Thursday, July 30, 2009

Bank of Baghdad to join ISX electronic trading sessions

Bank of Baghdad to join ISX electronic trading sessions Aswat Al Iraq - [7/29/2009]

The Iraqi Stock Exchange (ISX) on Tuesday said that the Bank of Baghdad will join its electronic trading sessions as of this Thursday, brining up the number of electronically registered companies to 47 out of a total 91.

The ISX witnessed the first e-trading session on April 19 over five registered companies, three banks and two hotels. The banks are the Ashur International Bank (AIB), Al-Mansour Bank and the Iraqi Credit Bank while the hotels are the Ashtar Hotel and Al-Mansour Hotel.
On June 7, the Iraqi Middle East Investment Bank and the Warka Bank joined the electronic trading sessions.
The ISX now holds three electronic sessions on a weekly basis: on Sundays, Tuesdays and Thursdays.

Japex in talks to develop big Iraq oilfield-Nikkei

Japex in talks to develop big Iraq oilfield-Nikkei
Reuters - [7/30/2009]

Japan Petroleum Exploration Co (Japex) (1662.T) has entered negotiations with Iraqi authorities to develop a giant oilfield in the Middle Eastern country, the Nikkei business daily said on Thursday.

The company has its sights set on the East Baghdad field, located outside Iraq's capital, the newspaper said without citing sources.

Japex has proposed developing the southern portion of the field, with initial output forecast at 400,000 barrels a day, enough to satisfy about 10 percent of Japanese demand, the newspaper said.

It also said that rival companies are expected to submit bids as well.

A Japex spokesman declined to comment on the report.

The Iraqi government invited foreign firms to join an auction last month for contracts to develop eight oil and gas fields.

Japex, whose joint bid with Chinese majors and others had failed earlier, will aim to secure big contracts through one-to-one negotiations with Iraqi authorities, the Nikkei said.

The newspaper also said Nippon Oil Corp (5001.T), Inpex Corp (1605.T) and JGC Corp (1963.T) are jointly vying with Italy's Eni SpA for a contract to develop the Nassiriyah oil field in southern Iraq.

One BIG Question...

If this notice has been in circulation for the last few months on bases all over Iraq...

WHO: ALL CUSTOMERS dealing with Finance Offices in Theater

  • Removal of US currency
  • Increased use of Iraqi Dinar and EFT payments
  • AII checks cashed will be loaded on to an ECC
  • You WILL NOT be able to withdraw US Dollars from your ECC
  • You are able to withdraw Iraqi Dinar from your ECC at the daily exchange rate.
WHERE: Victory Base Complex (VBC) and OIF Theater
WHY: The U,S. Dollar is being phased out of the theater This will facilitate a decrease in the dependency of the U.S. Dollar, and to encourage Iraqi Financial Institutions to expand and mature into reliable resources for the Iraqi people.

The question is... What about all the Iraqi Dinar which returns home with the troops?

Is it a souvenir? Or will they be able to trade it in for their own currency someplace other than Iraq?

The rumors are flying. In my own opinion, I feel that a RV will be announced in the next few months, and that the Iraqi Dinar will be open to International Trade.

Monday, July 27, 2009

2,500,000 Iraqi Dinar... For Sale!

I have 2,500,000 New Iraqi Dinar and I am just tired of waiting for something to happen.

Any offers?

Friday, July 17, 2009

Welcome to Central Bank of Iraq - NEW WEBSITE

The week of July 13th, 2009 launched a milestone for the Central Bank of Iraq. The mystery as to why their website had not been updated in months, has finally been put to rest.

Today the CBI has launched their new website, which is very content and user friendly.

Visit it here

Post your comments about it HERE.

Thursday, July 16, 2009

Dollar to Dinar? Coming Sooner Than You Think

Multi-National Division Baghdad RSS
Story by Staff Sgt. Mark Burrell

Dollar to Dinar?
BAGHDAD – "Can I get fifty bucks in Iraqi dinar?" That may sound like an odd request from an American Soldier at a finance office in Baghdad, but in the next few months it will be as natural as buying DVDs or energy drinks from the Iraqi shops here.

However, the Army and Air Force Exchange Services run shops and the military postal services will still only accept U.S. dollars, explained Maj. Timothy Lancaster, the commander of the 208th Finance Company, 10th Sustainment Brigade Troops Battalion.

"The goal is to migrate from using primarily U.S. dollars to primarily Iraqi dinar by, Oct. 1," said Lancaster. He stressed that October isn't a deadline, but a reasonable goal.

Lancaster, from Mannheim, Germany, is in charge of six finance detachments from all over the world that support finance in Multi-National Division – Baghdad.

"Iraq is their own country and sovereign," Lancaster added. "Their currency is the Iraqi dinar, so we need to respect that and start adopting what we can to support them."

As coalition forces have left the cities and Iraqi security forces have taken over security, Army finance is trying to transition the economy back to the shoulders of Iraqis using the dinar to lessen CF visibility here, according to Lancaster.

