sunshinelvr

Closed thread. Posted multiple times.

duplicate post closed thread.

this topic has been posted multiple times. Closed thread.

(Reuters) - Christine Lagarde, the IMF's new chief, pledged on Wednesday to push ahead with reforms to give fast-growing emerging markets greater sway at the global lender. At a news conference on her second day as International Monetary Fund managing director, Lagarde acknowledged an array of immediate issues confronting the Fund, including Europe's debt crisis, but she also said she was focused on the need for the IMF to change with the times. Institutions like the IMF must better reflect the shifting balance of power in the global economy, she said, adding the idea of creating a top-ranking post at the IMF to give a higher profile to emerging markets was "not a bad idea." "The world is going to continue to change," she said. "We have these tectonic plates that are moving at the moment, and that needs to be reflected in the composition of governance and employment at the Fund." Lagarde won the top spot at the IMF after her predecessor, Dominique Strauss-Kahn, resigned in May to face charges of sexual assault against a hotel maid in New York. Strauss-Kahn has denied the charges and the case appears to be unraveling over questions about the credibility of his accuser. Lagarde declined to comment on Strauss-Kahn's situation despite repeated questions. Questioning was occasionally tough at the heavily attended event, partly because of the drama surrounding her accession to the IMF leadership. Some emerging markets wanted the job to go to one of their members rather than carrying on a tradition of having a European head the global lender. Lagarde, a former French finance minister who has training as a corporate lawyer but not an economist, was asked directly whether she was qualified to hold the job, which among other things involves deciding the disbursement of tens of billions of dollars to needy countries. "I'm not going to brag about my qualifications or lack of qualifications. I think the truth of the pudding is in the eating as you say," Lagarde said. "We'll see how it goes." REFORM AGENDA She said IMF member nations needed to complete reforms agreed to in 2010 to give developing countries more power within the institution. "But that should also reflect in our employment policies, in our training policies, in the way in which we build teams, in the way in which we organize recruitment so that people are not clones of each other," Lagarde said. Lagarde acknowledged that among the most pressing issues she faces is dealing with a European debt crisis that has required bailouts for Ireland, Portugal and Greece. She confirmed that the IMF board would meet on Friday to consider a disbursement of funds for Greece. She said another sensitive issue was how to deal with surging capital flows into emerging markets that were creating the risk of asset bubbles and disrupting foreign exchange markets. While noting the global recovery was unbalanced, she tried to sound a note of reassurance that it was firmly in place. "When we look at our growth forecasts for 2011, 2012, we are clearly on the rebound and things are improving and are getting better when compared with the situation as it was in 2009 at the height of the crisis," Lagarde said. (Additional reporting by Mark Felsenthal, Pedro da Costa and Doug Palmer, writing by Glenn Somerville, Editing by Andrea Ricci) http://www.reuters.com/article/2011/07/06/us-imf-lagarde-rebound-idUSTRE76538N20110706

Thanks EE great job in posting !!!! I just missed it! You Rock!!

Duplicate post topic now closed.

Dinar Buddy there is a section under Foreign Currencies on the forum as well for other currency besides the IQD. There are those who are invested in other currencies. Please be respectful and curtious to all of our members please. You are a new member, please make sure to review the rules of this site and thank you for your understanding. Welcome to this dinar community.

Welcome! Your reputation preceedes you. We hope you enjoy the community here at Dinar Vets and thank you for all your work in the past in the whole dinar community.

Please include a link to the original article when posting news articles. Thank you for you contribution to the site.

