Has this ever happened to you? You purchased several million Dinar and it was all sold before your initial order even arrived in your own hands? This was something that kept happening to me when I sold Dinar as one of Canadas largest Iraq Dinar dealers. It grabs attention and its fun to tell veteran Dinar investors about that experience. Dinar dealers selling Dinar before a revaluation sell at or near a price called Average Market Value.
Average Market Value is the average price that consumers are willing to pay for a certain good or service such that the good or services price has not been set and backed by a Government law or in this case, Dinar has not yet been backed by World Bank at a fixed Exchange Rate.
What is the average market value of the Iraq Dinar?
There is an easy way to quickly find out what the average market value of Iraqi Dinar is. The average price that a consumer is willing to pay for 1 Dinar can be found by executing the following simple steps:
Go to eBay, search for Iraq Dinar, then take the average of the top 10 sellers of Dinar. Keep in mind you must compare apples to apples. 1 seller might have a million dinar for sale, another seller may have single notes. You can’t count the same seller twice either. So find out what each of the top 10 sellers are selling 1 dinar for and take an average.
Central Bank of Iraq exchange rate is a totally different story. Because Iraq Dinar is a restricted currency according to banks outside of Iraq we cannot buy Dinars at the current exchange rate unless we open an account at Warka Bank in Iraq, or go to Iraq to buy Dinar!
Anyone wanting to purchase Dinar outside of Iraq must pay a markup. This markup is the difference between the exchange rate and the average market value that investors are willing to pay. This margin is what gives dinar dealers incentive to distribute the currency and produce a profit.
One of the 25,000 Dinar notes in excellent condition can fetch up to $100US or more at a coin shop in America. Meanwhile, the exchange rate values the note at less than $20 and dealers sell such note for $22 and up.
Revaluation of the Iraq Dinar currency will see the Dinar put onto the world market and accepted at currency exchange houses around the world. What does this entail? Well, Dinar dealers as we know it will have to compete with major banks and much smaller margins for one thing. This will put most Dinar dealers as we know it out of business. The great thing about the reval of the Dinar when it occurs is that the Dinar will be accepted around the world for exchange at the same rate as it is in Iraq.
What some experts are predicting is that the initial revaluation of the Iraq Dinar will create a huge sell off for most people holding the Dinar. The Central Bank of Iraq will be in a frenzy to buy back as much Dinar as humanly possible. Then the second cycle of the reval will take place as the exchange rate will increase, allowing Iraq to sell much of the dinar it just bought back at a profit. This is similar to what happened with the Kuwaiti Dinar reval. Folks that sold off after the reval, saw a huge jump in the value just after they sold upon the initial reval spiked rate. How long are You willing to hold on?
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This article may be reproduced online and offline as long as
this box remains and hyperlinked online. Written by Darren
Chabluk for http://DrDinar.com/blog
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Very enlightening article! There is risk but the ride is great! What was the time line between the first Kuwaiti reval. and the second reval.
Thats good to know.I will hold out till the end I will cash in a million just to get right and hold the rest as long as I can.I hope we get our troops out soon so the reval can happen.Darren I have a question for you. Whats it like in iraq as in what is the dinar worth on the streets? Like is a pack of smokes 5 dinar or 500 or what what is the average persons pay check like? Just a thought I had.
Darren,
Why would a coin shop dealer pay up to $100 US for the 25,000 diner note when there are plenty of eBay sellers priced at $25 to $35 ?
Stan, Kuwait only had one reval. What had happened is Kuwait investers were heading to Kuwait just after the reval to cash in. By the time they got to Kuwait the value had jumped from $2 something to over $3 something. It’s not a second reval, but the value jumped after the reval due to the Kuwait Gov’t buy back/re-sell frenzy. You see, many investers won’t invest till AFTER the reval, which creates a high demand After the reval even with a high amount of selling going on. Something to think about.
Joe, I don’t know what a Dinar can buy in Iraq. It would make for a nice article subject.
Bob, 5 years ago in the fall of 2004 I myself, me, sold 25,000 Dinar for $69.99US plus $15.00 delivery fee. People paid for my promise of ‘damage or loss’ in house insurance. That is $84.99 for a 25k note.
