Adam's Official 4/18/12

[shydude]

A thought for all - It could benefit Iraq for the value of the Dinar to be higher than the USD so that Iran and Syria start using the Dinar instead of USD. This would also increase the demand portion of the Dinar alot. Thank You Adam and KCW for making sure we have our safety belts on for this Roller-coaster ride.

[Trigger the old biker]

A thought for all - It could benefit Iraq for the value of the Dinar to be higher than the USD so that Iran and Syria start using the Dinar instead of USD. This would also increase the demand portion of the Dinar alot. Thank You Adam and KCW for making sure we have our safety belts on for this Roller-coaster ride.

I like that train of thought.

Lets go back to Rodandstaffs post, listen to the music, and visualize that very thing. "Higher and higher"

And yeah, it is a rollercoaster ride.

I feel like that poor little girl on the rollercoaster in Dinarthug's post.

Thank God for comic relief. And thank Him again for the blessing of music.

And, Oh yes, GO RV HIGHER AND HIGHER !!!!

Excuse me for shouting. I got a little excited there for a moment.

[frankc]

I've read this article several times from Reuters out of Baghdad because it has some very interesting comments from the CBI and Cabinet. Thought it was worth posting again for a reread and study. Like most, I think halting plans to cut the zeros off dinar currency notes is good for us.

http://www.reuters.com/article/2012/04/12/iraq-currency-idUSL3E8FC8G120120412

Iraq halts plans to cut zeros off dinar currency-cabinet

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if(typeof Reuters.info.skipSlideshow == 'undefined'&& document.getElementById("displayFrame")) {Reuters.utils.addLoadEvent(function() { Reuters.utils.loadScript('sJSON','/assets/multimediaJSON?articleId=USL3E8FC8G120120412&setImage=300&view=100&startNumber=1') });} Thu Apr 12, 2012 3:10pm EDT

* Cabinet says stops plans to redenominate dinar "until further notice"

* Iraq has over 30 trillion Iraqi dinars in circulation

* Plan to trim zeros not seen as a priority

By Aseel Kami

BAGHDAD, April 12 (Reuters) - Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, the cabinet secretary said on Thursday.

The central bank said last August it planned to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised and dominated by oil, and where deals are often carried out in cash.

The proposal to restructure the dinar to bring more liquidity into the market has been awaiting parliamentary approval since last year.

On Thursday, a statement on the website of the cabinet secretary said the cabinet had decided to halt all procedures relating to the redenomination of the dinar "until further notice".

"The economic committee discussed this issue and so did cabinet ... There is a possibility that it could cause some problems in the economic situation. Besides that, this operation is so big that cabinet sees circumstances are not right to control this," cabinet secretary Ali al-Alaq told Reuters.

Iraq is slowly getting back on its feet after years of war and sanctions. Oil accounts for 95 percent of government revenues and the country's banking system is still highly underdeveloped.

HUGE PROCESS

The central bank has kept the dinar fixed at 1,170 dinars to the dollar in its daily auction but it recently moved to revalue the dinar slightly to 1,166 dinars after demand for the U.S. currency soared.

The central bank said it also had to tighten regulations over who can participate in the auctions as Iraqi traders sought to snap up dollars for resale in neighbouring Syria and Iran, both under Western economic sanctions.

Sales of dollars in currency auctions held by Iraq's central bank rose as high as $400 million on some days in December from a previous average of $150 million, according to central bank data.

"We have more than 30 trillion dinars in circulation. To withdraw this amount from the market and then to examine them and to dispose of them is a huge process. Even the technical and the monetary capabilities to control a process like this, we consider as insufficient and it is not seen as a priority currently," Alaq said.

The central bank says Iraq's large foreign reserves, which have risen to a record $60 billion on the back of high oil prices, will shield it from any damage to its financial system on the national level.

[bevann]

Thanks Adam, 'n kcw.

. . ."I think they need to take IMMEDIATE ACTION in order to maintain control of both the country and the dinar". . .Need you say more? Nope! That's what I'm talk'n 'bout! I packed my bag!

[thylocene]

[imgesing]

awesome idea Imgesing,,,just awesome:)

Thank you...

[Hearts]

Great job Adam. Very encouraging.

[mayala2479]

Is it possible to beat the lop or redenom by opening an account in Iraq?

[idplzr]

Very nice Flow Chart. I give you an "A" +1

[DinarThug]

:D

[Planejunk]

Thank you again Adam. Standing by.

[BKD]

Thanks Adam. As usual you make sense as we anxiously wait for the RV.

[skitealwedrop]

Your flow chart is priceless. Email it to Maliki and Shabbs. Maybe they will get it.

[PBRL]

Thanks Adam for all you do. kcw for posting

I was Thinking. Do you think they are holding off the RV until near election time? When Bush was in office, he said the war will pay for itself. So if they RV near election, and Obama uses that to clear our debt, and boost the economy to help him get reelected. Just my thoughts. But seems lime something worth sharing.

Thanks again for all you do.