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IRAQ Information Resources

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1 IRAQ Information Resources on Sun Apr 11, 2010 10:42 pm

Admin

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Admin
Here's a list of good online resources to track information in Iraq:

(A) Local Baghdad Time

(B) Currency Converter


(C) General & Political News:

Aswat Al Iraq

Nahrain

Aknews (Kurdistan)


(D) Economic News:

Oil & Gas Net

Iraq Directory

Central Bank Of Iraq

Representative Exchange Rates for Selected Currencies for May 2010


(E) General Interest (Includes Other Countries):

GOING GLOBAL - EAST MEETS WEST


(F) A Composite of IQD Discussions, Speculation, Rumors etc. From Other Forums:

Dinar Daddy's Tidbits



Last edited by Admin on Thu May 06, 2010 10:11 am; edited 5 times in total

http://mjgroup.com

2 Re: IRAQ Information Resources on Mon Apr 12, 2010 7:35 am

shelby

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Good gathering of information!

http://www.mjdsearch.com

3 Re: IRAQ Information Resources on Tue Apr 13, 2010 7:37 pm

testlab


A guy could get lost in there. Really good gathering of information sites.
Thanks

4 Re: IRAQ Information Resources on Thu Apr 15, 2010 2:02 am

testlab


The article below says that they will not remove 3 zeros this year but seem to saying they might to it next year. What do you make of this?
Baghdad, Apr. 2 (AKnews) – The Central Bank of Iraq stressed Friday that it won't drop three zeros on the country's monetary units this year.

The Bank is not going to remove three zeros on the country's monetary units to reduce inflation in Iraq's economy this year, Sinan Shebibi, director of the Central Bank of Iraq (CBI) said Friday, because removing the zeros only adds to the complications as it requires huge funds and needs an experienced staff to implement the project.

Shebibi said there were other suitable ways to reduce the inflation caused by the misusing of the national resources by some state institutions.

After the U.S.-led invasion of Iraq in 2003, Iraq's dinar was reprinted but multiplying one Swiss-printed dinar by 150 of the new dinar. And in place of the old 1, 5, and 10 bills, 1 thousand, 5 thousand, and 10 thousand dinar bills were printed which cause inflation.

During the previous term of parliament, a number of the members of the Financial Committee called on the CBI and the Ministry of Finance to solve the issue of the fall in the purchasing value of Iraqi money by removing three zeros on the monetary units.

ry (AKnews)

5 Re: IRAQ Information Resources on Thu Apr 15, 2010 9:32 am

Admin

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bdteach23 wrote:The article below says that they will not remove 3 zeros this year but seem to saying they might to it next year. What do you make of this?
Baghdad, Apr. 2 (AKnews) – The Central Bank of Iraq stressed Friday that it won't drop three zeros on the country's monetary units this year.

The Bank is not going to remove three zeros on the country's monetary units to reduce inflation in Iraq's economy this year, Sinan Shebibi, director of the Central Bank of Iraq (CBI) said Friday, because removing the zeros only adds to the complications as it requires huge funds and needs an experienced staff to implement the project.

Shebibi said there were other suitable ways to reduce the inflation caused by the misusing of the national resources by some state institutions.

After the U.S.-led invasion of Iraq in 2003, Iraq's dinar was reprinted but multiplying one Swiss-printed dinar by 150 of the new dinar. And in place of the old 1, 5, and 10 bills, 1 thousand, 5 thousand, and 10 thousand dinar bills were printed which cause inflation.

During the previous term of parliament, a number of the members of the Financial Committee called on the CBI and the Ministry of Finance to solve the issue of the fall in the purchasing value of Iraqi money by removing three zeros on the monetary units.

ry (AKnews)

IMO, this is part of a dis-information program, since they said just the opposite not too long ago. The previous statements that the large bills (3 zeros) were going to be removed attracted a lot of attention to the cbi, and just like our Federal Reserve, central bankers prefer to work in the shadows, not under daily observation especially from government officials with agendas.