Now, people also pay dearly for easy access. Prices at a 7/11 store are always higher than a Walmart. People that buy from coin dealers may never have used eBay before. And with the Dinars right there in front of them, in a fancy hard plastic display sleeve, a certificate of authenticity that can easily be signed by a licensed money service business. $100, would sell. Keep in mind, I charged almost $85 BEFORE the Average Market Value went UP as it is today!
If you are in good financial shape, do not exchange any dinar until they hit at least 1 to 1 and even then only a few. If you absolutely must, then only exchannge what you need. the key is to hang on. Hope we can all enjoy our new aquired wealth soon.
Interesting article. I plan to exchange some of my dinars when the exchange rate is about 1 to1 and then wait till the rate goes up to exchange more. Looking for some richer times ahead.
It will certainly be most interesting to watch. I`m also looking forward to the day when all Iraqis will be able to walk safely down the street and just enjoy being alive. May be a while yet but hopefully those times are ahead for those poor people. We have so much to be thankful here in Canada.
All these comments are interesting. However, I am of the opinion that it is not secure to keep the currencies of bigger denominations, especially if there is a prospect of reval. I am sure that all these bigger denominations are going to be withrawn within a short span of time and denominations upto 1000 will only remain. I am holding a million of 25000 and is worried of its disposal in such a scenario.
All these comments are interesting. However, I am of the opinion that it is not secure to keep the currencies of bigger denominations, especially if there is a prospect of reval. I am sure that all these bigger denominations are going to be withrawn within a short span of time and denominations upto 1000 will only remain. I am holding a million of 25000 and is worried of its disposal in such a scenario.
The United States Government took the $10,000 banknote out of circulation. But, since the USD is still an accepted currency the banks will still accept a $10k banknote as real currency if a person wants to cash it in.
Attakoya, there is no evidence anywhere that your fear will happen. If one note becomes bad, they all become bad, and I have been saying this for 5 years. The only way Dinar becomes bad is if the Iraq Govt is overthrown. There is very little talk about this scenario anymore.
Are you recommending holding paper or opening a dinar account?
Very interesting article!
I agree with Darren that whatever denominations you hold after the reval they will be accepted for exchange at the banks. I plan to sell a few of my dinars when the exchange is at 80 cents or so and hold on to the rest till the dinar is at 1 to 1 or more. At the moment it`s all speculation but it`s kind of fun.
Does anyone have an opinion on about Bill Burbank or Ameraq Wxchange and Services Group?
http://www.ameraq.org/index_Temp.htm
I couldn’t do alone, we all must quickly convey the message to the opposition parties of Iraq that if they want to win more votes from the people of Iraq somewhere in early 2010 to increase their seats in the parliament, they must promise them (by God’s Permission) about the speedier revaluation of Iraqi Dinars at an excellent rate first to enable the poor and the needy Muslims inside Iraq to improve their living standards, better their buying power and assure them of more employment. Iraq government must do it this way without further procrastination against the revaluation of Iraqi Dinars like what PM Maliki like to procrastinate for already some years where many investors of Iraqi Dinars still keep speculating about it till today. Why keep withdrawing money to help their Iraqis without any financial gain in return at all and her debts had kept and will keep piling up without a full stop right there? There must be a way to teach them how to catch fish for their own meal everyday, not just by giving them free fish everyday.
Numerous future negative repercussions like the emergence of civil wars, corruption, criminal activities of pirates and bandits, drug syndicates, prostitution and all that you can name them may happen without any control if procrastination keeps on till next generations of Iraqis emerge. Even greater pressures on natural resources will increase as Iraq may face a population explosion in the near future. Because most Muslim families in Iraq would love to have more children suggested by the rule of Sunnah. Is Iraq government prepared for such a contingency? Only revaluation of Iraqi Dinars would enrich all Iraqis asap. By this, the pain of poverty decreases in order to welcome the joy of more future progeny next. If such procrastination continues due to corruption caused by unscrupulous governors, ombudsmen and bureaucrats, Iraq’ll suffer!
