Iraqi Dinar

FreeTheDinar.org - Website to shape Iraqi Monetary Policy

2011-08-18T09:43:00.002-04:00

FreeTheDinar.org Announces Creation of Website to shape Iraqi Monetary Policy to Include a Plan for Repatriation of Iraqi Dinar Paper Currency Held by Foreigners
PRWEB.COM Newswire
San Diego, CA (PRWEB) August 18, 2011
http://www.freethedinar.org has created a central repository of contact information for organizations and individuals who can shape Iraqi monetary policy. Several recent announcements by the Central Bank of Iraq to completely restructure the Iraqi Dinar have heightened new investor interest in the currency. Iraq’s Central Bank has detailed its general plan for the Dinar that when completed will reflect a Dinar with a value approximately equal to one U.S. Dollar with entirely new redenominated banknotes in circulation. However, certain parts of the story remain untold.
David Pratt of http://www.DinarFund.org has called for the Central Bank of Iraq to reveal its plan for the importation of all Iraqi Dinar paper currency purchased and accumulated by thousands of U. S. citizens the last seven years from the offices and branches of several international banks and registered currency dealers here in the United States.
“We are encouraging people holding this paper to contact the Central Bank of Iraq or anyone who may be in a position to influence Iraq’s monetary policy. We want leadership in the Central Bank to acknowledge these Dinars and display the existence of structures within their master plan designed specifically to facilitate the efficient and orderly repatriation of this currency,” says David Pratt.
William Burbank of BB&M International Corporation, operator of the AmIraq Fund agrees and goes on to state: “individuals who purchased paper currency, often in small denominations were investing in Iraq in its darkest hour. It seems only fair that the Bank of Iraq institute policies that allow them to participate in the growth of the Dinar’s value”. Mr. Burbank went on to state “At this point in time we are awaiting approval of the Central Bank’s recommendations by the Iraqi Parliament and this is the time when policy can be influenced or introduced to protect the paper currency holders.”
It is important to note that only the holders of paper currency outside of Iraq may be impacted by the current ambiguity. Investors holding equity shares, dinar denominated bank deposits and other financial instruments inside of Iraqi are not in question.
To assist holders of Iraqi Dinar paper currency, a dedicated interactive website is available which contains contributed contact information for organizations and key individuals that may have influence in the creation of new policies and procedures being crafted at this time in Parliament. The best time to make changes is before the finalization and execution of any currency exchange program.
Please go to http://www.freethedinar.org to access these links and build momentum by spreading the word.
###
Read the full story at http://www.prweb.com/releases/Iraqi/Dinar/prweb8727787.htm

Is The Iraqi Dinar Worthless Paper Or Maker Of Millionaires?

2011-07-27T09:37:00.002-04:00

Jul. 27 2011 - 8:40 am | 43 views | 0 recommendations | 1 comment

50 dinars, what's it worth?

Dozens of people have signed up for tax consultations with me over the years looking for a windfall profit on the U.S. government revaluation of the Iraqi dinars back into U.S. dollars. In other words, these were people holding dinars who were hoping they could exchange them for dollars again.

Most dinar investors are current and ex-military, warzone contractors and now speculators. A cottage industry of promoters has sprung up on the Internet promising dinar “get rich” schemes. Many have invested, say, $5,000 and they hope to make millions. I’ve always thought it was a scam, as it sounded too good to be true.

These people ask me about their potential large tax bills. Most hope for long-term capital gains tax rates, currently up to 15 percent. I have to give them the bad news: holding physical currency is considered ordinary gain or loss in Section 988 (foreign currency transactions). Unlike forex traders, who don’t hold physical currency and don’t take or make delivery, they can’t file a capital gains election to opt out of Section 988 and into short- and long-term capital gains treatment.

That means no lower 60/40 futures tax rate either (Section 1256). At least, it’s not considered a personal loss which otherwise can’t be deducted, as is the case when a person returns from a vacation and exchanges his left over currency from that trip. Investors in dinars can deduct ordinary losses in Section 988, but few expect a loss.

Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed is about how the four leading central bankers from the U.S., U.K., France and Germany navigated in and out of WWI and financed recoveries and German reparations. These central bankers went off and on the gold and new dollar standards by manipulating their exchange and interest rates and much more. This is how money and power (military and otherwise) go hand in hand.

Our current situation begs the question: Did the Bush administration plan on, and is the Obama administration still considering, paying for part or all of the Iraq war by collecting taxes from the revaluation of the dinar?

If this scheme has any resemblance of reality, it could be an interesting revenue raiser for the government, and I know the government is hunting for revenue raisers and closing of tax loopholes.

Maybe the story here is just that it’s a scam. But, if rumors in the marketplace are true, and the dinar does revalue and allow conversion for most to pre-war levels, what are the ramifications for the government, Iraq, the military, investors and taxpayers? Also, what’s holding up the revaluation? Can Iraq handle it?

It does sound like a happy ending which makes me suspicious. How much tax revenue do U.S., state and local governments stand to collect? How many former and current military personnel and contractors stand to become millionaires overnight?

Recommend
- Buzz Up!
- Reddit
- StumbleUpon
- Facebook
- Twitter
- Email this

Iraqi Dinar Revaluation Soon

2011-07-18T10:40:00.000-04:00

Iraqi Dinar Revaluation Soon

A growing question by individual investors outside of Iraq looking in is, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

As more and more new investors buy into this speculation, they tell their friends about it. And as their friends buy into it, those friends tell other friends about it, and so on. A point has been reached where there are so many individual investors buying and holding the Iraqi Dinar in their possession waiting for the day when the value of the Iraqi currency is going to skyrocket.

When the new currency began to be printed in 2003, it was estimated that approximately 5 Trillion dinars were printed for circulation. Overtime, so much of this currency ended up in the hands of speculative investors all over the world. New estimates have been reported that approximately 25 Trillion dinars have now been printed and are in circulation. And of course as time goes on, more and more dinars are leaving the country and ending up in more speculators hands hoping to cash in big some day.

The Iraq Banking system has come a long way since 2003 in becoming more modern. Many current internet financial transactions are occurring, and are not requiring the actual paper currency. The Central Bank of IRAQ (CBI) monitors this issue a maintains a balance of needed paper cash in circulation for the citizens of Iraq to do day to day business. One of the ways it controls a balance of cash on hand is to have daily auctions of foreign cash to trade back for their own currency.

