Thanks to donations from the members, the cost was covered and we
are good to go. There are still a couple of issues, but you should
have no problem accessing chat now. If you do, rest assured that it will be fixed one way or another by tomorrow night.
That is a good thing, because I’ve been getting a LOT of emails
from people asking for updates! I haven’t been able to update the
Dinar Speculation blog in almost a week, and I apologize.
So here’s the latest. Scheduled Dinar chat will take place tomorrow
(Sunday) night at 8PM CST. I will have an update on the blog by
Monday at noon, and the chat from tomorrow will be copied into the
forum for those of you who don’t make it.
We WILL be discussing key issues tomorrow and answering most of the
questions that have been asked. Some of it will be obvious to you -
but there are a couple things that I don’t think 99% of the members
have heard, so it should be an interesting and enlightening chat.
Thank you all for your patience, and we’ll see you soon.
Adam Montana
Related posts:
Hi Adam, I cant seem to reach the chat room or the forums…when I go to dinarvets.com it still tells me its broken and when I click on the link for forums it keeps bringing me to the “broken” dinarvets.com chat page…any suggestions??
thanks
Prime Minister Maliki wants to increase Iraq’s oil output from 2.4 million bpd to 10 to 12 million bpd of oil. That is more than Saudia Arabia or Russia’s daily output. He is one of the guys with his head on straight. Iraq wants to build huge new housing comlexes, they want to increase farming production and, they want to manufacture stuff. Iraq is going to be a wealthy nation. With that said keep in mind that the United States of America poured several billion dollars into creating this new democracry. Our government is going to do what they can to make this country succeed. They have to, the whole world is watching. In my opion the Iraqi Dinar will only go up in value.
Hi Adam. I heard that Iraq will increase the Oil Production into 10-12 million barrel a day , just assume that the price of oil is around = US$ 60/ barrel.. So by increasing the Oil Productions,the government of Iraqi can pay off all their debts and also can make the iraqi people’s lives more prosperous. In this case, If at any time ,all the iraqi people’s lives prosper without debts at all that means the RV will not happen at all. I hope that prove me wrong. Help me out and give me your opinion anyone here……
Okay lets talk about investment and retirement. How is everybody’s IRA and 401K’s doing? Not worth a crap I’ll bet.
How about all these chumps here in America ripping off the their customer/investors? All of our investment agents and their Fat Cat CEO’s taking home all of our Capital Gains and Dividends in their fat pockets like a bunch of theives. Who do you trust? Wallstreet or the ISX?When you look at it like that it doesn’t really make a lot of difference, does it? So where are you going to put your money? You are working class, otherwise you wouldn’t be here, if you weren’t, you wouldn’t be reading this, you’d have a better option. So if anyone has a better idea LETS HAVE IT.
Hey Adam. I just heard that Zimbabwean dollar is also a good investment after Iraqi dinar. And,I just got very very little information about Zimbabwean Dollar and I hope this will help anyone here who may be interested in Zimbabwean Dollar because the rates changes daily.
1.)Changed daily due to hyperinflation
Redenominated currency 1 Aug 2006: 1,000
first Zimbabwean dollars ( ZWD )-> 1 second
Zimbabwean dollar ( ZWN )( NOTE: US$ 1= 500,000 ZBD.
2.)Changed daily due to hyperinflation.
Redenominated currency 1 Aug 2008:
10,000,000,000 second Zimbabwean dollars
(ZWN )-> 1 third Zimbabwean dollar ( ZWR ). ( NOTE: US$ 1= 758,530,000,000 ZWN ).
3.)Changed daily due to hyperinflation.
Redenominated currency 2 Feb 2009:
1,000,000,000,000 third Zimbabwe dollars
( ZWR ) –> 1 fourth Zimbabwe dollar ( ZWL ).
( NOTE: US$ 1= 669,000,000,000 ZWR )
Doesn’t anyone think that Zimbabwean Dollar sounds profitable investment?anyone here has some opinions tell me more……..
Gulf nations may opt first for dollar in currency union: The US dollar will be a dominant component even if a basket of currencies is chosen.
