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Enorrste

Dinar News Two Bogus Articles today debunked by the CBI itself!

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I am certain that there was a great deal of concern with the two articles today that claimed that the CBI was going to go from 1170 dinars per dollar to 1000 dinars per dollar by June. I'm also sure that the naysayers were "chafing at the bit" waiting for me to "wiggle my way" out of these articles with some strange "interpretation".

However, as I read the long one and noted that it wasn't even internally consistent I decided that it was inaccurate, at best, and probably outright wrong at worst. So I waited.

Fortunately the CBI saw the article and made its own statement. Here is the link:

http://translate.google.com/translate?hl=en&sl=ar&u=http://al-iraqnews.net/new/iconomi/57243.html&prev=/search%3Fq%3Dnahrain%26hl%3Den%26safe%3Doff%26client%3Dfirefox-a%26channel%3Ds%26rls%3Dorg.mozilla:en-US:official%26hs%3DyfB%26sa%3DX%26num%3D100%26newwindow%3D1&rurl=translate.google.ca

Conscious / m. A

3/3/2010 5:20 pm

""With great interest the remarks attributed to incorrect Massadrldi addressed to some newspapers and news agencies today to the effect that the central bank intends to change the Iraqi dinar exchange rate by making the dollar worth a thousand dinars in the month of June next year.

"He said the central bank In a press statement received (News Agency, Iraqi Information / conscious) a copy of the non-validity of this report or other criteria and the stability of the Iraqi dinar exchange rate and the general signs of monetary policy is far from the news and other information is confused and incorrect, so necessary noted.

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see - just like that I have to go strip the dinar wallpaper off of my bathroom walls. dang . . . BTW - the 25000 and 10000 look great together in a staggered pattern.

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Forget the article, I am just imagining Enorrste wiggle ...........

Seriously though I don't know what to think anymore. I am still hoping you will be proven right by the 8th

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BTW - the 25000 and 10000 look great together in a staggered pattern.

Hmm.I don't have enough 10000 in my collection to stagger. Maybe I can just do the ceiling in 10000's?

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Hmm.I don't have enough 10000 in my collection to stagger. Maybe I can just do the ceiling in 10000's?

Thanks E. this didn't make sense to me that they would tell of their plans in June if it were true......Thanks though I feel better reading your post.

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The CBI sure moved quickly to step on this one. Quicker than I've ever seen them jump on an article. I don't know if I would go so far as to say 'debunked', though. I would just say they denied it. I wonder if the news agency that originally reported this story is going to reveal their source. Was it a leak that they tried to stomp on? Who leaked it? We'll probably never know.

(Wringing hands diabolically, and muttering to himself)... "I'll get you next time, Steve Enorrste... next time."

FP

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e, i think all post should have to go by you before they post.

your the man

thanks

And, I have a new reason to live. I will never make a negative comment again if you promise to never change your avatar! :)

(Unfortunately I'm not young enough to make such a foolish promise except in jest. Thanks to you and your heinie for the post.)

FP

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Thank you, Sunglass, for referring to this link below. Actually it was this link that is the second article that I referred to at the beginning of this thread. The first was clearly denied by the CBI because it mentioned a rate change to 1000 to 1 in June, which the CBI says is NOT going to happen.

The second article is here. I’d like you all to follow along with me on this so that you can see how my mind works. Here is the article as posted:

No plans to make ID1000 = $1 – CBI

March 3, 2010 - 05:01:06

BAGHDAD / Aswat al-Iraq: There are no plans to make the exchange rate of ID1,000 equal to $1, Central Bank of Iraq (CBI) said on Wednesday.

“Iraq’s currency policies are far from such decisions,” the CBI said in a release received by Aswat al-Iraq news agency.

The CBI said that the current exchange rate, ID 1,170 = $1, is balanced, stable, and can be preserved through Iraq’s foreign currency reservoir of $43 billion.

We can see from the first line that this is the same “denial” statement that I posted at the beginning of this thread.

The next line is new direct information from the CBI and is a direct quote from their release.

Now let’s look at the third line. Does it look familiar? It should. It comes from the statement made by Shabibi just two days ago. Here is what the Shabibi statement read then:

“The governor of the Central Bank of Iraq (CBI) on Monday said that the current exchange rate (1,170 Iraqi dinars per dollar) is reasonable, adding that the bank has enough foreign reserves to defend the exchange rate.

