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Professionals aspire IQD to trade internationally; Economic policy likely on immediate horizon


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Professionals aspire IQD to trade internationally; Economic policy likely on immediate horizon

Posted: August 27, 2011 by Iraqi Dinar/Politics

Tags: Central bank, Central Bank of Iraq, Currency, Economy of Iraq, Foreign exchange reserves, Iraq, Iraqi dinar, United Nations

Financial (the news): We aspire to make the Iraqi dinar portion of international reserves

On: Saturday 08/27/2011 13:01

BAGHDAD (Alobaah) / report / Faleh Hussein / .. aspiring professionals is that the financial affairs of the adoption of the Iraqi dinar as part of international reserves, through the establishment of a strong economy enhances the value of local currency.

Justified in speaking professionals (of the Agency news) on the adoption of the Iraqi trader when importing his goods dealing in foreign currencies and the dollar, the euro, and that the weakness of the Iraqi economy, which led to the unwillingness of countries to deal currency it.

The economic expert attributed the peace Sumaisem reasons for non-traded Iraqi currency in foreign dealings, the weakness of the Iraqi economy and overburdened by debt, noting that the Jordanian dinar and have become powerful because of their economies, in addition to the lack of debt and internal problems.

And khat Sumaisem in a statement to the Agency (news) on Saturday: that the Iraqi trader himself has refused to deal in Iraqi dinars when the import of goods because it would not be desirable abroad.

For his part, central bank adviser said the appearance of Mohammed Saleh in a statement to the Agency (news

for the news) on Saturday: that the Iraqi dinar is not an international reserve currency until it is handled in the outside, saying we as a policy cash aspire to be the Iraqi dinar portion of international reserves, and this needs a long time.

Saleh added: that the Iraqi dinar is the local currency convertible to other currencies, that is unlikely to deal in Iraqi dinars externally at present evidence is that the instructions do not allow the central bank to bring the Iraqi dinar, but the limits of (200) thousand dinars for the traveler.

The central bank adviser that all countries in the world dealing in currencies neighboring countries, but narrowly and not on any large scale to deal with a small cross-border transactions and not the means of payment to finance a large foreign trade.

And most likely a member of the economic and parliamentary deputy / National Alliance / Amer al-Fayez told the reporter Agency (news) on the immediate horizon that there will be economic policy, vision, and clear to make the Iraqi dinar refineries stable countries, stressing that there is no law forcing the Iraqi traders to deal in Iraqi currency abroad because the issue is not related to the merchant, but related to the global market.

Fayez and that which makes dealing in Iraqi dinar abroad is out of Iraq from Chapter VII, as the complete and maintain on deposits and balances are now in the Central Bank.

He said the parliamentary economic committee member: the idea that the list now to delete the three zeroes from the Iraqi currency, and this project will hopefully contribute to give power to the Iraqi currency to foreign dealings.

Iraqi dinar was introduced in the thirties of last century and equated during the seventies three dollars, but later deteriorated in 1990 as a result of the invasion of Kuwait and the United Nations to impose strict economic blockade, to lose value quickly and up to 3000 dinars per dollar mid-nineties.

The former regime has printed currency outside of Iraq have been issued new bank notes worth up and after that was the largest number of 25 dinars, was printed banknotes and the category of 250 dinars, which were not equal, in fact, more than 25 fils to KD seventies.

After 2003, issued new Iraqi dinar denominations larger to facilitate the daily transactions, making the 25 thousand dinars, the largest Iraqi currency now (the U.S. dollar is equal to 1120 dinars), but this price is still far from the ambition of the Iraqi citizen, is the deletion of zeros, the fastest way to raise the exchange value of local currency against the dollar, according to observers.

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I just found another link to it, not currency newshound PHEW :)

My link

THANK GOD it is real. Things are looking great

Sorry I also beleave currency newshound is not a realiable source.

Half their stuff is only their stuff if ya know what I mean.

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Wow. This is a new round of rhetoric from Saleh, stressing the need and importance of the IQD to be traded internationally, and that IQD is undesirable currently to traders, and continuing to utilize the dollar. He stressed the problems with the IQD for travelers, and we have seen millions of investment funds going into hotels and resorts. Business and tourist trade is at jeopardy currently which is expected to be huge. Chapter 7 is a ball and chain for them at the moment, but that can change quickly.

