Old but a goody.

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Old but a goody.

Post by Adster on Fri Jul 04, 2008 9:27 am

Thanks bro. Cool Didn't they state they wanted to rebase in 2008? Sounds very much like the red part below. Laughing Laughing Laughing


http://www.gwu.edu/~nsarchiv/NSAEBB/...astructure.pdf

Written in Dec 2002, unclassified June 22 2005


Page 14

"To
sustain the likely positive impact of the new currency, it is essential
to re-establish the base purchasing and foreign exchange value of the
NID as it was in the 1970's"
(the value is referenced in the first sentence of the first paragraph on page14 at $ 3.30 USD)


See bottom of page 14 footnote number one:

"The sensitivity of any suggested or anticipated value of the NID should be considered carefully and hence it is advisable that any suggestions in this regard must not be propagated." -
-Gee I guess they want to keep this quiet

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Re: Old but a goody.

Post by Adster on Fri Jul 04, 2008 9:29 am

UPDATE: Iraq Plans To Rebase Its Dinar Early 2008 - Fin Min


http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=fce85a1a-81d2-4920-a13d-0d6ab052864c

Thu, Nov 29 2007, 15:19 GMT
http://www.djnewswires.com/eu



UPDATE: Iraq Plans To Rebase Its Dinar Early 2008 - Fin Min

(adds more interview details)

By Hassan Hafidh

Of DOW JONES NEWSWIRES

AMMAN
(Dow Jones)-The Central Bank of Iraq is contemplating rebasing the
Iraqi dinar and issuing new banknotes early next year, the country's
Finance Minister said Thursday.

"The Central Bank will take a decision in three months time from now,
taking off three zeros from the current Iraqi dinar value," Bayan Jabor said in
an exclusive interview with Dow Jones Newswires in Amman.

On
Thursday, the dinar traded 1,230 dinars against the dollar, according
to a trader in Baghdad. If the rebase decision is taken, it means that
a dollar will equal only 1.23 dinars at current prices, the minister
said.


Currency
rebasings usually are monetarily neutral and are introduced to make
commercial calculations easier. Turkey knocked six zeroes off its lira
currency on Jan 1 2005, for example.

Before the U.S.-led
invasion of 2003, the dinar was trading at 2,500 against the dollar.
During early 1980s an Iraqi dinar was traded by Iraqi state-run banks
at 3 dollars.

The Central Bank of Iraq has been working to
improve the value of the dinar against the dollar through holding a
daily auction to sell dollars to private and government banks. The bank
sells between $35 and $50 million in each auction it holds, bank
officials said.

The Iraqi minister said, however, printing new bank notes and fully replacing old notes would take two years.

In
July 2004, the now dissolved U.S. civilian authority in Iraq decided to
print the current Iraqi bank notes replacing those used to bear the
picture of the former Iraqi leader Saddam Hussein. Iraqis then had
three months to swap their old dinars with the new ones.

According to Central Bank officials some 10,000 tons of old dinars were then collected and burned.

The
current banknotes were printed by Britain's De La Rue Plc (DLAR.L), the
world's biggest commercial printer of bank notes. Jabor didn't say
which company would print the new banknotes.

Jabor said that
the government was able to bring down inflation from a record figure of
60% last year to a current 16%. He said Iraq's economy is growing at a
rate of 6% this year and that the government wants to increase that
figure with more crude oil exports, tourism and agriculture in 2008.
Iraq sits on the third largest oil reserves in the world and depends on
oil sales for almost all of its foreign currency earnings. Jabor
announced earlier this month that the country's budget for 2008 would
be $48.4 billion up from $42 billion in 2007. Some 88% percent of that
budget would be financed from oil revenues which are expected to reach
$36 billion, according to Iraqi officials.

He
said that his ministry has allocated $15.5 billion for investment in
various industrial, oil, agricultural, housing and service projects in
2008. He said some $5 billion that the government was not able to spend
in 2007 would be moved to 2008 investment plan.

While in
Amman, Jabor met with Jordanian businessmen to encourage them to start
investment in Iraq's ambitious reconstruction plan for 2008. He did the
same thing with Syrian and Kuwaiti businessmen last week. - By Hassan
Hafidh; Dow Jones Newswires; + 962 777 612 111;
hassan.hafidh@dowjones.com

(END) Dow Jones Newswires

November 29, 2007 10:19 ET (15:19 GMT)

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Re: Old but a goody.

Post by Adster on Fri Jul 04, 2008 9:31 am

Just for clarification with regards to propagated if some don't know what it means...........

prop·a·gate play_w2("P0598100") (prp-gt)v. prop·a·gat·ed, prop·a·gat·ing, prop·a·gates
v.tr.1. To cause (an organism) to multiply or breed.
2. To breed (offspring).
3. To transmit (characteristics) from one generation to another.
4. To cause to extend to a broader area or larger number; spread: missionaries who propagate the faith.
5. To make widely known; publicize: propagate a rumor.
6. Physics To cause (a wave, for example) to move in some direction or through a medium; transmit.

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Re: Old but a goody.

Post by Howler on Fri Jul 04, 2008 10:34 am

excellent Addy!
Good to see some of the GOOD stuff.

didnt know ya skied. LOL

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Re: Old but a goody.

Post by Adster on Sat Jul 05, 2008 2:02 am

Howler wrote:excellent Addy!
Good to see some of the GOOD stuff.

didnt know ya skied. LOL

LOL. 78 views and no comments? Shocked Shocked Shocked

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Re: Old but a goody.

Post by GottaDash on Sat Jul 05, 2008 7:40 am

Adster wrote:
Howler wrote:excellent Addy!
Good to see some of the GOOD stuff.

didnt know ya skied. LOL

LOL. 78 views and no comments? Shocked Shocked Shocked

So, here's the eternal Question What will they take the infamous zeroes off of? The value of the currency or the actual currency?

Your thoughts Adskier What a Face

Thanks - Dash

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It's Coming

Post by JCAV on Sat Jul 05, 2008 8:17 am

Thanks for the post Adster. They literally are running out of time. It will get done. Don't think GWB and Dicky C. will let this slip through their fingers. These do nothing GoI Politiicians will be forced to do the right thing soon enough. Looks like Barack Obama was told to change his stance on Iraq because he will look stupid when this thing hits soon.

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Re: Old but a goody.

Post by Suzy on Sat Jul 05, 2008 10:51 pm

Interesting, on page 22 are small dinar notes which does not look like they were ever printed. The old dinar notes had saddam face

The 10 dinar note looks like the existing 10,000 note. Kinda sad the similarity ... as, if a lop its in the play ... its logical to have same look .. easy for people to recognize and accomodate with the transition .

But there isnt any note for the 25, 000 one which is most representative for the "iraqi pride" , having the Hammurabi on it. That makes me think on a "positive" side ... that the 25,000 one could be the only one remaining in use after a RV and the other large notes will be taken out of circulation with time


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Re: Old but a goody.

Post by puresourceenergy on Sat Jul 05, 2008 11:05 pm

JCAV wrote:Thanks for the post Adster. They literally are running out of time. It will get done. Don't think GWB and Dicky C. will let this slip through their fingers. These do nothing GoI Politiicians will be forced to do the right thing soon enough. Looks like Barack Obama was told to change his stance on Iraq because he will look stupid when this thing hits soon.
I totally agree JCAV...don't think GWB or Dicky C. were there in May because of the weather...this will get done...I know we are all speculating..and I am betting it gets done before Barack is in there..not a chance in *&^* that he will get the credit for this one...JMO

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Re: Old but a goody.

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