“’The current exchange rate is reasonable and stable and can be defended by our vast foreign reserves, totaling $43 billion U.S. dollars at the moment,’ Shabibi explained.”

Now it is clear that the statement in today’s article is taken from the statement made 2 days ago. The wording is nearly identical. I have underlined the parts that were “borrowed” by today’s writer to complete his article today.

However, the article today took out the parentheses from the article from 2 days ago. I explained last night in chat that it was my opinion that the writer of the article 2 days ago included the parenthetical statement for clarity, or so he thought. Obviously it is not typical for a speaker to put his own words in parentheses when giving an interview. Yet the writer put these words in there. Presumably he felt he was clarifying the issue.

However I have argued that he had done so incorrectly and that Shabibi was referring to the NEW currency rate when he said that the country could afford it due to its large reserve holdings. I also argued that the sentence made no sense if it referred to the .00086 rate, since that has been stable for years now, and the raising of the reserves in the last several months would have no bearing on that rate at all.

Now we move to the statement from today and see that the writer has copied most of the words from the Shabibi article, but has removed the parenthesis (which Shabibi never even made) and thereby incorporated the error from 2 days ago into the article from today.

You will all ask: how do you now this enorrste? My answer comes from the CBI itself.

Here is a quote from Zubaidi made February 23:

This is not like the ministry, but the jurisdiction of the Central Bank independent of the ministry's proposal but it is the proposal I submitted to me three years ago, by deleting three zeros and the Central Bank studied this proposal and the bank's board finally approved by the end of this year we will see Ammeltian the current Iraqi dinar and the new Iraqi dinar.

Similarly we have the response to critics of Saleh’s plan, found by k98knight and dated February 28:

[He added] that the policy of the Iraqi Central Bank [is] to raise and support the Iraqi dinar; [it] is very important in increasing customer confidence in Iraqi dinars, which contribute to increase the volume of foreign investment and local levels in the Iraq, and [this is] the axiom of the theory of money, banking, currency and prestige of the state: [namely] when the currency weakens [there is] less prestige of the state.

So we can see that the article found by Sunglass has an error in it and we can also see where the error came from.

I have always contended that the CBI and Ministry of Finance are consistent. That is why I laid out the “Chronology” of their statements as a “groundwork” against which to read all subsequent statements. Therefore, when I see something that looks “fishy”, as is the case with this last article found by Sunglass, I needed only to go back to the groundwork documents to find the error and expose it.

In short, Shabibi never used the words “1170 Iraqi dinars per dollar” in his statement of 2 days ago; they were inserted by the article writer. Then the writer today exacerbated the problem by carrying over the “1170 to 1” as if in fact the CBI had stated it, when we know from the 2 quotes just above that the CBI does NOT intend to keep the rate at 1170 to 1.

Furthermore, in denying that they would go to 1000 to 1 by June they also added this:

“Iraq’s currency policies are far from such decisions.”

In my opinion what this is saying is that the RV will NOT be a small one at all but instead will be a significant gain in the value of the IQD. That is why the statement says that the policies “are far from such decision.”

Steve

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I just wish You really knew what you are talking about, so I could just read your post and trust it and relax, but you keep saying one thing after another, However I do appreciate your efforts to try to give honest Intel, but what I really appreciate is that picture dinar13 has posted, so if your going to give bad info, please do it with a picture like that, makes it a lot easier to_______________________, well, fill in your own blanks........ LOL

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Enorrste, what about this one?

http://en.aswataliraq.info/?p=127953

can you check this one out for validity or clarification??? Thanks Sglass~

No seriously, what about this one???

No plans to make ID1000 = $1 – CBI

March 3, 2010 - 05:01:06

BAGHDAD / Aswat al-Iraq: There are no plans to make the exchange rate of ID1,000 equal to $1, Central Bank of Iraq (CBI) said on Wednesday.

“Iraq’s currency policies are far from such decisions,” the CBI said in a release received by Aswat al-Iraq news agency.

The CBI said that the current exchange rate, ID1,170 = $1, is balanced, stable, and can be preserved through Iraq’s foreign currency reservoir of $43 billion.

