October 25, 2014

News About Iraqi Dinar

Iraqi Dinar Exchange Rate

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* (Just Hopin): The Currency Newshound 6/3/12

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/QuB6WlvCahw/

The UNSC June Update for Iraq is a precursor to what will be discussed in the High Level Coordinators meeting come mid June. The High Level meeting occurs ever 6-months to discuss Iraq-Kuwait relations.

In my opinion the information given in this report somewhat mirrors what we have already read in news reports published from Iraqi and Kuwait news agencies. Unfortunately it remains somewhat vague as to what was actually agreed upon and considered resolved. In some reports it would appear all issues were completed but some news reports would read as though some issues still remain.

I know many are hopeful Iraq will emerge from Chapter VII in June 2012. Its a strong possibility that could be the case.

However considering the news reports neglect a clear consolidation of the facts it is a strong possibility Iraq will remain under sanctions until the remaining issues are resolved.

The four options reported in the UN update and are possible outcomes of June meeting:

Link

What these possible outcomes suggest is

  1. The UNSC could acknowledge the strides both countries have taken to restore peace between the two nations
  2. The UNSC could encourage Iraq to continue resolving unsettled matters or loose ends prior to hearing any move to lift Iraq from Chapter VII sanctions
  3. The UNSC could extend the coordinators efforts an additional 6-months allowing Iraq and Kuwait to continue mending relations
  4. The UN could tell Iraq needs to continue resolving the differences with Kuwait before Chapter VII is lifted.

In my opinion if the UNSC starts the meeting positive and goes with Option 1 this is the only hope Iraq will emerge from Chapter VII this June..meaning if the UN acknowledges the efforts made between Iraq and Kuwait and IF these efforts are sufficient then its possible the UNSC could move to lift Iraq from Chapter VII sanctions.

However its a possibility the UNSC is prepared to acknowledge the efforts of Iraq and Kuwait but will tell Iraq it must settle the remaining issues which exist (whatever those may be).

They will then reschedule another High Level Coordinators meeting in December 2012…Unless something different is planned.

Considering 3 out of the 4 possible outcomes are leaning more toward Iraq needing to resolve outstanding issues it would appear there is less than a 25% chance Iraq will emerge from Chapter VII in June 2012.

Keep in mind..if the UNSC decides not to lift Iraq from Chapter VII in the June 2012 meeting that doesn’t mean Iraq and Kuwait cant go back to the drawing board and come to full resolutions sometime prior to December 2012.

If that should occur Iraq and Kuwait could call for a special meeting to discuss this matter.

If these matters funnel to the end of 2012 it will be one of multiple events taking place in the latter portion of 2012.

1. New Iraqi currency is said to begin its printing in September 2012

2. Kuwait PM is scheduled to return to Iraq to discuss further relations with Iraq later in the year, presumably prior to December 2012.

3. Another UNSC High Level Coordinators meeting in December (possible)

4. Currency reform is scheduled to take full effect in January 2013.

I will caveat all of the above is my opinion and anything is possible. These are interesting and exciting times so stay tuned!

-Just Hopin


Comments

* (Commentary: UNSC June 2012 Update regarding Iraq and Chapter VII): Currency Newshound 6/3/12

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/WyGVsTV7_fY/

The UNSC June Update for Iraq is a precursor to what will be discussed in the High Level Coordinators meeting come mid June. The High Level meeting occurs ever 6-months to discuss Iraq-Kuwait relations.

In my opinion the information given in this report somewhat mirrors what we have already read in news reports published from Iraqi and Kuwait news agencies. Unfortunately it remains somewhat vague as to what was actually agreed upon and considered resolved. In some reports it would appear all issues were completed but some news reports would read as though some issues still remain.

I know many are hopeful Iraq will emerge from Chapter VII in June 2012. Its a strong possibility that could be the case.

However considering the news reports neglect a clear consolidation of the facts it is a strong possibility Iraq will remain under sanctions until the remaining issues are resolved.

