollar—proved inadequate for supporting the expansion of world trade and financial development that was taking place. Therefore, the international community decided to create a new international reserve asset under the auspices of the IMF.
However, only a few years later, the Bretton Woods system collapsed and the major currencies shifted to a floating exchange rate regime. In addition, the growth in international capital markets facilitated borrowing by creditworthy governments. Both of these developments lessened the need for SDRs.
Today, the SDR has only limited use as a reserve asset, and its main function is to serve as theunit of account of the IMF and some other international organizations. The SDR is neither a currency, nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. Holders of SDRs can obtain these currencies in exchange for their SDRs in two ways: first, through the arrangement of voluntary exchanges between members; and second, by the IMF designating members with strong external positions to purchase SDRs from members with weak external positions.
http://www.imf.org/external/np/fin/t...ategory=EXCHRT
Date Exchange Rate
April 30, 2007 0.000516326
April 28, 2006 0.000460244
April 29, 2005 0.000451682
September 22, 2004 0.000466938
September 08, 2003 2.53758
April 30, 2002 2.53758
April 30, 2000 2.43852
April 30, 1999 2.38074
April 30, 1998 2.38881
April 30, 1997 2.3558
April 30, 1996 2.21848
April 30, 1995 2.04504
April 30, 1994 2.26323
April 30, 1993 2.26004
April 30, 1992 2.34852
April 30, 1991 2.39924
April 30, 1990 2.46985
April 28, 1989 2.48283
April 29, 1988 2.32407
April 30, 1987 2.46269
April 30, 1986 2.73556
April 30, 1985 3.24557
Iraq: Financial Position in the Fund
as of March 31, 2008
Summary of IMF members’ quota, reserve position, SDR holdings, outstanding credit, recent lending arrangements, projected payments due to the IMF, and monthly historical transactions with the Fund.
I. Membership Status: Joined: December 27, 1945; Article XIV
II. General Resources Account: SDR Million %Quota
Quota 1,188.40 100.00
Fund holdings of currency 1,017.31 85.60
Reserve Position 171.10 14.40
Holdings Exchange Rate
III. SDR Department: SDR Million %Allocation
Net cumulative allocation 68.46 100.00
Holdings 89.82 131.20
IV. Outstanding Purchases and Loans: None
V. Latest Financial Arrangements:
Date of Expiration Amount Approved Amount Drawn
Type Arrangement Date (SDR Million) (SDR Million)
Stand-By Dec 19, 2007 Mar 18, 2009 475.36 0.00
Stand-By Dec 23, 2005 Dec 18, 2007 475.36 0.00
VI. Projected Payments to Fund 1/
(SDR Million; based on existing use of resources and present holdings of SDRs):
Forthcoming
2008 2009 2010 2011 2012
Principal
Charges/Interest
0.00 0.00 0.00 0.00 0.00
Total
0.00 0.00 0.00 0.00 0.00
1/ When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
VII. Implementation of HIPC Initiative: Not Applicable
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Prepared by Finance Department
Sharp drop in demand for dollar at daily auction
Baghdad - Voices of Iraq
Wednesday , 23 /04 /2008 Time 2:54:18
Baghdad, Apr 23, (VOI)- Demand for the dollar was sharply down in the Iraqi Central Bank's auction on Wednesday, registering at $ 39.110 million compared to $86.260 million on Tuesday.
"The demand hit $5.210 million in cash and $33.900 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,203 Iraqi dinars per dollar, unchanged for the third session in a row,” according to the central bank's daily bulletin which was received by Aswat al-Iraq- Voices of Iraq- (VOI).
The 13 banks that participated in the auction offered to sell 2 million dollars, which the bank bought all at a rate of 1,200 dinars per dollar.
Speaking to VOI, Ali al-Yasseri, a trader, attributed the lower demand for the dollar to the small number of the banks that participated in today’s session and to the small size of the remittances.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday. http://66.111.34.180/look/english/ar...=2&NrSection=2
Iraq sets oil majors contract ultimatum
by Reuters on Wednesday, 23 April 2008
Iraq may drop oil service deals with oil majors if they fail to sign the contracts by June, Iraqi Oil Minister Hussain Al-Shahristani said on Tuesday.
Iraq is negotiating five short-term oilfield service contracts worth around $500 million each aimed at boosting its output by around a quarter. The Opec member had hoped to sign the contracts in March.
"June is a bit late, if they are not ready by then we might not really require technical service contracts... we may drop them if they are not signed soon," he told reporters.
