DMCC: Iraqi dinar attracts our attention

[yota691]

DMCC: Iraqi dinar attracts our attention

18/08/2012

BAGHDAD / JD / .. He Dubai Multi Commodities that the Iraqi dinar currency to attract his attention, pointing out that the quality of the Chinese currency of currencies that can not be excluded

The CEO of the Dubai Multi Commodities Ahmed bin Sulayem, in a press statement to the newspaper (statement of economic) that Borse Dubai Gold and Commodities looking forward to the inclusion of decades new currencies meet the needs of the market, pointing out that the focus of attention for these products is focused on adding more volumes and values ​​trading , given that brokers and members are looking forward to seeing the large volumes of trading.

He added that if the Russian ruble on the top priorities of the members of the stock exchange, we will be lucky to look in this matter, and that the Iraqi dinar currency to attract our attention, however, pointed to the inclusion of such currency since the first month of the founding stock market is wrong.

In response to a question on the possibility of including currency yuan Chinese, he replied by saying that this currency is not the quality of the currency that can be excluded, they are a strong currency represents the economy a big country, and pointed out that China's entry into the global market has come recently, and that he personally as Chief Executive Officer of DMCC Multiple need to be sure the availability of knowledge among the members and brokers how to deal with this type of currency.

For his part, counting CEO of Borse Dubai Gold and Commodities Gary Anderson, the goal of the development of derivatives trading in the Middle East that reflects the influential role and it is important for the markets of the Middle East in the higher levels and trading volumes, and demonstrated that by pointing out that more than 80% of trading volumes in the stock market comes from the Middle East.

He pointed out that stock market is looking forward to the launch of initiatives and new products designed to attract new members from different sectors and geographical areas around the world, as the number of members of the stock exchange to 264 members by July of this year, and expressed his belief that the new initiatives will lead to more diversity customer base in the stock market.

In the same vein, the values ​​of Iskandar Najjar, General Manager of Bari Middle East Middle direction bourse towards the expansion of the range of investment products that can be traded on the stock exchange that will certainly help in promoting growth, and demonstrated, however, that trading volumes in gold mining stocks rose the equivalent of 172% During the past six months, despite global market conditions remain difficult throughout this period, stressing that he did not see any reason why Borse Dubai Gold and Commodities continue to perform well.

He noted that last year alone, saw the launch of some products and new initiatives for trading, such as futures contracts for copper, and options Indian rupee, and the extension of trading hours, and the launch of the first Academy of derivatives trading in the Middle East. / End / agencies /

http://www.dananernews.com/News_Details.php?ID=1584

[gamaray]

Here is Stryker's breakdown on this article...............

They are talking about the Iraqi Dinar entering into the global commodities exchange market along with other currencies.....

Can we say ….. International tradable currency offered thru the Forex market place;

**** He Dubai Multi Commodities that the Iraqi dinar currency to attract his attention

**** Borse Dubai Gold and Commodities looking forward to the inclusion of decades new currencies meet the needs of the market,

**** pointing out that the focus of attention for these products is focused on adding more volumes and values ??trading

**** given that brokers and members are looking forward to seeing the large volumes of trading

AND THEN HE SAID THIS; **** and that the Iraqi dinar currency to attract our attention

EVERYONE....HAVE A GREAT DAY....."OUR TIME IS COMING FOLKS"...

[precious1]

Thanks Yota for the great article, thank you gama for bringing the breakdown that Stryker did! It's awesome. With all the recent positive articles coming out, I am getting excited!

[Butifldrm]

Thanks yota, thanks gama. I'm getting so excited, I'm becoming a nervous wreck! I've been praying about discernment with investment. Thanks again.

[yota691]

Thanks Yota for the great article, thank you gama for bringing the breakdown that Stryker did! It's awesome. With all the recent positive articles coming out, I am getting excited!

just got off the ph with Stryker and he feel an says the same thing!!

[precious1]

just got off the ph with Stryker and he feel an says the same thing!!

That is GOOD news, yota!

[SocalDinar]

Nice!!

Looks like the world is taking notice.

Thanks Yota.