Four Gulf nations entering the Middle East’s first monetary union pact are expected to peg their single currency to the US dollar in the first phase of the historic project but might opt for a basket later.Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), have kept the world guessing on what type of currency they would adopt for their monetary union, which was ratified by their heads of state at their annual summit in Kuwait in mid-December.But there have been strong official signals that the four countries would not veer away from the US dollar in the first years of the monetary union.And some of them have indicated that even if a basket of currencies is selected, the US dollar would be its dominant component. And that the Gulf currency would be pegged to the US dollar in the first stages of the monetary union because it is the official price of their oil exports, which account for the bulk of their exports… a large part of their foreign assets is also denominated in dollar.”A basket of currencies in the early stages of the union would create several technical difficulties for them in their currency and fiscal policy alignment… I believe that a basket could be chosen at a later stage but I am confident the dollar will have the lion’s share, say at least 60 per cent of its components.” Gulf central bank:The central bank: governors of the four Gulf states will meet in Riyadh soon to create the GCC Monetary Authority, which will pave the way for the establishment of a common central bank to manage their currency union.The meeting in the next few weeks will cover steps to implement the union, including the formation of the Gulf Monetary Authority (GMA).”The meeting will be held within the next few weeks and it will cover the establishment of the GMA and naming of its members… It is expected the GMA will be set up within the next two months.”The GMA is the first actual step towards the full implementation of the monetary union… the GMA’s functions include the establishment of a common GCC central bank to be based in Riyadh and enjoy full autonomy. The basic functions of the central bank will be to devise and implement the union’s monetary policy and exchange rate policy. The GMA will continue to operate until it is replaced by the central bank once it is created and becomes fully operational.”The currencies of Saudi Arabia, Qatar and Bahrain are pegged to the dollar while Kuwait detached its dinar and linked it to a basket last year in a bid to tackle soaring inflation, caused mainly by the weakening US currency. Experts said Kuwait could revert to the dollar should its partners in the union opt for a dollar peg in their single currency, which could be launched in 2015.”Preparation for the full enforcement of the GCC monetary union will start next year and a common Gulf currency would materialise in 2015,” Abdul Rahim Naqi, Secretary-General of the Dammam-based Federation of GCC Chambers of Commerce and Industry.The UAE, the second largest economy in the 28-year-old Gulf alliance, pulled out of the currency union early this year. Oman opted out in 2007 on the grounds it is nor ready for the project. Dollar dominates:
The proposed Gulf currency will be pegged to the US dollar at the beginning because it is the official price of the GCC oil and gas exports and most of the region’s assets abroad are in US dollar.”they could adopt a basket at a later stage… this basket will of course take into account the size of the GCC’s exports and imports from their main economic partners. But the dollar will be the main part of it.”the dollar, to which the GCC currencies have been effectively linked for more than two decades, would be the official peg to the new single currency in the first few years of the monetary union.”It is natural that the GCC countries peg the new currency to the dollar in the beginning since the dollar forms a large part of their trade and foreign assets. I think all regional and global conditions indicate that the Gulf currency would be pegged to the dollar. But this might change at a later stage, depending on what they decide for their currency. IMF help:The four members have already sought help from the International Monetary Fund on a possible revaluation of their currencies for the monetary union.In a working paper released recently, the IMF suggested slight appreciation
of the currencies of those members against the US dollar but it warned any leakage of news ahead of the revaluation could spur damaging speculation.
“This paper developed from an informal request to one of the authors by a member of the GCC Secretariat for guidance on how to set the conversion values for the new GCC currency.”If hypothetically the GCC decided to establish the new currency in its original planned date, Saudi Arabia would need to revalue its currency by 2.94 per cent, Kuwait by 5.15 per cent, Qatar by 4.54 per cent, and Bahrain by 1.09 per cent. The methodology provides an estimate of the required adjustment for each currency if the conversion is to take place in 2011, 2012, or 2013.”that a sharp appreciation against the dollar would hit the GCC foreign assets. Another negative effect is that their oil sales are priced in dollar and an appreciation means lower crude export earnings in local currencies.”This will again put pressure on their fiscal systems and could create budget deficits when regional states have just reverted to surpluses after painful shortfalls for more than two decades.”In Saudi Arabia for example, oil revenues are earned in dollars and converted into riyal for budgetary spending. A revaluation would permanently impair the riyal value of oil revenues, reducing the size of the current budget surplus and accelerating the day when the budget falls into deficit. The value of the government’s mostly dollar-denominated foreign assets, currently in excess of $400 billion (Dh1.46trn), when converted into riyals would also be cut.” Foreign assets:Figures by the Washington-based institute of International Finance (IIF) showed the GCC’s combined foreign assets were estimated at $1.490trn towards the end of 2009, including nearly $1trn for the monetary union members. The official reserves of the four nations stood at about $490bn, including assets held by the Saudi Arabian Monetary Agency (Sama).the Saudi American Bank Group (Samba) also expected the new Gulf currency to be pegged to the dollar.”It is most likely the dollar peg continues to be the preferred exchange rate regime for the bloc in the foreseeable future. Faith in the peg