Iraq Dinar update (June 2011 ??)

[sayitsso]

Investors who are considering options to invest in the currency need to track the news and the Iraqi Dinar exchange rate on a daily basis. The official currency of Iraq was introduced following the second gulf conflict and a brand new Iraqi Dinar came into existence in 2003. Currently, the exchange rate is close to 1170 Dinars per USD.

Raw Oil Reserves in Iraq

Dinar Trade

Today, Iraq possesses the second largest reserve of crude oil, next only to Saudi Arabia. With international oil companies actively involved, Iraq’s oil reserves rose by a remarkable 25% to 143 billion barrels late last year. The energy industry is finally on the road to recovery after years of war. With foreign funding and expertise, the output of the existing refineries is all set to increase during the year.

Revaluation News 2011

An article related to the Iraqi budget for the year 2011 has revealed that there is a possibility of a new exchange rate, which could spell cheer for investors. A Revaluation (RV) is imminent once the 6-month UNSC protection period ends in June 2011. According to the law of the Central Bank of Iraq (CBI), as stated on its website, the CBI is the only entity, which can determine the value of the currency. According to the IMF, bank governor Shabibi needs to submit a request to revalue the currency to the IMF, with a rate which can be justified as realistic. It is widely believed that the IMF has already approved the RV and now it is up to Shabibi to announce it to the world at the right time.

Iraqi Dinar News 2011 – Latest Updates

Friends Link : News Newspaper

[sillyseaserpent]

"It is widely believed that the IMF has already approved the RV and now it is up to Shabibi to announce it to the world at the right time."

I believe your last line sums it up.

Edited March 23, 2011 by sillyseaserpent

[BanG]

Great Post, DINAR NEWS!!! Finally some up beat material. +1

[youliveonce]

Possibly.

[imgesing]

YES, this is EXACTLY WHAT I HAVE SAID to many... JUNE is a huge cut off point for so many reasons!

I hope it will be sooner but it wont be past June. THAT IS VERY MUCH my opinion. Too much would be lost by IRAQ to go past June.

We all just need to stay positive and up beat until this does come to pass. Be nice to eachother. Not one of us has a better idea on what the RV rate will be.

No matter what we are all going to do VERY WELL. THAT MUCH I "feel" very good about.

GREAT POST!

[akeskimo]

Wow!....wow!.....I'm so excited!...I'm gonna celebrate with a piece of seal gut....any joiners?...after rv of course.....love y'all my rv blood brothers...go rv!

[Shinnidan]

June 2011 was my prediction since Nov... but thats still hopeful.

[Just-Waitin]

Found this info buried in IMF Document Way on page 26

Similarly, little progress was made in the restructuring of the balance sheets of the two largest

state-owned banks, Rafidain and Rasheed. With the assistance of the IMF, however, we have

now developed a way forward to remove the legacy items of the Saddam-era regime from the

balance sheets of these banks. More specifically, we will establish a Bank Reconciliation Unit

(BRU), with participation at a technical level of staff from these two banks, the CBI, the

Ministry of Finance, the BSA, and experts of Ernst & Young (who were the agents of the

Ministry of Finance in the external debt restructuring process) to: (i) deal with all legacy external

liabilities taking into account the government’s actions in the context of Iraq’s external debt

restructuring (ii) indentify and propose to write-off nonperforming loans to defunct state-owned

enterprises; (iii) propose a course of action for other remaining unreconciled accounts; and (iv)

after the balance sheets have been cleaned up, revalue the remaining foreign currency

denominated balance sheet items. The BRU will work under the supervision of the Restructuring

Oversight Committee (ROC), consisting of the Minister of Finance, the Governor of the CBI,

and the Chairman of the BSA. The BRU will send its recommendations for final approval to the

ROC to ensure that the restructuring of these banks’ balance sheet has the necessary support and

authorization. Through this process, we aim to complete the restructuring of the balance sheets

of Rafidain and Rasheed by end-June 2011 (a new date for the completion of this structural

benchmark).

[Retiredofficer]

Great info here. I am going to re-up my VIP ASAP; however, I am going on the warpath with those who want to "pump me up." So be forewarned...I going to nail your arse to the nearest wall post. I am usually a nice, easy going guy, but the pumpers are in my sights.

R.O.

[Islandgirl7]

Please Jesus let this happen for us and them!!!

[Rushman]

Every time i get a text i get anxious because i want it to be adam montana with "the text" i really hope its before june so i can buy myself a LOT of birthday presents.

[wildinar]

Great post, I believe you are right it must happen by mid year or the people of Iraq will blow a gasket.

[Roadrunner]

Good post. A lot of things are pointing to June. I am leaning that way myself. Still, I would rather find out that it was yesterday and I am just late getting the word.

[Ateam]

A lot of speculation on June, most info comes from pumpers so do not put much on that. I believe Shabbs is going to wait a while, see if the economy boots in iraq or shows some stability which clearly it is not right now with these bone heads running things. A lot like our government officials right now P.S.

[Mr Dunar]

Investors who are considering options to invest in the currency need to track the news and the Iraqi Dinar exchange rate on a daily basis. The official currency of Iraq was introduced following the second gulf conflict and a brand new Iraqi Dinar came into existence in 2003. Currently, the exchange rate is close to 1170 Dinars per USD.

Raw Oil Reserves in Iraq

Dinar Trade

Today, Iraq possesses the second largest reserve of crude oil, next only to Saudi Arabia. With international oil companies actively involved, Iraq’s oil reserves rose by a remarkable 25% to 143 billion barrels late last year. The energy industry is finally on the road to recovery after years of war. With foreign funding and expertise, the output of the existing refineries is all set to increase during the year.

Revaluation News 2011

An article related to the Iraqi budget for the year 2011 has revealed that there is a possibility of a new exchange rate, which could spell cheer for investors. A Revaluation (RV) is imminent once the 6-month UNSC protection period ends in June 2011. According to the law of the Central Bank of Iraq (CBI), as stated on its website, the CBI is the only entity, which can determine the value of the currency. According to the IMF, bank governor Shabibi needs to submit a request to revalue the currency to the IMF, with a rate which can be justified as realistic. It is widely believed that the IMF has already approved the RV and now it is up to Shabibi to announce it to the world at the right time.

Iraqi Dinar News 2011 – Latest Updates

Friends Link : News Newspaper

I think the "right time" is today.

[bluejay]

This is the bottom line....These are the reason's why we invested in the first place, this is what should be held first above rumors.....Thanks for the refresh....

[uncs]

I'll drink to this.

[jxhal]

JUNE !---- But What if it Doesent ?----- I hope it is before june, There is always some one saying- Next monday- Next week- then - the 15th-the 30th- next month -- next Quater-- Next Year--and Year after -Year after -Year.

[Off-the-grid]

Not saying June is a reasonable deadline. However, I think the IMF reference to "revalue the remaining foreign currency denominated balance sheet items" in Just-Waitin's post above doesn't have anything to do with the RV, but more an internal item adjustment, like the values in the ledger for non-dinar holdings are based on 2003 rates of exchange instead of today.

That said, the fact that they DO want to have those banks up to snuff no later than this June may be significant.

Peace and Prosperity

[NevadaAl]

More excellent news...keep it coming!!! Thanks for the post sayitsso! +1

[umbertino]

Possibly.

I'd like to quote a Bjork song.... "Possibly, maybe"

I think the "right time" is today.

Yesterday.