Mar 01 2010 |
more articles from
|
PM: Iraqi dinar re-evaluation has to do with economic conditions
28 February 2010Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened.
"The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy," Maliki said in response to some questions through the National Information Center.
"The government would not rush matters but would rather work on finding all the guarantees to render this measure a success. The Central Bank of Iraq (CBI) is currently entrusted with drawing up a study on the whole issue and would give its decision soon," said the Iraqi premier.
The Iraqi dinar's exchange rate is suffering from low value against foreign currencies as a result of decades of wars and economic embargo that brought the local currency's exchange rate to the rock bottom from three dinars per dollar in the late 1970s and 1980s to 3,000 dinars per dollar after the 1990 invasion of Kuwait, followed by a 13-year crippling sanctions regime.
The policy was lambasted by several economists on the grounds that these auctions do not give the real value of the country's local currency.
© Aswat Aliraq 2010
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Comments By Our Users (32)
The revalue that has taken place will make the Iraqi Dinar stronger against the United States Dollar, allowing the Iraqi people to have the strong economy they so badly need.
Replies
Where did you get this number?????.....
1 IQD = 0.85 USD as of March, 2010
where did u get this info from has it revalued yet or is this rumour please reply
Wow you people are so desperate that anybody says anything you get all wound up. Oh come on... Get a job.
You are exactly right. I have invested and some of these people don't want to believe but Iraq can't operate where their dinar worth stands now.
the dinar is 1 IQD= 1.35 USD as of Aug 30, 2010
you have 45 days to turn in your current dinar because of new currency. www.icb.com check news people it's happening.
Post Your Reply
Where is the source of the 1Iraqi Dinar equals $0.85 figure?
Post Your Reply
This is not going to happen never ever..
Replies
Never say never. As much as you believe this will never happen, I believe as strongly that it definitely will happen. Hope I am right.
Post Your Reply
More croc from a "Dinar Pumper" and to be taken with a grain of salt.
Replies
Please state where you found that it shows 1 IQD= 0.85
Post Your Reply
This is an fraud, nobody, in the department of State nor the US Treasury department endorsed, this.. so please people be careful with these people
Post Your Reply
Hello everyone, i know that this lop issue is like beating a dead horse and still beating him after he has been turned into glue! Here is what will happen and i hope finally we can stop talking about this issue! There is a better chance of someone finding big foot than there are of iraq lopping. Here is how it is going to go down, grab a pen………………..ok. Iraq is going to give the investor a modest rate some were between $ .84-1.60 they are going to give us a certain time frame to cash-in somewere in the neighborhood of 45-90 days. Once iraq gets all there dinar back they will do what anyone who wants to turn a profit would do, raise the value to its true worth $2.50-3.00 and with the 10-15 trillion in circulation in the hands of the average person iraq will profit 10-15 trillion at the least, you guys catching on yet, and then they will be able to pay all there debt and build their private sector!!!
Read More:http://www.dinariraqi.net
Post Your Reply
THE ULTIMATE LONG TERM INEVITABLE PROGRESSIVE VALUE OF THE IRAQI DINAR IS A RARE OPPORTUNITY. THE IRAQI GOVERNMENT WILL FIND ALL OF THE GAURANTEES TO RENDER THIS MEASURE A SUCCESS. BE ANXIOUS FOR
NOTHING, ITS DEFINITELY COMING IN DUE TIME. CONTINUE TO RIDE THIS WAVE OF IMMINENT LUCRATIVE GAIN, AND INVEST IN PRECIOUS METALS (SILVER) ALONG THE WAY. SHARE WITH OTHERS IN NEED, AND IT WILL BE REWARDING!
Post Your Reply
I has been on involvement in recruiting and sending skill,hi -skill Heavy workers,Labours
and different categorized professional personnel having better quality in experiences on different trades and sectors also in foreign countries according to demand and quality of the
recipients of organizations and companies.
In this concern.
Post Your Reply
God is Love~~I believe with every cell of my being & soul that this
is a BLESSING to the world! As I've experienced an almost fatal
accident, I was introduced to the idea of the Iraqi Dinars in the year
Feb. 2005 when my brother returned home from Camp Cedar, & he was
told by an Iraqi to buy their currency! So, I've been following this for
over 5 years! Amazing how history repeats itself!
So, Believe! Have faith for all mankind! Love is real, even after war!
Evol is real, even after war! Happy New Year, to all! Bless the World
with true "love" & all of us can "evol" in helping each other!
Also, Thank you very much for letting us share! Investing in God's
Country! Be Well!
Post Your Reply
Can you please tell me when the next conference call will be and the is it the no. on the home page of the website.
Thank You
Mike Ricotta
Post Your Reply
U.S. DEPARTMENT OF STATE
2010 Investment Climate Statement - Iraq
2010 Investment Climate Statement
Bureau of Economic, Energy and Business Affairs
March 2010
Interest in investing in Iraq has risen strongly, following substantial improvements in its security situation in the last year. Potential investors still note security concerns, but now are more likely to cite regulatory hindrances and other practical barriers to doing business as their key issues. While the end of 2009 and early 2010 saw a series of high-profile bombings targeting hotels and government offices, the frequency of broader sectarian violence and acts of war and terrorism continued to decline during 2009. This provided the Government of Iraq (GOI) and the Iraqi private sector the opportunity to make substantial progress toward improving the business and investment climate. In particular, the GOI expanded the capacity and functionality of the National and Provincial Investment Commissions and passed an amendment to the National Investment Law to clarify land use issues; the private banking sector also enjoyed growth. The GOI held two oil licensing (“bid”) rounds in which 44 foreign firms were allowed to bid for contracts to develop a substantial portion of Iraq’s oil resources (fields holding an estimated 62 billion barrels, or 54 percent of its proven reserves). The awarded contracts could increase Iraq’s oil export capacity by 500 percent over seven years, although internal infrastructure limitations and other factors will likely limit realization of this export potential. Iraq’s oil licensing rounds in 2009 may have been the world’s largest ever and were widely regarded as open, equitable, transparent, competitive, and free from corruption. The oil contracts awarded are expected to bring billions of dollars in foreign direct investment in the coming years and spur the growth of the foreign and domestic private sector in Iraq.
