Latest Iraqi Dinar News
Hi readers, welcome back to the #1 read network for the Iraqi Dinar, Dinar News, and all that applies to our investment. It’s the Thanksgiving time of year, so I want to wish you all a safe and happy holiday – be thankful for all you have, every day.
My personal philosophy on the Dinar is that this is a “buy and hold” investment. Once you have bought what you are comfortable investing, it’s wise to prepare for the eventual rise in the value of dinar… but it is not wise to overextend yourself every time you hear a rumor! Plan for the future, join the VIP if you want to learn how to prepare POST RV, use an IBC to protect your wealth, and more… but don’t hang on every word a nameless person in a chatroom says!
It is important to get a snapshot of how things are progressing over there, so once a week or so I suggest you stop by this page and read the latest. I’ll always steer you straight.
So, here’s the latest relevant Iraqi and Dinar news:
Finance and Banking:
Good conversation regarding the latest currency auction:
Announcement No. (1781)
The latest daily currency auction was held in the Central Bank of Iraq on the 24-NOV-2010.
The results were as follows:
DetailsNotesNumber of banks 14
Auction price selling dinar / US$1170
Auction price buying dinar / US$—–
Amount sold at auction price (US$)125,989,000
Amount purchased at Auction price (US$)—–
Total offers for buying (US$)125,989,000
Total offers for selling (US$)—–
There was a burst of insecurity amongst Dinar Investors recently when a few well known people made claims that Warka was going out of business or was in bankruptcy. I received no less than 50 emails about it, to which I replied “Don’t worry, Warka is fine!” I’ve always said that Warka is a solid bank and I am very happy with the returns I am getting on my Dinar in those accounts. I’m also completely unphased by the constant rumors – competitors of Warka like to try to hurt Warkas image, but Warka is fine. The independent banks, like Warka, will probably always be strong. The CBI agrees:
Central Bank: private banks are better than state-owned ones
Friday, November 19th 2010 3:52 PM
Baghdad, Nov. 19 (AKnews) – The Iraqi Central Bank (CBI) assured on Friday that the performance of the private banks is better than the performance of State-owned banks, indicating that the lack of restrictions and routine procedures in private banks was a major cause in the evolution of their work.
Muzher Mouhammed Saleh, the chancellor at the central bank told AKnews that the private banks developed greatly during the past period through the development of monetary dealings after intensive follow-up from the CBI.
For info on opening an account at Warka, see this article. (I am not compensated by Warka, just sharing information.)
Another helpful link for people invested in the Dinar is this: How to trade on the ISX. I am very heavily invested in the ISX and I think it’s a great opportunity. It will be even more lucrative once either the RV is announced or the ISX goes international. The word from my contacts in Iraq is that there is heavy talk on making that happen soon. I did a quick search and found a good article on exactly that:
The formation of a new Iraqi government will undoubtedly be good for stock market sentiment, as such events generally are. And indeed the market has pretty obviously turned around already, with volumes increasing and the Rabee Securities index up about 6% since bottoming in early October.
Council of Ministers to discuss 2011 budget
Baghdad, Nov. 23 (AKnews) – An adviser to the Iraqi government said on Monday that the Council of Ministers meeting on Tuesday will read the terms of 2011 budget, then sent it to the parliament for discussion and approval before the beginning of next year.
IMF not happy with Iraq’s 2011 budget:
Baghdad, Nov. 21 (AKnews) – The International Monetary Fund (IMF) has cited Iraq’s monetary policy as the reason for turning down an Iraqi request for a loan package to reduce its 2011 budget deficit, an advisor to the Iraqi government said today.IMF Building New York
Iraq 2011 budget bases on $73 per barrel oil price
… export figure includes 150,000 bpd from the semi-autonomous Kurdish region, spokesman Assim Jihad said. Exports were halted last year after a dispute between Kurdish officials and the central government and have yet to resume.
The figures were agreed by an Iraqi delegation that included Oil Minister Hussain al-Shahristani and Finance Minister Bayan Jabor, as well as central bank representatives, during a meeting with World Bank officials to discuss Iraq’s budget, Jihad said.
Iraq inflation rises to 3.2 pct in Oct-c.bank
Iraq inflation rises to 3.2 pct in Oct-c.bank XE.com – [11/23/2010]
Iraq’s core annual inflation rate jumped to 3.2 percent in October from 1.9 percent in September as housing, water, electricity and cooking gas costs increased, an official at the central bank said on Monday.
‘The inflation rate is still under control,’ central bank senior adviser Mudher Kasim said.
Inflation held steady at 1.9 percent in August and September, according to central bank figures.
Dabbagh announced Cabinet decisions
2. Approval of the proposed state budget for the year 2011 (after the addition of what was agreed upon), which is made by the Ministry of Finance with the addition of $ 5 billion of investment projects financed through loans from the central bank and the revised version at the next meeting for approval in its final form.
Iraqi President Pledges to End Pending Issues With Kuwait
But two decades after the First Gulf War mutual suspicions still prevail
Iraq and Kuwait have signed a border arrangement in a significant move aimed at freeing Baghdad from the UN imposed sanction regime in place since 1990.
Under the new deal, Iraq and Kuwait agreed to create a 500-meter buffer zone on each side of their common 240km border. Kuwait pledged to finance the removal of Iraqi farmers living along the frontier and build 50 homes for them inside Iraq.
The UN Security Council demarcated the territorial border between Iraq and Kuwait in 1993 and it is today patrolled only by border police.
Maliki demands for selected ministries for new government
An adviser in the outgoing Iraqi government stated on Wednesday, that the Prime Minister Nouri al-Maliki has ordered the formation of specialized committees to speed up the delivery of ministries for the new government.
Ahmed Shehani, told AKnews, that the committees began working on Wednesday to speed up the process of handing over the ministries and bodies of the present Government to the next Government.
The formed committees include experts and advisers in addition to current ministers who will resolve the present files and give the file of each ministry by one week after the sworn of the prime minister.
President Talabani receives credentials of 5 ambassadors
PUKmedia 2010-11-24 21:02:54
President of Iraq Jalal Talabani received separately credentials of five ambassadors: Italian, Armenian, Romanian, Vatican and Japanese to Iraq in Baghdad. All ambassadors expressed their delightment with being assigned ambassadors to Iraq, hoping they would be able to strengthen joint relations with Iraq in all aspects.
In response, President Talabani congratulated them, wishing success in their assignment.
Till next time!
– Adam Montana