The four options reported in the UN update and are possible outcomes of June meeting:

Link: http://wp.me/pZC7o-dNs

What these possible outcomes suggest is

  1. The UNSC could acknowledge the strides both countries have taken to restore peace between the two nations
  2. The UNSC could encourage Iraq to continue resolving unsettled matters or loose ends prior to hearing any move to lift Iraq from Chapter VII sanctions
  3. The UNSC could extend the coordinators efforts an additional 6-months allowing Iraq and Kuwait to continue mending relations
  4. The UN could tell Iraq needs to continue resolving the differences with Kuwait before Chapter VII is lifted.

In my opinion if the UNSC starts the meeting positive and goes with Option 1 this is the only hope Iraq will emerge from Chapter VII this June..meaning if the UN acknowledges the efforts made between Iraq and Kuwait and IF these efforts are sufficient then its possible the UNSC could move to lift Iraq from Chapter VII sanctions.

However its a possibility the UNSC is prepared to acknowledge the efforts of Iraq and Kuwait but will tell Iraq it must settle the remaining issues which exist (whatever those may be).

They will then reschedule another High Level Coordinators meeting in December 2012…Unless something different is planned.

Considering 3 out of the 4 possible outcomes are leaning more toward Iraq needing to resolve outstanding issues it would appear there is less than a 25% chance Iraq will emerge from Chapter VII in June 2012.

Keep in mind..if the UNSC decides not to lift Iraq from Chapter VII in the June 2012 meeting that doesn’t mean Iraq and Kuwait cant go back to the drawing board and come to full resolutions sometime prior to December 2012.

If that should occur Iraq and Kuwait could call for a special meeting to discuss this matter.

If these matters funnel to the end of 2012 it will be one of multiple events taking place in the latter portion of 2012.

1. New Iraqi currency is said to begin its printing in September 2012

2. Kuwait PM is scheduled to return to Iraq to discuss further relations with Iraq later in the year, presumably prior to December 2012.

3. Another UNSC High Level Coordinators meeting in December (possible)

4. Currency reform is scheduled to take full effect in January 2013.

I will caveat all of the above is my opinion and anything is possible. These are interesting and exciting times so stay tuned!

-Just Hopin


Comments

* Just Hopin (CBI Public Announcement: The purchase of 10 De La Rue Machines): Currency Newshound 10/25/11

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/9YWJCnSHkqw/



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http://www.theiraqidinar.com/2011/10/25/just-hopin-cbi-public-announcement-the-purchase-of-10-de-la-rue-machines-currency-newshound-102511/

* Just Hopin (Allawi announced officially giving up the presidency of the NCSP, again): Currency Newshound 10/6/11

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/8Z12tiakJb4/

Announced that the existing Iraqi President Iyad Allawi, giving up the presidency of the National Council for the strategic policies supreme.

He said in a speech today at a news conference that “we give up again for the presidency of the National Council for the strategic policies in response to the desire of the Supreme People’s Assembly and the religious authorities.”

It is said that the relationship between state law and the existing Iraqi crisis and clear because of the dispute-winning implementation of the terms of the Erbil, in particular about the formation of strategic policies agreed on the composition of the Convention on Arbil, which formed the current government on the light, as the dispute is centered on the powers of this Council and the extent of requiring its to the government, which declared head of the list for giving up for the job

LINK


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* Britain urges Iraq to merge with his Arab surroundings (Just Hopin@ Currency Newshound): 10/6/11

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/yvLb48eCgKE/

BAGHDAD (Iba) … the UK today urged Iraq to integrate its own environment and
promoting Arab trade relations with the Kingdom at the same time bent over the
relative progress achieved in Iraq so far.

British position stated by the Chief Executive of the Ministry of Foreign
Affairs and Chairman of the British diplomatic corps and the British Simon
Fraser, who is on an official visit to Iraq since the third month of October and
to this day.

A statement for the British Embassy for Fraser as
saying that although there are challenges in Iraq, said Iraqis should be proud
of what they have achieved so far.

He called for Iraq to not be in isolation from the rest of the Arab world and
play a bigger role in the region as well as a call for further progress on the
path of democracy and the rights and meet the needs of the people regardless of
nationality, caste or social status.