Does PM Maliki of Iraq himself involve in corruption so much so that the revaluation of Iraqi Dinars has been delayed for some years by now? I personally feel his procrastination is fishy to me. The saying Don’t judge the book by its cover is an absolute truth. I don’t trust him at all!
My mentor once told me this: Rather than competition bringing down corruption, corruption is often allowed to prevent competition. Apart from the general moral and ethical arguments about bribery and dishonesty and the effect they can have in undermining general respect for the rule of law, corruption is generally bad for efficiency. It leads to decisions made by bureaucrats on the basis of what is good for them, not good for the economy. Let us hope PM Maliki of Iraq is not a corrupted person as labelled by the Qu’ran as well. The future leader of the whole world Imam Mahdi is an honest person who will not, I believe, hold up revaluation of Iraqi Dinars like him for whatever reasons to prolong the sufferings of the poorer Iraqis around Iraq.
Continuous corruption in the government can prevent the speed of revaluation plan because some big guys inside might be pocketing more US Dollars for their own benefits, not for their economy. Qu’ran keeps warning us about the many hidden corruption occurring in the departments of governments everywhere in our space age and I am one of the persons who can see the invisible colours of their true faces. It’s okay to tell you because it’s a blog site here you won’t know who am I. I am gifted by God. Insha-Allah! and Alhamdulillah! You shall see the truth very soon about the hypocrisy of them.
We all, not I alone in this blog site, must convey such message and suggestion asap to the government of Iraq and her opposition parties before the next polling day may occur in early 2010. Iraq is a more civilised country right now after the fall of Saddam Hussein and she deserves to get her Iraqi Dinars revalued at an excellent rate to rebuild her economy asap in a fair way like what Kuwait has received.
Singapore is such a small dot in the world map and if she could be so financially successful in businesses with stabilized economy without any mineral resources at all, could Iraq’s future economy be better off in an even shorter period of time if she has so many mineral resources given by God under the ground ready to be shared with the whole world? If Singapore can do it, Iraq can do it as well!
China has just opened her gateway to business opportunities worldwide not long ago, perhaps somewhere around 1997. If China can do it, Iraq can do it as well! Why must the naysayers still live in the past and imagine the shadow of Saddam Hussein, even after his demise, is lingering on in Iraq. It is unfair to always keep imagining Iraq is a villain while Kuwait is a hero. Let us not only pray, just do it altogether to speed up the revaluation of Iraqi Dinars by letting Iraq governors know about our urgent message.
Please contact minister@industry.gov.iq and minister.office@industry.gov.iq to contribute our suggestions.
S T R A T F O R
GLOBAL INTELLIGENCE
Iraq: Elections May Be Delayed
November 1, 2009
Iraq’s election commission said Nov. 1 that parliamentary election scheduled for January 2010 may be delayed unless the parliament informs the commission on the voting system to be used, the number of seats and the quota for female and minority lawmakers, AFP reported. Independent High Electoral Commission chief Faraj al-Haidari said the parliament must inform the commission on the details by Nov. 3, and that new election law must be approved by the parliament 90 days before Jan. 31, the date elections are scheduled to take place.
Iraq signs new overseas oil deal
BBC – [11/3/2009]
Iraq’s oil ministry has signed an initial agreement with a consortium led by the Italian firm, ENI, to develop the Zubair oilfield in southern Iraq.
The deal, which needs cabinet approval, calls for the group to extract 200,000 barrels of oil a day, rising to 1.1 million a day within seven years. The project could be Iraq’s second major contract with overseas oil firms since the US-led invasion in 2003.
Last month, Iraq signed off a deal with Britain’s BP and China’s CNPC. The two oil companies will develop the giant southern oilfield in Rumaila. The project aims to almost triple output at the 17-billion-barrel field – increasing it by two million barrels a day.
Iraq has the world’s third largest oil reserves, but production has yet to reach full potential. The country’s total daily output of about 2.4 million barrels is lower than it could be, because of sanctions against former Iraqi governments, lack of investment and insurgent attacks, analysts say.
I just bought 500,000 dinar is that a lot if it revalues?