is understandable. There are a number of good reasons why it may be adopted, not least the familiarity that it enjoys. “In particular, interest rate transmission signals are weak in the Gulf, given the preponderance of actual and expected government spending on consumption and investment decisions. If changes to nominal interest rates have little impact on the spending patterns of firms and households, then much of the advantage associated with a floating exchange rate is lost.”But it noted that this could change over a longer time horizon, as regional financial and capital markets broaden and deepen, thereby enhancing the potential advantages of a more flexible exchange rate at a later stage. Flexible rate:”In such conditions, a flexible exchange rate would help encourage a more robust, diversified and competitive non-oil export sector, which in turn could provide the spur to sustainable employment growth.It recalled a decision by the GCC nations in 2003 to peg their individual currencies to the US dollar and to maintain the parity until the establishment of full Monetary Union in 2010. A decision on the exchange rate regime for the single GCC currency would be made then.Despite domestic and global changes ever since, a fixed peg to the dollar remains the most plausible prospective exchange rate regime.It cited several reasons for this, including the fact that the new central bank would inherit a well-functioning anchor and associated monetary framework.It said the peg remains reasonably straightforward to administer and does not require the institutions necessary for an independent monetary policy.”Second, market participants are already familiar and – for the most part – comfortable with the peg. GCC countries’ individual pegs are well-established and have provided a degree of stability and comfort during times of oil price weakness or regional political stress.A third factor is that the GCC’s dominant export, crude oil, is already priced in US dollars while the fourth reason is that the group’s flexible labour markets should be enough to support international competitiveness.a managed float has been proposed by some and its advocates argue that this would allow the countries to absorb large adverse real shocks more easily than a fixed exchange rate regime.”As such, sharp swings in oil prices could be offset by changes in the nominal exchange rate, thereby imparting some stability to the local currency value of export earnings. Similarly, the impact of higher import prices could also be blunted by exchange rate adjustments.”Beyond this, an autonomous monetary policy would allow appropriate monetary responses to domestic demand conditions. Thus if demand was in danger of overheating, nominal interest rates could be adjusted accordingly. The credibility of the float would be underpinned by the GCC’s vast stock of foreign assets.”an alternative version of the floating rate is a peg to the price of oil. The main argument in favour of this regime is that it delivers automatic accommodation to terms of trade shocks, while simultaneously retaining the credibility-enhancing advantages of a nominal anchor.”Its proponents argue that enabling the exchange rate to move in line with the price of the region’s dominant export would allow the real exchange rate to achieve equilibrium and would also decouple oil exporters’ monetary policies from those of oil importers.”Its detractors note that the price of oil is not truly exogenous, since the oil production policies of the GCC countries themselves influence the price. The volatility of oil prices would also present problems, forcing potentially sharp day-to-day swings in the exchange rate, making planning difficult.” Pressure to unpeg:In 2008, GCC countries resisted pressure to unpeg or appreciate their currencies against the US dollar after inflation rates soared to double digit levels in most members because of the weakening greenback and other factors. Their decision prompted a massive withdrawal of speculative funds deposited by international institutions in anticipation of a revaluation.”We should acknowledge the firm position adopted by the GCC monetary authorities when they refused to end the peg or appreciate their currencies against the US dollar.”They have firmly resisted speculation campaigns which have jolted the Gulf currency markets during the past 10 months… had they bowed to these pressures, Gulf states could have encouraged more
speculations in the future and fueled expectation and speculation that local currencies could be depreciated after the US dollar starts to recover.”GCC states had succeeded in maintaining a stable exchange rate for their currencies over the past 23 years by keeping them pegged to the dollar.”This success has largely lessened exchange rate risks that could have discouraged local and foreign investors. The policy has also encouraged capital inflow and strengthened the credibility of GCC monetary authorities. As a result, speculations have largely receded and this will contribute to reasonable growth in the monetary aggregates in member states.
The M2 or money supply for Iraq is 50 trillion dinar divided by the rate of 1170 is $42.74 billion. as the total value of Iraq’s money supply.The population of China is 1.3 billion people. If each Chinese citizen owned $32.88 worth of dinar or 38,465 dinar they would own the total money supply of Iraq and more than twice the amount of dinar in circulation outside banks.If the average Chinese citizen just owned $14.46 worth of dinar it would be all the dinar in circulation outside banks.It is customary for the average Chinese citizen to save half of their income or approximately $4500 a year times 1.3 billion people is $5,850 billion dollars and 136.8 times the total money supply of Iraq. The CBI has no record of the Chinese Govt buying any dinar either with dollars or Yuan either in the CBI statistics and information nor is that any mention of such at the IMF.. Whats more it would be illegal to sell it to them out of country.It might surprise most people but what the Chinese want is more dollars.This must end and the begining for a revalue for the 4 countries. Just think what happens when Iraq joins. It will interesting to see what they are pegged/valued at on the come out with just the 4 of them. From the looks of this news. The change of currency could be in place in a matter of months from now. I wounder if any speculators are jumping on now to buy each countries currency’s in hopes of a revalue of the GCC to higher.