I do not recall reading any of these aspects as part of the currency revaluation supporting argument from Saleh publicly. Perhaps this is in response to the negative press reported by "experts" for not converting the currency now, due to corruption, fraud, and the mafia. Several articles over the past few days have emphasized the inability to counterfeit the new currency, perhaps in reaction to the negative "mafioso" articles. There are definitely two sides getting out their message here.

Thank you for the post. It has been stated by many that the news with fast and furious, and contradictory just prior to the RV. That, and the parliament and Saleh are working weekends, and Shabibi's statement about being able to do the RV bank conversions if he had a 3-4 day bank shutdown, I would say Eid al-Fir might be a very beneficial time for all concerned, most importantly the poor of Iraq..

Is this saying IRAQ is out of chapter 7 and can trade internationally now??????????????????

NO

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I would say Eid al-Fir might be a very beneficial time for all concerned, most importantly the poor of Iraq..

NO

How would a RV be benificial to the poor of Iraq? They would still be poor. Besides this articles is stating that they are going to redenominate. It's right here....

"After 2003, issued new Iraqi dinar denominations larger to facilitate the daily transactions, making the 25 thousand dinars, the largest Iraqi currency now (the U.S. dollar is equal to 1120 dinars), but this price is still far from the ambition of the Iraqi citizen, is the deletion of zeros, the fastest way to raise the exchange value of local currency against the dollar, according to observers."

Deletion of zeros means RD.They are correct. The fasted way to raise the exchange rate is by RD. It goes from .00085 to .85 overnight. Contrary to popular belief that isn't possible with a RV. Maybe small jumps over a long period of time but overnight, no way.

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Awesome article... thanks Trooper!

First of all, whenever Dr. Peace Semaism speaks I listen very closely. She is the most in tuned economist in Iraq especially as an advocate for the people and not so much the politicians. We have long waited for an article like this. This is the first time in a long time they have talked about the currency being recognized internationally as a traded currency and more importantly as a currency worthy of being kept in international countries reserve accounts. Possibly for their basket of currencies both mostly for import/export trading and currency convertibility. They are acknowledging that they want this now. They are also acknowledging that Chapter 7 release is critical. It tells me that they also hope that will absorb some of their money supply into the various markets. (Reading between the lines)

So... they are bringing Ch. 7 right back into the spotlight for the US and UN right now. It is not a coincidence that they had another article out today saying that Obama seems to want to keep them in Ch. 7. Time to turn that dimmer light even brighter! Something is up and a media strategy of some sort has been hatched!

Although the article brings up the 3 zeros removal (RD) as a potential item that will help the IQD to become recognized that is simply an opinion of one of the parliamentary members. In truth, it doesn't need to RD to become recognized. Shabibi and the Parliament have the power to make it international right now. They can shoot some steroids into that turkey right now to make it look even plumper and juicier internationally without having to RD if they want. Say RV to around a penny or even a half of a penny for starters. Then let the market move it systematically with demand and speculation. Plenty of great nations have currency at or around a penny now. Japan and India for instance. An RD is esthetically pleasing and easy to use but makes no difference internationally convertibility wise. They will convert it at any price so long as it is recognized! Great dialogue in the right direction for us.

Edited by drox
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How would a RV be benificial to the poor of Iraq? They would still be poor. Besides this articles is stating that they are going to redenominate. It's right here....

"After 2003, issued new Iraqi dinar denominations larger to facilitate the daily transactions, making the 25 thousand dinars, the largest Iraqi currency now (the U.S. dollar is equal to 1120 dinars), but this price is still far from the ambition of the Iraqi citizen, is the deletion of zeros, the fastest way to raise the exchange value of local currency against the dollar, according to observers."

Deletion of zeros means RD.They are correct. The fasted way to raise the exchange rate is by RD. It goes from .00085 to .85 overnight. Contrary to popular belief that isn't possible with a RV. Maybe small jumps over a long period of time but overnight, no way.

Gee, I was thinking that an improved economy might provide jobs! How stupid can I be! I guess poor is always going to be poor. I wish everyone would finally realize you are the only person that knows anything around here, even the basics, which is all I know.

Are you going to tell me they are going to import Pakistanis to work in all of the hotels, schools, hospitals, and build all the roads and run the rigs. It couldn't be poor people to do those jobs.

And tell me this: What is so wrong with hoping for the best for the poor, miserable people of Iraq? Have you ever heard of sentiment?