Quick update on the dinar forum and dinar chat
December 5th, 2009
As most of you know, we had a crisis on our hands for a couple of
days. The http://www.dinarvets.com forum was getting SLAMMED
with new visitors and our old host basically told us to go take a hike…
so we had to move to a new server, which raised costs about 10X
the old server!
Thanks to donations from the members, the cost was covered and we
are good to go. There are still a couple of issues, but you should
have no problem accessing chat now. If you do, rest assured that it will be fixed one way or another by tomorrow night.
Make sure you can enter: http://www.dinarvets.com
That is a good thing, because I’ve been getting a LOT of emails
from people asking for updates! I haven’t been able to update the
Dinar Speculation blog in almost a week, and I apologize.
So here’s the latest. Scheduled Dinar chat will take place tomorrow
(Sunday) night at 8PM CST. I will have an update on the blog by
Monday at noon, and the chat from tomorrow will be copied into the
forum for those of you who don’t make it.
We WILL be discussing key issues tomorrow and answering most of the
questions that have been asked. Some of it will be obvious to you -
but there are a couple things that I don’t think 99% of the members
have heard, so it should be an interesting and enlightening chat.
Thank you all for your patience, and we’ll see you soon.
Best regards,
Adam Montana
http://dinarspeculation.com/
Iraqi parliament approves election law
Sun Dec 6, 3:54 pm ET
BAGHDAD – Iraqi lawmakers have approved a law that clears the way for parliament elections early next year.
The law was approved late Sunday night in an emergency parliament session after days of wrangling by politicians. It is seen as an important step toward political reconciliation and easing the withdrawal of U.S. troops.
Shortly before midnight, lawmakers nearly unanimously approved the law that has been mired for weeks over demands for greater political voice for minority Sunnis and the distribution of seats in Iraq’s expanded 325-seat parliament in next year’s election.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
BAGHDAD (AP) — Iraqi leaders reached agreement Sunday to clear the way for parliament elections early next year that are seen as an important step toward political reconciliation and easing the withdrawal of U.S. troops, an official said.
The framework of the deal was reached after being mired for weeks over demands for greater political voice for minority Sunnis and the distribution of seats in Iraq’s expanded 325-seat parliament in next year’s election, said Omar al-Mishhadani, the spokesman for Parliament Speaker Ayad al-Samarie.
The accord needed final approval from parliament, which was meeting in an emergency late-night session to vote on the deal, state television reported. But no objections are expected from lawmakers since party bosses have backed the agreement.
The pact must receive final approval from lawmakers. But no objections are expected since party bosses have backed the main points of the agreement.
The election is scheduled for Jan. 16, but a delay of a month or more now appears likely. A longer postponement could have complicated the withdrawal timetable for U.S. forces, which are scheduled to end combat missions in August.
The details of the pact were not immediately clear. But it appears to resolve objections from Vice President Tariq al-Hashemi, who has vetoed the election law to demand equal voting rights for Iraqis living abroad — mostly fellow Sunnis whose votes could increase Sunni clout in the next parliament.
Kurds also had objected to the distribution of seats among the country’s 18 provinces, claiming they were being under-represented at the expense of Sunnis and majority Shiites, who suffered widespread repression under Saddam Hussein but took command of Iraqi’s political leadership and security forces after his fall.
The next election will also be an critical test for the Shiite-led government of Prime Minister Nouri al-Maliki, which has staked its future on a broad pro-Western political coalition with Sunnis and other factions. His main challenge comes from within the Shiite ranks: an alliance of religious-oriented Shiite parties that include the biggest Shiite political group and anti-U.S. cleric Muqtada al-Sadr.
The new parliament will be expanded from the current 275 seats to 325, said Deputy Parliament Speaker Khalid al-Attiyah. At least 15 seats are set aside for religious and ethnic minorities such as Christians and Turkomen.
In an apparent concession to the Kurds, some seats that had been shifted to Sunni areas were returned, said al-Attiyah. But Kurds, who are overwhelmingly Muslim, also demanded at least two of the special minority seats for Christian Kurds, said political officials close to the talks.
The officials spoke on condition of anonymity because they were not allowed to speak to media.