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At this point I would trade all my Dinar for a full size picture of dinar13 Avatar!!

I was about to make a similar post until I saw other sick minds thinking the same thing as me!!!

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I am certain that there was a great deal of concern with the two articles today that claimed that the CBI was going to go from 1170 dinars per dollar to 1000 dinars per dollar by June. I'm also sure that the naysayers were "chafing at the bit" waiting for me to "wiggle my way" out of these articles with some strange "interpretation".

However, as I read the long one and noted that it wasn't even internally consistent I decided that it was inaccurate, at best, and probably outright wrong at worst. So I waited.

Fortunately the CBI saw the article and made its own statement. Here is the link:

http://translate.google.com/translate?hl=en&sl=ar&u=http://al-iraqnews.net/new/iconomi/57243.html&prev=/search%3Fq%3Dnahrain%26hl%3Den%26safe%3Doff%26client%3Dfirefox-a%26channel%3Ds%26rls%3Dorg.mozilla:en-US:official%26hs%3DyfB%26sa%3DX%26num%3D100%26newwindow%3D1&rurl=translate.google.ca

Conscious / m. A

3/3/2010 5:20 pm

""With great interest the remarks attributed to incorrect Massadrldi addressed to some newspapers and news agencies today to the effect that the central bank intends to change the Iraqi dinar exchange rate by making the dollar worth a thousand dinars in the month of June next year.

"He said the central bank In a press statement received (News Agency, Iraqi Information / conscious) a copy of the non-validity of this report or other criteria and the stability of the Iraqi dinar exchange rate and the general signs of monetary policy is far from the news and other information is confused and incorrect, so necessary noted.

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Thanks, Steve. I am not so naive to believe that the CBI or any country's Treasury Dept. / Central Bank is going to be truthful about pending policies changes to their respective currencies. Justified deception and flat out erroneous statements is the traditional game plan and I reference China when they vehemently denied rumors of a pending currency appreciation. Two days later, they raised the value of their currency. Everything espoused about the short run future of the IQD is purely supposition but I believe that Iraq is a unique situation that has no historical reference and likely, no future recurrence. This is just one of the many reasons that I have speculated the IQD for the past six years. Good luck to all of us and God Bless our military and our country!

I am certain that there was a great deal of concern with the two articles today that claimed that the CBI was going to go from 1170 dinars per dollar to 1000 dinars per dollar by June. I'm also sure that the naysayers were "chafing at the bit" waiting for me to "wiggle my way" out of these articles with some strange "interpretation".

However, as I read the long one and noted that it wasn't even internally consistent I decided that it was inaccurate, at best, and probably outright wrong at worst. So I waited.

Fortunately the CBI saw the article and made its own statement. Here is the link:

http://translate.google.com/translate?hl=en&sl=ar&u=http://al-iraqnews.net/new/iconomi/57243.html&prev=/search%3Fq%3Dnahrain%26hl%3Den%26safe%3Doff%26client%3Dfirefox-a%26channel%3Ds%26rls%3Dorg.mozilla:en-US:official%26hs%3DyfB%26sa%3DX%26num%3D100%26newwindow%3D1&rurl=translate.google.ca

Conscious / m. A

3/3/2010 5:20 pm

""With great interest the remarks attributed to incorrect Massadrldi addressed to some newspapers and news agencies today to the effect that the central bank intends to change the Iraqi dinar exchange rate by making the dollar worth a thousand dinars in the month of June next year.

"He said the central bank In a press statement received (News Agency, Iraqi Information / conscious) a copy of the non-validity of this report or other criteria and the stability of the Iraqi dinar exchange rate and the general signs of monetary policy is far from the news and other information is confused and incorrect, so necessary noted. “

Here is another lousy translation, but it is clear enough for us to see that the entire article leading this thread has been declared invalid by the CBI. Therefore we can dispense with it completely.

Steve

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e, i think all post should have to go by you before they post.

your the man

thanks

Go Dolphins!

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see - just like that I have to go strip the dinar wallpaper off of my bathroom walls. dang . . . BTW - the 25000 and 10000 look great together in a staggered pattern.

Steam is your best friend.

I used my 25,000's and 10,000's for decorating the living room

at Christmas time.

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