During and since the Saddam Hussein in Power days, the main populace of Iraqi citizens have remained very poor. However, its citizens have lived through hard times before and do see their futures in a growing Iraq as a reason to stay. The Iraqi’s do have a strong sense of staying the course, because Iraq belongs to them. They have a strong core belief in their country as shown during the recent elections. Many threats of violence were in the air that they could be risking their lives if they chose to go out and vote. Yet the Iraqi people showed up to vote.

When Saddam Hussein was still in power, many citizens were tortured and poisoned by the dictator, and he failed to overcome them. When the War on Iraq began in 2003, living in Iraq was extremely frightening for the citizens. But the war did not beat them, they stayed and weathered the storm. Even Iran terrorized the citizens of Iraq and tried to bribe its politicians. The country of Iraq has survived all of this. Iraq has become the bright shining star of the future in the Middle East leading the way as a new democracy in that part of the world.

The recent political election on March 7th, 2010 is their second such election since the new Iraqi Government was formed in 2005. It is taking a lot of time for the election committees to complete the counting of the ballots. Every day on every major world news site, there are many news stories making headlines about the progress on the counting of the votes in Iraq to see who the decided winners will be. The whole world is watching and waiting on every word of each news story. Why, because so many individual investors across the globe are holding the new Iraqi dinar? Maybe this is partially the reason. And maybe much of the reason news like this coming out of Iraq is so important is because of the all the potential for the oil they have. (If you found this article, its probably because you were looking for it, for example.)

Iraq has the third largest oil reserves known in the world. (Some believe it is actually the second largest.) There is more oil to be found in their country than anyone can imagine. Every week there is a new story in the news about another oil field discovery in Iraq. And also, it seems like every week there is a news story about another country or large oil company signing a contract with Iraq for the rights to a piece of those oil reserves. Iraq gets revenue from every gallon of crude coming out of the ground. This revenue is really beginning to escalate. And the world needs crude to sustain life as we know it and is beginning to make Iraq a very wealthy country.

Many Positive Signs!

In September, 2005, the new Iraqi government signed into law their new Constitution. Since then, the presence of the Iraq Military, with the help of the large foreign military alliances, has made the country more secure, with only a small amount of terrorism still lurking in the shadows. It is finally felt that security is now under control and in 2010 the foreign military alliances will begin to withdraw as Iraq will be able to manage it with less help.

The Iraqi Economy is beginning to spread its wings and their stock exchange has gotten its start. Many of the needed utilities such as electricity and water has also been improving over time.

If you began investing in the Iraqi Dinar from 2003 to 2006, You would have realized at that time that this currency investment was one huge long shot, but it had just enough potential to peak your interest. And if you have stayed in this investment or are just getting into it now, the odds of this investment now paying off are greatly improved from before.

Here is a quote from a news paper ad that I saw in 2006.

“Stability is the keyword in Iraq. Democracy is taking over and the Iraqi people are free. It is only a matter of time before the Dinar is released on the foreign exchange and many experts feel that Baghdad could be a mirror image of Kuwait City but on a much larger scale.”

The United States Government thinks Iraq is worth it because it is spending its tax dollars there to help start the economy. One oil company executive who wished to remain anonymous who purchased dinars said, If you think the United States of America is going to let the second largest oil producing country in the world fall into the hands of thugs again…guess again. It’s not going to happen”

Recently, the Iraqi Government stated “We have promised the people of Baghdad and Iraq that the next four years will be the phase of construction and better economy, and we will live up to our promises”

So, to answer the original question asked above, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

Absolutely, YES!… Because a new government is in place, and old oil fields are getting back on line, and new ones are being discovered, and the security has been restored. Iraq also had a lot of debt piled up owing to many other countries. And most of that debt has been forgiven by those countries. What will keep the currency revaluation from happening now?Iraqi Dinar Revaluation Soon

A growing question by individual investors outside of Iraq looking in is, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

Many Positive Signs!

The Iraqi Economy is beginning to spread its wings and their stock exchange has gotten its start. Many of the needed utilities such as electricity and water has also been improving over time.

Here is a quote from a news paper ad that I saw in 2006.

So, to answer the original question asked above, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

A growing question by individual investors outside of Iraq looking in is, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

Many Positive Signs!

The Iraqi Economy is beginning to spread its wings and their stock exchange has gotten its start. Many of the needed utilities such as electricity and water has also been improving over time.

Here is a quote from a news paper ad that I saw in 2006.

So, to answer the original question asked above, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

A growing question by individual investors outside of Iraq looking in is, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

Many Positive Signs!

The Iraqi Economy is beginning to spread its wings and their stock exchange has gotten its start. Many of the needed utilities such as electricity and water has also been improving over time.

Here is a quote from a news paper ad that I saw in 2006.

So, to answer the original question asked above, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

A growing question by individual investors outside of Iraq looking in is, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

Many Positive Signs!

The Iraqi Economy is beginning to spread its wings and their stock exchange has gotten its start. Many of the needed utilities such as electricity and water has also been improving over time.

Here is a quote from a news paper ad that I saw in 2006.

So, to answer the original question asked above, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

A growing question by individual investors outside of Iraq looking in is, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

Many Positive Signs!

The Iraqi Economy is beginning to spread its wings and their stock exchange has gotten its start. Many of the needed utilities such as electricity and water has also been improving over time.

Here is a quote from a news paper ad that I saw in 2006.

So, to answer the original question asked above, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

A growing question by individual investors outside of Iraq looking in is, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

Many Positive Signs!

The Iraqi Economy is beginning to spread its wings and their stock exchange has gotten its start. Many of the needed utilities such as electricity and water has also been improving over time.

Here is a quote from a news paper ad that I saw in 2006.

So, to answer the original question asked above, “Will Iraq’s currency, the Iraqi Dinar, gain value compared to other world currencies soon?”

Trackback

http://dinartrade.org/iraqi-dinar-revaluation-soon/

Iraq Dinar Value Seems Likely to Significantly Increase

2011-07-18T10:39:00.000-04:00

“the Iraqi dinar worth may be expected to strengthen considerably above its present trading valuations.”

The Iraqi dinar is the official currency of Iraq. The nation remains mostly isolated from international monetary markets. The country has no real sovereign credit, there is little need for its money which remains thinly traded. All Iraqi property, including its currency are seen as being a very great risk. The Iraqi dinar value, or the Iraqi dinar exchange rate, is effectively determined through the central bank via it’s US currency auctions.

The Iraq dinar was originally introduced in 1932 when Iraq grew to become independent from British rule. The dinar replaced the Indian rupee that had been introduced by the British following winning control of Iraq from Turkey in WWI. The Iraqi dinar has been a managed or controlled currency all through its life.

