Can Anybody Explain This?

[Charlie339]

I posted this on the Chat forum last night, but nobody seemed to know the answer.

I have been seeing news blurbs on the Aswat al-Iraq website (http://en.aswataliraq.info/?p=130271)

like this for several weeks

[Mongo]

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[caz1158]

Ditto that Justin & Mongo

[Barbann]

I posted this on the Chat forum last night, but nobody seemed to know the answer.

I have been seeing news blurbs on the Aswat al-Iraq website (http://en.aswataliraq.info/?p=130271)

like this for several weeks …

"BASRA / Aswat al-Iraq: Basra’s ports received 22 commercial ships from different countries this week, according to the Iraqi ports department’s relations & information chief on Thursday.”

How does Iraq pay for all this stuff on these ships if their currency is not accepted for international commerce?

I believe ( could be wrong here) there was a fund set up shortly after the fall of Saddam from the oil proceeds that is in US Dollars that they pay for things with. Maybe someone with more indepth knowledge could chime in .

[muydinar]

Its not the IQD that keeps Iraq from International Commerce, its the UN sanctions!! That's what makes this strange, the sanctions have not been released and those sanctions also have prevented RV.

[Silverdinar]

well, if they are paying for all these imports and using US Dollars, I would think they are gonna run out of them sometime. Unless Obama has set up a "BailOut Program" for them. It is just getting to be a 3 ring circus. No one knows who is gonna be the PM, if they will RV, or when we will be able to see the date & rate. Can someone give some kinda up front honest intel.

[Bobbydee]

Do you for a fact that they are unloading the merchandise. Could be they are getting ready for the RV. Hmm

[Bobbydee]

Forgot the(know)sorry

[bobstick]

I've been praying, but I am getting weary.

[Kent]

Its not the IQD that keeps Iraq from International Commerce, its the UN sanctions!! That's what makes this strange, the sanctions have not been released and those sanctions also have prevented RV.

I absolutely agree, muydinar. Shipping news is significant because on the surface it sometimes appears to violate trade sanctions (which is good news). Whether they pay in Dinar or Dollars is immaterial. They have 50 Billion in foreign currency reserves ( http://www.cbi.iq/xl&wr/key%20financial.xls ) and can certainly "make change". On the long haul though, that won't work. They need to be able to freely convert (trade) their currency into foreign currency in order to maintain trade, but that is one reason Shibibi set up the "auction" to sell us dinar - it was to buy foreign currency. Understand, though that when they sell us currency at a "managed" auction rate it dilutes their money supply even further over time.