Another important change also was agreed for the coming election: voting lists will be “open” and have all the names of the candidates. In past elections, voters had a so-called “closed list” with only the parties — which then announced their parliament members after the ballots were counted.
“It will be an open list election,” said al-Attiyah.
There was great pressure to reach an accord. Al-Hashemi’s veto expired Sunday and he had threatened to reinstate it if his demands were not met — which would have sent the election planning process into a tailspin.
Up until the last moment, al-Hashemi had warned he would again use his veto power. During the showdown talks, however, al-Maliki and U.S. diplomats appealed strongly for concessions on all sides, said the officials close to the talks.
Earlier Sunday, gunmen killed four Iraqi policemen at a checkpoint west of Baghdad, police officials said.
The attack came as security officials warned of a possible rise in insurgent attacks before next year’s election and the U.S. withdrawal of combat troops due by the end of August. It also follows an attack last month that left 13 dead in the same area.
Gunmen stormed the checkpoint in Abu Ghraib, on the outskirts of the Iraqi capital, at about 7 a.m. and killed one policeman on duty and three others on a break, according to two police officials who spoke on condition of anonymity because they were not authorized to give information to the media.
Last month, 13 villagers in the Abu Ghraib area were killed in an attack possibly linked to tribal rivalries.
Witnesses said gunmen in Iraqi army uniforms abducted and killed the 13, whose bodies were later found with gunshot wounds to the head. They included a local leader of Iraq’s largest Sunni party, which once helped fight al-Qaida.
http://news.yahoo.com/s/ap/20091206/ap_on_re_mi_ea/ml_iraq_8
B B C NEWS
New Iraqi election law approved
Iraq’s parliament has unanimously approved a new electoral law, paving the way for elections early next year. Parliamentarians were called to vote in a special late-night session to try to end a political crisis, and they voted minutes before the midnight deadline.
Vice-President Hashemi (L) withdrew his veto after the vote
The White House said the move was “a decisive moment for Iraq’s democracy”.
The deputy speaker of parliament said an election should take place on 27 February, but it was unclear whether this would be possible.
The new law is said to have been brokered by the UN and the US embassy.
Polls originally scheduled for 16 January had been delayed due to problems with the election law. “This is wonderful and a huge achievement for Iraq,” said deputy speaker Khalid al-Attiya.
“Now the way is paved to conduct the election at a date to be determined by the presidency council.” Last week, the United Nations said a new feasible election date was 27 February.
Expanded parliament
Vice-President Tareq al-Hashemi had vetoed the previous version of the law, saying it did not provide enough seats for the country’s Sunni minority. Following the parliamentary vote, he formally withdrew his veto of the election law and praised the new amendment as providing a fairer deal for Iraq’s minorities.
About four million Sunnis fled the country to escape violence that erupted after the US-led invasion. “I would like to congratulate the Iraqi people for this historical victory,” Mr Hashemi said. The compromises reached by politicians had “got Iraq out from the bottleneck and out of a problem”, he said.
White House spokesman Robert Gibbs said the US welcomed the new resolution.
“This legislative action will allow Iraq to hold national elections within Iraq’s constitutional framework,” he said.
Debate over the electoral law had also centred around the northern, oil-rich city of Kirkuk, which is disputed between Arabs, Kurds and Turkmen. The new parliament will be expanded from the current 275 seats to 325, said Mr Attiya. (Could this be the solution to the matter or Kirkuk which also is impeding the oil and gas law? -KK)
The election is seen as a prerequisite to the US meeting its goal of pulling out combat troops by August next year, and withdrawing fully by 2012.
http://news.bbc.co.uk/2/hi/middle_east/8398377.stm?
ASSOCIATED PRESS
US applauds Iraq plans for parliamentary elections(AP) – 16 hours ago
WASHINGTON – The White House is applauding Iraqi lawmakers’ vote Sunday to hold parliament elections early next year, a step that the U.S. hopes will ease the eventual withdrawal of American troops. In a statement issued Sunday evening, White House spokesman Robert Gibbs called the agreement “a decisive moment for Iraq’s democracy.”