[SocalDinar]

This article out again today with a little bit more info

DMCC: increasing interest in Iraqi Dinar

Iraq, August 28, 2012

The CEO of Dubai Multi Commodities, Ahmed bin Sulayem has stated that the Iraqi dinar has caught his attention because of the confirmation coming from the CBI that the zeros will be deleted from the Iraqi currency and that proposal was passed by the House of Minister. He has dabbed the matter as ‘unstable political action.’

DGCX and the products are looking forward to the new currency contracts and they are anticipating that it will be able to add more volume and value to the products and the brokers will have better trading.

He has added further that as the Russian Ruble is right now at the top at the stock exchange, it will be really lucky for the Iraqi dinar to attract the attention, but he has also pointed out it is to be very unlikely that such a currency will be included into the stock market in its very first month. In this specific question, Yuan China has also stated that this is a strong currency and represents a strong nation which cannot be excluded. Along with that, he has also pointed out the fact that China has got into the global market very recently. He opined that being the CEO of DMCC, he need to be sure about all the information the brokers and the members need for dealing with such a kind of currency. CEO of Borse Dubai Gold and Commodities, Mr. Gary Anderson has said that it is the goal of the companies to develop the trading of derivatives in the Middle East to a higher level and it is also true that 80% of the trading in the stock market belongs to the Middle East. He has stated that the stock market is taking up new strategies and new product launches in order to attract people from different sectors and geographical regions in the world. As of July 2012 the member of the stock market is 264, but it is his belief that the this new strategies will allows more diversity of the customer base and better trading in the stock market. General Manager of Bari Middle East Middle, Mr. Iskandar Najjar has stated that their company is expanding their reach to the stock market by expanding their investment products which are tradable at the stock market. It is his belief that their strategy will work and he has also stated that though the global market situation was pretty tough, the gold mining stocks experienced a rise of 172% and that is why he has no doubt about the good performance of DGCX and its products.

According to him the inclusion of certain new products like copper futures and the options of Indian Rupee, launch of first Academy of Derivatives trading in the Middle East and such things have expanded the trade and also the trading hours in Middle East.

According to the announcement of the Central Bank the draft concerning the deletion of the zeros will be passed by the House of Representatives and Ministers after the so called ‘political turmoil’ has blown itself out.

Mohammed Saleh, Deputy Governor of the bank has confirmed that the draft will indeed pass after the parties reach an agreement about the significance and importance of this draft in the economy of Iraq.

According to him, “such an important project like the deletion of the zeros will interest a lot of important people and will not be neglected at all.” He has pointed out that the upcoming phase of the draft will see the final decision forming.

Saleh has also stated that, “the point that is preventing the implementation of the project is the fear of some of the politicians that the timing of the project can have a negative effect on the economy of Iraq and also on the life in general. The bank thinks that such an opinion must be taken into account. That is why it has been waiting patiently for the right time to come.”

The calculated cost for this project of deleting the zeros will be 172 billion dinar according to the Iraqi Central Bank.

A private study on the subject has also pointed that, “total cost of deleting those zeros will be 172 billion dinars.”

According to the bank, their study has found out that factors like the role of copyright and freight and insurance to the Baghdad International Airport and the ratio between the highest and lowest price calculated from the various presentations made by different companies has been taken into account and after that the “cost for creating new currency amount for creating the mint coins will be 16 million dinar.”

The bank has added, “Factors like rent for the cargo, Fridays and other public holidays, overtime and such will cost around 15 million dinars.” Apart from that, there will be media campaign and the cost of different limits will also be quite a few million dollars. There is some further information, like the cost replacement process by the bank dating back to 15th October 2003, saw the expenses like printed wages and transferring the currency and the cost was 240 dinars and the wage for the minted coins was up to 16 million dinars. There is also the total cost of the rings of 13 million dinars.

In relation to all this information the bank has said that, there is a chance of forming a high committee of supervisors for looking after the monetary policies in Iraq.

Moreover, Mohammed Saleh the deputy governor of Iraqi Central Bank has told that the bank has suggested about the formation of a higher committee of experts and officials who are also part of the Ministry of Finance, Planning, Financial Inspection Office, the State Council and the Economic Committee of the House of Representatives and the Parliamentary Economic Commission and this committee will look after the economic condition of Iraq.

