Latest Posts

Iraq Halts Plans to Drop 3 Zeros from Dinar

by admin ~ April 30th, 2012

Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, reports Reuters.

The central bank said last August that it planned to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised and dominated by oil, and where deals are often carried out in cash.

The proposal to restructure the dinar to bring more liquidity into the market has been awaiting parliamentary approval since last year.

On Thursday, a statement on the website of the cabinet secretary said the cabinet had decided to halt all procedures relating to the redenomination of the dinar “until further notice”.

“The economic committee discussed this issue and so did cabinet … There is a possibility that it could cause some problems in the economic situation. Besides that, this operation is so big that cabinet sees circumstances are not right to control this,” cabinet secretary Ali al-Alaq told Reuters.

“We have more than 30 trillion dinars in circulation. To withdraw this amount from the market and then to examine them and to dispose of them is a huge process. Even the technical and the monetary capabilities to control a process like this, we consider as insufficient and it is not seen as a priority currently,” Alaq said.

The central bank says Iraq’s large foreign reserves, which have risen to a record $60 billion on the back of high oil prices, will shield it from any damage to its financial system on the national level.

 

http://www.iraq-businessnews.com/2012/04/13/iraq-halts-plans-to-drop-3-zeros-from-dinar/

 

 

Iraq exports first oil cargo from second offshore terminal

by admin ~ April 27th, 2012

Vessel carrying 2 million barrels for Indian Oil Corp

* New floating terminals big boost for exporting oil (.)

BAGHDAD, April 24 (Reuters) – Iraq exported its first cargo of crude oil of two million barrels from its second new floating terminal in the Gulf on Tuesday, shipping data tracked by Reuters showed.

The terminal is the second of four being built by Australia’s Leighton Holdings, each with a capacity of 850,000 barrels per day (bpd) and which are expected to more than double Iraq’s export capacity.

Data showed the A Whale vessel left the second new floating Single Point Mooring (SPM) terminal early on Tuesday to deliver the crude to India’s state-run Indian Oil Corp.

“After bringing a second export terminal online, we are confident that we’re ready to deal with exporting more crude in the future,” an official for Iraq’s state-run South Oil Co. (SOC) told Reuters.

Iraq began exporting from the first Single Point Mooring (SPM) platform last month at a capacity of 300,000 bpd, which helped boost exports to their highest level since 2003.

The SOC official said operations at the first SPM had been halted during loading of crude at the second platform as there was not enough oil from the fields to feed both terminals.

The official said a vessel had already docked at the first terminal and started loading on Tuesday after operations at the second platform were completed.

Iraq’s oil production has been held back for decades by infrastructure crippled by years of sanctions and war, including a lack of export capacity on its small strip of the Gulf coast.

Production from Iraq’s southern oilfields is expected to hit around 2.75 million bpd by the end of this year and the OPEC producer is expected to be the world’s biggest source of new oil supplies over the next few years. (Reporting by Ahmed Rasheed; Editing by Serena Chaudhry and Alison Birrane)

http://www.reuters.com/article/2012/04/24/iraq-oil-exports-idUSL5E8FO8ZB201204

New CBI Headquarters

by admin ~ April 25th, 2012

Zaha Hadid Architects and Central Bank of Iraq sign agreement for new headquarters

LONDON, UK – Zaha Hadid joined H.E. Dr Sinan Al-Shabibi, Governor of the Central Bank of Iraq (CBI) at a ceremony to sign the agreement between the CBI and Zaha Hadid Architects (ZHA) for the design stages of the new CBI Headquarters building. The ceremony was hosted at the Victoria & Albert Museum by H.E. Dr Muhielddin Hussein Abdullah, Charges d’Affaires of the Iraqi Embassy.

ZHA have already completed the client’s Brief Development and will immediately commence the design process for the new CBI Headquarters to be built on the shores of the Tigris River in Baghdad. ZHA will lead the international team of specialist consultants including: Adams Kara Taylor, Max Fordham, Newtecnic, DEGW, Gross Max, Davis Langdon, Arup, Warringtonfire, Winton Nightingale and A2 Project Managers.

Dr Sinan Al-Shabibi said: “The new building shall be a symbol of the Bank’s role in the economic development of Iraq and a reflection of the determination to rebuild the country.”

Zaha Hadid said: “I am deeply touched that I have been asked to design the new headquarters for the Central Bank of Iraq. I was born in Iraq and I still feel very close to it. I feel very privileged to be working in Iraq on a design of such national importance.”

Our Currencies

by admin ~ April 17th, 2012

At Dinar Inc. we offer a total of five different currencies. We offer the Iraqi Dinar, Vietnamese Dong, South Korean Won, Hong Kong Dollar, & Chinese Yuan. All currencies differ in price, color, volume, & material.

In addition we are always looking into expanding currencies Dinar Inc. holds.

All these currencies they have one little thing in common they are all being shipped at the same low price of 4.99 until April 30th 2012. So take advantage of our April reduced shipping price

History of the Iraqi Dinar

by admin ~ April 9th, 2012

he Iraqi dinar or Iraq dinar was introduced by the Coalition
Provisional Authority or CPA from October 15, 2003 to January 15, 2004.
The CPA was an interim government or acting government set up by the
United States and selected Iraqi persons. The dinar replaced
the old Saddam notes (that bared his face) to give the Iraqi people and
their country hope in the future of their new Iraq. This created a
single unified currency that is used throughout all of Iraq and will also make money more
convenient to use in people’s everyday lives.” Old banknotes were
exchanged for new at a one-to-one rate, except for the Swiss dinars,
which were exchanged at a rate of 150 new dinars for one Swiss dinar.