Despite these positive developments, the overall investment climate remained difficult and challenging, especially for small and medium investors. Potential investors should prepare themselves for significant security costs; cumbersome and confusing procedures for business visas or new business registration; long payment delays on some Iraqi government contracts; and sometimes unreliable, non-transparent dispute resolution mechanisms. Allegations of corruption are still endemic, and the legacy of central planning and inefficient state-owned enterprises continue to inhibit economic development. In its 2010 Doing Business Report, the World Bank ranked Iraq 153 out of 183 on the ease of doing business.
Openness to Foreign Investment
Currency Conversion and Transfer Policies
The currency of Iraq is the Dinar (IQD - sometimes referred to as the New Iraqi Dinar). The Iraqi authorities confirm that in practice there are no restrictions on current and capital transactions involving currency exchange as long as underlying transactions are supported by valid documentation.
http://www.state.gov/e/eeb/rls/othr/ics/2010/138084.htm
Post Your Reply
Thanks for all the honest info, I do appreciate how hard you all work to put all this together for us
Post Your Reply
madam / sir ,i am following the iraqi dinar value against US dollar regularly through some websites as i keep some holding of the currency. there was appreciation in the value till about may 2009 @ 2 Dinars /week but stopped this evaluation and is static at 1169 Dinars for a Dollar since then.Now I want you to kindly put me wise on when it should resume evaluation again and whether it should be slow as it was till may 2009 or should be faster than that? .And also i hope and want to know that they will not change the current currency?.please i shall wait for your kind reply.thanks
Replies
The Governor of the Central Bank of Iraq will decide when to raise the value of the Iraqi dinar. There has been news of redenomination of the currency. In my opinion Iraq would have more purchasing power if they revalue their currency to a higher rate and move them forward faster.
Post Your Reply
hope so that it happens soon ,
Post Your Reply
CAN ANYBODY TELL ME IF THEY HAVE HEARD OR HAVE REASON TO BELIEVE THIS RE - EVALUATION WILL BE HAPPNENING IN THE NEAR FUTURE?
AND IF SO CAN YOU EXPLAIN TO ME WHAT THIS WILL MEAN FOR SOMEONE HOLDING A LARGE AMOUNT OF IRAQI MONEY -- ONCE CONVERTED TO US DOLLARS ?
Post Your Reply
As we all know, for much is given, much is required!
However, for most of us this blessing only requires…Time, Patience and Faith!
How many success stories include people that where on the verge of great success however, did not receive their Blessing because they gave negativity life!
Have Faith! Keep the Faith! 2011 will be a Life Changer.
Soon...L’aissez le bon temps rouler!! Ms. J. R. King..SC
Post Your Reply
The IQD is in the forex market (un- marketable) It obviously will not regenerate short of re-evaluation! They need to strengthen the IQD for many reasons. More than likely they will re-evaluate soon! God gave them the resources to do phenomenal things for whatever his purpose. Can you imagine the economy they will have with the help their receiving to
develope and produce oil. Which, is indispensable to every country in the world!
Thanks for reading!
Post Your Reply
1 DINAR will be equal to 3.2 usd when float, maybe in April 2011 , or before Nov 2011 when IRAQ will join THE WTO
more info for CURRENT RATE CURRENCY at MIDLE EAST at my blog
http://dinar-iraq-currency.blogspot.com/
Post Your Reply
I am not sure why there is a repost of old news but I think it is good to remind our selfs why we jumped on this train. It is amost a certain thing that Iraq will grow. Will they make the rest of us rich ? We all hope so and I for one beleave those of us that stick it out will see what we are looking for. Thanks for the repost
Post Your Reply
A COUNTRY PRODUCING 7 BILLION DOLLARS MONTHLY FROM THEIR PRIMARY RESOURCE, WITH A MILLION DINARS WORTH ONLY 850 US DOLLARS, WITH PETROLEUM RESERVES REIGNING ABOVE ALL OTHERS IN THE WORLD, WITH OIL BEING THE MOST SOUGHT AFTER COMMODITY IN THE WORLD, WITH EVERY MAJOR COUNTRY IN THE WORLD DILEGENTLY CONNECTING WITH THE IRAQ GOVERNMENT TO SHARE THEIR WEALTH, WITH BILLIONS OF DOLLARS WORTH OF INFRASTRUCTURE AND REAL ESTATE BEING IMPLEMENTED BY OTHER COUNTRIES AR0UND THE WORLD, ET CETERA. DINAR INVESTERS WHERE ARE WE?
Post Your Reply
The Central Bank of Iraq is nearing completion of the project raise three zeroes from the Iraqi currency, that would then need to be approved by Parliament. So, keep watch. This is not a lop. It is removing 000 notes from circulation and issuing lower denominations imo.
Post Your Reply
"He (Saleh) pointed out that the project put forward by the Governor of the Central Bank on the twentieth of this month during a session of the Council of Ministers, has won the approval of the Council, is expected by the issuance of special legislation to be implemented in stages."
http://aljazeera.net/NR/exeres/CA2BEA22-9731-48B5-BA78-F543C77EF494.htm
Post Your Reply
Thank God, for the economist that lamblasted the auctions with true vision in the year of 2010! I hope they are still consistant with their views.
Post Your Reply
that is almost two years ago, and no rv
Post Your Reply
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment