10-26-12 Kaperoni: Ok, I have been sitting on this for a while and with all the articles recently talking about the revalue, etc. I wanted to point out this quote from the April SIGIR (Special Inspector General for Iraqi Reconstruction) confirming something close to 1.17 to $1 or .86. Now if this does not give you all confidence in your investment, nothing will.
Keep in mind, this was written at the time Maliki was trying to stop this."Official exchange rate for Iraqi dinar strengthened marginally against the U.S. dollar, selling at 1,166 per dollar through much of the quarter.
That rate is down slightly from 1,170—a level that had held constant for the past three years. However, a spike in demand for dollars generated by merchants from neighboring Iran and Syria—suddenly unable to procure sufficient amounts of the U.S. currency at home because of international sanctions helped drive the unofficial street exchange rate above 1,320 dinar
Read More Link On Right
In April 2012, the CoM postponed indefinitely plans for a currency reform that would have removed three zeros from the Iraqi dinar in 2013 and required the issuance of new currency notes.
The reform would have made the dinar’s value slightly less than $1." This report is in the Research Library, page 84 (94 in the file).
In response to article above:
10-26-12 tlar: Maliki has any number of reasons he doesn't want the dinar to revalue. What's important is that even his own guy seems to be following in the steps of Shabibi. Other than arrests at the CBI I really don't see any major changes.
Turki has in fact acknowledged that they need to raise the value or just drop the 3 zeros off the currency. He is also stated they need to continue the auctions.
These are the very same auctions Maliki and his goons were saying hurt the economy. Turkri was one of the guys who investigated Shabibi and ended up at least temporarily, with his job.
He is one of that group who spoke out not onlymagainst just Shabibi, but the auctions. I guess you really don't know or understand something until you walk in the shoes of the one doing it.
Other than assisting in the take over of the bank, I'm not sure Turki is making any significant changes at all. In fact I would dare say that he is running around like a madman trying to control the CBI because for one thing, he must be shorthanded with all the new openings.
Let's see now 36 + 19 + 2 +++ and that's just at the main office.