BP, Royal Dutch Shell and Exxon Mobil were negotiating a deal each. Shell is negotiating another deal together with BHP Billiton, while Chevron and Total together are working on a fifth deal.
Each deal was to boost Iraqi output by around 100,000 barrels per day (bpd). But Iraq was making progress on its own on the fields, and the longer the contracts take to sign, the harder it will be for majors to add 100,000 bpd of additional output at each field, he said.
Al-Shahristani blamed the delay in signing on the oil companies, which he said were concerned about the mechanism of payment in oil through the Iraq Development Fund.
Iraq wants long-term development contracts that it will offer in a first bidding round this summer to come into effect from the middle of next year, Al-Shahristani said.
He declined to give the length of the contracts or more details on payment. The terms of the contract would be based on service contracts, as there was no risk involved in developing already-producing fields, he said.
The contracts will be for Iraq's already producing giant oilfields in the south and around Kirkuk in the north. The list of fields to be offered in the round had yet to be finalised, he said.
A second and third round of bidding may be held next year, the minister said. The type of contracts to be offered was yet to be finalised, but a royalty tax of 12.5% and a windfall oil tax would be included in the clauses, he said.
Iraq has disqualified companies that have oil deals with the Kurdish government from bidding in the first round, the minister said.
"Any company that breaks Iraqi laws would not qualify for the contracts, the computer would automatically disqualify them," he said. "We have informed the companies ahead of time."
Baghdad says the Kurdish oil deals are illegal. Al-Shahristani said the Kurdish government had not offered the oifields in a bidding round, so the contract awards lacked transparency.
Four oil deals signed in the Saddam-era would be respected, although the terms of all the deals would be negotiated, Al-Shahristani said.
One of those deals was with Chinese National Petroleum Company for the Ahdab oilfield, he said. Iraqi officials had met Chinese officials to renegotiate the contract and expected to conclude it soon.
Before the 2003 Iraq war China had agreed a $700 million deal with Saddam Hussein's government to develop the field
The deals needed to be renegotiated to ensure they were in line with a draft oil law agreed in Iraq in February last year, he said.
The three other contracts were oil service contracts. The companies that held those contracts were unlikely to want to proceed as the deals were made when oil services were a lot cheaper, Al-Shahristani said.
http://feeds.bignewsnetwork.com/?rid...1d0aaa23b24a75
Economics: an economic expert: activating the capital markets activates movement investment in the country
BAGHDAD - Haider Al-Rubaie Fleih
Said an economic expert: The capital markets can play a crucial role in attracting capital surplus of non-official, non-packaged in the national economy .. pointing to the ability of these markets in the transfer of money to the unemployed and inactive capital officer and effectively in the economic cycle
So through investment operations carried out by individuals and companies in equities, bonds and instruments that would be announced in the securities markets.
The expert pointed to the interest that could be provided by the Capital Market Law to stimulate investment environment as a stimulant and law libraries for this environment, believing that markets function of the facilities and influencing the various aspects of economic activity and the fields.
The Board of Trustees member of the Kurdistan Centre for Economic Development Shirwan Mustafa Anwar during a speech on the sidelines of the workshop organized by focusing on laws and procedures affecting the investment environment: the success achieved in the work of the stock market has had a significant impact in stimulating the development of investment environment and attract foreign investors But evidence of the integration of the legal environment which is assigned work fully, with a circulation of foreign investors (7) billion shares and trading volume of total (17) billion dinars through the implementation (337) contracts, and this is the first experience of investment to non-Iraqis in starting from August 2007 .
He called Mustafa to the importance of coverage of some companies in the capital markets, which serve the infrastructure of the Iraqi economy, including investment incentives and improve the performance of the financial market and investment environment in full, stressing the need for issuing digital signature law, which guarantees to provide a better environment in the use of the numerous constraints of electronic cables, and its aspects The different level of safety, and a prelude to provide these critical services to all citizens.
He recommended the need to be a researcher of the securities in the opinion of the Privatization Act, enabling them to set controls to put some projects for public subscription and then transformed into joint-stock companies, pointing out the importance that there be consensus with the rules of the Central Bank and Ministry of Finance in respect of government bonds traded in the stock market .
Mustafa also said: There are many companies are willing to work and participate in reconstruction operations in Iraq and, by contrast, many international investment institutions to push towards the financing of such projects provided they are guaranteed by the banking system exists in the local investment environment, as a result of what can be To achieve the profitability of large returns, compared to the relatively stable global markets where growth rates and profits are very limited ..
