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

[zepplin80]

Noticed Maliki mentioned the word "GUARANTEE",For it to be a success..IMO..He is talking to other countries that hold major sums of IQD..A well coordinated and timely exchange,So that IRAQ will not break the bank all at once..

[ronscarpa]

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.

Thank you Keylime...1 I was simply basing things off Maliki's statement - without going any further. [He also had another incorrect statement in his quotation (but that's for another time)]. In that, I was assuming that .33 cents was an acceptable value to start - knowing it could eventually go to $3.45 based upon natural resources (stated several times in other posts). Be Blesserd - RON

[k98nights]

well. if every tom, ****, harry and jane were not iqd investors. they are now.

all world currency players will now enter the iqd game, if they had not already.

Which is why the RV will HAVE to happen VERY soon or they risk ruination imo.

[Nate]

This is IMO the best news to come out period. Why? because it's coming from Maliki himself, not "my friend's mailman's friend in Iraq" or " my source at xxbank"

I think a lot of your are trying to breakdown everything the PM said to get more clues, my suggestion is to stop that. Just open your eyes and read between the lines. BOTTOM LINE= The Iraqi PM just told you and the world that his country's currency is undervalued, HELLO????? Thats all you need to get out of this. DOnt try to figure out the rate or date cuz you wont.

[jbutch]

nice stuff mr maliki , thanks for the post this is gr8 news

isnt it ????

[jo-jack]

bring it on!

[jjl]

Wow. I'm amazed he even talked about it. We have to be close now.

[Butler378]

I'm sure the RV will be on April 1, 2010!!

[netinfo]

Hi,

Someone in chat asked me about the Arabic version of this article, and I told him that I would look into it. Aswat al Iraq has it here: http://ar.aswataliraq.info/?p=205839

On their site, when looking over the English translation in comparison with the Arabic, the site did an ok job on the translation, but I would like to point out a couple of things:

1. Their title in the English article left out an expression that is present in the Arabic. The expression is: أمر محسوم (pronounced: amar mahsoom), which means "decided decree" or similar meanings in English.

Here is the title in Arabic:

المالكي: إعادة تقييم الدينار العراقي أمر محسوم ويرتبط بدراسة الاوضاع الاقتصادية

Basically, it's saying that the re-evaluation of the Iraqi Dinar is a decided or resolved matter, and is linked to the study of the economic conditions.

2. Their Arabic has a reference to Maliki's expectations on the improvement or re-evaluation of the Iraqi Dinar in the future. Their English translation, however, does not mention the term "future". The Arabic term for future is: المستقبل (pronounced: almustaqbal), but what is funny is that they actually misspelled the Arabic term in the article. Instead of writing correctly: المستقبل they misspelled it as: المستبقل , haha

Anyways, here is the misspelled word in the article:

بشأن توقعاته بحصول تحسن او اعادة تقييم لقيمة الدينار العراقي في المستبقل

So, my conclusion in this post on the Arabic article in comparison with the English article is:

It seems that according to the Arabic article, the RV is a resolved matter, linked with the economy, and is expected for the future. How soon in the future? The article does not say.

Take care,

netinfo

[DARKSHARK]

Sorry to disappoint everyone, but this was posted by JESSE this morning - it appears we will have another wait....Summer, the end of the year...God knows...!

CBI governor says current exchange rate reasonable

March 1, 2010 - 12:37:27

BAGHDAD / Aswat al-Iraq: The governor of the Central Bank of Iraq (CBI) on Monday said that the current exchange rate (1,170 Iraqi dinars per dollar) is reasonable, adding that the bank has enough foreign reserves to defend the exchange rate.

“The CBI is adopting a managed floating policy of exchange rate, through which a reasonable exchange rate is fixed,” Sanan al-Shubibi told Aswat al-Iraq news agency.

“The current exchange rate is reasonable and stable and can be defended by our vast foreign reserves, totaling $43 billion U.S. dollars at the moment,” Shubibi explained.

http://en.aswataliraq.info/?p=127815

Blessings to All - Keep The Faith

RON

Everybody get a drink and relax. Put a movie on if you're home or lose yourself in your work on the job.

Make sure your bosses coffee is hot when you fetch it for him . . . and smile too.

I hope not . . . but it sounds like they just added time to our sentence. I hope we can still get out in 2010.

I don't like serving time.

[Qman]

Well I am the first one to say that I do not understand everything I read,(OK so I am not the first one) but if I read it right the RV/RI will not be right away but latter this year. Am I reading it right or not?

[outback7]

much appreciate this post......all I can say is WOW!