Arrived to the land at Baghdad International Airport on Wednesday, 12/23/2009 three CRJ aircraft have been purchased by the Ministry of Finance in the presence of His Excellency the Minister of Transport, Amer Abdul-Jabbar Ismail, a representative of the Prime Minister Mr. Nouri Al Maliki and Minister of Finance Baqir Jabr Al-Zubaidi has been signed annual operating contract between the Ministry of Finance and the Ministry of Transport contract was signed by the Deputy Minister of Finance Mr. Zia Habib Khayoun and General Manager of Iraqi Airways pilot Kifah Hassan Jabbar, representative of the Minister of Transport after it was received one aircraft in 2008 bringing the total to four aircraft. The Minister of Transport for the purpose of opening to the world in terms of aviation and passenger service to Iraq that we always fleet of Iraqi Airways aircraft from modern and sophisticated, where we have a few days ago a plane chartered Boeing 737 / 900 Model 2009. Adding that the decades old aircraft had completed are not renewed, any contract where the Iraqi Airways plane today has 15 modern, developed and leased. And preached His Excellency the Minister of Transport, the traveler and the Iraqi people that there are many great achievements and will be witnessed by the Iraqi arena, including the achievements by which updated the Iraqi Airways fleet of aircraft. He pointed out that Iraqi Airways did not buy any plane since 1990 because of the call set up by Kuwait Airways in British courts and demanded financial compensation is very large and today there are negotiations between the parties for the purpose of settlement of these problems and obstacles. He noted that the achievements of the rental of aircraft and sophisticated will open to the world of aviation and the Iraqi citizens will feel that in 2010 there planes in service and managed by the staff and I call on the Iraqi employees of Iraqi Airways to exercise their extensive service to the passengers of Iraq. For his part, Minister of Finance Baqir Jabr Al-Zubaidi that the Ministry of Finance has signed contracts for the purchase ten aircraft, including aircraft type CRJ Canadian origin and the new generations have been received four so far and two more in the coming year and the rest during the year 2011 and also signed contracts for the purchase of 55 Boeing aircraft of various types will be leased to the Ministry of Transport / Iraqi Airways, according to an annual employment contract agreed upon between the parties and this is the achievement of the Ministry of Finance and the Public Treasury in addition to providing better services to citizens, customers and facilitate the task of traveling to neighboring countries and Arab and Islamic states and European countries on the one hand and the other hand, mobility between the provinces of the country in which domestic airports. As Undersecretary of Finance Minister Zia Khyoun that this agreement is a type of investment where the aircraft was leased to a lease year to Iraqi Airways, and this is done to increase resources for the Ministry of Finance and the Ministry of Transport / Airlines of Iraq, emphasizing the existence of other contracts will be which the receipt of new aircraft and advanced, respectively. WOW I HOPE THIS SPEED UP THE RV. we all aspire in the near future to the return of Iraqi dinar to what it was in the seventies and the beginning eighties against the dollar and other foreign currencies .
Confirmed coalition Shell and Petronas of direct intention in developing the field Majnoon case of signing the contract in final form, as announced is not affected companies invested the political situation and security in the country.The Deputy Minister for oil extraction and export Abdul Karim Laibi through effective initialed a coalition with the “Shell – Petronas,” which took place at the Ministry yesterday: that the volume of primary production in the Majnoon field of 175 thousand barrels and up to the peak of production million and 800 thousand barrels per day . He explained that the Majnoon field in the province of Basra, which was run by the Southern Oil Company of the giant oil fields in the world and contains 11 ambush oil, declaring that the current and next two weeks will witness the signing of contracts initiated with the development of coalitions, which won seven oil fields out of ten fields offered within the The second licensing round. The contract was signed on the Iraqi side and the Deputy Director General of the Department contracts and licenses Abdul Mahdi al-Amidi, the Director of the Legal Section in the department, Dr. Sabah al-Saadi, was signed in a winning coalition, representative of the Dutch-British Shell Mounir Bouaziz and the representative of Malaysia’s Petronas is the color. The representative of Shell Munir Bouaziz happiness for signing the contract with the ministry, adding that his company is the first international companies in the oil sector, which entered Iraq for about a year and a half in Basra.And on direct work in the field and the impact of security and political situation of the company, said Bouaziz the “morning” that Shell will start its work immediately after signing the final contract, without saying how much money will be invested in the field, saying only that it billions of dollars. Promised the recent tension on the Fakkah field in the Maysan province of Iraq and Iran, it was an internal jurisdiction of the Iraqi government, stressing that the size of the turnout international companies in the second round of licensing and activities of the initial signatures of the contracts is not affected by evidence of corporate political situation and security in the country. For his part, denied the proxy Laibi what he described as “hype” that some of the throughput of the media that Iranian forces occupied the field of loose change, adding that specific problem the well number four from the field. He pointed out that the disagreement between the parties to this well-based for several years, noting that national professional staff began digging the well mentioned in the seventies the last century, and began production in 1979 and until 1980 before stopping by the Iran-Iraq war. He Laibi Maysan Oil Company has operations in 2007 lifting the debris from the well site in order to re-run, but she was harassment from the Iranian side, who claimed that the zone is within its territory, pointing out that the bilateral commission for the demarcation of the border look into this matter to be resolved through diplomatic channels. the “morning” that the contract which was signed initialed yesterday will not face obstacles in the way of ratification by the Board of Minister. He noted that the licensing contracts for the first round did not face obstacles