He stressed that efforts to re-activate the Iraqi economy a comprehensive manner commensurate with the material and human capabilities possessed by .. He explained that the long isolation experienced by the institutions of the business environment in Iraq on the business environment in the world now requires maximum efforts as soon as possible to build these foundations, institutions and encourage investment, finance and banking finance to participate in the creation of real interest such institutions in order to enable them to participate in reconstruction operations.
http://www.google.com/translate?u=ht...&hl=en&ie=UTF8
The Iraqi Red Crescent Authority to grant 125 thousand Iraqi dinars for each family of the martyr of civilians by military operations or terrorist acts
The Iraqi Red Crescent Authority to grant 125 thousand Iraqi dinars for each family of the martyr of civilians by military operations or terrorist acts, as well as the share of food, and for a period of six months. The body said that the procedure will be as exchange controls and cross-committees as the Red Crescent decided to exchange $ 70 thousand Iraqi dinars for each family asleep, wounded in hospitals for more than one week, the body said that the grant include wounded military operations and terrorist acts, as well as the food ration for three months .
Baghdad 23-4-2008 operate in all governorates
http://nahrain.com/news.php?readmore=9412
Wow.....a whopping hundered and four bucks?
Full article.....not sure of the date:
Monetary policy is not capable alone to cope with inflation .. in a dialogue with the general director of research and statistics at the Central Bank
طارق الجبوري Tariq al-Juburi
يحتل موضوع التضخم وآثاره على عملية النمو الاقتصادي حيزاً من تفكير المؤسسات المالية والاقتصادية بشكل عام وسياساته في مجال معالجة هذه الظاهرة. Is the subject of inflation and its effects on the process of economic growth space of thinking financial and economic institutions in general and its policies in dealing with this phenomenon.
وقبل أيام أصدر البنك المركزي العراقي بياناً أشار فيه إلى ارتفاع الظاهرة التضخمية التي بلغت نسبتها أكثر من 70% ونبه إلى ضرورة تضافر الجهود للحد منها. A few days before the Iraqi Central Bank issued a statement saying the high inflationary phenomenon, which amounted to more than 70% and warned of the need for concerted efforts to curb them.
وبهذه المناسبة التقت (المدى) بالخبير الاقتصادي الدكتور مظهر محمد صالح مدير عام دائرة الإحصاء والبحوث في البنك المركزي العراقي ليحدثنا عن دور البنك المركزي في مجال معالجة هذه الظاهرة والإجراءات التي يقترحها بهذا الصدد فقال: للبنك المركزي أهداف نهائية تتلخص بالدرجة الأساس بتحقيق الاستقرار الاقتصادي المتمثل بخفض مستويات التضخم.. On this occasion, met with (long) economic expert Dr Mazhar Mohammed Saleh, director general Statistics and Research at the Central Bank of Iraq to tell us about the role of central bank in dealing with this phenomenon and the actions proposed in this regard, he said: the Central Bank of the goals of the final class is the foundation to achieving economic stability of the reduction Inflation levels .. وإن تحقيق هذا الهدف لم ينشأ من فراغ وإنما جاء في صلب قانون البنك المركزي الجديد رقم (56) لسنة 2004، إضافة إلى ان النظرية الاقتصادية وتطبيقاتها برهنت أن الظروف التضخمية وما تولده من حالات اللا استقرار تؤدي لا محال إلى تراجع في معدلات النمو الاقتصادي. The achievement of this goal did not arise from a vacuum but was at the heart of the new Central Bank Law No. (56) for in 2004, in addition to economic theory and its applications demonstrated that the conditions generated inflationary and stabilization of no-lead inevitably to a decline in economic growth rates. فعلى سبيل المثال أن حصول تضخم سنوي بنسبة 11% يؤدي إلى تراجع معدل النمو في الناتج المحلي الإجمالي إلى مالا يقل عن 2% وهكذا فالبنك المركزي يعتمد في فلسفة سياسته النقدية ما يسمى بالقواعد أو على أساسها فهو يستخدم المعلومات والحالات الإشاراتية لتوليد الاستقرار في السوق المالية وهو منهج بديل عن التدخل المباشر في تلك السوق وما يتركه من انقسامات وانحرافات ويضيف الدكتور مظهر: إن البديل الذي يعتمده البنك المركزي في استخدام الوسائل الإشاراتية والمعلوماتية تنطلق في هذه المرحلة من شيء اسمه معدل فائدة