Comments on: Iraq Exchange Rate Mechanism

By: Joseph

Joseph — Sat, 23 Jan 2010 04:46:05 +0000

I know that this news was already happened last year in the summer, but have everyone already read this news. Firstly, Sorry I don’t mean to scare everyone about this news. This is from last summer, just come across it, sure someone would have posted it but personally not seen it before but may have been on one of many breaks!
Interesting all the same. A coin eh? This brings up loadsa thoughts. A 25k dinar note is worth around $21. The smallest coin currently is 25 worth about $0.021.
Conscious / Central Bank: The version of a coin soon
مدير الموقع Site Manager
حجم الخط: Font size: Decrease font Enlarge font
واع/ بغداد /ح.ب Conscious / Baghdad / h. B
29/8/2009 3:08pm 29/8/2009 3:08 pm

أعلن مصدر مسؤول في البنك الم An official source at the Central Bank العراقي أن البنك سيصدر قريبا Iraqi that the bank will be issued soon العملة المعدنية للأسواق وبشكل أفضل بعد إصلاح نظام إدارة العملة إصلاحا شاملا . Coin of the markets and better after the reform of the currency management system overhaul. وأضاف المصدر لمراسل ( وكالة انباء الاعلام العراقي/واع ) ان”عملية إصدار العملة The source of the reporter (news agency, Iraqi Information / conscious) that “the process of issuing the currency المعدنية Mineral المدورة Recycled من السياسات النقدية Of monetary policy الجيدة سنعود إلى إصدارها قريبا بعد القضاء على بعض المعوقات إضافة إلى انه يجب Good will come back to be issued soon after the elimination of some constraints as well as it should أن تكون هناك بيئة اجتماعية That there will be a social environment اقتصادية مهيأة لتقبلها Ready to accept economic في السوق وهناك أمر آخر انه لابد من وجود In the market and there is something else that has to be a وسائل دفع لنظام المدفوعات Means of payment for the payments system العراقي Iraq الذي غاب عن السوق Who was absent from the market العراقي أكثر من 17عام ،مشيرا إلى ان المصارف العراقية غير مهيأة حاليا لاستقبالها لعدم Iraqi more than 17 years, pointing out that the Iraqi banks are currently not equipped to receive non – وجود أجهزة عد وفرز وتصنيف وخزن ،منوها إلى إن العراق بدأ يخطو نحو الأمام لإصدارها A counting device, sorting and classification and storage, noting that Iraq has started to take forward for publication ولكن لابد من أن نضع صورا كاملة لدى الجمهور But they have to put the pictures in full public عن هذا الإصدار “. From this version. ” Does anyone here has any opinion about this…..

By: Joseph

Joseph — Fri, 22 Jan 2010 09:24:22 +0000

HI EVERYONE HERE. i WANT TO TELL YOU ABOUT THE CBI SPECIAL IMPORTANT BULLETIN AT:http://www.cbi.iq/pdf/bulletin f.pdf Can everyone here tell me that does this CBI BULLETIN has something to do with the RV…….

