Hopefully in the next few months Iraq inflation will be at a managable level. Maybe it will happened after the new new Iraq Dinar Banknotes.
May 26 2006
Bassem Antoine, Deputy Chairman of Iraq’s Businessmen Association, said that inflation in Iraq had reached 107 percent due to the fuel crisis and the deteriorating security situation.
The draconian inflation rate, according to Antoine, was calculates in accordance with the costs of the imported consumer products and the saved costs if produced locally.
“The huge rate has also been the direct result of investing in non-productive sectors,” Antoine noted.
I commented on all the Iraqi Dinar the Central bank of Iraq has been selling, well even the US Marines are buying Iraqi Dinar to pay Iraqis.
You can read the article here.
This was dated 2 July 2006. For the people in the world that don’t think that the CPA laws are in effect in Iraq to this day then read the article.
I will say this again all CPA laws are in full effect until at such time the new Iraqi government changes the CPA Laws.
Excerpt from news article.
Under Order 17 of the Coalition Provisional Authority in Iraq, members of multinational forces, including Australians, are immune from Iraqi law.
Read it here.
It is about time the Iraq government start complying with it’s own SBA agreeemnt with the IMF. There will be two more scheduled price increases by the end of the year.
Excerpt from news article.
Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency, the finance minister said on Thursday.
Iraq government is going to do what is best for Iraq.
I am sure the Dinar Forums on the net are excited about this.
It’s ironic you smuggled the Iraqi Dinar currency out of Iraq to speculate on the Iraq currency, now your going to have to smuggle the currency back to Iraq to conduct an exchange on their new new Iraq currency.
I am sure Iraqi customs will be extra careful when examining those goods and packages entering Iraq.
All I can say is…
“Good Luck. I hope you make it.”
Another Article here.
Imagine you’re an Iraqi living and working in Iraq (I know it would be tough to imagine ) and you have to drive to work and you get in your car and notice you need some petro. You don’t want to wait in the long lines to your local gas station that is a few blocks away. You saw the long lines at every local gas station you drove by when you left work yesterday.
So this morning you have to think and ask yourself do I wait in the long lines for up to hours at a time and risk myself to a potential car bomb attack, or possibly being kidnapped, shot or part of any act of violence that occurs in Iraq at any given time just for a few gallons of petro.