البنك المركزي العراقي وهو عبارة عن بوصلة ملاحية تعطي إشارة قوية للسوق عن سعر الفائدة الذي يستقبل فيه البنك المركزي العراقي ودائع المصارف وعن معدل الفائدة الذي يمنح فيه البنك المركزي المصارف قروضاً عند الحاجة.. For example, for an annual inflation rate of 11% leads to a retreat rate of growth in gross domestic product to no less than 2%, and thus relies on a central bank monetary policy philosophy of the so-called rules or on the basis of information and is used to generate cases Acaratneh stability in the financial market is A substitute for direct intervention in the market and leave the divisions and distortions, adds Dr Mazhar: The alternative adopted by the central bank to use methods and informatics Acaratneh proceed at this stage of something called interest rate of the Central Bank of Iraq, a navigational compass give a strong signal to the market for Interest rates which it receives the CBE Iraqi bank deposits and the interest rate granted by the central bank bank loans if needed .. وإن جميع هذه الاليات تقع في إطار ما يسمى بإدارة السيولة النقدية للاقتصاد عبر تحقيق أهداف تشغيلية تؤدي إلى السيطرة على مناسيب السيولة وتصب في مسار غايات الاستقرار بعيدة الأجل موضحاً: إننا نطلق من هذه الإدارة للسيولة من زاوية أن التدفقات النقدية يجب ان تنمو بما يوازي التدفقات الحقيقية من السلع والخدمات وإذا ما توازن سوق النقد وتوازن سوق السلع والخدمات فسيتحقق التوازن العام في الاقتصاد الذي يعني أعلى معدلات نمو مرغوبة في الناتج المحلي الإجمالي بأدنى مستوى من التضخم السنوي والذي لا يتعدى في الأحوال كافة 3% سنوياً بدلاً من الصورة التي نشهدها في الوقت الحاضر إذ تلعب مستويات التضخم السنوي كما عكستها مسوحات شهر تموز الماضي حوالي 70%. All these mechanisms fall under the so-called cash management of the economy through the achievement of operational objectives lead to control the levels of liquidity and are in the path of long-term goals of stability, explaining: "We call from the Department of liquidity in terms of cash flow that must grow the equivalent of real flows Of goods and services and if the balance of the money market and the balance of goods and services market verify the overall balance in the economy which means the highest growth rates are desirable in GDP lowest level of annual inflation, which does not exceed in all cases of 3% annually instead of the image that we are experiencing at the present time because Annual inflation levels of play as reflected in surveys last month of July, about 70%.
*وما أبرز معالجات البنك المركزي العراقي لهذه الحالة؟ Q: What is the most prominent processors Central Bank of Iraq to this situation?
يقول مدير عام دائرة البحوث والإحصاء الدكتور مظهر محمد صالح: السياسة النقدية أمام مفترق طرق قوية في التأثير بمناسيب السيولة ومن هذه الوسائل التي يعتمدها البنك المركزي هو الدخول كبائع لسنداتة في السوق المالية (المصرفية) بغية السيطرة على معدلات السيولة ومناسيبها وعلى هذا الأساس فإن مزاداً يقام كل أسبوعين لحوالات أو سندات البنك المركزي العراقي لسحب (مئة) مليار دينار من السوق إضافة إلى وجود مزاد فصلي كل ثلاثة أشهر يتم سحب (180) مليار دينار علماً أن مدة استحقاق سندات المزاد الأولى هي ستة أشهر ومدة استحقاق سندات أو حوالات المزاد الثاني هي سنة واحدة وأن هذين المزادين يتكاملان من حيث فترة الاستحقاق مع مزاد حوالات وزارة المالية الذي يقام كل أسبوعين أيضاً ولكن فترة استحقاق حوالاته هي ثلاثة أشهر. Says general manager of research and Statistics Department, Dr Mazhar Mohammed Saleh: monetary policy at a crossroads in a strong influence rainfall liquidity Among these means to be adopted by the central bank is entering a seller of bonds in the financial market (bank) in order to control rates and liquidity levels and on this basis, the auction will be set up Every two weeks for money or securities Central Bank of Iraq to withdraw (hundred) billion dinars from the market in addition to a quarterly auction every three months to be withdrawn (180) billion dinar note that the term to maturity bonds auction is the first six months duration and maturity bonds or voucher auction is the second year One of these auctions and are complementary in terms of the period of eligibility with the voucher auction by the Ministry of Finance held every two weeks, but also benefit period is about three months.
