_Greeting Peoples Dinar Members,
Ray and I have been comparing notes with our contacts and we have been very encouraged with the recent news coming out of Iraq.
The other day one of our members posted a few screen shots which are below and a current news article to back up what our contacts are saying.
Here is a current update by one of Ray's Iraqi contacts:
Was talking to some of my contacts yesterday and today and just wanted to give a little update on what is happening in Iraq right now. The people over there have been getting nervous about all the currency that has gone to Iran and Syria and was worried that the CBI was going to run out of money. Mohammad Mudher, the man who gave the press conference last week, came on TV yesterday and told the people not to worry about anything. He stated that the CBI has triple the money in reserves than all the dinar out in the market place. Also, the CBI has instructed all the banks to quit taking the Iranian and Syrian currency and also told the money changers too. The merchants that are still taking it are having to go to Dubai to exchange it.
Also, Maliki is meeting with Talabani tonight to discuss the remaining minister positions. It is hoped that they will come up with an agreement on the positions. Also, all the ministers will be swearing an oath tonight to the government of Iraq. They will be placing their hands on their holy book of choice. They will be swearing their allegiance to the government only and not to any other outside group or government. I hope to have more information on the outcome of this meeting that I can share tomorrow.
Read More Link on Right
_Now adding this article from Iraq-Business News, it supports the TV news.
Iraq has More than $60 billion in Foreign Reserves
February 7, 2012
Iraq now has over $60 million in foreign currency reserves as a result of the country’s oil sales, according to a report from Azzaman.
Mudher Saleh, a consultant with Iraq’s Central Bank, said the reserves are the highest in the country’s history, and are more than enough to cover the total volume of national currency currently in circulation.
Saleh made the remarks following a surge in demand for the US dollar, fueled mainly by sanctions on neighboring Syria and Iran, saying the Central Bank was determined to meet demand for dollars.
The bank had no problems selling dollars in return for dinars, he added, and this has boosted confidence in the local currency. External trade with the dinar as the currency of choice was on the increase.
Trade flow between Iraq and Iran and Syria has skyrocketed recently, according to Azzaman, with Iraq supplying the demand for sanctioned goods.
With all this great news, things are looking more positive.
Here is yet another positive news article:
Sunni Ministers in Iraq Return to Cabinet
Published: February 7, 2012
BAGHDAD — Iraq’s Sunni ministers returned to the cabinet on Tuesday, an incremental step that eases the tensions of the country’s political crisis but does not end it, and sets the stage for a national conference to seek a durable solution to a sectarian drama that erupted just as American troops left in December and raised the specter of a civil war.
The decision by the ministers for Iraqiya, the parliamentary bloc that includes most Sunni lawmakers, to rejoin the government follows the recent decision by Iraqiya to end its boycott of Parliament. Together, the decisions represent what Sunni officials called good-will gestures, but notably did not come after any public concessions from the Shiite-dominated central government, which is led by Prime Minister Nuri Kamal al-Maliki.
The two largest issues that precipitated the boycotts, and exacerbated sectarian tensions by fueling a sentiment of disenfranchisement among the country’s Sunni minority, have not been resolved. Those were an arrest warrant issued for Vice President Tariq al-Hashimi on terrorism charges, and Mr. Maliki’s attempt to fire Deputy Prime Minister Saleh al-Mutlaq for calling Mr. Maliki a dictator in the press. Both Mr. Hashimi and Mr. Mutlaq are Sunnis.
But officials said that Iraqiya has since distanced itself from Mr. Hashimi’s case, removing it from the center of the crisis by essentially agreeing with Mr. Maliki to leave it to the courts rather than the political arena. With Mr. Mutlaq, Iraqiya continues to insist that he be allowed to return to Parliament, while officials from Mr. Maliki’s alliance have insisted that Mr. Mutlaq would first need to apologize.
A report in the Iraqi press this week suggested that Mr. Mutlaq — who was traveling abroad on Tuesday — had drafted a letter of apology, but several officials, including Hamid al-Mutlaq, an Iraqiya lawmaker who is Mr. Mutlaq’s brother, denied that.
CLICK HERE for the Full NY Times Article
These images are from one of our Peoples Dinar member Diamond Dave. Thank you Diamond Dave for sharing these wonderful screen shots.
Central Bank Defends Weak Iraqi Dinar
Iraq’s Central Bank says it will not allow the Iraqi dinar to depreciate and has been selling hundreds of millions of dollars to keep the currency stable, according to a report from Azzaman.
The dinar weakened in December, prompting the bank to sell dollars in a bid to withdraw cash from Iraqi markets.
The bank did not say what caused the dinar to plummet to “lows it had not seen for years”, but officials privately say the plunge might have been due to political uncertainty in the region.
Mudher Saleh, Central Bank’s deputy governor, said there were no sound economic reasons for the currency’s weakening, but speculated that it might be the economic difficulties Iraq’s neighbours are facing, particularly Syria and Iran.
The bank coffers are said to be brimming with hard cash from oil sales.
Saleh said the bank would not let the dinar fall and in one day in December last year it sold $200 million on the open market to squeeze liquidity.
“We withdrew in one single day about one quarter of a trillion dinars, thereby bringing stability to the currency,” Saleh said.
He said Iraqi traders and industrialists have turned into middlemen for these countries, which has led to a substantial growth in demand for hard currency.
Please remain positive and let Iraq finish wrapping things up.
Now, when you see the borders closed you know it has happened!
Remember, "Silence is golden unless you can improve on it!"
I hope you all have a great week and even better weekend.
God Bless you all and your families.