Iraqi Dinar Under Attack

[JREDinars]

The OP's title is misleading...The article says nothing about "Iraqi Dinar Under Attack" It states that

The Iraqi Central Bank (ICB) said it’s under a “currency attack” as traders buy U.S. dollars in daily auctions and resell them on the black market in Syria and Iran, which face hard currency shortages due to sanctions, according to a report from Bloomberg.

Rising demand for dollars “is affecting our dollar-sale auction,” Salih said. “This isn’t in the interest of the Iraqi economy and it will suck foreign currency reserves.

so all the debate about smoke and mirrors really doesn't matter here. This article is about Iraqi US Dollar reserves being depleted by Syria and Iran, trying to work around US santions to get cash to survive...

And on top of that--(being misleading)--if this article is supposedly about the "Dollar being under attack and what a crisis this is for Iraq," then WHY does Salih add anything about their budget. ESPECIALLY, IF YOUR WORKING ON FIXING YOUR BUDGET NOW, in 2012,......WHY WAIT UNTIL 2013 "to address the government's budget deficit?" (you don't. That's stupid.) But it's exactly what we should be looking for. We've always been told, The more "smoke and mirrors" the closer we are.

When Salih "added" the comment below, I thought: ...if I were trying to hide the fact that I was going to RV, I, too would slide in some junk about "cutting 000's in 2013".....to keep people from thinking that an RV or "removal of zeros" is going to occur even within the next twelve months. Smart. Smoke and mirrors.

"Salih added that the central bank will cut three digits from the currency in 2013, reversing a policy it introduced in the 1980s to address the government’s budget deficit."

[fnbplanet]

"ESPECIALLY, IF YOUR WORKING ON FIXING YOUR BUDGET NOW, in 2012,......WHY WAIT UNTIL 2013 "to address the government's budget deficit?" (you don't. That's stupid.)"

You're not from the USA, are you? We haven't had a budget since 2007, let alone a balanced one. They're still kinda new at this, and doing better than we are.

[Snatcher]

The dollar sales is being paid with dinar...and with more than 1 billion sales of USD per week, that says a lot about the demand for dinar.

But isn't that what we want? More dinar being used to purchase US Dollars...Means less dinar on the the streets or in this case, in the hands of Syria and Iran. I'm like sonny1 I don't see this as bad but good news.

[fnbplanet]

But isn't that what we want? More dinar being used to purchase US Dollars...Means less dinar on the the streets or in this case, in the hands of Syria and Iran. I'm like sonny1 I don't see this as bad but good news.

You are correct. Luckily for us, it's the CBI that has the demand for the Dinar.

[zigmeister]

You are correct. Luckily for us, it's the CBI that has the demand for the Dinar.

It appears to me the US and Iraq may be killing two birds with one stone. US dollars flushing rial down the tube and Iraq pulling in their dinar before it RV's.

[Striker1]

"ESPECIALLY, IF YOUR WORKING ON FIXING YOUR BUDGET NOW, in 2012,......WHY WAIT UNTIL 2013 "to address the government's budget deficit?" (you don't. That's stupid.)"

You're not from the USA, are you? We haven't had a budget since 2007, let alone a balanced one. They're still kinda new at this, and doing better than we are.

You are so right. The US government is a joke. They don't have to be responsible for a budget and no one holds them responsible for anything. but you let a person who can't find work for over a year try to start a business and miss 1 year of paying taxes due to The Governments economy and they come looking for you with all kinds threats and promises. How can they bring us in court and take away all of our belongings yet they can't account for the past 4 years of their expenses, and don't really seem like they care very much about it. Just keep taking the little people's stuff until we are third world status. This is B/S

[fnbplanet]

Try asking our government to see the Treasury Department's books. Want a laugh? Ask them to audit the Fed Reserve! HA!

I understand that we've all been a little impatient with Iraq's buffoonery, but in the end, they're actually moving faster than we are - and they're new at it! I see their "deficit" talked about, and it just makes me laugh. They always have money left over to cover it!

"It appears to me the US and Iraq may be killing two birds with one stone. US dollars flushing rial down the tube and Iraq pulling in their dinar before it RV's."

More like killing two camels with an AK47.

I don't know about anyone else, but I sure could use some positive news today.

Well, time to go shovel a foot of snow!