هذه تقع في إطار ما يسمى بعمليات السوق المفتوحة التي يمارسها البنك المركزي العراقي لأول مرة بإدارة السيولة وتحقيق التوازن في سعر الفائدة ولاسيما طويل الأجل وهو غاية من غايات استقرار السوق المالية وهدف آخر من أهداف البنك المركزي العراقي. These fall under the so-called open market operations exercised by the Central Bank of Iraq for the first time the management of liquidity and balance in interest rates, particularly long-term goals is a very stable financial market and further objective of the objectives of the Central Bank of Iraq.
*ما هي برأيكم أبرز أسباب تفاقم الظاهرة التضخمية في العراق؟ Q: What is your opinion highlighted the reasons exacerbate inflationary phenomenon in Iraq?
يجيب الدكتور مظهر محمد صالح فيقول: الظاهرة التضخمية في العراق ليس منبعها القطاع النقدي وإنما هي ظاهرة ناجمة عن اهتزازات قطاع العرض الحقيقي إذ يعاني الاقتصاد العراقي من تدهور في إنتاجية قطاعاته التي تؤكد معدلات البطالة العالية بأشكالها المختلفة حيث بلغت قرابة الـ(50%) علماً أن المعدل الطبيعي المقبول للبطالة لا يزيد على (3%) من قوة العمل مما يعني أن وجود عامل واحد عاطل يؤدي إلى خسارة قدرها ثلاث وحدات من السلع والخدمات المنتجة هذا ما تقوله النظرية.. Dr Mazhar answer Mohammed Saleh says: inflationary phenomenon in Iraq is not a source monetary sector, but the phenomenon is caused by vibrations supply the real sector since the Iraqi economy suffers from deterioration in the productive sectors which stresses high unemployment rates in their various forms of hitting nearly (50%) note that Natural rate of unemployment is not acceptable than (3%) of the labor force, which means that the presence of one factor leading to the jobless loss of three units of goods and services produced what you're saying this theory .. وعلى الرغم من ذلك فإن الفلسفة النقدية ترى في استمرار الظاهرة التضخمية وتأصلها في الاقتصاد لا يتم إلا بوجود سيولة نقدية عالية تحول التضخم من قدراته الكامنة المكبوتة إلى مستوياته الحقيقية المطلقة. In spite of the monetary philosophy believes in the continuing inflationary phenomenon and original in the economy is not only the presence of high cash liquidity shift from its underlying inflation suppressed the real absolute levels.
وانطلاقاً من هذا المبدأ فإن البنك المركزي العراقي باستخدامه قواعد يعتمد على قاعدة تسمى قاعدة (تايلر) وهذه القاعدة تفرض على السلطة النقدية رفع أسعار فائدة البنك المركزي العراقي عندما يكون الانفاق الكلي في الاقتصاد أكبر من قدرات الاقتصاد الإنتاجية وعندما تكون الأسعار خارج نطاق توازناتها. Based on this principle, the Central Bank of Iraq depends on the use of a known base (Tyler), and this rule imposed on the monetary authority lifting interest rates the Central Bank of Iraq when the total expenditure in the economy more productive capacities of the economy and when prices are outside the scope of balance.
*إذن ما هو الحل؟ Q: So what is the solution?
يقول السيد مدير عام البحوث والإحصاء في البنك المركزي العراقي: إن نجاح السياسة الاقتصادية في تحقيق الاستقرار والنمو في الاقتصاد العراقي تعتمد على تجانس حزمة السياسات وأعني بها السياسة المالية والسياسة النقدية وسياسات التشغيل والسياسات الاستثمارية والمشجعة للاستثمار. Says general manager of research and statistics at the Central Bank of Iraq: that the success of economic policy in the Stability and Growth in the Iraqi economy depends on the homogeneity of a package of policies, namely, fiscal policy and monetary policy and operating policies and investment policies and encouraging investment. فما لم تولد مثل هذه الحزمة فإنه من الصعب التكهن بان السياسة النقدية لوحدها قادرة على مواجهة التضخم أو الظروف المسببة له.. What did not generate such a package it is hard to predict that monetary policy alone can deal with inflation or the circumstances causing him .. وإن هذا الشيء يتم العمل به في الوقت الحاضر ضمن برنامج الحكومة الاقتصادي الراهن إذ تتولى اللجنة الاقتصادية العليا في مجلس الوزراء مهامها ومسؤولياتهــــا على وفق هذا الإطار. And that this thing is working for now within the Government's current economic programme since the Supreme Economic Committee of the Council of Ministers of its functions and responsibilities according to this framework.