Initially, when it was first positioned into circulation, the Iraqi dinar was pegged in the direction of the British pound. By 1959 Iraqi national wealth had become more and more linked with oil. Oil was priced and traded globally in terms from the US currency, so the Iraqi currency peg was changed in the path of the US dollar and remains so to this day.

With the introduction of financial sanctions after the initial US Gulf Struggle, financial conditions deteriorated significantly in Iraq. Inflation spiraled to an annual rate of over 1000% by early 1993, unemployment expanded to over 50% and the worth of the Iraq money fell significantly. During 1994, the dinar was valued at about 2,500 per 1 US dollar. In an attempt to help the new money, a range of actions had been launched including a brand new law in 1996 to allow citizens to use financial institution accounts in a foreign currency.

Following the second Gulf conflict, new preparations were created to take effect on 15 October 2003 to issue a brand new Iraqi dinar and also to manage the Iraqi dinar exchange rate. Since those new arrangements were launched, the Iraqi dinar value has steadily increased. The present exchange rate is 1,170 dinars for one US dollar.

Data published through the US Central Intelligence Agency points out that the number of Iraqi dinars required to purchase a US dollar was 1,475 dinars (on average) throughout 2005, 1,255 during 2007 then down to 1,170 in 2009. The exchange rate today remains near 1,170 dinars per US currency.

Iraq is rich in raw oil, now possessing the 2nd largest level of confirmed crude oil reserves following Saudi Arabia. Iraq lately quantified its proven raw oil reserves at 143 billion barrels, in comparison with Saudi Arabia with 265 billion barrels of proven reserves. More importantly, these reserves are easily accessible and therefore the oil has a low cost to produce. About 95% of Iraqi export income is generated from raw oil or oil derivative commodities.

Longer term, as political balance returns to Iraq, its financial system increases efficiencies and its citizens capture the complete worth of the national crude oil abundance, the Iraqi dinar worth may be expected to strengthen considerably above its present trading valuations.

Like most national currencies in the world today, the Iraqi dinar value is important to those who do business internationally. The opportunities available to those who are considering investing means tracking the Iraqi dinar exchange rate consistently.

(Source)

http://dinartrade.org/iraq-dinar-value-seems-likely-to-significantly-increase/

TampaDinar Releases RV Cards

2011-07-11T17:09:00.000-04:00

To offer their customers more ease and convenience, TampaDinar has released their Central Dinar revaluation card that will also work as RV registration card for different customers of Jidt.org
The customers are subject to bring their RV card with them when they look for the details of their orders and other such things. The card is scanned before providing the information and other details to some customer. For this reason brining the RV card at the time of revaluation or getting some other details is essential. This is indeed very helpful in reducing RV time and customers will be able to get instant help for the information they need to have.

There are some additional features for investment and trust account holders and most of these features have been developed to offer them complete control over investment accounts. It also offers great control over funds investment through the investments of platinum, silver, gold and several other commodities. This way, trading will become quite easy and simple for the investors and they will have greater control over their different investments which will ultimately lead to more profits and higher gains.

About TampaDinar

Tampa is the highest rated online Iraqi Dinar dealer quite well known for its quality services and reliable source of investing in Iraqi dinar. People looking for some lucrative investment opportunities will find that source quite according to their requirements and get the entire boost that they want to have against a safe and secure investment. TampaDinar has been serving in many other currencies as well, but they are widely known as the largest online dealers of Iraqi dinar. People want to invest in Iraqi dinar and looking for a reliable source for that purpose will find that source quite according to their needs.
About Us: Buy or sell Iraqi Dinars, and Vietnam Dong at Tampa Dinar, we are your trusted source for New Uncirculated Iraqi Dinar, currency. We also have the latest Iraqi Dinar News and exchange rate.
Contact Info: pressrelease20@yahoo.com
Additional: Tampadinar.com, Dinardealers.com and Dinarmint.com. The customers of the site can activate the RV cards with their account on these sites.
Company: Tampa Dinar
Country: United States
Contact: pressrelease20@yahoo.com
Website: www.tampadinar.com
Bus E-Mail: pressrelease20@yahoo.com
Phone: 004412121212

Resident Representative Office in Iraq

2011-07-06T16:08:00.001-04:00

IRAQ RESIDENT REPRESENTATIVE SITE

Resident Representative Office in Iraq

This web page presents information about the work of the IMF in Iraq, including the activities of the IMF Resident Representative Office. Additional information can be found on the Iraq and IMF country page, including IMF reports and Executive Board documents that deal with Iraq.

At a Glance:Iraq's Relations with the IMF

§ Current IMF membership: 187 countries

§ Iraq joined the Fund on December 27, 1945; Article XIV

§ Quota: SDR 1,188.40 million (As of May 31, 2005 )

§ Outstanding Loans: Post-Conflict Emergency Assistance SDR 297.10 million

§ The last Article IV Executive Board Consultation was on August 1, 2007 (Country Report 10/72, published March 16, 2010)

Read the Latest Program Note on Iraq

PDF Version

http://www.imf.org/external/country/IRQ/rr/index.htm

CBI sells 175 million dollars in its Thursday auction

2011-06-30T09:43:00.000-04:00

BAGHDAD / Aswat al-Iraq: The Central Bank of Iraq (CBI) has announced the selling of US$175 millions, in its auction on Thursday, on the rate of 1,170 dinars per dollar, exceeding its Wednesday sale by 73 million dollars, according to its daily bulletin, copy of which was received by Aswat al-Iraq news agency.

“The total demand on U.S.
dollars has reached 175 millions and 382,000, covered by the Central Bank of Iraq, on an exchange rate of 1,170 Iraqi dinars per dollar,” the bullet reported.

The CBN’s sales in its Wednesday auction had reached 73 millions and 730,000 dollars.

The Bank’s cash dollar sales had reached 12 millions and 192,000 dollars, on an exchange rate of 1,183 dinars per dollar, along with the Bank’s interest of 13 dinars per dollar.

The Bank’s foreign transfers had reached 163 millions and 192,000 dollars, on an exchange rate of 1,183 dinars per dollar, including a 13 dinar interest per dollar.

“None of the 8 banks sharing in the CBN’s auction had presented any offer for the selling of dollars,” the bulletin stressed.

Noteworthy is that the CBN holds 5 auction sessions per week, beginning on Sunday and ending on Thursday, for the selling and buying of foreign currencies, charging a 13 dinar interest per dollar, along with a similar interest for foreign transfers.