He also urged Iraq to be stronger trade relations with the United Kingdom,
especially since the two countries shared a long history at all levels.

The Simon visited both Baghdad and the governorates of Erbil and Basra, where
he met with politicians and senior officials, businessmen, journalists and
activists from non-governmental organizations of various political shades of
Iraq in those three provinces.

 

LINK

LINK

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* Economic committee reveals no progress in investment over the next ten years (Just Hopin Post-Currency Newshound): 10/6/11

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/b0dTm2i160I/

Posted: October 6, 2011
by THE CURRENCY NEWSHOUND – Just Hopin in Iraqi Dinar/Politics
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Committee revealed the economy and investment representative, Thursday, for
the investment sector in the country will not win any progress in the projects
during the next ten years, demanding ownership of land linking ministries and
bodies, the Council of Ministers to facilitate the investment process.

 

The Member of the economy and investment Nahida Daini in an interview with
“Twilight News”, “the investment sector in the country one step and back down
ten steps as a result of the constraints faced and the most prominent failure of
government ministries and agencies to give its territory for the establishment
of investment projects by” claim to “connect the ownership of the land, the
Council of Ministers to facilitate the investment process. “

 

Dani explained that “the investment sector in
accordance with these data in addition to slow its progress, it will not be able
to make any progress in completing the required projects during the next ten
years.”

 

And announced that the national investment in earlier that the obstacle to
attracting investment companies ownership of the land and the failure to protect
the funds of the investors.

 

And approved the investment in the year 2006 a new law to invest in Iraq,
according to the law is the body responsible for all investment projects of a
federal nature exclusively, while the bodies of the regions and provinces are
responsible for investment planning and granting investment licenses in their
areas and conducted by the parliament extensive changes at the end of 2009.

 

Complain of some businessmen and investors from the many obstacles facing
them, notably, lack of commitment to the ministries the text of the Investment
Law and his regime of the Council of Ministers, obstructing governmental
departments in the province for the implementation of investment projects’
failure to allocate its dependent territories, the conflict between the new
bodies and ministries because of laws and paragraphs the constitutional obvious
weakness of the investment culture at the citizen and the lack of cooperation
with relevant bodies or with investors, lack of cooperation from government
agencies to support the banking sector, investment, investors, financial and
administrative corruption, public sector dominance and the marginalization of
the role of the private sector

 

LINK

LINK

 


Comments

* The Currency Newshound: Ramadan FAQ

Source: Dinar Daddy’s Tidbits
URL: http://theiraqidinar.com/2011/07/30/the-currency-newshound-ramadan-faq/

Posted: July 30, 2011 by THE CURRENCY NEWSHOUND – Just Hopin in Iraqi Dinar/Politics
Tags: , , , , , ,

What does the word “Ramadan” mean?
Ramadan is the name of the ninth month of the Islamic calendar. The original meaning of the word was “scorching heat”.

Does the month of Ramadan commemorate anything?
The month of Ramadan is when the first verses of the Quran were revealed. Note: The entire Quran was revealed over a period of about 23 years, starting in 610 CE and ending in 632 CE.

What day in 2011 does the beginning of Ramadan take place? How long?
Predicted to take place August 1, 2011 thru August 31

Why do you say Ramadan is “predicted” to start on a certain date?
As I mentioned above, each month in the Islamic calendar starts with the sighting of the new crescent moon. Scientific calculations can pinpoint exactly when the astronomical new moon occurs, and can predict with some accuracy when the first crescent will be visible after this, but there are many factors that can complicate this, such as the weather. For this reason, and so that even ordinary Muslims who are not astronomers can take part, the rule is that the new crescent moon must be sighted by human observers. And we don’t know exactly when it will appear until it’s seen.