seen this exert from an article a couple of years old.....
these methods adopted by the central bank is entering a seller of bonds in the financial market (banking) in order to control the liquidity and sinking rates and on this basis, the auction will be held every two weeks for transfers or bonds of the Central Bank of Iraq withdrawal (one hundred) billion dinars from the market ent in addition to a quarterly auction every three months to be withdrawn (180) billion dinar note that the term to maturity bonds auction is the first six-month term to maturity bonds, or remittances auction is the second year one and two first complemary in terms of the period of eligibility with the voucher auction by the Ministry of Finance which will be held every two weeks, but also the entitlement Hawwalath is three months.
http://translate.google.com/translat...nLl%26pwst%3D1
SO, as you can see this claimed Years ago, they were looking at pulling BILLIONS of Dinars from the market...
Swiss court rejects the transfer of funds to Saddam's Iraq
2008-04-22
Swiss Federal Court rejected in Lausanne confirm, as reported in the Iraqi Ministry of Finance yesterday on the determination of Switzerland
Conversion of 300 million dollars were deposited in a Swiss bank account in the name of a successor Delimy lawyer late Iraqi President Saddam Hussein.
The spokesman said the court that he does not know anything about this resolution. The spokesman pointed to a lack of emphasis in Switzerland on the release of the frozen funds The Federal Court in Lausanne had announced last January that Switzerland is not empowered to consider the validity Security Council resolutions. The Security Council has prepared a list of persons accused of misappropriation of funds during the rule of Iraqi President Saddam Hussein. However, the court found that the right to head the financial affairs of the Iraqi intelligence efforts with the sanctions committee to write his name from the list. He had announced in Baghdad earlier that the Swiss Federal Court ordered the freezing of more than 300 million dollars were deposited in the account counsel Saddam. A statement by the Iraqi Ministry of Finance that''Iraq happened on the rule in his favor by the Swiss Federal Tribunal to an amount equivalent to more than 300 million dollars deposited in the account named successor Delimy Saddam's personal counsel''. He added that the funds above the legal side became king''of Iraq, the Swiss authorities will transfer frozen funds covered by the court's decision to the Iraqi Development Fund (De F of) prior to the date of June 13, 2008 deadline for Dlimi to apply object to the sanctions committee of the Security Council '
http://209.85.135.104/translate_c?hl....php?sid=22796
depends on where your at.....errr....what forum or forums
Found this on a forum.....funny to some of us that have been around this for a while.....concerning the every weekend rumors.
beastie boy remix
nooow heres's a little story Iv'e got to tell
about 3 paid pumpers you know so well
It started way back in dinar history
With nemo,rr, and sg
Been had a little camel named ranger revere
Just me and my camel and a quart of beer
Riding across the land, kicking up sand
pah pah pah pah puuuump it up
Pumpers posse on my tail cause im in demand
One smart investor I be
All by myself with few to see
The sun is beating down on my turban hat
The air is gettin hot my beer is gettin flat
Lookin' for a girl I ran into guy
His name is SGS, I said Howdy he said hi (lol)
pahh pahh pump it up
He had a little rumor that sounded well rehearsed
Four days in the run and Im dying for thirst
The brew was in my hand and the beer was on my lip
and he asked for a sip.
I said hell no you cant get none
had a chance to run and he pulled out the weapon
he was quick on the draw I thought i be dead
He-she planted the rumor in my head and this what
he said
My name is sgs ive got a licence to pump
I think you know what time it is its time to get dumped
and so the story goes....your not fooling anyone or at least me...so go ahead and pump it up..
Reply With Quote
5.26 tonight......got a friend of mine that post that everyday since the SafeDinar/CBI update last year.....kinda makes you wonder doesn't it?
most definitely....but others took her place pumping the forums
Matt....not sure if that was directed at me or not....but I am very positive about this, just don't believe every "this weekend
theory".
I've been in this since almost the beginning (Nov03) and don't believe in the "lop"....that makes no sense to me...
feel better now?
careful.....Ranger will more than likely get butthurt over you
taking his theory/fantasy (which ever you believe)without proper credit due...lol
thats is nothing more than your opinion....blah blah blah
From an article in September 2003 (old but still pertains)
Iraqi official: the adoption of the "Swiss dinar" to deal 1247 (GMT+04:00) - 13/09/03 1247 (GMT +04:00) - 13/09/03
Iraqi Dinar, which carries the picture of Saddam is still using
Dubai, Arab Emirates (CNN) -
An Iraqi official announced that the authorities there would adopt the old Iraqi dinar, known as the "Swiss dinar" and is currently working in the self-rule area under the control of the Kurds, to put an end to speculation about the future of the Iraqi dinar, which was carrying a picture of Saddam Hussein.