because there are technical committees and legal contracts are reviewed prior to submission to the Council of Ministers, adding that after the council approved the contract the ministry will sign the final with the investing companies.And on statements made by some MPs and officials of the Organization of Petroleum Exporting Countries and other oil states will not allow Iraq to increase oil exports to 12 million barrels per day, after the conclusion of the second licensing round, “this issue is premature.He hinted that many countries would not welcome an increase of Iraq’s exports during the next six years, adding that those countries should take into account the war and the conditions through the country and its citizens for many years. He pointed out that any economic developments taking place in Iraq therefore will be reflected on the countries of the region, explaining It’s the right of Iraq to increase its exports to the country’s reconstruction and rehabilitation of infrastructure. while Jihad said he and Oil Minister Hussein al-Shahristani said to Angola to participate in the meetings of the Ministers of Petroleum Exporting Countries OPEC, which will last for two days to review the conditions of the global market and OECD member countries.He expressed his belief that he will keep the production ceiling by the Organization after the stability of world oil prices, especially as they began to increase gradually, indicating that preclude the need to increase or reduce the quantities that OPEC countries have promised to pump to world markets.Separately, the pipeline pumping oil from Kirkuk to the Turkish port of Ceyhan was the fourth time in the last three months of the acts of sabotage, noting that the line came under a bomb attack near the town of Sharqat north of Salahuddin Province. He explained that the duration of the process reform dating back to the size of the operation was to sabotage the pipeline. They should have done this years ago. Now they have taken their economy and banking system to the edge. Lets hope the money starts to flow quickly.If not there will be some banks going down
the Iraqi government asked the U.S. side to interfere in the management of the security file to install the security and stability in the country, to develop security plans to prevent recurrence of the violence that hit the capital recently,
especially since the terms of the agreement it has struck the Maliki government with the U.S. administration, it gives the right to address the American side, to show some assistance in security issues. The source, who asked not to be named, “told the Iraqi press that” the American side condition of assuming the administration file of the Iraqi economy for his involvement security file. He added that Iraqi government has not determined until the moment of its latest U.S. request,
and is still studying the matter with its partners in the political process. the American side in the field of superior intelligence by its functional and logistics and information base on which the U.S. military sought to establish them ever since he entered Iraqi territory in March 2003, through the recruitment of some informants to secure the information we reveal hideouts of terrorists and their plans criminal».Does this mean what I think it means. U.S. control of the Iraq economy. If they do assume control of the economy what does this mean for the dinar? Does it change anything? Can anyone elaborate on this? It is also very interesting what is going on over in Iran. If
there is to be an RV in Iraq it would not happen until Iran falls. Can you imagine the economic boost that a RV would give the current Iranian government, they might be holding billions of dinars with their connections in Iraq. The U.S. assisted with thier security. The Military helped the GOI to equip, train and organize their security forces so they can be effective and successful.This was by invitation of the GOI.The GOI has ALSO requested U.S. assistance in developing thier economy.Assistance is NOT control. It’s simply experts brainstorming and advising the GOI what they can do to improve thier economy.They first need to start with laws, privatize state owned entities, reduce their social programs, and finally, eliminate corruption and the “good ole boy” network.They want capitalism’s success, but they don’t know how to get there.
Is the use of the Iraqi central bank auction style currency debate among a number of economists and characterized by different visions on the means used in the implementation of the monetary policy pursued by the Central Bank. Valjnah in favor of this method has several prerequisite for achieving economic stability in the value of the Iraqi dinar by defending the exchange rate equilibrium Which reflect the general level of prices and the consequent multiple targets with the view wing opposition to this approach as a way contributed to the expansion of currency smuggling, it is my view is correct? In this investigation can be extrapolated to the reader the facts and then the final arbiter on whether this approach any (Auction Rate) contributes to the achievement of economic stability or further undermined confidence in him?In a meeting with Director General of Banking Control in the Central Bank of Iraq said: In order to make it clear to the reader or recipient reasons for using an auction currency must offer several definitions and concepts, as well as economic realities experienced by the country. It would be useful – Idi confirms – that we know the exchange rate as a starting number of units of a certain currency is exchanged for one unit of another currency, a move known by or style can be translated by which all prices of (foreign language) to the local language.The importance of the exchange rate through its contribution to the achievement of macro-economic business objectives of achieving the overall goals of internal balance and external balance, where is the internal stability of domestic prices with a measure of economic growth.further that the external balance reflected on the balance of payments which is reflected through the convergence of Iraq’s revenues and exports of various kinds, as well as the adaptation of external payments with the volume of international trade and capital movements to and from Iraq.Based on the goals and new methods used by the Iraqi Central Bank in formulating and implementing monetary policy has been used auction bank currency requirement economically.about (96) billion dollars have been sold in the auction so 2009/9/30, 75% to cover the imports of the private sector and the remaining requirements of medical treatment, study and religious tourism. from the justification that has pushed for the use of currency as an auction style stressed: