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Dinar News PM: Iraqi dinar re-evaluation has to do with economic conditions

pt497

By pt497,
in Iraq & Dinar Related News

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ronscarpa Grand Master

ronscarpa

Posted
Posted
BAGHDAD / Aswat al-Iraq: Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened.

“The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy,” Maliki said in response to some questions through the National Information Center.

“The government would not rush matters but would rather work on finding all the guarantees to render this measure a success. The Central Bank of Iraq (CBI) is currently entrusted with drawing up a study on the whole issue and would give its decision soon,” said the Iraqi premier.

The Iraqi dinar’s exchange rate is suffering from low value against foreign currencies as a result of decades of wars and economic embargo that brought the local currency’s exchange rate to the rock bottom from three dinars per dollar in the late 1970s and 1980s to 3,000 dinars per dollar after the 1990 invasion of Kuwait, followed by a 13-year crippling sanctions regime.

The exchange rate fell even more after 2003 to reach 1170 dinars per dollar due to the CBI’s policy of daily auction, in effect for more than five years now.

The policy was lambasted by several economists on the grounds that these auctions do not give the real value of the country’s local currency.

http://en.aswataliraq.info/?p=127789

pt497,

Thanks for your timely post of al-Maliki's statement (with the link). It would appear that (using Maliki's own words) the pre-conflict value of the IQD was actually about $0.33 US - not Saddam's value of $3.20/IQD. So if a RV, or more likely RI, occurs we will have an excchange rate at approximately $.33 UD/IQD. I can easily live with that.

Once again Family, we'll just have to wait and see...!

RON ;);)

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gregg450 Newbie

gregg450

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Posted
pt497,

Thanks for your timely post of al-Maliki's statement (with the link). It would appear that (using Maliki's own words) the pre-conflict value of the IQD was actually about $0.33 US - not Saddam's value of $3.20/IQD. So if a RV, or more likely RI, occurs we will have an excchange rate at approximately $.33 UD/IQD. I can easily live with that.

Once again Family, we'll just have to wait and see...!

RON ;);)

It seems he is saying 3000 dinars per dollar AFTER the 1990 invasion of Kuwait. Not the pre-conflict value. Right? Or do you mean US conflict? And is this where they are trying to get back to?

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keylime Grand Master

keylime

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pt497,

Thanks for your timely post of al-Maliki's statement (with the link). It would appear that (using Maliki's own words) the pre-conflict value of the IQD was actually about $0.33 US - not Saddam's value of $3.20/IQD. So if a RV, or more likely RI, occurs we will have an excchange rate at approximately $.33 UD/IQD. I can easily live with that.

Once again Family, we'll just have to wait and see...!

RON ;);)

A short history of the dinar according to Wikipedia. As you can see it rose to a rate of 3.21 to USD before Gulf War. Now I'll be happy to take that!

The dinar was introduced into circulation in 1923, replacing the Indian rupee, which had been the official currency since the British occupation of the country in World War I, at a rate of 1 dinar = 13⅓ rupees. The dinar was pegged at par with the British pound until 1959 when, without changing its value, the peg was switched to the United States dollar at the rate of 1 dinar = 2.8 dollars. By not following the devaluations of the U.S. currency in 1971 and 1973, the dinar rose to a value of US$3.3778, before a 5 percent devaluation reduced the value of the dinar to US$3.2169, a rate which remained until the Gulf War, although in late 1989, the black market rate was reported at five to six times higher (3 dinars for US$1) than the official rate.[2]

After the Gulf War in 1991, and due to the economic blockade, the previously used Swiss printing technology was no longer available. A new, inferior quality notes issue was produced. The previous issue became known as the Swiss dinar and continued to circulate in the Kurdish region of Iraq. Due to excessive government printing of the new notes issue, the dinar devalued quickly, and in late 1995, US$1 was valued at 3,000 dinars.

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amni_wealth Newbie

amni_wealth

Posted
Posted

FIND 2 CLUES IN THAT MESSAGE.

I got it.

1. PM clearly said RV! RV means increase the value.

"Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened."

2. PM give curios words with clear answer.

Curious words "Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened."

Clear answer “The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy,” Maliki said in response to some questions through the National Information Center."

Conclusion = There are already done strengthen their economy! There are ready to RV.

I hope I can sleep well tonight. zzZZ....$$$$$.....zZ...

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cjjohnson Newbie

cjjohnson

Posted
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I've always tried to be cautiously optimistic about the RV stuff, the bits that really get my attention here are:

“The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy,” and "The Central Bank of Iraq (CBI) is currently entrusted with drawing up a study on the whole issue and would give its decision soon,”

This, in combination with word that not everyone is happy with the "deleting of zeros" (which would not have increased the value of dinar imo) is VERY GOOD NEWS for us. It sounds like 2010 is the year the dinar breaks free in one way or another, and whether that means USD 0.01 per IQD, or USD 0.86 per IQD, I will be a happy camper!