This article about the same subject may help. Sorry I dont speak this language, I dont know if this helps. Maybe Scooter can translate it U.S. plans to exempt forex swaps from new rules By Rachelle Younglai Rachelle Younglai – 2 hrs 25 mins ago WASHINGTON (Reuters) – In a big win for business, the Treasury proposed on Friday to exempt commonly used foreign exchange swaps and forwards from the most onerous new rules for the derivatives market. The Treasury Department said that forcing these financial products through clearinghouses and onto exchanges was not necessary because existing procedures in the foreign exchange market mitigate risk and ensure stability. Any disruptions to this market "could have serious negative economic consequences," the department said. The business community applauded Treasury's decision and said the government recognized that the products did not pose a risk to the financial system. Foreign exchange swaps and forwards, which represent about 5 percent of the $600 trillion over-the-counter derivatives market, are used by a wide range of companies to lock in prices as protection against exchange rate fluctuations. Businesses, big banks and the securities industry had furiously lobbied the Obama administration to exempt the financial instruments from the new rules. They argued, among other things, that clearing requirements would drive up costs and were unnecessary given that most contracts expired after one week. The Treasury agreed. "You would be putting more steps into the settlement process for trades that are largely short-term in nature," Mary Miller, the Treasury's assistant secretary for financial markets, told reporters. CONCERNS WITH EXEMPTION Democratic Senator Carl Levin said he was concerned the exemption relied on current industry practices that were inadequate and could be changed by the industry unless the exemption was "conditioned upon their remaining in place." The proposal is open for comment for 30 days. The Treasury's final decision will be issued after that period. Officials said they would not speculate on whether the proposal would change. Under the Dodd-Frank financial reform legislation enacted last year, the Treasury secretary was given the power to determine whether the narrow subset of foreign exchange derivatives should be tightly regulated. The rest of the over-the-counter derivatives market will be forced through clearinghouses, which will stand between two parties and assume the risk if one party defaults. The country's biggest labor federation, the AFL-CIO, criticized the Treasury's plan and said it would create a loophole that could be exploited. The legislation was aimed, in part, at trying to ensure derivatives no longer pose the type of threat they did during the 2007-2009 credit crisis. Credit derivatives were implicated in the downfall of troubled financial giants Lehman Brothers and AIG. The Treasury's Miller said the foreign exchange swaps market was different from other derivatives markets and that under Dodd-Frank it would be illegal to use the instruments to evade tougher scrutiny that applies to other derivatives. The swaps and forwards would also be subject to trade reporting requirements and business conduct standards. The long-awaited decision was hardly a surprise given Treasury Secretary Timothy Geithner has said the foreign exchange swaps and forwards did not present the same type of risk as other derivatives. (Additional Gertrude Chavez-Dreyfuss and Wanfeng Zhou in New York, and Dave Clarke and Glenn Somerville in Washington; Editing by Andrew Hay and Dan Grebler) http://news.yahoo.com/s/nm/20110429/bs_nm/us_financial_regulation_swaps

Marathon announces discovery in Iraq Posted on April 13, 2011 at 4:27 pm by Brett Clanton in E&P, Middle East, Oil 670 | 1 Share share E-mail An employee works at Tawke oil fields in the Kurdish region in northern Iraq on May 31, 2009. (AP file photo/Hadi Mizban) SEE ALSO: OMV Announces Major Gas Discovery in Australia EnCore Oil Announces Burgman Oil and Gas Discovery EnCore Oil Announces Burgman Oil and Gas Discovery Statoil Announces Major Oil Discovery in the Barents Sea Marathon Oil announced today that one of its subsidiaries participated in a successful discovery well in the Kurdistan region of Iraq. The Atrush-1 well, located 55 miles northeast of the city of Erbil, was drilled to 11,000 feet and encountered 400 net feet of oil-rich rock, the Houston-based company said. Tests showed the well could flow at a rate of more than 6,000 barrels per day of oil from three zones. In October, Marathon, the fourth-largest U.S. oil company, announced it had taken stakes in four exploration blocks in Kurdistan, marking its entrance into Iraq. The company holds a 20 percent interest in the Atrush block. The discovery well was operated by the joint-venture company General Exploration Partners, a subsidiary of Aspect Holdings LLC and ShaMaran Petroleum, which holds an 80 percent working interest in the block. Iraq, which holds the world’s fifth-largest oil reserves, has in recent years sought foreign investors to help it boost oil and gas output from fields long neglected amid wars. It has awarded contracts to a number of international oil companies, including BP. But the semi-autonomous Kurdistan region has set up its own process for attracting investment. Shares of Marathon rose 15 cents to $50.33 in trading on the New York Stock Exchange.

As a senior member of the news hound team it has been our experience that some of the links get broken or the articles have disappeared off the posted link. If the article is copied and pasted it can become part of the archives here and can be accessed from this forum if it has become unavailable from the original link. Many times I have gone back through the news articles to retrieve older posts to save because I no longer have the original link or i need to refer back to the information and date. Your contibution is greatly appreciated. And as you are a new member may I say welcome to our forum and keep up the good work.