that the monetary policy of the Central Bank of Iraq has been able to stabilize its monetary system, and the face of a wave after the inflationary significant improvement in the Iraqi dinar exchange rate and a high percentage increased to 40% in value since 2004 as well as building a strong foreign currency reserves have led to building strong foundations in the maintenance of economic stability and the establishment of the external climate for starting investment, adding: that understanding the positive role played by the reference interest rate to restore confidence in Iraqi dinars and several attractive source of cash to keep the wealth that have reached their goals reduce the rates of annual core inflation, especially after the country plunged manifestations of the state and speculation and the development of alternatives to liquid source material assets, which led some of the functions of money being the repository of value and a tool for liquidity from outside money and monetary system …When you refer to sales of foreign currency for the month of January 2008, it was observed that such sales amounted to about 1700 million dollars, while sales of foreign currency during the three weeks of the month of January 2009 some 2200 million dollars and is expected to reach nearly $ 3000 million in total public 2009.The achievement of balance between the liabilities of the Central Bank of Iraq and assets of the new enhanced internal public debt at the expense of foreign exchange assets will leave an imbalance in the devaluation of the Iraqi dinar exchange rate and the degradation and the generation of inflationary pressures is justified do not help in all cases, the stability of economic activity and put the country at the same time to the inflationary crisis resulting from the sharp increase government spending to twice the resources of the fixed foreign currency in light of the foregoing, the central bank remains committed to achieving the goals set forth in its law, which is to reduce inflation and to maximize the purchasing power of the Iraqi dinar and the achievement of balance in the cash market and stressed that any activities of a default of the State may pass through what is available from the assets of foreign central bank is to issue contrary to the principles of macro-stability and sustainable growth the central bank has no way to dispose of those assets, but through the adoption of the swap cash in Iraqi dinars, not the promotion of government borrowing, so the front of the CBI appropriate means in this regard which can be adopted in order to take advantage of that country’s foreign reserves to support both the growth and development in the country, but through the open cash market operations, without prejudice to the principles of stability and according to the exchange mechanisms between the foreign currency and local currency away from the policies conducive to borrow from the bank Central, which is funding inflationary intersects with the objectives of monetary policy and the principles of achieving economic stability necessary for growth within the high autonomy, and concluded that the accumulation of international reserves of foreign central bank and building over the past years has been associated closely with the public finance to the Iraqi government and the growth of these materials back was the result of foreign currency swap and foreign currency exported from the Central Bank of Iraq in the interest of the general budget to be able to cover local expenses in Iraqi dinars.
…Based on the exchange has become a source of human offset by foreign currency liabilities in the general budget sheet of the Central Bank was able to achieve the goals of the Central Bank of three of the availability of foreign reserves or the Bank, which used as a tool to stabilize the Iraqi dinar exchange rate and the financing of private sector trade and the needs of foreign exchange through Auction foreign currency as well as providing a strong opportunity to monetary stability by controlling the levels of domestic liquidity brought about by the public finance through the government expenditures …The Central Bank of Iraq adviser to the foreign currency auction market continues to work the best performance and there is no failure in performance, and there are many rumors against the auction done trying to undermine the real central bank, and that there is some transactions have stood for it may be in the category of money laundering or financing of terrorism, or the issues contravention in accordance with regulations on financial transactions auction. By indicating that the financial market in the best Iraqi unchanged and the Iraqi dinar is very strong and the strength of rising foreign exchange reserves would be reflected on the positive performance to meet any crisis that may occur in the future, came from the active role played by the Central Bank of Iraq and his handling of the Iraqi monetary policy with the best image and effectiveness of high of performance. Emphasizes that the national currency will be to Atstqr and check the exchange rate naturally only through the most important of several indicators to be access to the rates of unemployment are acceptable manner and to provide an attractive operating environment for the Iraqi labor, and financial performance of the actor and the stability of financial markets in the volume of gross domestic product and the work of the real sectors , ie, the national currency must be assigned in real economic actions, then must operate infrastructure in an integrated manner to push forward the wheel of the real economy.the need for the balance of payments and the balance of trade was balanced so that there is convergence between the volume of imports and exports must be a balance between savings and employment size of monetary blocs to support and stimulate investment in order to move the wheel of reconstruction and economic revival. Also, the state budget must pass the situation of stability and without the deficit to mention and implement paragraphs are wonderful and measured in terms of actual performance of the finished levels, and should be spending the equivalent or comparable to the size, but income from, all of these factors does the value of the Iraqi dinar and achieve monetary stability in Iraq because it actors in a real and natural and will bring the desired value of the Iraqi dinar and access, but we can not continue to intervene through artificial Auction Central Bank of Iraq.He called central bank’s policy to build is far from constant and synthetic backing of the Iraqi dinar, because it hurts the economy of Iraq and would expose him to any crisis that may occur.But with the assistance and the mechanisms that stimulate the value of the