The vote in Baghdad on Sunday followed marathon talks by political leaders to break an impasse over balloting provisions that would satisfy the nation’s rival groups.
Gibbs said President Barack Obama and Vice President Joe Biden spoke Sunday morning with the leader of one of those groups, Kurdistan Regional Government President Masoud Barzani, and confirmed “the U.S. commitment to a long-term relationship with Iraq.”
Iraq’s election is scheduled for Jan. 16, but a delay of a month or more now appears likely.
Copyright © 2009 The Associated Press. All rights reserved.
http://snipurl.com/tlfcx [www_google_com]
AP Video: U.S. applauds Iraq plans for parliamentary elections
http://news.yahoo.com/video
Latest on the Iraq Dinar situation
http://dinarspeculation.com/2009/12/07/latest-on-the-iraq-dinar-situation/
S T R A T F O R
GLOBAL INTELLIGENCE
Iraq: Parliamentary Elections Postponed To March 6
December 8, 2009
Iraq’s parliamentary elections have been delayed from Jan. 16 to March 6 to give officials time to prepare, AP reported Dec. 8, citing Faraj al-Haidari, who leads the nation’s election commission. The decision was made by the Iraqi three-member presidential council.
Iraq says bombs will not stop oil auction
By Ahmed Rasheed and Simon Webb
9:11am EST
REUTERS
-Oil ministry says oil bid round to proceed despite bombs -Big energy firms say no change yet to travel plans
BAGHDAD/DUBAI, Dec 8 (Reuters) – The Iraqi Oil Ministry said it will proceed with an oil auction this week and executives from big energy firms said they planned to attend, despite bombings that killed at least 112 people in Baghdad on Tuesday.
The bombs were a reminder of the security threat big energy firms face as they prepare to send staff into Iraq to work on some of the world’s largest oilfields.
“We are moving forward with the auction on Friday and Saturday as scheduled,” Sabah Abdul Kadhim, an official at the ministry’s petroleum licensing office, told Reuters.
The bombs were some distance away from Iraq’s Oil Ministry, where the oil auction would take place. But they rattled the windows at the ministry, where workers were adding the finishing touches to preparations to receive many of the oil world’s most powerful deal makers on Dec. 11-12.
Executives from some of the world’s largest energy companies contacted by Reuters said that they had made no change to their plans to fly into the Iraqi capital to compete for multibillion dollar deals to develop the world’s third largest oil reserves.
They have long had to weigh security and other risks to work in Iraq against the potentially huge gains on offer in the oil sector.
“We didn’t really expect Iraq to suddenly become peaceful,” said one executive at a western oil company planning to travel to Iraq on Thursday. The companies were monitoring the threat and evaluating the intelligence being provided to them by security teams on the ground, executives said. They would make the final call just before staff boarded flights to the Iraqi capital.
Iraq may beef up what was already expected to be tight security at the Oil Ministry, one executive said. “So far, we don’t think it will change our plans,” he said. “But it is a concern and Iraqi authorities will have to take this very seriously. It could mean even tighter security on the day and may make the logistics for the auction very difficult.”
(Additional reporting by Ayla Jean Yackley in Baghdad; editing by Michael Christie)
© Thomson Reuters 2009. All rights reserved.
http://in.reuters.com/article/oilRpt/idINGEE5B71BD20091208?pageNumber=2&virtualBrandChannel=0
S T R A T F O R
GLOBAL INTELLIGENCE
Iraq: Blasts Carry Signature Of Baathists, Al Qaeda – Al-Maliki
December 8, 2009
Iraqi
Prime Minister Nouri al-Maliki said on Dec. 8 that explosions in
Baghdad have the
traits of Baathists and al Qaeda, and he called for
security measures to be stepped up, Aswat al-Iraq reported, citing a
statement. The blasts that followed parliamentary approval of an
election law show that militants want to create chaos and prevent
political progress, al-Maliki said.
S T R A T F O R
GLOBAL INTELLIGENCE
Iraq: Presidency Council Resets Election Date For March 7, 2010
December 8, 2009
The Iraqi presidency council pushed back the date of Iraq’s general elections to March 7, 2010, marking the second time the council pushed back the date on Dec. 8, Reuters reported. The date earlier in the day had been set for March 6, 2010.