By: Joseph

Joseph — Thu, 21 Jan 2010 02:49:07 +0000

OPEC seeks using euro in oil deals. Tuesday, January 19th 2010 7:39 AM. Tehran, Jan. 19 (AKnews) – Iran’s representative to OPEC says the group weighs replacing the dollar by the euro in crude oil pricing, adding that no decision has been made. “Members of OPEC are free (to use any currency) in their oil transactions,” said Mohammad Ali Khatibi on Sunday. He added that Iran receives 90 percent of its oil revenues in currencies other than the US dollar. Iran’s President Mahmoud Ahmadinejad ordered in September 2009 the replacement of the US dollar by the euro in the country’s foreign exchange accounts. Earlier, the Islamic Republic of Iran had announced that the euro would replace the greenback in the country’s oil transactions. Also, Iran’s Trade Promotion Organization announced in 2009 that it would completely exclude the US dollar from the country’s foreign revenues and reserves. Iran has recently asked Japan to replace the US dollar with the yen in oil deals it has with the Islamic Republic. The constantly declining value of the dollar and persisting economic crisis in the US has encouraged many countries to drop the currency in favor of a more stable one. Saudi Arabia, South Korea, China, Venezuela, Sudan and Russia have taken steps to replace the US dollar in their foreign exchange reserves. Earlier in November, the head of Iran’s Bank Melli (BMI) said Iran’s Central Bank and BMI have entered into negotiations with some countries and international banks regarding the use of the Iranian rial, the official currency of Iran, in international transactions and operations. Well in this case, will there be a possibility that Iraq will also use a EURO to replace the US Dollar, like what Iran did?Anyone here has better opinion…..Also, is there a possibility too that IQD will be RV using EURO to replace US Dollar one day?Anyone can help to answer it……

By: Joe

Joe — Tue, 19 Jan 2010 22:10:52 +0000

I haven’t seen anything on the ERM and I’ve look everywhere.

By: Rick

Rick — Mon, 18 Jan 2010 21:22:56 +0000

Ok anybody want to comment on the last dinar auction that is set to mature in June with a 5.% profit in I think it was july?

By: Joseph

Joseph — Mon, 18 Jan 2010 07:55:33 +0000

What happens to the ERM?Adam said that the ERM will take a place jan 12. Today it is already 18 and is it already RV or not? anybody knows about ERM here…..What is the rate today, anyone here knows….

By: Joe

Joe — Sun, 17 Jan 2010 05:44:02 +0000

HaHaHaHa thats funny Steve.

By: Steve

Steve — Fri, 15 Jan 2010 00:41:39 +0000

Just because the Vietnamese dong is cheap to buy, remember they are a comnewmist country and will keep their exchange rate low to help their exports the same as China
I did have a few years ago 50 million Vietnamese dong in the 10,000 dong notes but I unloaded them for the same price as I paid for them, as I wanted to get more funds into my Warka account to buy more shares in the ISX

To open an account in Iraq with the Al Warka Bank for Investment, only needs you to send one Email

OK here we go with the short version of a long story

1, print a copy of your Passport or drivers liesence open so you can see your Picture, Address and your signature, print off a copy

2, Get anyone to sign it to say that you are you

3, Scan it in as an attachment to the Email you send to, ifrd@warka-bank-iq.com

4, You will get your account number and details on how to fund your account sent to you by Email in a few days

So do not get suckered into paying for info that is available for free if you just look for it

The ISX is good to be in as today I have just got 20% free shares in the Electronic Industries and as I have 800,000 shares the 20% free shares comes to 160,000 free shares valued at 3.370 each or thats IQD 539,200 dinars worth of free shares or at least $500 for me doing nothing at all, money for old rope when you are in the ISX, I am makeing money hand over fist as I have over 14,000,000 shares in 33 companies on the ISX, I LIKE IT, I LIKE IT A LOT come to daddy ohh yea
JOKE
Your dog is barking to come in the back door and then your wife is banging on the front door to come in, who do you let in first
The dog of course as it will shut up as soon as its in

By: Carla

Carla — Thu, 14 Jan 2010 18:48:59 +0000

Adam Today is the 14th so has this happened yet? Thanks so much!5. The programmed rate of 1170 IQD to the dollar is set to expire on January 12, today. This needs to be verified because I did not provide the link proving this. However,
6. The Exchange Rate Mechanism (ERM) is scheduled to come into affect for Iraq on the 12th, the same day that the programmed rate expires.