Do business and government offices close during Ramadan?
Its typically business as usual for businesses, government offices, and markets however operating hours may become shorter in the day


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* The Currency Newshound: GCC Economic Profile and Iraq Comparison

Source: Dinar Daddy’s Tidbits
URL: http://theiraqidinar.com/2011/06/24/the-currency-newshound-gcc-economic-profile-and-iraq-comparison/

 

The following is a cursory glance at the six nations which comprise of the GCC and how it compares to Iraq.  The six nations which is made up of Kuwait, Bahrain, Oman, United Arab Emirates, Qatar, and Saudi Arabia indicate exchange rates ranging from about $ 0.27 USD upward to $ 3.61 USD and averaging $ 1.61 USD.  The economic indicators primarily reflect conditions as of 2010.

The grid offers some indication of the strengths of the GCC union and how it collectively compares directly to Iraq. Each economic indicator and the GCC country which compared the closest was extracted and then summarized below.  The eight indicators provided an overall average exchange rate of $ 1.98 USD and a median exchange rate of $ 2.60 USD.  By comparison Oman compared closest overall with similarities in Debt to GDP ratio, Inflation rate, and Global Exports.

The economic profile is not empirical evidence of a future exchange rate and is subjective to opinion.  However it does promote the theory of a future revaluation as Iraq’s GCC neighbors each have an exchange rate of $ 0.27 USD to $ 3.61 USD.  As demonstrated by the economic profile Iraq fares equal to or better than its Middle East counterparts.

Sources are referenced on PDF document.

LINK

Comments

* The Currency Newshound: Facebook Question…What is the status of Iraq and Chapter VII?

Source: Dinar Daddy’s Tidbits
URL: http://theiraqidinar.com/2011/06/03/the-currency-newshound-facebook-question%E2%80%A6what-is-the-status-of-iraq-and-chapter-vii/

Iraq’s Chapter VII status in simple terms boils down to Iraq-Kuwait relations…thats it. But its a bit more complicated than that.

The remaining element in Chapter VII sanctions regarding Iraq involves the following:

1) Return Missing Person. This requires Iraq to find mass graves and return bodies of those involved in the Iraq invasion in the 1990′s. Saddam Hussein violently invaded Kuwait and killed civilians and members of the military and then buried them in unmarked graves in the sands of Kuwait and Iraq.

2) Return of Missing Artifacts. When Saddam Hussein’s army invaded Kuwait they looted museums and places of interest stealing everything valuable and/or historical.

3) Compensation by Iraq to Kuwait in the amount of $ 21 Billion.

4) Define the borders between Iraq and Kuwait …this is often called demarcation. This is not as simple as it sounds as it deals with shared oil fields, maritime rights, transplanting villages and people which are located on the border, etc.

5) The United Nations recently required the Prime Minister of Iraq to write a public letter to the Iraqi Parliament vowing to never attack or seek aggression with its neighbors, specifically Kuwait. This letter is then required to be read and submitted to the Iraqi parliament for validation.

The return of missing persons and artifacts appears to have been resolved by both countries forming joint committees that will work together to find these artifacts over the next several years.  The United Nations Security Council is expected to deliver a Iraq/Kuwait High-level Coordinator report to the Secretary General which is due by June 16, 2011.

The Kuwaiti compensation…One article that was published in March 2011 suggested Iraq was willing to pay the $ 21 Billion and is ready to emerge from Chapter VII; however as of late it would appear Iraq is still negotiating this number.

The defining of the borders or demarcation between Iraq and Kuwait is the most difficult of the resolutions. Both countries have agreed to form a joint committee to help relocate villages and farmers located along the joint border.

However earlier this year Iraqi fishermen was held by Kuwait authorities because Kuwait felt these men violated maritime (water) borders. This was eventually resolved but magnified the need to determine the borders.

Most recently Kuwait has indicated it is ready to build a sea port located on an inlet extending from the Persian Gulf in between Iraq and Kuwait. Iraq has said this port will not only cause economic hardship on its planned port in Fao (near Basra) but Kuwait is violating territorial waters by blocking shipping routes along the channel. Some Iraqi’s have said the Kuwait port will encroach on Iraq maritime rights  UN resolution 833 (borders). Kuwait have said it is within its rights to build such port. (See Video below)

Nevertheless you can see how the border issue is an active point of contention between these two countries. If the port issue cant be settled diplomatically Iraq will seek the United Nations to moderate.