SKH

http://en.aswataliraq.info/Default.aspx?page=article_page&c=slideshow&id=143484

Iraq Said To Be Planning Currency Overhaul, Redenomination

2011-06-24T13:39:00.002-04:00

Iraq Said To Be Planning Currency Overhaul, Redenomination

Iraq's 25,000-dinar banknotes apparently won't get you as far as they used to.

June 24, 2011

BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq (RFI) reports.

Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFI on June 23 that in the short term, larger banknote denominations of the dinar will be issued to simplify major transactions.

He said that because so many Iraqis still deal mainly in cash, it is cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.

He added that large denominations equivalent to around $100 will be issued to simplify major purchases, and new coins and lower denominations will be introduced for smaller transactions.

In the longer term, Saleh said a redenomination is needed wherein three zeros will be dropped so that the 25,000 Iraqi-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.

He said the change is inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.

Saleh said there are currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also causes complications for the central bank and government, as well as commercial accounting departments.

Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund (IMF), of which Iraq has been a member since 1945.

The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament.

Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign.

http://www.rferl.org/content/iraq_said_planning_currency_overhaul_redenomination/24245867.html

Iraq Said To Be Planning Currency Overhaul, Redenomination

2011-06-24T13:38:00.002-04:00

Iraq Said To Be Planning Currency Overhaul, Redenomination

Iraq's 25,000-dinar banknotes apparently won't get you as far as they used to.

June 24, 2011

http://www.rferl.org/content/iraq_said_planning_currency_overhaul_redenomination/24245867.html

Bullseye: Most Iraqi private banks hit $85M capital target

2011-06-21T10:18:00.003-04:00

June 15, 2011

22 out of 32 private banks reach $85

million capital target needed to spur

banking activity. Banks that fail may

have licenses revoked.

Reuters

Most of Iraq’s private banks have reached the central bank’s $85 million capital requirement level aimed at diversifying the financial sector’s activities, the head of a private banking association said on Tuesday.

Iraq is slowly getting back on its feet as it emerges from years of war and economic sanctions, and Iraqi banks hope that multi-billion dollar deals signed with international firms to develop the country’s vast oil reserves will spur lending and help private financial institutions flourish.

The central bank laid out a three-stage programme in 2009 for banks to raise their capital. The deadline for the first stage is end-June, when banks should reach capital levels of 100 billion Iraqi dinar ($85 million).

By June 2012, banks need to boost capital to $128 million and the third stage is for June 2013, by which time capital levels need to be at $213 million.

Abdul-Aziz Hassoun, executive director of the Iraqi Private Banks League, an independent organisation to support private banks, said 22 banks had so far reached the $85 million target.

He said another three banks were in talks to merge in order to reach the required level.

“The private banks are on the right path,” Hassoun told Reuters during an interview.

“Only seven banks did not undertake increasing their capital and they have to explain this to the central bank,” he said, adding that the central bank may withdraw the licences of banks that failed to meet the target.

According to the central bank website, OPEC oil producer Iraq has seven state-owned banks, 23 private banks, and eight Islamic private banks.

Its banking sector is dominated by two state-owned banks, Rafidain and Rashid. Much of the private banking activity is limited to deposit services and a small amount is personal lending.

“I personally agree with the capital increasing (decision)…in order to be able to enhance the financial entities’ capability to handle huge banking operations which are monopolised by the government banks,” Hassoun said.

He said private banks also needed to increase other services such as credit cards and ATM machines. Only eight private banks currently offer these services.

Ahmed al-Buraihi, a central bank deputy governor, told Reuters on Tuesday it was important to increase private banks’ capital to help raise their lending capacity.

“This planning is based upon anticipating the future of Iraq’s economy,” he said, referring to expected huge growth in the country’s oil and industry sectors. (By Aseel Kami; Editing by Serena Chaudhry and Toby Chopra)

End to Iraq’s political impasse nears

2010-11-11T09:47:00.000-05:00

President of the Kurdistan Regional Government Masud Barzani speaks to the press in Baghdad on Thursday. Mr. Barzani confirmed the Kurds, the bloc that came in fourth place in the election, will retain the presidency the second highest position in Iraq's political structure. Photo: AP.

Iraq’s eight months of political deadlock appeared to be coming to an end on Thursday after a complex agreement was reached between parties, paving the way for the formation of a new government.

Elected officials are set to convene Parliament later in the day to appoint a speaker, setting in motion the final steps towards a tentative power—sharing deal between Iraq’s multiple political, religious and ethnic groups.

It would be only the second session of parliament since the March elections, with the first session in July lasting less than 20 minutes.

Leading politicians from all major parties at a meeting late Wednesday in Baghdad appeared to have agreed to form a broad—based administration with Nuri al—Maliki, from the Shiite—led Dawa party, staying on as prime minister.

Politicians had agreed that “the presidency of Iraq will belong to a Kurd,” Massoud Barzani, president of the northern autonomous Kurdish region of Iraq, said in a televised address on Thursday morning.

Sources in the capital said former prime minister Iyad Allawi’s secular Iraqiya List, the largest party in parliament with 91 members, would get the foreign minister’s portfolio and most likely grab the role of speaker of parliament.

The Iraqiya List had nominated high—profile Sunni member Osama al— Nujaifi to take the post of speaker, Iraqiya spokesperson Haidar al— Mula said according to regional news network al—Jazeera.

Once a speaker is chosen, the parliament can move toward naming a new president, who would then have the job of appointing a prime minister, according to the country’s constitution.

Mr. Al—Maliki, who heads the broader Shiite—majority State of Law coalition, which won 89 of the 325 seats in elections in March, exuded confidence on Wednesday.

“We will not only experience the birth of a new government but even the beginning of the rebuilding of the Iraqi state,” he said.

However, al—Iraqiya, which had been hoping its leader Mr. Allawi would get the premiership still showed signs of dissatisfaction within its ranks as details of the power—sharing deal were released.

“We are the largest faction, according to the election results, and if the others have divided the positions among themselves, that would mean that democracy in Iraq is over,” said Mr. Abdul Qadir Mahdi, an Iraqiya List parliamentarian.

The party’s leadership was said to be meeting to discuss its final position on the power—sharing deal.

Iraq set a world record with its 249 days of failing to form a government.

http://www.thehindu.com/news/international/article880127.ece

Q & A - Monetary Progress in Iraq ... Currency ...

2010-10-18T16:39:00.000-04:00

Not sure who wrote this ... but it's someone's analysis about this investment. IMO, it's a very worthwhile read.
...................................future city in Iraq

Iraq's Currency ~

_*Will the Iraq's Currency be revalued?
_*When will Iraq's Currency be revalued?
_*How will the Iraqi Currency be revalued?