PLEASE INCLUDE THE LINK TO THE ORIGINAL ARTICLE, ESPECIALLY WHEN COPYING AND PASTING FROM OTHER DINAR SITES.

PLEASE INCLUDE THE LINK TO THE ORIGINAL ARTICLE, ESPECIALLY WHEN COPYING AND PASTING FROM OTHER DINAR SITES PLEASE.

Im closing this thread. This is a foreign currency thread. Please take your debate to the off topics forum. Thank you.

Chinese Premier Rejects Faster Currency Rise By THE ASSOCIATED PRESS Published: March 13, 2011 at 11:34 PM ET Sign In to E-Mail Print BEIJING (AP) — China's premier on Monday ruled out allowing a faster rise in the value of its tightly controlled currency to fight surging inflation, citing the danger of possible job losses and the impact on Chinese businesses. At a news conference, Premier Wen Jiabao repeated Chinese complaints that the U.S. Federal Reserve's efforts to spur American growth are partly to blame for global inflation, though he avoided mentioning the Fed by name. Wen said Beijing is taking steps to rein in surging inflation that pushed up consumer prices by 4.9 percent in February. But he said the yuan's rise against the U.S. dollar would be kept gradual. Analysts say a stronger yuan would cool Chinese inflation by making imported oil and other goods cheaper in Chinese currency terms. Beijing has restrained the yuan's rise since the 2008 global crisis to help Chinese exporters that employ millions of workers compete abroad. "The appreciation of the Chinese currency should be a gradual process, because we must bear in mind its impact on Chinese businesses and our employment situation," Wen said at the news conference, held following the closing of the annual session of China's legislature. Beijing faces pressure from Washington and other trading partners to ease currency controls that they say keeps the yuan undervalued, giving China's exporters an unfair price advantage and swelling its multibillion-dollar trade surplus. Wen echoed China's central bank governor, Zhou Xiaochuan, who said Friday that Beijing would not use currency policy to fight inflation. Zhou said the government has more effective tools to control prices. Wen said Chinese prices are being driven partly by global inflation. He repeated Chinese complaints about "quantitative easing," the Fed's term for its strategy of trying to push down interest rates and spur growth with multibillion-dollar bond purchases. Regulators in some Asian economies complain lower interest rates and a weaker dollar caused by the Fed have prompted an influx of money in search of higher returns, pushing up commodity prices. Analysts say China's currency controls have shielded it from such inflows but it still faces higher prices for oil and other imports. "Some countries have pursued quantitative easing and that has caused drastic fluctuations in the exchange rates of some major currencies and in global comodities prices," Wen said. "Imported inflation has had a big impact on China and is a factor that is not easy to control." http://www.nytimes.com/aponline/2011/03/13/business/AP-AS-China-Currency.html?_r=1&ref=global

Very very very nice find! You are a great contibutor and member of this DV team! Thank you for such a great find!

I am on my phone. I gave this person a warning and posted to them that this peice was old and biased and used fowl language. And to read the rules and regualtions of this site and if they had questions to contact the admins. I do not like that peice. No link and its not news its and editorial of a crazy person. Imho but I'm just a newshound. Lol

Please Post links with articles or said advertisement. Thank you.

I had posted an article in the forum about Parliament amending the investment law. Hope that helps. "the Iraqi investment law in force at the moment is good, does not need to be modified" Read more:

