Iraq passes election law and makes major banking advances



khalid al-Attiya of Iraqi ParliamentAnyone think these two things might make an impact?

First – the Iraqi Election Law passed yesterday, which will open the doors for national Iraqi Elections in January. The law was being held up primarily due to the Kirkuk territory dispute, which you may also remember had prime impact on HCL progress. While the dispute over the territory has not been fully settled, Iraqi officials have found a way around the issue. They plan to use voter rolls from 2009, rather than 2004. Although the decision is a win for the Kurds who are claiming a majority over the oil rich area of Kirkuk, the debate is not yet concluded. This is still great news, because it means elections are going forward as hoped!

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eads-astrium-arabsat-4-satellite-bgNext on the list for today – SATLYNX And ARABSAT have teamed up to provide a foundation for Iraqi banking. Why do we care? Take into account that the ISX is now digital, banking process is currently a turtle race in Iraq, and with a massive amount of good news coming from the progress section of Iraqi News, and you almost have no choice but to say that this is a big step.

After all – when they make a move on their currency, I sure hope I can get quick service on MY investment.

Leave your comments please!

17 Responses to “Iraq passes election law and makes major banking advances”

  1. jess says:

    I emailed the IRAQI CENTRAL BANK to hurry up to bring back the OLD powerful IRAQI DINAR
    BRING BACK THE 1 iraqi dinar = US$3.00

    I HOPE SOON ENOUGH

    IRAQI CURRENCY FOREX & IRAQI STOCKMARKET INVESTOR
    SABAHPHILIPPINES@GMAIL.COM

  2. Marv says:

    The elction law is great for the prospects of RV/IV.

  3. kk says:

    This is wonderful news!!! I sounds like the RV is around the corner!

  4. Steveh12 says:

    We All Hope for an RV.
    It would Help alot of People!

  5. Jacob says:

    What does the terms rv and iv mean sorry im new to this lingo…

    • Adam Montana says:

      Jacob, RV means “ReValue” – i.e., they change the value of the Iraqi Dinar. RI means “ReInstate”, or they reinstate the old value of the Iraqi Dinar.

  6. Scooter says:

    Adam,
    I agree with you that the election law paasing is huge, and that it may also aid in the passing of the HCL. In my opinion Chapter 7 has to be done and the HCL passed before we see any type of RV/RI.

  7. brenda says:

    Thanks for the info. I am excited to see what 2010 will bring for the value of the dinar.

  8. WDMCB says:

    Hold it! I can’t imagine the US/Iraq contracts being paid with the dinar at the current rate of exchange. It would not make sense. I would think that they, indeed, would wait for the Banks to prepare by establishing a foundation before paying in dinars. UNLESS, the US knows that it will be cheaper to pay NOW rather than after the anticipated “RI”! Someone help me with this, please.
    Question: Would an “RI” DEvalue the US dollar to even a lower amount than it is now? And, what will China do to, stratigically, deal with the USD if an RI takes place? We know that the US dollar is currently on shaky ground relative to it international value.
    Also, the IBX going digital means that processing stock purchases and payouts will be handled fast
    and safe which we will all be anticipating.

  9. William N. Gaillard says:

    This is a loosely-translated, recent post from MrDinar.com

    “Solagh: the decision to lift the value of the Iraqi dinar was the result of valuable studies.

    “قال وزير المالية باقر جبر صولاغ ان الدينار العراقي يشهد تحسنا ملحوضا خلال الفترة الحالية.

    “Finance Minister Baqir Jabr said the Iraqi dinar has been improving Mlhaudha during the current period.

    “وأضاف صولاغ ان التذبذب الحاصل في السوق المحلية يعود الى بعض الاشاعات التي تثار من اجل عرقلة هذا التحسن .

    “He said the Bayan fluctuations in the local market due to some rumors that have arisen to block this improvement.

    “موضحا ان قرار البنك المركزي العراقي في رفع قيمة الدينار العراقي امام العملات الاجنبية هو قرار صحيح وجاء نتيجة دراسات قيمة تهدف الى رفع القيمة الشرائية للمواطن العراقي قبل كل شيء .

    “He explained that the Iraqi Central Bank’s decision to raise the value of the Iraqi dinar against foreign currencies was correct and was the result of valuable studies aimed at raising the purchasing power of the Iraqi people above all else.

    “مشيرا الى ان خطط الوزارة استوعبت كافة البرامج المستقبلية في الميزانية لهذا العام من اجل تحريك الاقتصاد العراقي بالشكل الصحيح.

    “He pointed out that the Ministry’s plans absorbed all future programs in the budget for this year to move the Iraqi economy properly.”

  10. Doug says:

    Sounds good! Bring it on!

  11. Philip Chege says:

    As per economic theary, revaluation of currency requires excess of funds compared to balance of payments. Iraq is in a severe debt and as I presume, it needs a lot of time to reach into that position unless other creditors (to countries whom Iraq owe) right-off the debt. Considering the massive oil wealth of Iraq, it may take only a few more years for its economy and cashflow to reach to such a healthy position where in it can consider for a revaluation. Again that cannot be to such an alarming rate. Only gradual. So, investment in Iraq Dinar is not risky anymore, but not profitable as well. Comparison of Kuwait Dinar and its revaluation after the war cannot be taken as an example in the case of Iraq. Thanks

  12. […] Excerpt from: Iraq passes election law and makes major banking advances | Iraq … […]

  13. […] you’ve been keeping up with my blog, you’ll remember a recent article that talked about the Kirkuk territory dispute. This dispute is largely centered around the Sunnis, which is also thought to be the majority of the […]

  14. tony mc connell says:

    thank you….all news ,good or bad is a good thing

  15. chuy says:

    Adam Keep the good news coming its all goodd

  16. Mike says:

    Adam thanks for all you do!

    1. Are they registered?
    Trading Iraqi dinars is not always legal. Make sure the source you are buying from is registered with the US Treasury as a money service business. This is required to sell dinars legally in the United States.

    What happens if the RV happens? I did not buy through a bank but a private party who did buy through Chase Bank in NY. Do I need to register with the Treasury Department before I could trade them, or can that all be done when I sell them.
    Thanks…
    Mike

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