According to the Iraqi official, the deal will be the old Iraqi currency as of mid-October the first year.
The newspaper quoted on the London life and the Iraqi Minister of Planning Mahdi Al-Hafiz Saturday saying, "The new Iraqi currency is the Swiss dinar."
The Custodian "that Iraqi banks will automatically, even abroad, to transfer their existing appropriations to the Swiss dinar."
This news comes after the American Civil Administration in Iraq had announced a near seek a new Iraqi dinars resembles Swiss dinar during the month of October / first Tashrin next.
The administration official said that Paul Bremer, "the coalition on behalf of the Iraqi people will be printed and distributed securities of a new Iraq whole."
The former Iraqi authorities rely on printed dinar in Iraq after the economic embargo imposed by the United Nations on the country following the invasion of Kuwait in 1990.
http://translate.google.com/translat...258A%26hl%3Den
Unfortunately at the moment joining the Corps would see you more than likely sent to Afghanistan instead of Iraq.
Thnx but no need.....it was an honor!
been there done that.....lol.....they got 13 years outa me and I wouldn't trade them times for nothing in the world!
and the name does ring a bell.....
the swiss dinar already had the metal security strip in it
and also the horsehead hologram....easily found on e-bay even....
badges?......we don't need no stinkin badges!
ok ema....got it with the security features, looks great but what
about the 20yr old signature.....was under the impression these
are newly minted with old plates?
Iraq Oil Deal Could Ignite Investment
4.16.08, 3:07 PM ET
LONDON -
An agreement on a draft oil law for Iraq may finally have been reached Wednesday, which could bring major oil firms like Royal Dutch Shell and BP one step closer to investing in the war-torn and fractured republic.
Iraqi government spokesman Ali al-Dabbagh told United Press International on Wednesday that a new understanding had been reached between the central government of Iraq and the regional government of Kurdistan, after a year of bitter division over the future of the country's oil industry.
"There is an understanding between the central government and the regional government for the oil law," al-Dabbagh was quoted as saying. Although the law has not been officially approved by the Iraqi parliament, the announcement is a clear sign that a significant number of lawmakers are backing the legislation.
The agreement reportedly means Iraq will once again have a national oil company, along with a federal policymaking body for oil and gas to decide who controls the country's oil fields and exploration blocks. It will also create a legal framework for foreign investment, which so far has deterred major oil companies from wading into Iraq.
"The implications of a passed oil law allowing foreign investment would naturally be huge for Iraq, the region and the oil industry," said Samuel Ciszuk, an analyst with Global Insight, "unlocking a new chapter for Iraq, allowing it to develop and modernize its oil and gas production rapidly."
The downside is there does not seem to be an agreement on the disputed oil-rich city of Kirkuk, which the Kurds claim belongs to them. Currently, 97% of Iraq's proven reserves of 112 billion barrels lie outside Kurdish territory, including Kirkuk.
Al-Dabbagh said it had been agreed to allow the U.N. process for determining the status of Kirkuk and other disputed areas to play out.
A spokesperson for Royal Dutch Shell (nyse: RDSA - news - people ) refused to comment on the news, but reiterated the company's interest in investing in Iraq. Industry insiders say companies like Shell are training workers to prepare for an eventual move into the country, which can only happen once an oil law is agreed upon and security improves. (See: "Is Big Oil Losing The Race For Iraq?")
The Kurdish regional government and the central government in Baghdad have been at loggerheads over the past year, after last-minute amendments to the draft law in February 2007 pushed the Kurds to withdraw their support and pass their own regional law six months later.
Now it seems that the Kurds' unilateral decision to press ahead and award production-sharing agreements to small oil companies like DNO (other-otc: DTNOF - news - people ) and Addax Petroleum (other-otc: ADXTF - news - people ) has not prevented reconciliation with Baghdad. It might mean, however, that they are restricted to Kurdish exploration, as the Iraqi oil minister has declared the agreements illegal.