The Iraqi dinar comes in denominations of 50, 250, 500, 1000, 5000,10000 and 25000.

The dinar was printed by De La Rue an English company which is the
world leader in anti-forgery techniques. De La Rue is the largest
printer of currency in the world and trades publicly on the London Stock Exchange.

After the Gulf War in 1991, and due to the economic blockade, the
previously used Swiss printing technology was no longer available. A
new, inferior quality notes issue was produced. The previous issue
became known as the Swiss dinar and continued to circulate in the
Kurdish region of Iraq. Due to excessive government printing of the new
notes issue, the dinar devalued quickly, and in late 1995, US$1 was
valued at 3,000 dinars.

Following the deposition of Saddam Hussein in the 2003 invasion of Iraq, the Iraqi Governing Council and the Office for Reconstruction and Humanitarian Assistance began printing more Saddam dinar notes as a stopgap measure to maintain the money supply until new currency could be introduced.

Between October 15, 2003 and January 15, 2004, the Coalition Provisional Authority issued the Iraqi dinar coins and notes, with the notes printed by De La Rue using modern anti-forgery techniques, to “create a single unified currency that is used throughout all of Iraq and will also make money more
convenient to use in people’s everyday lives.” Old banknotes were
exchanged for new at a one-to-one rate, except for the Swiss dinars,
which were exchanged at a rate of 150 new dinars for one Swiss dinar.
These new banknotes led to a new industry of selling the new Iraqi dinar to oversea investors who hoped to profit from Iraq’s new currency
when the economy improved. The provisional government of Iraq has made
this legal, but the banknotes are exchanged at different rates by
companies wanting to make profit.

Although the value of the
dinar appreciated following the introduction of the new banknotes from
4,000 dinars per U.S. dollar, at the time of their introduction, to a
high of 980 dinars per dollar, it is now held at a “program” exchange rate, as specified by the International Monetary Fund,[citation needed] of 1170 dinars per US dollar at the Central Bank of Iraq. However, there is not yet a set international exchange rate and so international banks do not yet exchange Iraqi dinar. The exchange rate available on the streets of Iraq was around 1500 dinar per US dollar in April 2006

5 Simple ways to tell if your Dinar is real !!

by admin ~ April 6th, 2012

here are a few ways individuals can check there Dinar without the use of a De LaRue machine. Here are some ways to check your Dinar:

1. each note has a security thread running vertically through the note. this should be clearly visible without any equipment.

2.there is a horse head water mark on all 25k notes that you can see when held up to a light.

3. there is a color changing symbol on the back of each note. you will notice the change when transitioning the bill from a horizontal position to vertical position. the symbol is metallic looking and has a shape of a flower.

4.You can buy a hand held UV light and on the back of each bill there is a small square section that will glow the denomination of the note when held under the UV light.

5.There is no way to really check this security feature at home but all notes are printed using a metallic

Dinar Inc.’s customer file updates

by admin ~ April 4th, 2012

The compliance department of Dinar Inc. will be making phone calls to NEW and EXISTING clients over the next several months to heighten our compliance standards that are REQUIRED by State and Federal regulations. It is Dinar Inc.’s police to meet or exceed all State and Federal guidelines so your cooperation is appreciated. Any questions please call the company.

Robert Hoffman, Jr.

President

Purchasing Dinar on Layaway

by admin ~ April 4th, 2012

Our layaway program contract consists of 8 or 12 week (2 or 3 month) payments with a $29.99 non-refundable service fee. Twenty percent down is required at time of purchase. All payments are to be made by bank wire, cashier’s check, and/or money orders. Following the order placement online instructions will be sent via email. Payments are required weekly starting 7 calendar days after initial order.

Any layaway contract cannot be started if you have other delinquent layaway accounts. A certified state I.D is required to initiate all new layaway contracts (scanned & emails only, no faxes).

In the event the layaway contract cannot be fulfilled due to customer cancellation, and the customer wants the amount of Iraqi Dinar shipped that has been purchased to that point, the amount will be adjusted and the customer’s request fulfilled. The amount of Dinar refunded is determined using the exchange rate in existence on the date the customer signed the True Layaway contract. No cancellations fee will apply however the service fee of $29.99 is non-refundable.

No Iraqi Dinar is shipped until layaway contract is complete.

Will there be a New Iraqi Dinar ?

by admin ~ April 3rd, 2012
Any information regarding the “supposed” new currency is at best speculation. Iraq and the rest of its world supporters has put to much time, effort, and finance into instituting its current new Iraqi Dinar. We dont for see any changes with the Iraqi Dinar however if there was a change, common sense would tell you the country would have to give time to allow an exchange to be done like they did when they instituted the new Iraqi Dinar back in 2003.

Dinar Inc.’s Free Dinar and VND Match

by admin ~ April 2nd, 2012

For limited time only starting April 2nd to April 30th Dinar Inc. is having its BIGGEST special ever. Free Dinar and VND match.

It’s a new month with new savings. Out with the $30 dollar shipping fee and in with the $4.99 flat rate. Who doesn’t like getting free money? So we here at Dinar Inc. have decided to go all out.

With every 100,000 I.Q.D purchase you will receive a free 1,000 I.Q.D note AND you will receive VND equal to the Iraqi Dinar you purchased.


Terms of Special:

Layaway orders are excluded from this offer. Special flat rate on shipping is only valid on all orders in the U.S not including Alaska, Hawaii, and Porto Rico.

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