Technically there is truth in the article, because the reason for removing the large bill (3 zeros) would not be to combat inflation, but to decrease the outstanding currency amount which increases the value of the remaining currency. There's no overriding need to reduce inflation in IRAQ, it's becoming less and less of their problem, as witnessed by the fact that the CBI just reduced the interest rates from 7% - 6%. When they were trying to fight inflation, they had the interest rates as high as 20%.

Also, if there's not going to take the bills out of circulation, there's going to be some major logistical problems supplying the 1500 new ATM machines.

Thanks for the question.

http://mjgroup.com

6 Re: IRAQ Information Resources on Thu Apr 15, 2010 1:34 pm

testlab


If an Iraqi worker makes 50,000 dinars per month and pays rent of 25,000 dinars and then an rv of say .3 US $ He now has 30 times the purchasing power so the owner of the apt building increases rents to match his increase in purchasing power and we have the start of inflation don't we? Supply and demand and what the market will bear. So not sure how this is a benefit to them except for foreign goods.

7 Re: IRAQ Information Resources on Thu Apr 15, 2010 1:42 pm

testlab


Looks like they are getting ready for removal from Chapter 7


Al-Hakim's adviser: Saudi Arabia decided openness to Iraq in next stage

Thursday, April 15th 2010 1:52 PM




Baghdad, 15 April (AKnews) - "The Saudi officials have decided to be politically, militarily and economically "openned" to Iraq in the future," according to the political advisor of the president of the Supreme Islamic council Ammar Al-Hakim.

"Al-Hakim discussed with Saudi officials the overall situation in Iraq since 2003 and till now and the mechanism of normalization of bilateral relation between the two countries," Bassam Al-Awwadi said.

"Saudi Arabia has a critical decision to be opened to Iraq and show political and economic assistance to fight terrorism ... This position will reflect positively on the security situation in the country."

"The security files were discussed in general and not in details since they are the responsibility of the Iraqi government."

"The President of the Supreme Islamic Council asked the Saudi officials to help Iraq through playing their role in the Arab League and the Islamic Conference organization and help it in ending article 7."

Hakim met the Saudi King Abdullah bin Abdul Aziz at the official invitation addressed to him to visit Saudi Arabia, and the visit comes at a time when President Jalal Talabani and Kurdistan leader Massoud Barazani concluded their visit to the Kingdom.

Rn/SH (AKnews)

8 Re: IRAQ Information Resources on Thu Apr 15, 2010 2:09 pm

Admin

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Admin
bdteach23 wrote:If an Iraqi worker makes 50,000 dinars per month and pays rent of 25,000 dinars and then an rv of say .3 US $ He now has 30 times the purchasing power so the owner of the apt building increases rents to match his increase in purchasing power and we have the start of inflation don't we? Supply and demand and what the market will bear. So not sure how this is a benefit to them except for foreign goods.

The "Plan" calls for the wages to be scaled back according to the increase in purchasing power and prices goods & services will also be scaled back accordingly. This is why the cost of many things is still referenced in their USD equivalent, it makes conversions easier. The direct intelligence we've heard (from the US colonel who is part of their training team) is that the Iraqi Air Force pilots & mechanics have already been advised that their previous salaries will be changed, but the purchasing power of the reduced salaries will remain the same. The example that was given to them is a pilot now receives 1,130,000 IQD/month (the equivalent of $966 USD at the current exchange rate). His modified salary would be 1130 IQD which would have the same equivalent USD rate). This is one of the intelligence markers giving rise to a 1 IQD = $.86 USD estimate for the RV. Because the govt is the largest employer in the country (sounds familiar), modifying government employees salaries reduces the large bill (3 zeros) requirement dramatically and allows the CBI to take them out of circulation faster. Of course if the RV is higher than $.86 USD, the pilot obviously gets a raise.

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