1) Iraq is an extremely wealthy country when you look at their natural resources and potential GDP. The expert consensus is that Iraq has at least the second largest oil reserves and natural gas reserves in the world. There is strong speculation that Iraq actually has the largest oil and natural gas reserves in the world. Additionally, many people don’t realize that oil from Iraq is some of the world’s cheapest oil to drill and refine—the oil is very “rich” and close to the surface with few impurities or hindrances to drilling. (Oct. 4, 2010 Iraq Announces Jump in Oil Reserves ...)

2) Iraq’s cost of production per barrel of oil is minimal compared to other world oil producers. This all means that Iraq’s profit margins on their oil production are some of the highest in the world. Additionally, Iraq has a vast agricultural system and abundant fresh water supplies from the Tigris and Euphrates rivers---Iraq is known as the “Bread Basket of the Middle East.” Moreover, Iraq has a large and traditionally hardworking productive population. The bottom line is that Iraq has staggering wealth in natural resources and tremendous GNP and GDP.

The country of Iraq will not be allowed to decay into a state of instability. Iraq is not Somalia, Vietnam or Rwanda -- It is a strategic Middle Eastern country with tremendous potential wealth. It is in the best interest of every Western country and most Middle Eastern countries for Iraq to succeed as an independent stable economy and country. No Western or Middle Eastern country is going to stand by while Iraqi’s vast oil reserves and wealth fall under the control of a neighboring rouge country or insurgency---it just won’t happen.

3) The political and economic powers of the world are doing everything possible to stabilize Iraq and bring their economy in line with the rest of the world as soon as possible---this is in the best interest of all nations.

World leaders understand that wealth and prosperity in a country lead to stability and increased productivity---people don’t revolt when their needs are being met and their quality of life is improving. One of the fastest ways to stabilize a country is to increase its wealth and the quality of life for the population as soon as possible. The cost of increasing an entire population’s wealth is much less than the cost of war and widespread instability in the oil-rich nations of the Middle East.

4) The history of the Iraqi Dinar demonstrates strong potential for growth. At one time, the Iraqi Dinar was worth over 3000 times ($3.20/Iraqi Dinar to <.001/Iraqi Dinar) what it is currently worth, while at the same time oil (Iraq’s largest natural resource) was selling for approximately $15 per barrel -- less than 1/5th of today’s price.

5) Excluding rogue nations (Iran, Syria, and other nations as defined by the US), the lowest exchange rates in the Middle East for countries like Kuwait, Qatar, Saudi Arabia, U.A.E., Israel, etc are no lower than $.26 per Dinar, Sheqel, Dirham, Rial, Riyal, etc. If the value of the Iraqi Dinar increased in value to just the lowest valued currency of the mainstream Middle Eastern countries, it would result in a 260 times increase in value. More simply stated, 1 million Iraqi Dinar purchased for approximately $1000 US dollars today would be worth $260,000 US dollars if the Iraqi Dinar were valued at $.26 US Dollars—the lowest current valuation for a mainstream Middle Eastern country. If the Iraqi Dinar were to reach a value equivalent to its historical rate of $3.20 US dollars per Iraqi Dinar, the value of an approximate $1000 US dollar Iraqi Dinar investment for 1 million Iraqi Dinar would be worth $3,200,000 US Dollars. As a note, the current exchange rate for the Kuwaiti Dinar is $3.44 US dollars for 1 Kuwait Dinar---it would take $3,440,000.00 US Dollars to purchase 1 million Kuwaiti Dinar.

6) Since its inception in late 2003, the Iraqi Dinar has steadily increased in value—indicating a recovering economy and increase in conversion of natural wealth resources. The bottom line is that the Iraqi Dinar is currently at an extremely low valuation compared to the US Dollar. The currency has steadily increased in value since inception in late 2003.

Iraq is a country with phenomenal wealth potential; and additionally, has the backing and support of the major political and economic powers of the world. There currently seems to be minimal risk that the Iraqi Dinar will decrease in value. The tremendous potential upside return compared to the minimal downside risk seems to make the Iraqi Dinar a compelling investment opportunity worth investigating.

One compelling speculation that may relate to the value increase of the Iraqi Dinar is the actual amount of Iraqi Dinar being held by the United States Treasury Department. A significant increase in the value of the Iraqi Dinar would more than pay for cost of recent US war efforts in the Middle East and greatly alleviate the tremendous debt recently initiated by the US Government. The US Government’s current runaway spending seems to suggest that the US Treasury Department is expecting a massive windfall in the near future that will cover debt. Although this theory seems logical and despite the fact that this theory is parroted by many, this speculation can not be confirmed.

In determining when the Iraqi Dinar will increase in value, all indicators point toward something happening in the near future (next 12 months) if not the very near future (next 3 months). The appreciation of the Iraqi Dinar has been unprecedentedly flat over the past 8 months despite low Iraqi inflation and a weakening US economy and US dollar. The Iraqi economy has been on a continual surge of economic growth for the past couple of years as Iraq has continued to stabilize and rebuild.

The news coming out of Iraq from numerous returning military members with various reliable sources indicates a rapid move and increase in valuation occurring prior to, or in conjunction with US troop reductions. Indicators also point to an increase in the Iraqi Dinar exchange rate occurring prior to, or shortly after Iraqi elections.

It appears that administratively, the IMF, WTO, and other world financial entities are working in close conjunction with the Iraqi Government to bring Iraq’s financial system online with the rest of the world. The expectation is that the Iraqi Dinar will soon be freely traded through banks worldwide---further accelerating their recovery and economy, and adding to overall stability.

To answer the question of “How” and “How high?” the Iraqi Dinar will revaluate, some speculation is in order. Based on historical precedents, an initial sudden significantly (overnight/over weekend) high revaluation seems very possible. This initial move could be anywhere along the entire spectrum of rumored possibilities from $.01 to $1.49.

After this initial revaluation, it seems likely there will be numerous significant incremental increases in valuation over a period of time. This continual increase in value after an initial base valuation will prevent an overwhelming surge on the world financial system. By incrementally increasing the value of the dinar, it will limit the number and amount of Iraqi Dinar exchanges as many investors and currency traders will choose to hold their Iraqi Dinar or purchase more as they anticipate further valuation increases.

In other words, a steady increase in the value of the Iraqi Dinar will create a free flowing market as some investors cash-out, others hold on, and others purchase Iraqi Dinar for the first time.

Author unknown ... Don't ask for link

Buckle up.