Saleh has pointed out that the sale of currency in Iraq is controlled by the central bank, but it does not have the authority to control the cash transactions if there is not government supervision. This kind of authority will provide new powers to the bank and allows certain kinds of actions and responsibilities in certain cases.

The bank, according to Saleh has approached the government for the formation of the committee by saying that the demand is already there but the study is still going on.

http://www.iraqdailyjournal.com/story-z6331803

[Tennesseegirl]

IMO this is the most exciting news we've ever had!!!!!

[Bongalow]

Great Post Yota. I have been reading some of the UAE papers and Indian sources as well finding new stock leads, and this has been talked about in several of the articles. I would like to see Iraq do what the UAE and Dubai have done in the way of setting up thier communities. Kinda of like a 1 stop shop for everything in one neighborhood. School, daycare, market, apartment, parks, police/fire stations, night life, library, fast food eateries, safe parking lots, and department stores. Center all of these around high rise medium income apartments and loft and whatch it grow. The UAE has done a great job of it, and the company that help to design and construct these "mini" cities are listed on the ISX. I have studied them pretty hard!

Plus 1 yota, socal, and gamma. Tell stryker I said hello and miss his newsletter!!

[easyrider]

I'm so excited and i just cant hide it... great post

[SWFloridaGuy]

Thanks Yota

[TrinityeXchange]

the company that help to design and construct these "mini" cities are listed on the ISX. I have studied them pretty hard!

if you don't mind me asking Bongalow, what is the ticker or name of the company? is it SMRI perhaps?

[SWFloridaGuy]

I like this report from DMCC. They are the leading commodity and currency derivatives exchange in the ME, with electronic trading accessible from anywhere in the world. The IQD has attracted their attention and they are looking forward to the inclusion of the IQD (along with other currencies) into the global commodities exchange market. The IQD must be a convertible currency. This article of course does not reference the mechanisms by which they will achieve this but the fact that the IQD (among others) is on their radar as a currency that will add more "volume and value" in trades is an encouraging sign. The translation however, does leave me with a few questions.

[dontlop]

This article out again today with a little bit more info

DMCC: increasing interest in Iraqi Dinar

Iraq, August 28, 2012

The CEO of Dubai Multi Commodities, Ahmed bin Sulayem has stated that the Iraqi dinar has caught his attention because of the confirmation coming from the CBI that the zeros will be deleted from the Iraqi currency and that proposal was passed by the House of Minister. He has dabbed the matter as ‘unstable political action.’

DGCX and the products are looking forward to the new currency contracts and they are anticipating that it will be able to add more volume and value to the products and the brokers will have better trading.

He has added further that as the Russian Ruble is right now at the top at the stock exchange, it will be really lucky for the Iraqi dinar to attract the attention, but he has also pointed out it is to be very unlikely that such a currency will be included into the stock market in its very first month. In this specific question, Yuan China has also stated that this is a strong currency and represents a strong nation which cannot be excluded. Along with that, he has also pointed out the fact that China has got into the global market very recently. He opined that being the CEO of DMCC, he need to be sure about all the information the brokers and the members need for dealing with such a kind of currency. CEO of Borse Dubai Gold and Commodities, Mr. Gary Anderson has said that it is the goal of the companies to develop the trading of derivatives in the Middle East to a higher level and it is also true that 80% of the trading in the stock market belongs to the Middle East. He has stated that the stock market is taking up new strategies and new product launches in order to attract people from different sectors and geographical regions in the world. As of July 2012 the member of the stock market is 264, but it is his belief that the this new strategies will allows more diversity of the customer base and better trading in the stock market. General Manager of Bari Middle East Middle, Mr. Iskandar Najjar has stated that their company is expanding their reach to the stock market by expanding their investment products which are tradable at the stock market. It is his belief that their strategy will work and he has also stated that though the global market situation was pretty tough, the gold mining stocks experienced a rise of 172% and that is why he has no doubt about the good performance of DGCX and its products.

According to him the inclusion of certain new products like copper futures and the options of Indian Rupee, launch of first Academy of Derivatives trading in the Middle East and such things have expanded the trade and also the trading hours in Middle East.