Furthermore, as Iraq’s DFI June 30, 2011 expiration approaches Kuwaits national owned airline seized funds from Iraq Airways – Iraq’s national airline over the past few weeks. This is the result of Hussein stealing several aircraft from Kuwait during the invasion and never returning them. Kuwait feels this is within their rights and obviously Iraq disagrees.

Diplomacy is essential to repair the relationship between Iraq and Kuwait. It is slow going however it is progressing.

The outstanding issues appear arduous however keep in mind these negotiations have been on going for several years and just recently started getting to the heart of Chapter VII elements.  It is my opinion many of the Chapter VII issues have been discussed, negotiated, I presume some are ready to be signed upon to make official.

If these two countries can find common ground then Iraq will emerge from Chapter VII.  A few articles published this Spring indicated Iraq would emerge from Chapter VII soon. One went as far as saying at the end of June 2011.

However as current events take place wounds seem to open back up.  I think the primary hold up is demarcation of the borders as well as all outstanding Kuwaiti compensation which is about $ 25 billion in reparations including those funds owed due to Kuwaiti airlines.  I further believe the United Nations has a large responsibility to broker the relationship until all things are settled.

I suspect we will be seeing a vast amount of Chapter VII discussion as days continue.  Lets pray Iraq, Kuwait, and the United Nations can find resolution.

United Nations June Calendar Information
UNITED NATIONS: IMPORTANT JUNE 2011 DATES
United Nations: June 2011 UNSC Forecast Regarding Iraq

Articles of Interest:
Iraq-Kuwait dispute over port
Compensation paid to Kuwait burden the Iraqi budget, and we hope to access the settlement of her
FM Zebari says Iraq would pay the remaining $ 21 billion in reparations; moves to settle Chapter VII issues
Kuwait recognized borders against Iraq would emerge from Chapter VII
Parliament members call for resolving Iraq-Kuwait borders prior to other negotiations
Iraq plans to send letter recognizing Iraq-Kuwait border and reaffirmation of UN Resolution 833
Chapter VII is nearing its end in Iraq
UN requires that Iraq meet its obligations to Kuwait to restore the international status
Stressing that Germany is mediating in Iraq would emerge from Chapter VII
Exit from Chapter VII the end of June

LINK

Comments

* Currency Newshound (CNH) Commentary: Wells Fargo International Weekly: Iraqi Dinar as a currency investment

Note:  A special thanks to Currency Newshound Facebook friend “Bruno” for providing the following Wells Fargo analysis.

Wells Fargo International Weekly: Iraqi Dinar as a currency investment

The following analysis is conducted by Wells Fargo International Strategy Advisors. The analysis discourages investors from purchasing the Iraqi Dinar. The analysis blames uncertain future; the risk associated with fraud, Iraqi security threatened by terrorism, and the continued disappointment by Iraqi dinar investors as reasons to not invest. This analysis attempts to provide an outlook on the Iraqi situation and examines the rationale of investing into the IQD.

The attached analysis attempts to discourage the investor. I hope my summary reminds the investor why so many remain hopeful.

It is my opinion the analysis makes a decent case outlining the risks involved when purchasing dinar for future exchange. However, the analysis stops short of providing an accurate assessment.

Iraq has made headlines with its terrorist attacks toward military forces as well as against the citizens of Iraq.  However the security situation improves daily.  In fact, terror attacks are down approximately 50% from just six months ago (Aug 9, 2010 vs Jan 23, 2011).  US forces are training Iraqi police to handle day-to-day operations as hands of power exchange Dec. 31, 2011. (Link).  Iraq will host the Arab Summit in March which is obviously a voice of agreement from the Arab nation that Iraq’s security situation has become stabilized.

The analysis briefly touches on the great economic and political achievements Iraq has made in recent months. While focusing on the nine month struggle to form a government the analysis does not provide the reader with the accomplishments this new democracy has attained in a short period of time.