2010-10-18T16:37:00.000-04:00

As I type this, a flurry of activity is taking place within security and financial circles around the world. Normally, this would signify just another busy day in the hard-working quarters of modern defence and finance, however this time there is good reason to suspect that the world may be about to witness something historic.
If not something violent, then certainly something spectacular.
I’m not going to waste time on a long, detailed post. Instead, I’m going to present the data, the facts and the patterns. Then I’m going to make you make up your own mind.
First are the financial movements that preceded the security movements, starting with the CNN Money report on October 1st, which shows an unusual .15 yield on treasury bonds. Basically, investors are betting big time on ‘you know what’ hitting the fan shortly.
Digging a little deeper we begin to see something interesting emerge. As of closing (again, October 1) on Friday, we see some unusually high option volume reported in Schaeffer’s Investment Research supporting this trend.
The S&P traders seemed to be on the bandwagon too. This video showing massive “put” options on the S&P for October speaks for itself.
It was only today that it became clear to many that the world economy is actually decoupling from the U.S, fleeing the sinking ship while it still can. In that industry, you look out for yourself.
To top it off, the other global capital of modern finance, London, has even worse news. According to an economic think-tank and Sky News, the UK is on the cusp of a second banking failure.
Now whether all of these events are pointing towards the same thing or not, the theme of something big happening soon is replete throughout the media lately. We should not be scared, nor should we panic. We must take a step back and look carefully at what is going on so that we can assess what, and where, the real danger actually is.
With the unusual activity happening in one place, we could be mistaken for missing the events unfolding in another.
That other place is Western Europe.
This week, the United States and Britain issued a strong travel warning to European-bound tourists. Without offering specifics, they said the threat was “high” and “imminent”, raising more questions than it answered. Yes, this happens from time to time and in most cases nothing comes of it.
That’s why when Japan issued an extremely rare travel warning to its citizens, this developing story suddenly became a lot more interesting to me. An official at the foreign ministry in Tokyo said that the warning “was not prompted by any specific intelligence but by the previous British and American alerts.”
Make of it what you will, but the key phrase here is “unusually rare travel warning”.
So, in summary, we’ve got massive bets on a bumpy ride ahead by prominent investors on the back of warnings concerning imminent terrorist attacks in Europe.
Surely one can’t be blamed if his ears XXXX up. We will hear of wars and rumours of war (or stock market crashes, terrorist attacks, etc, etc)
But rumours aside, something big is about to happen.

Reval is starting October 17th 2010!!!

2010-08-04T10:31:00.001-04:00

Get your Iraqi Dinar ready! From inside sources, the reval of the Iraqi Dinar will begin October 17th 2010.

Check back soon for details on how to cash in.

Congratulations, it was worth the wait!

Letter from CBI - November 18th 2009

2009-11-18T10:19:00.003-05:00

Mr. Vxxxxxs,

Apologies for the extended delay of this reply. Thank you for your inquiry regarding the revaluation of the Iraqi Dinar. Currently we are not told what is discussed behind closed doors, but I can say that there are plenty of rumors amongst bank employees regarding a revaluation of the currency. We are not sure when this will happen, since there is a long list of procedures before this can be accomplished.

We here at the CBI are excited of the rumors at the moment. There have been many meetings here throughout the month of October and November with government officials, which can really only mean one thing, a revaluation is in the works.

I can only think of the possibilities for Iraq once the currency is worth something to the people of the world and we here in Iraq are able to travel and trade freely amongst the international markets.

This is the only information I have, sorry I could not be more specific with the information you had requested.

Kind Regards,

Al-Bin Ra*****d

Customer Service
cbi@cbi.iq
+964-1-8165170

The Iraqi Dinar WILL REVALUE SOON!

2009-11-04T10:28:00.002-05:00

According to documents released by the UN, Iraq's currency is extremely under-valued.

In order for a revalue to occur many careful steps have to be taken to ensure that the economy does not collapse.

IMO, there are too many outstanding oil contracts to revalue at the current time. There are so many contracts for the rebuilding of Iraq's infrastructure to revalue at the current time. The way I see it is, there is way too much dust being kicked around at the moment to go change something which will greatly impact the entire world right now.

If I were to revalue a currency, I will wait until after the election end, the oil contracts are signed and amended with the chance of a possible revalue and wait for all the infrastructural contracts to be signed with an amendment of how business would be handled after the currency revalues.

Iraq has so many natural resources to provide to the world. My question right now is, besides oil, why hasn't their borders been opened to trade freely with other nations? Why won't their currency be open for international trade? Even at the current rate, it could be a good start letting us trade it on forex...

Right now, Iraq is way to secluded. They are covered by an umbrella right now, and the people of Iraq are suffering. They definitely should be given an opportunity to experience a better way of life. Not live with high unemployment numbers and most living in poverty... not when most of their citizens have a right to their country's natural resources.

This is just my opinion. I think they should get a move on before life passes us all by.

A Crude Peg for the Iraqi Dinar

2009-09-16T11:23:00.001-04:00

Op-Ed, Financial Times

June 13, 2003

Author: Jeffrey Frankel, James W. Harpel Professor of Capital Formation and Growth

Rebuilding Iraq involves many difficult problems. It may seem that the question of the exchange rate should be one of the easier ones to solve. The choice of currency regime - particularly what to anchor the currency to -is perhaps the most widely studied topic in international monetary economics. Yet this question too turns out to be difficult; none of the traditional solutions will quite fit.

Given instability in the region and the absence of credible institutions, the Iraqi dinar requires an anchor of considerable credibility. Some have proposed a rigid peg to the dollar, as through a currency board. But this idea has significant drawbacks. That it would mean giving up the ability to set monetary policy independently is not such a big cost, as few governments have been able to use such discretionary policy well anyway. But there are other serious disadvantages.

One big drawback of a fixed exchange rate is that it means giving up the automatic depreciation that a floating currency would experience at times when the world market for the country's exports were weak. In the case of Iraq, the most important export is of course oil. Large fluctuations in the world price of oil have wrought havoc on the economies of other big oil-producing debtor nations such as Indonesia and Venezuela, often entailing a serious currency crisis before a change in the terms of trade is accommodated.

A second big drawback of fixing the dinar to the dollar would be the introduction of gratuitous volatility when the dollar fluctuates against other leading currencies. Argentina's currency board collapsed two years ago, not just because the straitjacket was so rigid but also because the rigid link was to a currency, the dollar, that had appreciated strongly against the euro and other trading partner currencies during the second half of the 1990s. That meant Argentine exports suffered a huge loss in competitiveness at a time when world market conditions were already weak.

