Central Bank Of Iraq
The currently running Central Bank Of Iraq was established in 2004 and at the time funded with a capital of 100 billion dinars. As of the end of 2006 the bank had total assets valued at 33 trillion dinar which is about $28.5 billion in US currency.
The main objective of the Bank Of Iraq is to try and maintain domestic price stability and a completive market, a difficult task in a war torn country with black markets and other price and economic forces not under their control. The CBI is also to formulate and implement monetary policy including the currency exchange rate for the Iraqi Dinar.
The CBI is also to hold Iraqi gold and manage the reserves of gold for the country as well as issue and manage currency.
World's Largest Bank Robbery
The day before the United States and coalition forces began their invasion of Iraq, Saddam Hussein essentially robbed the Central Bank of Iraq of nearly $1 billion making this the largest bank robbery in history. More than $650 million of those dollars were eventually recovered by troops finding them hidden in the walls of Hussein's palaces. The other roughly $250 to $300 million was never found and claimed to be stolen by thieves other than Saddam Hussein and his sons.
A note was later found signed by Saddam himself ordering the withdrawal of $920 million from the bank. Funny how in times of great crisis national leaders think they own everything in the country.
At the current time the banking and financial situation in Iraq appear to be fairly stable. If a lasting peace does in fact happen in Iraq the value of the dinar will certainly climb and allow those who have bought Iraqi dinar to cash in on their investments.
New blog entry: * Daily Google Ale: Iraqi Dinar http://www.theiraqidinar.com/?p=8117
New blog entry: * History of Iraqi Dinar and Iraq Dinar Stock Exchange http://www.theiraqidinar.com/?p=7971
New post: Iraqi Dinar Value – Different Rates For Different Prices http://cli.gs/aXZ5X
I heard gov of iraq want to change a new iraq dinar end 2010,is it true ?
Is it true that the iraq dinar will revalue soon and if so. What do you think it will revalue too?
It is important to know; what is actually going on in the country it self ? There is a way to get this information ? We have U.S. Troops that in country training Iraqi security force. Also DOD contractors working in theater that could let us know ? ‘What’s the latest on the Dinar? What and when the CBI is going (RV) to the rest of world? Believe me I’m trying to find out . Someone that knows someone could inform us common people with the facts. Please pass on any information that could highlight the economy of Iraq, and the Dinar.
There is a site called dinartrade.com where individuals can log into and
purchase the currency of Iraq. They receive the actual dinar along with
a certificate of authenticity from the Central bank Of Iraq. I gotten reports
where the government of Iraq say’s that it is illegal to do so and that
these site’s are fradulent, and will not honor these transaction of exchange,
once the dinar has been revalued.
Would you please advise, what the truth is in this matter.
Regards
Claude Sinyard
Hey… Is there any other latest news on iraq dinar’s RV,…?? Seriously…
In reguards to the comment a little earlier……about the dinar purchasing from the websites as being illegal and a scam; it is a total smoke screen. Meaning, that if you have purchased dinar through transactions over the web from Ty at Dinar Banker, Ali at Dinar Trade, Safe Dinar, or The Currency Vault you are 100% in the clear. They only sell government issued dinar notes directly from the CBI (Central Bank of Iraq) auctions. So there is no worry about getting funny money or counterfeit bills. As for it being said that it is illegal to purchase this currency, that is also false. President Bush and his administration implemented protective bills and laws to ensure that our government and it’s citizens have the oppertunity to invest in Iraq and it’s rebuilding of the economy and it’s infrastructures. Many Americans and other foreign investors around the globe have sunk billions of dollars in investments into the country of Iraq and its people, to hopefully gain the return of their investments over 1000 X fold once the countries government and elected officials learn to accept Democratic policies and behaviors, and revalues their currency. Many believe because of comments and publications from it’s chief economist and head of the CBI, Shabibi, that the Iraqi currency will once rise again to a greatness equivilent to that of it’s neighbor Kuwait, or even higher. Just for all of you newbies, if you really want to catch up on current events and the latest news infromation, you should check out Dinar Daddy’s Tidbits. We are very close to seeing this investment come to fruition; I say this because of current events and gazette publishings which point that out, as long as you know how to read between the lines ….so to speak. So stay firm in your investment , if you have done so, and if not …you are about to watch the parade go bye! Godbless….and good luck!