WRAPUP 4-Global imbalances require action, policymakers say PARIS, March 4 (Reuters) - Top financial policymakers said on Friday economic imbalances could worsen without a collective G20 effort to tackle them, but they conceded that key problems such as exchange rate mismatches would take time to sort out. The warning came from policymakers from both sides of the Atlantic, some of whom repeated a wish to see China's currency rise and trade more freely. "A cooperative spirit among policymakers is essential to ensure prosperity of the global economy," Janet Yellen, vice chair of the U.S. Federal Reserve's board of governors, told a meeting of U.S. euro zone and Asian policymakers in Paris. "For countries with undervalued currencies, the adoption of more flexible exchange rates requires an internal shift in resources across sectors -- a transition that takes time." Axel Weber, soon to quit as head of Germany's Bundesbank, said IMF forecasts pointed to renewed divergences in current account positions and that the surge in oil prices since unrest broke out across North Africa would accelerate this. European Central Bank Governing Council member Mario Draghi added that global mismatches would remain a problem for a long time to come while ECB President Jean-Claude Trichet delivered the same appeal as Yellen for more flexible currencies in emerging market countries -- a line that primarily targets China's managed exchange rates. Imbalances between wealthy and emerging nations are proving one of the biggest headaches for policymakers striving to repair the world economy after the worst downturn since World War Two and reduce the risks of future shocks, a job which the G20 is now working on. "Current account surpluses have returned or are currently returning to pre-crisis levels and I think this will be sped up by the fact that the recent hike in oil prices might accelerate," Germany's Weber said. Draghi told the meeting: "These imbalances will stay with us for a long, long time. "What we need then is to make sure that capital markets function to finance these imbalances ... because we know they are not exactly efficient, so we need rules, we need a resilient financial system." Weber also said currencies in many emerging economies remained undervalued and urged the United States to save more to curb its reliance on foreign capital. They were addressing a dozen global policymakers who joined academics and businessmen under the banner of France's Group of 20 presidency to discuss imbalances, regulation, inflation and other topics, two weeks after G20 finance ministers fixed a set of indicators to measure imbalances. "We are not trying to find the perfect financial system," French Economy Minister Christine Lagarde said. "We want better coordination of economic policies. We want to reduce the need to accumulate international reserves. We need to get to the roots of why emerging markets feel the need to accumulate reserves," she said. "We need to work better on the financial safety net, we need to do a good job, they need to be easy to use and not associated with the IMF stigma." The finance ministers of the world's major economies succeeded only in reaching a fudged accord last month on how to measure global imbalances after China prevented the use of exchange rates and currency reserves as indicators. "The G20 is the only group that basically has legitimacy to own this process (of tackling imbalances) and drive forward and achieve results," Weber said. "We have to start passing a judgment on what the disequilibrium is. We have to embark on mechanisms to deal with these current account problems and come up with a surveillance process to make sure countries that commit to certain processes at the national level see these policies through." Olli Rehn, EU Commissioner for Economic and Monetary Affairs, said economic surveillance should be broadened within Europe to identify regional imbalances and competitive divergences. REGULATION, INFLATION HOT TOPICS Friday's gathering came a day after the ECB shocked markets by saying it could raise interest rates as soon as next month, heightening concerns about the implications for struggling euro zone countries as EU leaders strive to resolve the debt crisis. ECB board member Lorenzo Bini Smaghi said the world had a tendency to systematically underestimate inflation and overestimate growth in developed economies. "If we look at the past at the kind of forecast errors which have been done, and here I look at the IMF forecast errors ... we have systematically underestimated inflation and overestimated growth in advanced economies," he said. China and other key emerging economies are resisting pressure from Washington and Europe to allow their currencies to appreciate more quickly. Many of them point the finger squarely at the U.S. Federal Reserve's new round of money printing via a $600 billion bond purchase programme as the root cause behind a wave of "hot money" inflows that risk destabilising their economies. China was represented on Friday by deputy central bank governor Hu Xiaolian, who said little. "Under the current conventional monetary system, issuers of major reserve currencies need self discipline," the Chinese central banker said. (Additional reporting by Leigh Thomas; Writing by Catherine Bremer; Editing by Susan Fenton) http://www.reuters.com/article/2011/03/04/economy-cenbankers-idUSLDE72314A20110304