November 24th 2009: Iraq Status Report
http://www.state.gov/documents/organization/132651.pdf
well i have a fried whos uncle is a night janitor at a large chase bank in new york . On Sunday night he was cleaning off one of the desk then the compuer moniter started flashing red .It startled him and he thought some kind of alarm had been triggerred . He said the screen kept flashing so he got the guard to explain what happened and the letters coming up just said in bold letters 1 IQD = $ 3.86 USD . when he asked the guard about it he looked back at him and smiled putting his finger over his mouth to shhhhhh .I got excited but my compuer is not showing anything . Does anyone have any input on this !!! THANKS NUPRO !!
Maliki will likely win the largest number of seats in the next House of Representatives
Monday, February 01, 2010
Said a researcher at the French National Center for Scientific Research Dr Hisham Dawood that the results of opinion polls conducted by the Center in Iraq in recent months showing the Prime Minister Nuri al-Maliki’s rivals in winning the largest number of seats in the House of Representatives next.
David explained in a radio interview that Iraqi citizens will vote to initiate more of, “pointing out that” what is overwhelming to the citizens that the political class has failed, “However, to say,” There is something of a conviction (that) may be al-Maliki’s largest audience.
Dawood said the difficulty of forging alliances between the major political forces after the next election, adding that “the prime minister aspires to a second term, but you will have a parliamentary majority.
David stressed that the Iraqi citizen, has imposed on political forces to change the political discourse, pointing out that “the recipes of sectarian, religious or other did not succeed in Iraq,” stressing the importance of economics in addressing the crisis that has plagued Iraq.
http://translate.google.com/translate?js=y&prev=_t&hl=en&ie=UTF-8&layout=1&eotf=1&u=http%3A%2F%2Fradionawa.com%2Far%2FNewsDetailN.aspx%3Fid%3D75145%26LinkID%3D99&sl=ar&tl=en
REUTERS
Iraq says can be top global oil producer in 6-7 years
Sat, Jan 30 2010
BAGHDAD (Reuters) – Iraqi Oil Minister Hussain al-Shahristani said on Saturday he expected Iraq to become the world’s top oil producer in six to seven years, and that OPEC should take into account Iraq’s need to rebuild its economy. Emerging from the shadow of war and keen to generate petrodollars to rebuild, Baghdad looks set to lift capacity to 12 million barrels per day in six or seven years, strengthening its hand for future negotiations on output quotas with OPEC.
“We can’t find a reason to prevent Iraqi production becoming higher than any other OPEC state or even states outside OPEC. We expect that to happen in the next six to seven years with coordination and agreement with other OPEC producers,” he said.
Iraq has signed a series of oilfield development deals with global oil firms — which bid on prime fields at two energy auctions last year — in a nation with the world’s third largest crude reserves, emerging from years of conflict and sanctions.
Unlike OPEC’s 11 other members, Baghdad is not subject to the output targets the group uses to set supply levels. OPEC exempted Iraq in the 1990s, when it was under sanctions.
“Iraq has been deprived of having a fair export level over the last years, during which we were not able to produce or export oil while other states got benefit from this and were able to export at higher levels,” Shahristani told reporters. “OPEC should put into consideration Iraq’s need for oil revenues to rebuild its economy and country. Iraq has a definite need for these revenues.”
Iraq said last week it expected to present to OPEC partners in 2011 ideas for guidelines on new quotas when Baghdad’s plans to boost production capacity take shape.
The OPEC oil producers group is likely to try to get Iraq to curb output rather than pump all its extra capacity onto the market, analysts say. “We are not interested to flood the market with oil. Our future policy is to get higher revenues for Iraq rather than higher production and flooding the market,” Shahristani said.
(Reporting by Ahmed Rasheed; Writing by Jack Kimball; Editing by William Hardy)
© Thomson Reuters 2010. All rights reserved.
http://www.reuters.com/article/idUSTRE60T15B20100130
BAGHDAD (AFP) – China has agreed to cancel 80 percent of the 8.5-billion-dollar debt it is owed by Iraq, the finance ministry in Baghdad said in an official statement on Tuesday.
