IRAQI DINAR COLLECTOR SET

The exchange is the result of more than a year's work by over a dozen brokerage firms and banks that jointly own it. New companies want to list and the exchange is in the process of considering several.

Over a 50 person staff runs the exchange, a modest staff for a financial institution. "This stock exchange is going to help the Iraqi economy recover because it encourages people to invest money. I was surprised by the level of interest on our first day and hope this will continue." said the manager of the trading department, Jammy Afham.

On it's first day, June 24, more than 500 million shares were traded, more than the Baghdad Stock Exchange ever achieved. "It is just like anywhere else in the world, people want to buy and sell shares." said the exchange's chief executive Ahmed Taha. "We want to open up to foreign companies and hopefully this will happen in the next couple of months." Taha said.

Iraqi Bankers Meet U.S., International Financiers in New York, Washington:
June 20

Representatives of Iraq's banks are meeting with U.S. and international financial experts in New York and Washington to be briefed on the latest banking practices and to come in contact with potential U.S. business partners. The visits are sponsored by the U.S. Trade and Development Agency (USTDA). "Reconstruction and modernization of the private banking sector is essential for economic growth in Iraq," said Kevin Woelflein, Senior Advisor to the Iraqi Ministry of Finance with the Coalition Provisional Authority. "This visit has provided the delegates with a valuable opportunity to learn about modern banking practices and will help to make private banks the core of the future banking structure in Iraq." The delegation includes representatives from 12 privately owned Iraqi banks as well as the deputy governor of Iraq's Central Bank.

Coalition Provisional Authority

Presidential Order 13303: President delivers speech outlining the future of Iraq: lists five steps to achieving democracy in Iraq

The third step in the plan for Iraqi democracy is to continue rebuilding that nation's infrastructure, so that a free Iraq can quickly gain economic independence and a better quality of life. Our coalition has already helped Iraqis to rebuild schools and refurbish hospitals and health clinics, repair bridges, upgrade the electrical grid, and modernize the communications system. And now a growing private economy is taking shape. A new currency has been introduced. Iraq's Governing Council approved a new law that opens the country to foreign investment for the first time in decades. Iraq has liberalized its trade policy, and today an Iraqi observer attends meetings of the World Trade Organization. Iraqi oil production has reached more than two million barrels per day, bringing revenues of nearly $6 billion so far this year, which is being used to help the people of Iraq. And thanks in part to our efforts -- to the efforts of former Secretary of State James Baker, many of Iraq's largest creditors have pledged to forgive or substantially reduce Iraqi debt incurred by the former regime.

Full Speech

Presidential Order 13303: Allows US Citizens to invest in the New Iraq . Under this Order and the Coalition Provisional Government Order 39, a US citizen has the same rights to investments as an Iraqi citizen

IRAQ (PRWEB) March 2, 2004 -- Investment in the new Iraq is guaranteed under the Presidential Order 13303 removing sanctions on investment in Iraq . The new order allows for a restructuring of the banking system in Iraq . US citizens are allowed to invest in Currency, Stocks, Bonds, Real Estate and Business in Iraq .

Iraq has a new currency to replace Iraq 's two currencies, one of which was easily counterfeited and mostly circulated in a single denomination. Banks issue only the new currency and government employees paid in cash will receive their salaries in the new currency. Until January 15, 2004 the old and new currencies will circulate freely at a fixed exchange rate. Exchange between the old and new currencies is conducted at now charge at multiple exchange points around the country.

The other financial market structures are strong:

95 percent of all pre-war bank customers have service and first-time customers are opening accounts daily. Iraqi banks are making loans to finance businesses. The central bank is fully independent. Iraq has one of the world's most growth-oriented investment and banking laws.

The new Iraqi dinar which is printed bu De La Rue company in the US and Great Britian, is valued at just 2 tenths of one cent today. The US treasury has a strong dinar policy and is working with the CPA (Coalition Provisional Authority) to reinstate a strong decentralized banking system in Iraq . By December 2004 there will be six Western Banks in Iraq and six Iraqi Banks outside Iraq in operation. In March Three banks were given licence to operate in Iraq, National Bank of Kuwait, HSBC Bank and Charter bank of England .