WRAPUP 2-Global imbalances to worsen, top c.bankers told » Fri Mar 4, 2011 7:13am EST * ECB's Weber warns economic imbalances could worsen * Draghi says imbalances will be around a long time * Bini Smaghi says world has underestimated inflation * Fed, Chinese, ECB policymakers at Paris conference (Adds Draghi, Bini Smaghi quotes, detail) By Daniel Flynn and Marc Jones PARIS, March 4 (Reuters) - ECB policymakers warned global central bankers on Friday that economic imbalances could worsen fast unless the G20 makes a concerted push to tackle them. Axel Weber, soon to quit as head of Germany's Bundesbank, told a meeting of U.S., euro zone and Asian policymakers that IMF forecasts pointed to renewed divergences in current account positions and that the surge in oil prices since unrest broke out across North Africa would accelerate this. ECB governing council member Mario Draghi added that global mismatches would remain a problem for long time to come. Imbalances between wealthy and emerging nations are proving one of the biggest headaches for policymakers striving to repair the world economy after the most damaging crisis in decades and reduce the risks of future shocks. "Current account surpluses have returned or are currently returning to pre-crisis levels and I think this will be sped up by the fact that the recent hike in oil prices might accelerate," Weber said. Draghi told the meeting: "These imbalances will stay with us for a long, long time. "What we need then is to make sure that capital markets function to finance these imbalances ... because we know they are not exactly efficient, so we need rules, we need a resilient financial system." Weber also said currencies in many emerging economies remained undervalued and urged the United States to save more to curb its reliance on foreign capital. They were addressing a dozen global policymakers who joined academics and businessmen under the banner of France's Group of 20 presidency to discuss imbalances, regulation, inflation and other topics two weeks after G20 finance ministers fixed a set of indicators to measure imbalances. The finance ministers of the world's major economies succeeded only in reaching a fudged accord on how to measure global imbalances after China prevented the use of exchange rates and currency reserves as indicators. [iD:nLDE71I02C] "The G20 is the only group that basically has legitimacy to own this process (of tackling imbalances) and drive forward and achieve results," Weber said. "We have to start passing a judgment on what the disequilibrium is. We have to embark on mechanisms to deal with these current account problems and come up with a surveillance process to make sure countries that commit to certain processes at the national level see these policies through." Olli Rehn, EU Commissioner for Economic and Monetary Affairs said economic surveillance should be broadened within Europe to identify regional imbalances and competitive divergences. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ REGULATION, INFLATION HOT TOPICS Friday's gathering came a day after the European Central Bank said it could soon raise interest rates, heightening concerns about the implications for struggling euro zone countries as EU leaders strive to resolve the debt crisis. ECB board member Lorenzo Bini Smaghi said the world had a tendency to systematically underestimate inflation and overestimate growth in developed economies. "If we look at the past at the kind of forecast errors which have been done and here I look at the IMF forecast errors ... we have systematically underestimated inflation and overestimated growth in advanced economies," he said. China and other Asian and Latin American economies are resisting pressure from Washington and Europe to raise their interest rates to curb signs of overheating in their economies and allow their currencies to appreciate. Many of them point the finger squarely at the U.S. Federal Reserve's new round of money printing via a $600 billion bond purchase programme as the root cause behind a wave of "hot money" inflows that risk destabilising their economies. China was represented on Friday by deputy central bank governor Hu Xiaolian. It, and other emerging nations, may air that criticism afresh. Opening Friday's conference, Bank of France Governor and ECB governing council member Christian Noyer noted that the accumulation of foreign reserves by emerging economies was part of the reason behind the globalised crisis. He also told policymakers that the G20 still had significant room to press ahead with financial regulation, particularly on the structure of commodities markets and tighter regulation of the "shadow banking system". (Additional reporting by Leigh Thomas; Writing by Catherine Bremer; Editing by Mike Peacock) http://www.reuters.com/article/2011/03/04/economy-cenbankers-idUSLDE7230P020110304?pageNumber=1