I am so sick of reading your crap. Gaaawwwd.

Awesome article... thanks Trooper!

First of all, whenever Dr. Peace Semaism speaks I listen very closely. She is the most in tuned economist in Iraq especially as an advocate for the people and not so much the politicians. We have long waited for an article like this. This is the first time in a long time they have talked about the currency being recognized internationally as a traded currency and more importantly as a currency worthy of being kept in international countries reserve accounts. Possibly for their basket of currencies both mostly for import/export trading and currency convertibility. They are acknowledging that they want this now. They are also acknowledging that Chapter 7 release is critical. It tells me that they also hope that will absorb some of their money supply into the various markets. (Reading between the lines)

So... they are bringing Ch. 7 right back into the spotlight for the US and UN right now. It is not a coincidence that they had another article out today saying that Obama seems to want to keep them in Ch. 7. Time to turn that dimmer light even brighter! Something is up and a media strategy of some sort has been hatched!

Although the article brings up the 3 zeros removal (RD) as a potential item that will help the IQD to become recognized that is simply an opinion of one of the parliamentary members. In truth, it doesn't need to RD to become recognized. Shabibi and the Parliament have the power to make it international right now. They can shoot some steroids into that turkey right now to make it look even plumper and juicier internationally without having to RD if they want. Say RV to around a penny or even a half of a penny for starters. Then let the market move it systematically with demand and speculation. Plenty of great nations have currency at or around a penny now. Japan and India for instance. An RD is esthetically pleasing and easy to use but makes no difference internationally convertibility wise. They will convert it at any price so long as it is recognized! Great dialogue in the right direction for us.

Thank you, Drox, for your insight. Your input always provides a clear roadmap for even the plebian. It is so refreshing to get comments from individuals that know what they are talking about and are respected.

Edited by Carrello
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How would a RV be benificial to the poor of Iraq? They would still be poor. Besides this articles is stating that they are going to redenominate. It's right here....

"After 2003, issued new Iraqi dinar denominations larger to facilitate the daily transactions, making the 25 thousand dinars, the largest Iraqi currency now (the U.S. dollar is equal to 1120 dinars), but this price is still far from the ambition of the Iraqi citizen, is the deletion of zeros, the fastest way to raise the exchange value of local currency against the dollar, according to observers."

Deletion of zeros means RD.They are correct. The fasted way to raise the exchange rate is by RD. It goes from .00085 to .85 overnight. Contrary to popular belief that isn't possible with a RV. Maybe small jumps over a long period of time but overnight, no way.

You forgot to write "IMO" at the end there, dinorck.

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This is a really good article thanks. Once their currency is open for trade on the market and is tradeable the value will increase. The market will drive it up . I would anticipate that they are considering the best manor to present their currency in preparation for this to occurr. For when it occurs.

Edited by R Veyron
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I am not a lopster! I believe what Breitling says and others on this site with similar views, but I will ask this since we ALWAYS have to discuss it on every post... :blink:

For nonlopster person like Corrello ...how would it be good for the people to lop and then rv? serious question from a person who is not into accounting (did own my own business for years, but not an accountant)

If you have 1,000,000 dinar and they lop it ..you then have 1000 then they think it will be x's .86??? = $860 per 1,000,000????? so they think it will be a positive thing for the Iraqi people? Am I misunderstanding what they think? If not...how on earth can that be positive. I must be misunderstanding what they think.

Another question from the less financially skilled person...How does Japan run with a penny value? Just wondering since we seem to have to talk about this so much. I do want to understand.

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How would a RV be benificial to the poor of Iraq? They would still be poor. Besides this articles is stating that they are going to redenominate. It's right here....

"After 2003, issued new Iraqi dinar denominations larger to facilitate the daily transactions, making the 25 thousand dinars, the largest Iraqi currency now (the U.S. dollar is equal to 1120 dinars), but this price is still far from the ambition of the Iraqi citizen, is the deletion of zeros, the fastest way to raise the exchange value of local currency against the dollar, according to observers."

Deletion of zeros means RD.They are correct. The fasted way to raise the exchange rate is by RD. It goes from .00085 to .85 overnight. Contrary to popular belief that isn't possible with a RV. Maybe small jumps over a long period of time but overnight, no way.

Lol, relentless, you can find the lop in any article. you are the "ahaa!...heres the evidence!" Man on all the threads...over the top on your dumping skillz...

Disclaimer= imo.

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