Finally, imposing the dollar on Iraq could also feed widespread fears of US imperialism. The politics would get even trickier if, as in Argentina, the arrangement hit a crisis - for example, as a consequence of an increase in US interest rates.

An alternative would be to peg the dinar to the euro. But this idea has big drawbacks as well. The euro has been appreciating against the dollar and might continue to do so as a result of ever-widening US trade deficits. A peg to the euro would thus risk a future loss of competitiveness against non-euro trading partners. The problem is that, as Iraq's trade returns to normal, its trading partners will be so dispersed geographically that a peg to either currency alone - the dollar or the euro - would introduce unwanted volatility with respect to the other. Like other countries with geographically diverse trading partners, Iraq may thus be headed for a basket peg, with equal weight given to the dollar and euro.

But a basket peg does not solve the problem that, in the event of large future declines in the world price of oil, the currency of an oil exporter must be able to depreciate in order to accommodate the adverse shift in the terms of trade and help stabilise export earnings. Fortunately a proposal designed for small commodity-exporters, which I have called "peg the export price", addresses precisely this issue.

The proposal is for a country to peg its currency to the export commodity. It could be implemented as follows. The central bank would set the daily price of dinars in terms of dollars in direct proportion to the daily price of a barrel of oil in terms of dollars. The result would be to stabilise the price of oil in domestic terms. This approach combines the best features of both fixed and floating exchange rates. Like fixed exchange rates, it constitutes a transparent nominal anchor and also helps promote integration into world markets. And yet, at the same time, it retains a crucial advantage claimed by floating exchange rates: automatic accommodation of fluctuations in world markets for the export commodity. In short, it offers the best of both worlds.

To fix the dinar simply to oil alone may be too radical a proposal. While it would facilitate the recovery and expansion of the oil sector, it might at the same time discourage production of other internationally tradeable goods by shifting the entire burden of price uncertainty on to them. My proposal for Iraq, therefore, is to add oil to the basket of currencies to which the dinar is pegged. For simplicity, give equal weight to all three units. Or, what is almost equivalent, define the value of the dinar as one-third of a dollar plus one-third of a euro, plus one-hundredth of a barrel of oil.

Unlike other proposals for nominal anchors, this is one that Iraq could live with even if there are big swings in world exchange rates or oil prices in the future. The country faces enough challenges without worrying about the risks of a future currency crash.

For more information about this publication please contact the Belfer Center Communications Office at 617-495-9858.

For Academic Citation:

Frankel, Jeffrey. "A Crude Peg for the Iraqi Dinar." Financial Times, June 13, 2003.

9/5 Alsumaria TV Iraq, Iraq news | Economics |

2009-09-05T02:15:00.002-04:00

Najaf province to set regulations for cement
September 4, 2009 at 9:52 am

Najaf governor promised to set regulations on entering imported cement to the region in order to encourage the local production. Meanwhile, South Cement Company tries to develop its productions by giving way to foreign companies to take part in development works.

9/4 NPR Topics: Iraq

2009-09-04T02:18:00.001-04:00

Please add updates@feedmyinbox.com to your address book to make sure you receive these messages in the future.

NPR Topics: Iraq

Portable Bomb Detector Prompts Debate In Iraq
September 3, 2009 at 4:04 pm

Iraqi security forces are using a simple hand-held device that they claim is effective in detecting potential car bombs. The "sniffers" are deployed at roadside checkpoints throughout the country. But U.S. military officials say the science behind the devices is suspect at best.

» E-Mail This » Add to Del.icio.us

Drought Withers Iraqi Farms, Food Supplies
September 3, 2009 at 12:01 am

As a two-year drought drags on, water is now so limited for agriculture that Iraq imports 80 percent of the food Iraqis eat. That means during the holy month of Ramadan, traditional foods that came from Iraqi farms are getting harder to find.

» E-Mail This » Add to Del.icio.us

This email was sent to mvlismas1.iraqimillionaire@blogger.com. Manage Your Account
Don't want to receive this feed any longer? Unsubscribe here.

9/3 Yahoo! News: Iraq News | Full Coverage

2009-09-03T02:18:00.004-04:00

Yahoo! News: Iraq News | Full Coverage

Body handed over in Iraq may be UK hostage
September 2, 2009 at 4:00 pm

LONDON (Reuters) - A body was handed over to Iraqi authorities on Wednesday that Iraq believes is one of the British hostages seized in Baghdad in 2007, Foreign Secretary David Miliband said.

Turkish FM says talks in Iraq and Syria were 'positive'
September 2, 2009 at 1:36 pm

CAIRO (AFP) - Turkish Foreign Minister Ahmet Davutoglu said on Wednesday he felt positive about his visits to Syria and Iraq aimed at defusing tensions between the neighbours after Iraqi claims that Damascus was sheltering insurgents.

Four sentenced to die for deadly Iraq bank robbery
September 2, 2009 at 8:36 am

BAGHDAD (AFP) - A court sentenced four Iraqi security force members to death on Wednesday for Iraq's bloodiest ever bank robbery, in which eight police guards were shot dead and millions of dollars stolen.

Security developments in Iraq, Sept 2
September 2, 2009 at 6:29 am

MOSUL - Gunmen shot and killed two men inside a mosque on Tuesday evening in Mosul, 390 km (240 miles) - (Reuters) - Following are security developments in Iraq at 11:15 a.m.

This email was sent to mvlismas1.iraqimillionaire@blogger.com. Manage Your Account
Don't want to receive this feed any longer? Unsubscribe here.

9/3 CNN.com - WORLD/Middle East

2009-09-03T02:18:00.001-04:00

Please add updates@feedmyinbox.com to your address book to make sure you receive these messages in the future.

CNN.com - WORLD/Middle East

Body of possible UK hostage handed over in Iraq
September 2, 2009 at 2:55 pm

A body that may be that of a Briton taken hostage in Iraq two years ago has been handed over to Iraqi authorities, British Foreign Secretary David Miliband announced Wednesday.

Saudis detail attempted assassination
September 2, 2009 at 2:42 pm

Saudi Arabia's Interior Ministry has identified the suicide bomber who attempted to assassinate the country's assistant interior minister last Thursday and released details of a phone conversation between the two men prior to the attack.

Dead Iran detainee's father satisfied
September 1, 2009 at 10:44 pm

The father of a detainee beaten to death in an Iranian prison says he's satisfied with the way the Islamic government has handled the case -- even as it serves as proof imprisoned protesters were abused.

This email was sent to mvlismas1.iraqimillionaire@blogger.com. Manage Your Account
Don't want to receive this feed any longer? Unsubscribe here.