By: Joseph

Joseph — Thu, 14 Jan 2010 08:42:24 +0000

North Korea’s surprise decision to redenominate its currency has prompted panic and despair among merchants left with piles of worthless notes, even driving one couple to suicide, activists said today.North Korea informed citizens and foreign embassies on Monday that it would redenominate its national currency, the won, diplomats said. Residents in the reclusive communist state were told they have until Sunday to exchange a limited amount of old bills, they said.The news sent Pyongyang residents rushing to the black market to convert hoarded bills into US dollars and Chinese yuan, South Korea’s Yonhap news agency reported, citing unidentified North Korean traders operating in neighbouring China.
Shops, bathhouses, barber shops and restaurants have closed, activists said.“We heard business and market activities were all suspended,” said Lee Seung-yong, an official at Good Friends, a Seoul-based civic group that sends food and other aid to North Korea. “People have no money to engage in business.”Authorities have threatened “merciless punishment” for anyone violating currency exchange rules, Good Friends said.The overhaul of the North Korean won – the most drastic in 50 years – aims to curb runaway inflation and clamp down on the street markets that have sprung up in the tightly controlled nation, analysts said.Unable to feed its 24 million people, the regime began allowing some markets in 2002, including farmers’ markets.
The markets may have encouraged trade but they also brought in banned goods such as films and soap operas from South Korea, threatening leader Kim Jong-il’s totalitarian rule, analysts said. The country’s largest wholesale market, in Pyongyang, reportedly closed in June.With the currency overhaul, the government is retaking control of the economy from merchants, analysts said.“This is aimed at rooting out the budding private sector,” said Jeong Kwang-min, a research fellow at the Institute for National Security Strategy in Seoul, adding that the move has a broader goal: to pave the way for Kim Jong-il to hand power to his youngest son, Kim Jong-un, and to ensure he inherits a stable economy.Kim, 67, has led North Korea since 1994 but he is said to have suffered a stroke in August 2008.The country has endured economic turmoil since the collapse of the Soviet Union and flooding and economic mismanagement in the mid-1990s. North Korea since has relied on international food handouts and aid negotiated in exchange for promises to dismantle its nuclear programme.Much of that aid has been suspended, and international sanctions tightened, because of Pyongyang’s nuclear defiance.The currency overhaul comes just days before President Barack Obama’s envoy on North Korea visits Pyongyang to try to persuade the regime to return to nuclear disarmament talks.North Korea announced on state radio that the exchange rate would be set at 100 old won to 1 new won, one foreign diplomat said. Residents will only be allowed to exchange 150,000 won for the new currency, according to South Korea’s Joong Ang Ilbo newspaper and other media outlets monitoring North Korean radio.Cash in excess of the allowed amount must be saved in government-run banks, but it was not clear if residents could change that money into new bills, according to South Korean media.A stampede in Hoeryong, in the north-east, nearly forced the suspension of trains, with guards blocking the entrance to a bank in the city, the Seoul-based Network for North Korean Democracy and Human Rights said, citing unidentified sources.In North Hamgyong province, a merchant couple in their 60s killed themselves after hearing of the revaluation, said the Daily NK, a Seoul-based online news outlet that focuses on North Korean affairs.Yoo Ho-yeol, a North Korea expert at Seoul’s Korea University, said he did not expect any further drastic measures. He said: “Other kinds of private economic enterprise will eventually spring up again.” Well actually they revalued the currency with a 2 zero lop and wiped out all cash hoarders and speculators.100 won was revalued to 1 won. The offical rate was 135 won to $1. The new rate will be ~1.35 to $1. 7 days to turn in the old won for the new won. After that the old won is worthless. Citizens are limited to cashing in 150,000 won which is ~ $1111.00. The black market rate was 2000-3000 won to the dollar. The new rate should be 20-30 won to the dollar, that is if speculator have anything left to speculate with. You can probably get a 1,000,000 old won to $1 as there is little time left in the 7 days. does anyone ever hear about RV of the WON?Oh my god, no wonder making money from RV sounds profitable. I just wonder how many speculators out there are getting very rich overnight just from the RV of the WON. Oh my god, I wonder which country that the currency will be RV soon. Anyone has the answer….