Thursday, August 18, 2005

Where to exchange the Iraqi Dinar in the future?

Hi again,

I receive a lot of emails about where to exchange the Iraqi Dinar once it has risen.

Well, I can be very short about this.

As soon as the World Bank accepts this currency, the regular banks will follow
and then you can exchange the dinar just the same as you would do with euro's
against dollars for example.


News From Iraq!

As a side note to all this news; today a Barrel of Oil Peaked in after hours trading at an all time high of OVER $65 per Barrel. That is good news as Iraq is now pumping out more oil than ever, and in July the Oil Ministry of Iraq had an ALL TIME HIGH earnings! The economy is picking up speed.
Iraqi Natural Resources News:
1.6 million barrels of oil daily: August 10, 2005 Iraq's oil minister Ibrahim Baher al-Oloum said that Iraq is to exporting 1.6 million barrels of oil daily in this phase, besides the local consumption estimated at 600,000 barrels daily.
For More: Click here (Arabic News)
Largest Ever Oil Revenues: August 8th, 2005 At the beginning of the news conference, the minister makes a statement on the Oil Ministry "recent achievements". "...The average increase in the production of liquefied Gas and gasoline was between seven and 10 per cent. As for gas oil and paraffin, the increase in July was between 18 and 20 per cent..."
Asked finally where the Iraqi oil revenues go, given the huge amount of oil sales and the poor conditions of the Iraqi people, the minister says: "God be praised, after the transfer of sovereignty to the Iraqis on 28 June of last year, I would like to assure you, as a person responsible for the oil sector, that all the revenues of the Iraqi crude oil are handled by Iraqis and go directly to the Iraqi development fund.
For More: Click here (Red Nova)
Iraqi Political News:
Iraqi Constitution On Track: June 28, 2005 Although Iraqi lawmakers acknowledge that drafting a permanent constitution is one of the biggest challenges facing the country, the team charged with producing the document are cautiously optimistic that they will complete the job on time.
For More: Click here (IWPR)
Iraq Clerics Call on Sunni Arab Minority to Vote: July 4, 2005 Several Sunni Muslim clerics have prepared a decree calling on members of Iraq's disaffected Sunni Arab minority to vote in coming elections and participate in the writing of a new constitution, a prominent Sunni leader said Monday.
For More: Click here (Washington Post)
Iraqi Financial News:Credit Card's now in Iraq: June 29, 2005 Al Basra province (south of Iraq) has started dealings in commercial markets using Al Fayha credit cards, which is issued for the first time by the Iraqi central bank.
For More: Click here (Iraq Directory)
4 New Banks to Open in Iraq: July 7, 2005 - After the establishment of two new banks in Iraq, Iraqi investors announced the formation of two other banks. The four private sector banks have a combined capital of $100 million.
For More: Click here (Iraqi Economy)
Enjoy!
Marcel Heersema

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