HIGHLIGHTS-Comments from central bankers' meeting in Paris March 4 | Fri Mar 4, 2011 11:56am EST PARIS, March 4 (Reuters) - Following are comments from a meeting of global central bankers in Paris on Friday. JANET YELLEN, VICE CHAIR, FEDERAL RESERVE BOARD OF GOVERNORS "In light of these differing challenges, a cooperative spirit among policymakers is essential to ensure prosperity of the global economy." "For countries with undervalued currencies, the adoption of more-flexible exchange rates requires an internal shift in resources across sectors -- a transition that takes time." "The expansion of public sector deficits and debts in many countries poses very serious medium- to long-run risks for both the international monetary and financial systems that will need to be addressed." ECB PRESIDENT JEAN-CLAUDE TRICHET "I would very much underline the sentiment that excess volatility has adverse implications for economic and financial stability. "A solid and credible dollar ... is in the interest of the United States and in the interest of the international community. "A move toward more flexible exchange rates and an orderly appreciation of currencies is also in the interest of the emerging countries concerned and in the interest of the international community." PBOC DEPUTY GOVERNOR HU XIAOLIAN Highly volatile exchange rates among major reserve currencies causes unneccessary disruptions to the real economy. Policies of major reserve issuing currencies have an enormous impact on other countries. Expansion or contraction in reserve currencies supply has a huge impact on the global commodity and financial markets and cross-border capital flows. (Special Drawing Rights) have a potential role to play as an international reserve asset and unit of account. Still there are many constraints. FRENCH FINANCE MINISTER CHRISTINE LAGARDE (Referring to France's goals as G20 president this eyar) "We are not trying to find the perfect financial system. "We are not trying to restore fixed exchange rates around the globe. We are not trying to stop flows of capital." "We are trying to reach consensus on not only the economic indicators which we have actually agreed on (as benchmarks to help measure imbalances), but also..." "We want better coordination of economic policies." "We want to reduce the need to accumulate international reserves." "We need to get to the roots of why emerging markets feel the need to accumulate reserves." "We need to work better on the financial safety net, we need to do a good job, they need to be easy to use and not associated with the IMF stigma." "A better review by the IMF of those accumulations of reserves." "To encourage more issuance in local currencies" "To reinforce the surveillance capacity of the IMF" "On the issue of SDRs (special drawing rights) -- how, when and under which conditions will it include the yuan ...the organisation of the currency (SDR). BANK OF FRANCE DEPUTY GOVERNOR JEAN-PIERRE LANDAU "It seems to me that most of arguments made for using monetary policy for financial stability are made under the implicit assumption that price stability will be as easy to maintain in next decade as it was in the past, so there will not be much to lose in terms of price stability" "It is very clear that this assumption is severely tested perhaps much sooner than we thought. It will therefore be very important in this environment to maintain clarity of purpose." ECB GOVERNING COUNCIL MEMBER ATHANASIOS ORPHANIDES (CYPRUS) "The new spike of energy prices ... reminds of stagflation risks. "I think we learned and relearned how (there is) danger in this sense: trying too hard to close real activity gaps can lead to worse results on both price stability and economic stability. "Nothing should lead a central bank's focus (away) from preserving price stability. The central bank strives to remain focused and be pre-emptive in its fight on inflation." CHILE CENTRAL BANK GOVERNOR JOSE DE GREGORIO "The risk of propagation (of higher oil and food prices) towards prices in the wider economy must be mitigated, in particular in economies like Chile's, which are producing close to their potential. "Not attacking inflationary pressures could affect credibility, which would have negative consequences for the future capacity to achieve stable inflation with low costs in terms of activity." EU COMMISSIONER FOR ECONOMIC AND MONETARY AFFAIRS OLLI REHN ON EURO ZONE CRISIS "The governance and policy reforms that are currently underway in the European Union show that Europe has drawn the right lessons from the crisis and is acting accordingly. "Yet a successful outcome is by no means guaranteed." SOUTH KOREAN CENTRAL BANK GOVERNOR KIM CHOONG-SOO ON CRISIS REGULATION "The recent crisis differs from previous crises because it is difficult to put your finger on the exact cause. "If unexpected side effects return, the need for additional regulatory measures will have to be discussed. "We must admit that we did not pick up on risks in a timely manner. "Regulatory authorities put too much emphasis on microprudential surveillance." ECB BOARD MEMBER LORENZO BINI SMAGHI (Link to full speech: www.ecb.int/press/key/date/2011/html/sp110304.en.html) ON INFLATION AND INTEREST RATES "There are several ways in which faster growth in emerging economies may have a negative impact on developed economies and their growth potential at least for some time. "Higher growth in emerging markets is pushing up demand for commodities, in particular food and energy, and it will increase prices permanently ... Unfortunately, it depends on price elasticity, but it may take time to develop new sources of supply that can keep up with new levels of demand. "Keeping policy interest rate unchanged while headline inflation rises -- even if core inflation remains unchanged -- implies a de facto allowing for the monetary stance to become more accommodative. Over time this is likely to impact on core inflation. "If we look at the past at the kind of forecast errors which have been done, and here I look at the IMF forecast errors ... we have systematically underestimated inflation and overestimated growth in advanced economies." http://www.reuters.com/article/2011/03/04/economy-cenbankers-idUSLDE7230A520110304?pageNumber=1

Thanks Doc your the best!

Thanks for being a positive contribution to our corner of the dinar community.