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cjjohnson Newbie

cjjohnson

Posted
Posted

I've always tried to be cautiously optimistic about the RV stuff, the bits that really get my attention here are:

“The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy,” and "The Central Bank of Iraq (CBI) is currently entrusted with drawing up a study on the whole issue and would give its decision soon,”

This, in combination with word that not everyone is happy with the "deleting of zeros" (which would not have increased the value of dinar imo) is VERY GOOD NEWS for us. It sounds like 2010 is the year the dinar breaks free in one way or another, and whether that means USD 0.01 per IQD, or USD 0.86 per IQD, I will be a happy camper!

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Iraqbuck Newbie

Iraqbuck

Posted
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READ THIS ASSESSMENT FROM A GOOD FRIEND OF MINE...SKIP....GOOD STUFF SKIP..GOT TO SHARE THIS..

Investors,

The article I sent out a few minutes ago was IMPORTANT.

1) Maliki has NEVER personally mentioned the RV. NEVER. This is a first.

Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened.

2) He set the stage and told the people WHY it should happen.

“The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy,”

3) He took the decision OUT of the hands of the government and put it on CBI. Mailiki CAN NOT take the credit directly during a campaign for election - not in their society. It would be viewed very badly.

“The government would not rush matters ...... The Central Bank of Iraq (CBI) is currently entrusted ...... and would give its decision soon,”

4) He put the blame of the low exchange rates on the wars, economic embargos, CBI policies and sanctions (note: not any government decisions... taking things out of the government's hands again... it wasn't because of anything WE did).

The Iraqi dinar’s exchange rate is suffering from low value against foreign currencies as a result of decades of wars and economic embargo that brought the local currency’s exchange rate to the rock bottom from three dinars per dollar in the late 1970s and 1980s to 3,000 dinars per dollar after the 1990 invasion of Kuwait, followed by a 13-year crippling sanctions regime.

The exchange rate fell even more after 2003 to reach 1170 dinars per dollar due to the CBI’s policy of daily auction, in effect for more than five years now.

5) The people are MAD ABOUT IT.

The policy was lambasted by several economists on the grounds that these auctions do not give the real value of the country’s local currency.

Here's the deal -

Maliki CAN NOT take credit directly for the RV. Would be viewed very badly.

Nobody in the present GOVERNMENT can take direct credit because the they are in the campaigns.

But THIS is the FIRST TIME that he has EVER mentioned the RV.

Wonder why NOW?

If it wasn't going to happen .... why talk about it?

Then when he does, he says --- not the government --- it's the CBI's job --- they will report SOON.

Then the article says that the people are MAD that they do not have a viable currency --- and they should have.

We believe that he is PRIMING THE PUMP for the CBI to step up and ANNOUNCE .... while also saying publicly that it's not the government's decision ... thereby doing what is "politically correct" in his environment .

INDIRECT credit for it .... automatic re-election for all.

That's why he's taking about it NOW.

Now we just have to sit back and wait for the CBI.

The new budget goes into effect tomorrow.

Just makes you go HMMMMMMMMMM? Don't it?

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wckdinar Newbie

wckdinar

Posted
Posted

Nice comments... I liked the last paragraph...I think they might be saying the dinar is undervalued...You think?

PM: Iraqi dinar re-evaluation has to do with economic conditions

February 28, 2010 - 04:36:11

BAGHDAD / Aswat al-Iraq: Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened.

“The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy,” Maliki said in response to some questions through the National Information Center.

“The government would not rush matters but would rather work on finding all the guarantees to render this measure a success. The Central Bank of Iraq (CBI) is currently entrusted with drawing up a study on the whole issue and would give its decision soon,” said the Iraqi premier.

The Iraqi dinar’s exchange rate is suffering from low value against foreign currencies as a result of decades of wars and economic embargo that brought the local currency’s exchange rate to the rock bottom from three dinars per dollar in the late 1970s and 1980s to 3,000 dinars per dollar after the 1990 invasion of Kuwait, followed by a 13-year crippling sanctions regime.

The exchange rate fell even more after 2003 to reach 1170 dinars per dollar due to the CBI’s policy of daily auction, in effect for more than five years now.

The policy was lambasted by several economists on the grounds that these auctions do not give the real value of the country’s local currency.

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Silverdinar Newbie

Silverdinar

Posted
Posted

hopefully it will come out at something higher than .86 but will be happy with that. it certainly has been an up and down roller coater ride with all sorts of turns, twists, upside down corkscrews, and 1 long up the hill climb. Ready for the ride to be over and done with..This has been a ripping and shredding and pulling fiasco, my emotions are like shreaded cheese...oh, yeah time for some more pasta, care for some...

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LittleMissGrits Newbie

LittleMissGrits

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Posted

If Maliki is telling the truth, or if what we are UNDERSTANDING is that the whole thing is still being studied ... then where in the world did the "intel" come from for weeks and weeks that kept saying this was a done deal, the rate was set, we are just awaiting an announcement? that the banks were given notice of a pending RV? ... that ... it goes on and on! I mean, even a rumor has to start somewhere, with some shred of something to give it impetus!!! We keep saying "ya can't make stuff like this up", but apparently ya really can just get some of this out of thin air!

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