According to the announcement of the Central Bank the draft concerning the deletion of the zeros will be passed by the House of Representatives and Ministers after the so called ‘political turmoil’ has blown itself out.

Mohammed Saleh, Deputy Governor of the bank has confirmed that the draft will indeed pass after the parties reach an agreement about the significance and importance of this draft in the economy of Iraq.

According to him, “such an important project like the deletion of the zeros will interest a lot of important people and will not be neglected at all.” He has pointed out that the upcoming phase of the draft will see the final decision forming.

Saleh has also stated that, “the point that is preventing the implementation of the project is the fear of some of the politicians that the timing of the project can have a negative effect on the economy of Iraq and also on the life in general. The bank thinks that such an opinion must be taken into account. That is why it has been waiting patiently for the right time to come.”

The calculated cost for this project of deleting the zeros will be 172 billion dinar according to the Iraqi Central Bank.

A private study on the subject has also pointed that, “total cost of deleting those zeros will be 172 billion dinars.”

According to the bank, their study has found out that factors like the role of copyright and freight and insurance to the Baghdad International Airport and the ratio between the highest and lowest price calculated from the various presentations made by different companies has been taken into account and after that the “cost for creating new currency amount for creating the mint coins will be 16 million dinar.”

The bank has added, “Factors like rent for the cargo, Fridays and other public holidays, overtime and such will cost around 15 million dinars.” Apart from that, there will be media campaign and the cost of different limits will also be quite a few million dollars. There is some further information, like the cost replacement process by the bank dating back to 15th October 2003, saw the expenses like printed wages and transferring the currency and the cost was 240 dinars and the wage for the minted coins was up to 16 million dinars. There is also the total cost of the rings of 13 million dinars.

In relation to all this information the bank has said that, there is a chance of forming a high committee of supervisors for looking after the monetary policies in Iraq.

Moreover, Mohammed Saleh the deputy governor of Iraqi Central Bank has told that the bank has suggested about the formation of a higher committee of experts and officials who are also part of the Ministry of Finance, Planning, Financial Inspection Office, the State Council and the Economic Committee of the House of Representatives and the Parliamentary Economic Commission and this committee will look after the economic condition of Iraq.

Saleh has pointed out that the sale of currency in Iraq is controlled by the central bank, but it does not have the authority to control the cash transactions if there is not government supervision. This kind of authority will provide new powers to the bank and allows certain kinds of actions and responsibilities in certain cases.

The bank, according to Saleh has approached the government for the formation of the committee by saying that the demand is already there but the study is still going on.

http://www.iraqdailyjournal.com/story-z6331803

this is what is perplexing >>>

The calculated cost for this project of deleting the zeros will be 172 billion dinar according to the Iraqi Central Bank.

172 billion ...i read they were going from 7 trillion notes down to 4 trillion notes figuring out the cost per note in curent dinar value and a rv value ..

at a value of one dollar per dinar

4 trillion notes would cost around 20 cents each .. .. these high tech notes arent cheap ...

now if dinars are 1000 to one dollar.. 178 billion dinars would be 178 million dollars .. wouldnt each note be three zeros off 20 cents each ...or .002 cents each .. .. i dont think they would print anything that cheap .. the paper is very expensive ..

im mixed up on this .. is that cost in present value .. or revalued value

[Bongalow]

if you don't mind me asking Bongalow, what is the ticker or name of the company? is it SMRI perhaps?

YES Indeed it is actually.... Took me a while to go through thier comapny profile, but I am impressed with what I saw. May not be an immediate windfall, but I can assure you these folks have thier heads screwed on straight!!

[leanonme]

Great post! Thanks again Yota

[gregp]

Good eye Yota.

[TrinityeXchange]

YES Indeed it is actually.... Took me a while to go through thier comapny profile, but I am impressed with what I saw. May not be an immediate windfall, but I can assure you these folks have thier heads screwed on straight!!

can you point me in the direction of some of your research. i've been on their website but that is about it. other than possible financials posted on the isx site, where else can i gather information on this company? i own a few shares and expect to see great things as well. this was one of my buys of the month from my top 5 . it is has done quite handsomely over the last 3 or so days.

[Man_Kind]

Allot of awesome news.

Thanks erveryone !

I need a bottle of anything and a glazed doughnut !!!