President's Radio Address:New currency symbolizes Iraq 's reviving economy.

"Now that the dictator is gone, we and our coalition partners are helping Iraqis to lay the foundation of a free economy. This coming week, the Iraqi economy will reach an important milestone with the introduction of a new currency. The new Iraqi dinar notes will bear the images of Iraq 's proud heritage, and not the face of a hated dictator. For more than a decade, different areas of Iraq have used two different versions of the dinar, and many of those notes were counterfeit, diminishing the value of those that were genuine. The new dinar will be used throughout Iraq , thereby unifying the economy and the country. The new currency will have special features that will make it difficult to counterfeit.

Following World War II, it took three years to institute a new currency in West Germany . In Iraq , it has taken only six months. And the new currency symbolizes Iraq 's reviving economy."

President Bush

Coalition Provisional Authority : Dinar value on the rise.  Has Iraqi public's support.

By contrast the new currency, illustrated with scenes depicting Iraq 's important scientific contributions, its history and landscape and its economic life is steadily appreciating in value.  Since October 15th, the start of the Iraqi Currency Exchange (ICE), the new dinar's worth has risen by 25%. 

 Marking the formal end to ICE with a reminder of the programmer's purpose the Deputy Governor of the Central Bank of Iraq Ahmed Salman Jaburi said:

 "The new dinar is a real improvement on the old.  It's secure - its many visible and invisible security features make it very hard to fake - and because of this it has the Iraqi public's confidence. 

 "A secure currency will provide a firm foundation for Iraq 's future economic growth."

Coalition Provisional Authority 

What lies ahead for the Iraqi economy as it continues to stabilize? Powell says: "We're going to jump-start the economy as fast as we can with the money that Congress has provided." And, after two years of economic decline, the World Bank Group estimates that Iraq's GDP (Gross Domestic Product) will rebound by 33 percent this year.

Powell Highlights Achievements of Past Year in Iraq

A March 11 Christian Science Monitor article says the World Bank is predicting Iraqi oil production will recover almost to prewar levels later this year to around 2.7 million barrels per day compared to 2.8 million daily before the war. Right now, Iraq is bringing in revenues by exporting around 1.8 million barrels a day compared to more than 2 million barrels a day in exports in early 2003.

Iraq's infrastructure is recovering in other ways as well. On the list of quality-of-life improvements: electrical power flows again at prewar levels and is projected to continue to rise throughout 2004.

Coalition Provisional Authority

A Brief History of Iraq:

Formerly part of the Ottoman Empire, Iraq was occupied by Britain during the course of World War I; in 1920, it was declared a League of Nations mandate under UK administration. In stages over the next dozen years, Iraq attained its independence as a kingdom in 1932. A "republic" was proclaimed in 1958, but in actuality a series of military strongmen have ruled the country since then, the latest being SADDAM Husayn. Territorial disputes with Iran led to an inconclusive and costly eight-year war (1980-88). In August 1990, Iraq seized Kuwait, but was expelled by US-led, UN coalition forces during the Gulf War of January-February 1991. Following Kuwait's liberation, the UN Security Council (UNSC) required Iraq to scrap all weapons of mass destruction and long-range missiles and to allow UN verification inspections. Continued Iraqi noncompliance with UNSC resolutions over a period of 12 years resulted in the US-led invasion of Iraq in March 2003 and the ouster of the SADDAM Husayn regime. Coalition forces remain in Iraq, helping to restore degraded infrastructure and facilitating the establishment of a freely elected government.

taken from the CIA World Fact Book

Dinar’s Value

Potential

Future Value

Future Value (Peso)

41,800

1IQD=$0.01

$ 418

PhP 17,974

41,800

1IQD=$0.10

$ 4,180

PhP 179,740

41,800

1IQD=$0.50

$ 20,900

PhP 898,700

41,800

1IQD=$1.00

$ 41,800

 PhP 1,797,400

41,800

1IQD=$2.00

$83,600

PhP 3,594,800

41,800

1IQD=$3.00

$ 125,400

PhP 5,392,200