Shares in Norway's DNO, a medium-sized oil company with assets in Kurdistan, closed up 16.3%, to 10.15 Norwegian kronor ($2.05), on Wednesday. Press reports had claimed throughout the day that an oil deal was close, though the Iraqi oil ministry reportedly denied it.
http://www.forbes.com/markets/2008/0...markets22.html
RJ.....I firmly believe if they was intending to lop this it would have happened in the first two years, it makes no sense
to go through all they have to lop it now IMO.......
Nothing as of yet has been stated about turning larger denoms in
sooooo.....looks like RV to me!
New Rumor thread about low denominations post#415
Please oh please let this be so.....LMAO!
This is great news!!!!!!!
Also read another post about someone trying to buy dinar from Regions Bank in Alabama....they would only sell 5k and 10k notes when asked about the 25k notes in the drawer they stated they had been directed not to sell them because they were being sent back.
If this is true about the 1 dinar note.....kinda put the lop theory out to pasture IMO.....
yes Matt....i do believe I posted that earlier also...just felt with all the lop talk it was beneficial......
kinda coincides with this from 2004.....
Balance 2004
General Budget 2004
Chairman of Managing Council Speech:
Ladies and Gentlemen stockholders of Baghdad Bank:
Iraq had been through some unusual circumstances within the last two years like instability and lack of security that have had a destructive impact on economy, investment and industrial production, but, despite of all that Baghdad Bank achieved a big success during the financial year of 2004 in comparison to the previous financial year and the most important index to that is balancing US dollar price with the current price of 1460 ID Baghdad bank has taken also serious steps towards opening Al-Bayaa branch at the end of 2004 and rented a location for Al-Suliemaniya branch which shall be opened in March 2005 in addition to the expansion of Baghdad bank activities on the international level as it has made banking connections with many international banks. worth mentioning that Baghdad Bank started putting into practice new systems in Mansour, Palestine and Bayaa branches.
Presently such systems are being put into practice in the general center and general management to be spread later on to the other branches. Baghdad Bank has also signed a contract to use (SWIFT) system in external transfers in 2005. This system shall be run during the above mentioned year.
I would to inform all the stockholders of Baghdad Bank that the report of the managing council 2004 was prepared according to the demands of Central Bank of Iraq to balance US dollar price to 0.310 ID instead of its real value (1460) ID per 1 US dollar, so, the report and general budget do not necessarily reflect the actual situation of Baghdad Bank and the volume of economical incoming indexes, so, this report was issued in order to meet the demands of the rules and instructions.
The General Institution of Baghdad Bank that was held on November 16 2004 had taken a decision to make a partnership with Gulf Bank and Iraqi Payee Company with percentage of 49 %, increasing Capital to approximately 10.000.000.000 ID. We would like to inform stockholders of the bank that Central Bank of Iraq reclaimed that the increase of capital to 52.963.600.000 ID all at once instead of two stages. The managing council of the bank and new stockholders agreed to meet the demands of Central Bank of Iraq as long as they do not affect the basis of partnership that all sides have agreed upon in the previous meeting of the General Institution of Baghdad Bank and we are waiting for the final resolution of Central Bank of Iraq about our above mentioned approval.
And hereby I express my deep appreciation to Central Bank of Iraq and department of company registration to their utilitarian and constructive roles in supporting Baghdad Bank and Iraqi economy in general. I also appreciate the honorable situation of all personnel of the bank for preservation of bank properties and for their exceptional efforts in hard times that Iraq had been through within the last two years.
Dr. Monib Khalil Al-Skooti
Chairman of managing council
seems everyone forgot this:
This is from the Iraqi Ministry of Planning and is dated today the 10th 0f April 2008
It says the Offical rate is $3.20!It gives a rate for the Iraqi Dinar at the bottom of the page of $1.134
The Exchange Rate of Foreign Currency in Economic Feasibility Studies
Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.
Estimate the shadow price of foreign currency:
1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.
The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.
* What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.
In particular the following outputs and inputs of foreign currency were distinguished:
· Export-outputs.
· Outputs marketed locally that substitute imports.
· Imported inputs.
Inputs produced locally that usually go to exports.
· Foreign labor.
According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.
In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency .... etc.).
In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.
2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports... etc.
The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:
· The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
· The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
· The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
· The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
· This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.
And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.
3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.
http://www.mop-iraq.org/mopdc/index....id=287&pid=266
Initially it was shipping weight rate, then certain forums started speculating that the larger bills would be harder
to cash in.
I hold 25k and 10k and personally don't worry about the
dreaded "lop" or the isx and Warka accounts...to each his own.