Iraqi dinar and maintain its stability and must put an end to policies pursued in particular it has become a long-term.through a press statement that “the actions the central bank’s resolve regarding the Iraqi currency to reduce the mass and raise the exchange rate, leading to consequences for the Iraqi economy as a whole. That what the Central Bank attempts to raise the value of the dinar, changed the value of its reality in the market, which led to the depreciation of the oil resources resident dinars.And believed that this reflected negatively on increasing the proportion of the deficit, in addition to the growing phenomenon of economic rent, because the high value of the dinar led to a dependence on importing more industries, as it appears cheap imported goods for Iraqi consumers. despite the rise or stable oil prices, but the truth is that the economic cycle are completed outside the country, saying that the beneficiary of the rise of the Iraqi currency who are turning their profits at home, abroad, and not vice versa.the central bank sees inflation in Iraq, but the critical fact reflects the hypothesis is the fact that we have a real inflation stems from structural imbalance and lack of investment, which paid for the process of withdrawing cash to raise interest rates from it.to address the high price in Iraq for Atkmen through monetary remedies but by real action in the sense that there is a problem in the presentation does not address only through increased local production of financial and monetary stability that does not come through the exchange, but there must be spent on investment. And the alternatives available to the central bank policy adviser to Prime Minister says, it lies in adopting an expansionary fiscal policy supported by an expansionary monetary policy also to build infrastructure and promote development to the front, I do not think the economy needs to stabilize cash only as useful as the level of retarded development. “Frankly, we are with fixing the rate of national currency” Iraqi dinar “for two main reasons: We are a private sector put our plans on the basis of the annual stability of the national currency and the exchange rate for the year, for example, 2010 and 2011, and the second reason of economics notes powerful to find that the price of any currency exchange rate has not changed for many years and even decades, an economic giant like Japan, it as a result one of the key reasons is the exchange rate of the national currency of Japan.we find that the fixed exchange rate, which contributes to the Central Bank through the auction of the dollar makes us special as banks poised to build a road map for the next stage. Eight stable exchange rates mean we have the ability to measure the deposit rates, and how we work to stimulate the banking environment in Iraq.The fact must be noted that the CBI could during the past years to absorb the inflation in the Iraqi market and to maintain the price of imported materials, and I think that the central bank will follow to success after another, add to that the excellent performance in the management of foreign exchange reserves, which represents the real strength and cover a a catalyst for the Iraqi private sector to deal with the outside world.As for the chatter to the troubled auction, and recognizes the fact funding currencies, the central bank deals Balkash inside Iraq, and talk about the question marks do not exist because the continuous auction in the coverage of import by the private sector of consumer goods, although we note that the private sector contribute to the import, for example, 75% of the volume of food consumption in Iraq, and this is by opening the funds to finance the Iraqi trader in hard currency and the dollar against any merchant deposits in Iraqi dinars and an achievement in itself. Eight to talk about after the auction, to contribute to the smuggling of currency out of Iraq for no truth to him Valmzad may exceed the daily volume of $ 120 million or more, which is nothing against the assets of 30 million people, let alone the costs of rebuilding infrastructure consultancy studies also suggest that we need 45 – 50 billion dollars. the CBI started since October 4, 2003 Auction on management of foreign exchange and summarized the main objectives of this auction to help reduce excessive volatility in the exchange rate that may occur on a temporary basis and facilitate the development of functioning market for the purposes of two-way purchase and sales of foreign exchange as it is a tool for long-term control of the bank to cash and the impact on liquidity conditions and the exchange rate. the Iraqi economy after 2003 began to move away from nominal shocks, which was exposed during the years of siege by the vibrations that have occurred in the money market, which represented the independent variable in the relationship between them and the market for goods and services, as most of the shocks in the economy today is shocks comes from the real markets for goods and services, the fixed exchange rate becomes infeasible in practice, which makes the Iraqi dinar exchange rate which the central bank tries to defend the price is excessive and evidence that the central bank did not go to the auction buyer of foreign currency, only a few times He was a salesman for the past six years. result of the above separated the prices of goods and services on the Iraqi dinar exchange rate and therefore, the fixed exchange rate is no longer the only influential in the stability of prices, and that it be ensured if the observed rise in Iraqi dinar exchange rate of 1772 dinars / USD at the end of 2003 to 1217 KWD / USD at the end of 2009, while general price index, consumer prices for 8079 at the end of 2003 to 24326 at the end of 2009, which means that at a time when the exchange rate improved by 33% between 2003 and 2009 the index for consumer prices rose 150% for the same period and concluded by saying: Despite all that we have the fixed exchange rate by intervening in the daily auction of foreign currency is the most effective tools for current cash and this is due to the ineffectiveness of the rest of the tools of monetary policy due to problems in economic, security and tight financial market in Iraq which curtailed the ability of the monetary authority to use those tools, but the other hand, consider replacing the fixed exchange rate is a nominal Brkizp the other the next few years is something very important.The Central Bank of Iraq auction held five meetings a week starting from Sunday to Thursday for the sale and purchase of foreign currencies, and receive a cash commission on the sale of about 13 dinars per dollar, and receive a commission of three dinars per dollar on the sale of remittances outside the country.