"The advantage of switching over is we inject their economy and that makes the dinar stronger," said Capt. Jason Hempstead, the 828th Financial Management Detachment commander, 208th Financial Company. The Pennsylvania National Guard Soldiers from the 828th run the Camp Liberty Finance Office.

"It helps us accomplish our mission and it helps Iraqis become more economically stable," added Hempstead, who hails from, Richmond, Va.

In theory, the goal to lessen the CF footprint, help stabilize the Iraqi economy and spend more local currency in markets in Baghdad should be easy, but that isn't the case, said Lancaster.

"The switch from the dollar to the dinar has been harder than expected because it's been so ingrained in Iraqi vendors," explained Lancaster. "Vendors are so used to seeing cash and U.S. dollars, there has to be a mental shift."

That shift is already starting to take place around bases in Baghdad as more and more local shop owners don't bat an eye when asked if they take dinar, said Lancaster.

"It shouldn't be a problem, the vendors usually accept local currency," added Hempstead.

Though many Soldiers come in to request money from their Eagle Cash card, the need for U.S. currency is mostly coming from paying agents that pay their contractors, added Hempstead.

"We issued about four million U.S. dollars from this office last month," said 1st Lt. Donald Warren, a disbursing agent from, Indiana, Pa., assigned to the 828th Financial Management Detachment. "But for every day operations, we have both types of currency to fulfill the need for the mission."

In the market, the price of the Iraqi dinar fluctuates daily, but for the past seven months the military exchange rate has held at 1,170 Iraqi dinars to one U.S. dollar, explained Lancaster. Differences in on base and off base exchange rates can lead to black market currency prices and fear of counterfeit currency coming into circulation.

"We have guaranteed currency from trusted sources, like the National Bank of Iraq, so it's safe to get your dinar from our finance offices," said Lancaster. There are also security measures that Lancaster's offices take that check for watermarks among other things.

Using the dinar will also cut out steep costs of transitioning cash from the United States to Iraq with Soldiers carrying it every step of the way, added Lancaster.

"Is it a simple flip of a switch? No, it really isn't," said Lancaster. "We will always be here for the Soldiers, but we want the banks here to do the banking for the Iraqis."

As word spreads and more Soldiers start to take advantage of the dinar, the easier it will be to transition out of Iraq when the time comes, the easier it will be to get a better deal on those DVDs and energy drinks at the markets.

Associated Images

Wednesday, July 15, 2009

Editors thoughts...

This is how I got started with the Iraqi Dinar. Back when the war started I saw some TV show, maybe Oprah..., saying how there are a lot of troops fighting for our freedoms who do not have family or friends. That there is a website to join which puts you in contact with troops in Iraq, kinda like a pen pal. I thought that would be interesting so I went online and became a member. Quickly I started receiving emails from all different troops just looking to talk to someone back home. I wrote many letters back and forth. Over time I became friends with some troops. I would send over care packages from items back home, and they would send me cool trinkets from Iraq. Not once did I think about getting involved with the Iraqi Dinar, until one day I received a letter from one of my pals. This letter contained a really cool postcard, which I may scan and post later, some photos and a crisp 25000 Dinar note. Even though it was worth anything at the time, I thought it was the coolest thing since sliced bread. Over the next few months I would send US cash to the troops and they would send me more and more new Iraqi Dinar. Over the years I have accumulated millions in Dinars, I have financially supported a bunch of troops, and in return I have made some solid friends which I still talk to 6 years later. I even had 1 marine who moved into my apartment complex and is now working as a Palm Beach County Sheriff.

So this is what go me started on this hobby. Over the years I have hoped that this will help me financially...

Well, looking at the world as it is...

All the debt countries are in...

All the companies that took things for granted are going belly up...

Currently I have a good job. I am working on starting a computer business. I have a fiancee. I have so many things to be grateful for.

Not so much as making millions off the Iraqi Dinar, I wish the world would straighten itself out. I wish the world would get rid of all the negativity. I wish the worlds politicians who are only out for their own gain would get whats coming to them.

All I want now is to be happy. In fact I am happy. I have seen so many videos and photos of all the people who are suffering in Iraq because their money isn't worth shit, and the people have to work like slaves just to get bread and water...

Whatever happened to a Utopian society? Whatever happened to trading services for goods and vice versa...

I look at the current times as a cleansing period. With GM going under... why should we have to pay $50000 for a vehicle which only takes $10000 to produce? Why???

I just had enough. I thought a democratic society is a society for the people by the people?? If so, then why don't we vote on where our tax dollars go? I don't want to own 3.17 shares of GM. I don't even drive a GM vehicle...

Why so many levels of government? Why can't I start a lottery? Why can't I start a casino? Why so many friggin laws? Why are the laws so confusing?

I hope Obama can assist on cleaning up this mess... to be continued later on...

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