It said a bilateral agreement was signed in Beijing, without specifying the date, and that China’s ambassador to Iraq had met officials in Baghdad to confirm the agreement.
The statement added that the two countries entered into trade deals valued at 3.8 billion dollars in 2009.
In Beijing, foreign ministry spokesman Ma Zhaoxu told AFP “China and Iraq have reached an agreement not long ago… to substantially cancel the debts Iraq owes to Chinese companies.”
China cancels 80% of Iraq debtTue Feb 2, 7:43 am ET
“China has long been assisting Iraq to realise stability and development by offering aid, cutting debts and helping its economic restoration,” he said in a faxed statement.
Beijing “exempted in 2007 all the debts Iraq owed to the Chinese government,” the statement added, without giving specific figures.
State-owned Chinese oil firm CNPC has clinched some of the biggest deals in the Iraqi oil sector since the US-led invasion that toppled Saddam Hussein in 2003.
It was the leading member of a successful consortium bidding for the Halfaya field in southern Iraq in December.
The Chinese firm had already signed a deal last year, along with Britain’s BP, to ramp up production at Iraq’s biggest oil field, Rumaila. Those two deals are in addition to a contract signed in 2008 by CNPC to develop another oil field south of Baghdad, giving it a major presence among foreign energy firms operating in the conflict-wracked country.
Copyright © 2010 Yahoo! Inc. All rights reserved.
http://news.yahoo.com/s/afp/20100202/wl_mideast_afp/iraqchinafinancedebt
Iraq Dinar Speculation
Quick Dinar update
Early February 2009 Iraqi Dinar update… where is that dang RV?!
http://dinarspeculation.com/2010/02/04/quick-dinar-update/
STRATFORvideo
February 04, 2010
Attacks against Shiite pilgrims in Iraq have unfolded amid political tensions between Sunni and Shiite parties. The stability of Iraq and the U.S. military withdrawal timeline hang in the balance o…
http://www.youtube.com/watch?v=dPZmX65dSnE&feature=player_embedded
Iraq Dinar Speculation
Info and news on the explosive potential of the IQD!
Right on the heels of an update that got a record 151
comments in less than 48 hours, we have ANOTHER
huge article to look at…
And this one is even bigger. Holy cow….
Credible news sources are stating that Iraq has a plan
in place to introduce new denominations of the Iraqi Dinar
and phase out OUR large Iraqi dinar notes by the end of 2010.
Article here: http://dinarspeculation.com/
Like I said… ho-leeeee cow. This is big! I left links to
the discussion threads on the article, and you can also
leave comments on the article itself. Please do not respond
to this email, leave comments and questions at the link.
I’ll update you as we learn more!
-Adam Montana
I subscribbed to your rss feed but for some reason I haven’t been getting the updates. Maybe its something on my end. Any way I guess I have to just look through the archive. Thanks
What is the diference between a redenominaton and a revaluation?
Which would benefit a Iraqi Dinar holder?
Redenomination is giving the notes a new look, changing design or even changing the amount of zeros on a banknote.
Revaluation is the currency being traded on the world market and at local currency exchange banks, it’s a freedom every currency can benefit from.
While in Iraq between 04-05 i purchased 3mil Dinar.But in 06 i met an Iraqi banker in Scania and he explained what was going to happen(he had nothing to gain by this )but what he told me made pefect sence.Before the Dinar hits the world market the Gov.will remove all the zero’s,but will allow for time for the money to be exchanged,but if your not in Iraq,well you’ll be out of luck.after selling nearly 3 trillion dollars worth to speculators that will not have access to an Iraqi bank,the gov. of Iraq will allow for a value increase after the exchange period is over and the large note’s are worthless.Luckly i had this banker advise me on what i should do.So i sold all my large bills right awy to other Americans in Iraq.Then i began buying small 50dinar notes(they where hard to find and cost a little more(i paid around 50-55 dollars per 50k pack)and where very hard to get out of country,but i managed to get 900k back stateside.the only thing is,will they change the 50 notes as well,before it go’s on the market.We can only wait and see.Good Luck!