GCC monetary authority soon, on Monday, January 04, 2010
Four Gulf nations will launch their monetary authority to set up a joint central bank at the end of February as part of an historic pact to create the Middle East’s first currency union.Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), will officially launch their monetary union on January 23 following its final summit approval last month.”The monetary union will be enforced on January 23, a month after the fourth ratification document was deposited by the members with the GCC Secretariat,”.”As for the Gulf Monetary Authority (GMA), which will pave the way for the creation of the GCC central bank, it will start operating at the end of February,”.The Newspaper reports that the central banks of the four countries halted lending operations at the beginning of 2010.”Those reports carried wrong information that the central banks would stop lending at the start of 2010… this process requires several procedures, which will be the responsibility of the GMA,”.”Any way, most central banks in those countries normally do not lend to the government, which means these reports do not carry any new information,”. Is this a good news or what……
to borrow from the IMF as “a serious matter, the interests of Iraq over the long term, indicating the threat to the future of Iraq and the interests of the people.The proposal is based splendor in the general budget for the year 2010 to borrow from the International Monetary Fund.the World Bank when giving loans to countries within the framework of the restructuring of the economy of these countries and, therefore, is the long-term intervention in the affairs of these countries even amount to interference in its sovereignty. Rubaie confirmed his refusal not to pass the federal budget for 2010 until the next parliamentary session, noting they relate to the interests of the people.He stressed the need to separate the budget for the elections and political history.
Now Iraq is ranked twelfth in the list of the richest Arab..Iraq is occupied twelfth place located in the bottom of the sequence of the richest Arab countries, along with Algeria, Tunisia, Jordan, Morocco, Egypt, Syria and Sudan. Landing in Qatar topped the list and after the United Arab Emirates, Kuwait and Bahrain in Almertbpaiip Dissolved and Oman in fifth place followed by Saudi Arabia in the sixth, while Yemen was ranked by the recent order of the poorest countries, followed by Mauritania poorest of Arab nations.Qatar was ranked first at the top of the order of the richest Arab countries, as annual per capita income of the 70,651 dollars, while not exceeding a population of 1.448 million people, followed by the UAE in the second and per capita income of 52,574 people while the population of 4.76 million people, and Kuwait ranked third, and per capita income of 43,046 dollars and a population of 3.43 million people, to the Bahrain came in the fourth income of 21,675 dollars per capita and a population of 1.123 million people, either the average per capita income in Oman to $ 20,908 for its population of 2.86 million people, and Saudi Arabia in sixth place, and per capita income of 18,903 dollars and the number of population of 24.8 million people, and replaced Libya was ranked seventh with 10,519 thousand dollars for an individual and a population of 7.2 million, Lebanon ranked eighth and income per capita in 7479 dollars, followed by Algeria, Tunisia, Jordan, Iraq, Morocco, Egypt, Syria and Sudan. They can pass all the laws you want and it will be a very long time before Iraq is as per capita rich as Qatar. Qatar has per capita income of $70,651. With over 28 million people that would require a GDP of ~ 2 trillion dollars for Iraq. 2 trillion divided by 365 days would be ~ $5.4 billion a day. Divided by $80 a barrel and they would need to produce 67,500,000 barrels a day to be as rich as Qatar and have almost 90% of the worlds total production. 33.75 times as much as they are now producing. Maybe we should give them another 6 months to accomplish 90% of the worlds total oil production. We hope this will speed up the RV that make iraq is ranked # 1 richest wealthiest sooner early 2010, don’t we…
Just To the point, the Iraqi Dinar is currently at an extremely low valuation compared all other world currencies, which would make a very lucrative investment for anyone. The investment community is currently watching everything for signs of upward movement in the value of the Iraqi Dinar. Many sources including the Iraqi Financial ministry speculate an increase in Iraqi Dinar value in early 2010.
“A twenty-seven dollar investment today could be worth seventy-five thousand dollars if Iraqi Dinars are revalued to historical values.”
2009 IRAQI DINAR REVALUATION INDICATORS & SIGNS:
• Donald Trump investing Millions in Iraqi Dinars
• Iraq oil field contracts being let.
• Iraq Financial Ministry
• Large world corporate investments in Iraq infrastructure
• Obama election cause ease of middle east tensions against US
• US Secretary of State – Hillary Clinton’s recent remarks about Iraq becoming one of the richest countries in the Middle East.
Many believe that the Dinar will return to its historic value of $3.20 as opposed to it value today of less then one cent. Will these indicators and signs mean to speed up the RV early 2010.…
Iraq has received a loan of $ 7 trillion dinars to cover the deficit : Alaa al-Sadoun said Deputy Chairperson of the Finance Committee in the House of Representatives that the World Bank and IMF special drawing rights and made a loan to Iraq Bmlbg 7 trillion Iraqi dinars to bridge the fiscal deficit. Said Saadoun, a member of the Accordance Front, said: “The fiscal budget deficit of 21 trillion Iraqi dinars. Sntdark and recycled it through my existing budget of the past year. And the budget in 2010 was calculated on the basis that the price of a barrel of oil to $ 62,5, and the price The current oil is $ 73 a barrel. and this difference would reduce the fiscal deficit.” Saadoun predicted: “The vote is on the budget for the current year next week.” In this case, Something gotta give soon. And, The IMF could of just told then to RV! and the budget would not be affected.