Mr. Christopher neglects to discuss accomplishments regarding the United Nations Security Council releasing Iraq from Chapter VII trade sanctions nor Iraq and Kuwait working aggressively to end Chapter VII issues once for all in the near short-term.  He further ignored Iraq tackling issues such as the national budget, poverty, and the remaining seats in Maliki’s cabinet which will complete the Iraqi government. Albeit, the process of government is slow and tedious nevertheless democracy is being instilled within the country every time the gavel falls thereby improving the political situation in Iraq.

Mr. Christopher’s summary explains the CBI’s ongoing auctions and narrow trade band over the past two years. While his assessment of the CBI auction is accurate the reasoning is somewhat simplistic and viewed from a non-global position.

The purpose of the CBI auctions is to increase foreign reserves and test the stability of the IQD. The CBI’s ongoing efforts to increase foreign reserves is a positive sign. Large foreign reserves are positive in relation to the value of foreign currency. By strengthening their reserves by selling off IQD for other currencies it allows these reserves to increase. Once these reserves increase, the IQD becomes globally recognized then they will have enough reserves in their banks to defend inflationary pressure.

It is true dollarization reacts negatively on any foreign currency including the dinar. However as global pressures begin weighing in on Iraq the IQD should begin to increase in value against the dollar thereby reducing the effects of dollarization and a release of the current peg.

Christoper explains there are limited banks in the United States which actively sell the dinar and he goes on to say majority of the banks are related to banks located in Iraq. However, investors based on currency forums has stated purchasing IQD from regional and national banks throughout the US.  He explains in the event of an RV banks will likely not conduct transactions with the dinar and if they did fees could make the profit margin seem very small.  While I can’t speak for bank fees I can say in the event of an RV the dinar will likely be recognized globally reflecting on Forex screens worldwide, and therefore foreign exchange offices would recognize the dinar…and gladly so as the banking business would love extra deposits in their facilities.

Lastly, Mr. Christopher provides examples of war torn countries such as Germany and Kuwait and how post-war economic success will create the need to revalue their currency. While Iraq has spent the past seven years rebuilding its war-torn country Christopher stops short of comparing Iraq to Germany and Kuwait saying the security situation and the uncertainties in Iraq make an RV unlikely or as Christopher stated the same situation may not apply.

Many do like to compare Iraq and Kuwait when discussing the possibilities of a revaluation in currency.  Both are war-torn nations, both are located in the Middle east, and both are oil rich nations.  Kuwait successfully made an economic recovery and Iraq is well on its way.

Iraq was placed on UN sanctions and forced to rebuild itself from the ground up replacing infrastructure, and undergoing the long process of building international relations. For the past seven years or so, Iraq has moved from a dictatorship to a democracy.  Iraq is a trusted member of the United Nations and has established a constitution recognizing freedoms not enjoyed by its Arab neighbors.

By establishing regional and global relationships the United Nations has released Iraq as a terrorist threat and has restored its nuclear capability. Iraq is striving to enter the World Trade Organization which will open its lanes of commerce to all ends of the economic spectrum.  Iraq will host the 2011 Arab Summit this spring which will be visited by thousands of Arab leaders from the Middle East. Furthermore, Iraq is one of the top oil-producing nations in the world which will make Iraq one of the wealthiest countries on the planet.

Iraq’s situation compares closely with any war-torn nation that has rebounded economically and later revalued their currency including Kuwait or Germany.

There is a lot of good aspects about Iraq which makes investing in the IQD favorable in my opinion and thousands of other dinar holders from around the world.  Mr. Christopher’s analysis uses terms such as “probability” and “may” and discourages the investor.  I choose to believe “probability” and “may” are words of encouragement showing possibility, not negativity.

In summary, this is entirely my opinion.  There is always risk in any investment. Investors should make every attempt to research an investment.  There are no promises or guarantees the dinar will revalue or reinstate as there are no promises with any investment – this is called risk.

I do wonder…Once the dinar revalues will Wells Fargo accept the dinar or more importantly the deposits of dinar investors?

Read the Wells Fargo Analysis pdf by following this link:

LINK

Just Hopin

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