Denar

Iraqi Denar - Bad Investment!

email — Tue, 19 Feb 2008 03:17:36 +0000

I found a great site today that dispels the myth of investing in Iraq’s new currency and does so in one page. The site, Iraqi-Denar.info lists comment statements used by dealers in support of the Dinar and then offers the other side so you’ll understand what is really going on!

Dealers are going crazy trying to convince buyers that the Iraqi Denar will make them millions and showing a document that was sent to them from the U.S. Government approving their website for the purpose of selling dinar.

This is simply a document that anyone selling an amount of currency (I think $1000 or more) must fill out by law. In fact, you can fill it out even if you are not selling currency. They send you back a document stating that you have registered with them, but it means nothing more than that!

There is NO approval process but many dealers trying to scam you will display this document and try to imply that they have the government’s belling on selling currency. If you see such propaganda, you now know to WATCH OUT!

Be safe, buy from your local bank and don’t let the Dealers tell you that banks don’t sell Iraqi Denar!

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email — Sun, 23 Dec 2007 17:25:32 +0000

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DFM, ADSM make gains

email — Sun, 23 Dec 2007 17:25:32 +0000

The Dubai Financial Market (DFM) resumed business today, Sunday, after the Eid Al Adha festivities, with a 1.6% gain, closing on 5,829.6 points. The day’s big mover was the Gulf Finance House which advanced by 8.8% to Dhs11.8. The Abu Dhabi Securities Market (ADSM) also ended in the green on 4,580.2 points, a rise of 59.4 points, or 1.3%.

Iran inflation hits 19.1%

email — Sun, 23 Dec 2007 17:25:32 +0000

Iranian President Mamhoud Ahmadinejad is facing mounting criticism after the rate of inflation in the Islamic Republic hit 19.1% at the end of last month, reported the AFP. The figures, released by Iran’s Central Bank, represent a 7% increase since Ahmadinejad came to power in 2005. Last week, former President, Akbar Hashemi Rafsanjani, accused Ahmadinejad of tackling inflation with ’slogans and political games’.

Iran has $8bn in OSF

email — Sun, 23 Dec 2007 17:25:31 +0000

The Governor of Iran’s Central Bank Tahmasb Mazaheri has said the Islamic Republic presently has $8bn in its Oil Stabilisation Fund (OSF), reported Reuters. The OSF was set up several years ago to absorb extra oil revenues when prices are high, with the accumulated savings then being used for investment purposes or to support the economy when prices are low. In October, Mazaheri suggested there was actually $9.6bn in the fund.

Mideast mutual funds do well

email — Sun, 23 Dec 2007 17:25:31 +0000

The Middle East’s mutual funds sector saw strong growth this year as 87 new funds were released, with 52 of them being shariah compliant, reported Gulf News. A good performance by the region’s equity markets, with some advancing 30% or more, alongside keen interest from institutional investors, should enable the sector to continue to move forwards in 2008. In 2007, 24 of the new funds were established to track Kuwaiti firms.

Caution advised on Sensex

email — Sun, 23 Dec 2007 17:25:31 +0000

Investors in India’s stock markets have been warned to expect a volatile week’s trading as worries over global markets, capital flows and the expiration of monthly derivatives contracts make an impact, reported Gulf News. The ongoing holiday period will also keep trading volumes low with major investment funds and retail investors absent from proceedings. The benchmark Sensex Index has climbed 39% this year but could ’swing widely’ this week.

EUR/USD The Pair to Short-Term Range Trade (Daily FX via Yahoo! Finance)

email — Sun, 23 Dec 2007 17:25:30 +0000

Holiday trading will be in full swing this upcoming week with the currency markets closed on 12/25 and 12/26. The only pieces of economic data due for release on Monday will be from Japan.

Gold prices rise on weakened dollar, higher oil in light trading before holidays (Minneapolis-St. Paul Star Tribune)

email — Sun, 23 Dec 2007 17:25:30 +0000

Gold futures jumped Friday as the dollar retreated and oil prices rose, leading investors to seek a refuge in precious metals. Trading volume was thin heading into the holidays.

TransAtlantic Petroleum Corp. Announces Change in Trading Currency (Marketwire via Yahoo! Finance)

email — Sun, 23 Dec 2007 17:25:30 +0000

TransAtlantic Petroleum Corp. announces that effective at market opening on January 2, 2008, trading in the common shares of TransAtlantic Petroleum Corp. will commence solely in Canadian dollars under the new stock symbol TNP.