9/2 Iraqi Dinar - Can you gain profit?

2009-09-02T02:19:00.004-04:00

Iraqi Dinar - Can you gain profit?

Iraq Dinars Investing
September 1, 2009 at 2:05 pm

Iraq Dinars Investing[...]

Iraq dinar Articles on the Iraqi dinar Friends' Sites Buy Iraqi
September 1, 2009 at 2:05 pm

Iraq dinar Articles on the Iraqi dinar Friends' Sites Buy Iraqi dinars now! Links[...]

Articles on the Iraqi dinar
September 1, 2009 at 2:05 pm

Articles on the Iraqi dinar[...]

Friends' Sites
September 1, 2009 at 2:05 pm

Friends' Sites[...]

Feedage.com - HTML2RSS converter
September 1, 2009 at 2:05 pm

This RSS Feed was generated using the Free HTML 2 RSS conversion tool from Feedage.com

This email was sent to mvlismas1.iraqimillionaire@blogger.com. Manage Your Account
Don't want to receive this feed any longer? Unsubscribe here.

9/2 Iraq Dinar Speculation

2009-09-02T02:15:00.001-04:00

Please add updates@feedmyinbox.com to your address book to make sure you receive these messages in the future.

Iraq Dinar Speculation

New 40,000 BPd refinery opens in Kurdistan
September 1, 2009 at 10:25 pm

More good news on the Iraqi front. Kurdistan is the northern region in Iraq, home of the Kurds, that has huge untapped resources. The area is plagued with political upsets on a constant basis that have been largely responsible for the lack of progress recently. As seen on blackhillsportal:

Iraq’s largely autonomous Kurdistan region opened a new oil refinery on Saturday, with a projected capacity of 40,000 barrels per day (bpd), the director of the group that built the refinery said. The refinery near the Kurdish capital Arbil is run by private Kurdish group Kar, which will process crude from the Khurmala Dome oilfield, its director Baz Karim told Reuters.

“The (Kurdistan Regional Government) will pay us for what the refinery produces. Our capacity is now 20,000 bpd but it will be 40,000 bpd by the end of the year,” Karim said.

As well as producing gasoline for cars, the refinery will make kerosene, heavy fuel oil, diesel, paraffin and airplane fuel, Karim said.

The northern Kurdistan region, hoping to quickly develop its oil and gas sector, is entrenched in a long-running feud with the central government in Baghdad over energy contracts Kurds have signed unilaterally with foreign firms and which Baghdad deems illegal.

Last November, Oil Minister Hussain al-Shahristani said that development of Khurmala to supply refining in Kurdistan was a priority. The Oil Ministry was not immediately available for comment on the Arbil refinery opening.

This email was sent to mvlismas1.iraqimillionaire@blogger.com. Manage Your Account
Don't want to receive this feed any longer? Unsubscribe here.

Iraqi Dinar Revaluation???

2009-08-19T15:36:00.002-04:00

There is currently no factual information leading us to believe that there will be a reval or a lop with the Iraqi Dinar.

IMO, It would be more feasible to set a goal to increase the value by a certain percentage on a steady basis rather than wake up one day and find the value had gone from $1.00 USD = $0.0085 NID to$1.00 USD = $3.50 NID...

Zawya is publishing hype...

2009-08-19T15:28:00.002-04:00

The following article found on Zawya is fabricated hype which was published by one of its paying members. This article is purely based on speculation rather than the facts. The facts I am interested in are provided either by The IMF or Central Bank of Iraq. This article has absolutely no value. This article is purely creating nothing but hype...

"The Central Bank of Iraq Central Bank of Iraq Central Bank of IraqCBI Iraq | Financial Services News | Profile | Officers » Research
has taken steps to rebase the Iraqi dinar and issue new banknotes, a senior official at the bank said Tuesday.
"We have reached a conclusion that we should take off three zeroes from the current Iraqi dinar banknotes," Mudher Qasim, the bank's senior advisor, told Dow Jones Newswires in an exclusive interview.
"The process is progressing and we have taken some steps," Qasim said. "We will issue a decision in due time."
Qasim didn't give a timeframe when that decision would be taken, but said printing new banknotes and fully replacing old notes would take two years from the time the decision is taken.
Iraqi Finance Minister Bayan Jabor said his ministry had suggested to the central bank to take off three zeroes from the current Iraqi dinar banknotes. "The Central Bank Governor (Sinan Al-Shabibi) has informed me that the bank is in the process of taking that decision," Jabor told the state-run al-Iraqia Satellite Channel Monday.
"The Central Bank of Iraq Central Bank of Iraq Central Bank of IraqCBI Iraq | Financial Services News | Profile | Officers » Research
supports what the finance minister was saying," Qasim said.
If the rebase decision is taken, it means a current 25,000 Iraqi dinar banknote will become IQD25, for example.
Tuesday, the Iraqi dinar traded at IQD1,200 against the dollar, according to a trader in Baghdad. When three zeroes are knocked off the Iraqi dinar, a dollar will equal only 1.20 dinars.
Currency rebasings are usually monetarily neutral and are introduced to make commercial calculations and cash dealing easier and cheaper. Turkey knocked six zeroes off its lira currency Jan 1, 2005, for example. Russia did the same for its currency.
"In a country like Iraq where cash consists 80% of money dealing, we need smaller bank notes," Qasim said, adding that current Iraqi banknotes were difficult to store and need strict security measures when moving money from one place to another.
There are now some 20 trillion Iraqi dinar banknotes in use in the market, which is a very big amount and if Iraq knocked 3 zeroes it would become IQD20 billion which is a reasonable amount, he said.
Qasim also said one of the reasons for rebasing the Iraqi dinar is because the bank has managed to reduce the country's high rates of inflation. The inflation rate fell to 14.7% in May this year from a record high of 60% in late 2006.
In July 2004, the now dissolved U.S. civilian authority in Iraq decided to print the current Iraqi banknotes replacing those used to bear the picture of the former Iraqi leader Saddam Hussein. Iraqis then had three months to swap their old dinars with the new ones.
"This time we aren't in hurry, if it takes two years to swap the new currency with the old one, then let it so," Qasim said.
The current banknotes were printed by Britain's De La Rue Plc (DLAR.L), the world's biggest commercial printer of bank notes.
Jabor said in November last year that the central bank would rebase the dinar in early 2008.
-By Hassan Hafidh; Dow Jones Newswires; + 962 799 831 831; hassan.hafidh@dowjones.com
(END) Dow Jones Newswires
19-08-08 0720GMT "

Also, I tried to verify the above sources without success... Nothing but speculation...