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ABSTRACT: The word “Dinar” refers to gold coins used as a medium of exchange by Muslims
throughout the Islamic history until the fall of the Ottoman caliphate. Islamic Dinar coinage was
first issued in Damascus by Caliph Abdul Malik ibn Marwan in the year 77H. It is reported that
the prophet Muhammad (saw) had said that “A time is certainly coming over mankind in which
there will be nothing (left) which will be use save a Dinar and Dirham” (Musnad of Imam Ahmad
Ibn Hambal). The Muslim scholars Ibn Khaldun (1332-1395 C.E.) claimed that God created the
two precious metals, gold and silver to serve as the measure of all commodities. The value of the
Islamic bimetallic currency has remained surprisingly stable in relation to basic consumable
goods for decades. Unlike paper money, the gold dinar cannot be inflated due to the special
characteristic that it has. In addition, the Gold Dinar can be ideal currency to facilitate; increase
international trade and minimizing speculation in paper currency that lead to the Asian crisis in
1997. By using Gold Dinar, it can regulate naturally the market in stabilizing the price
fluctuation due to the demand and supply activities. This paper concentrated on the imports of
major and selected commodities issued from 1996 until 2005. Gold Dinar and USD was used as
independent variable while oil, utility, transportation and commodity prices will be used as
dependent variables. The analysis for the year 1996 to 2005 is based on Pearson-Product-
Moment Correlation and Descriptive Analysis. This study found that Gold Dinar has strong
correlation with oil and consumer products while USD has strong correlation with consumer
products and construction products.
INTRODUCTION
The word “Dinar” refers to gold coins used as a medium of exchange by Muslims through out the
Islamic history until the fall of the Ottoman caliphate. Islamic Dinar coinage was first issued in
Damascus by Caliph Abdul Malik ibn Marwan in the year 77H. It is reported that the prophet
Muhammad (saw) had said that “A time is certainly coming over mankind in which there will be
nothing (left) which will be use save a Dinar and Dirham” (Musnad of Imam Ahmad Ibn
Hambal). The Muslim scholars Ibn Khaldun (1332-1395 C.E.) claimed that God created the two
precious metals, gold and silver to serve as the measure of all commodities.
1
With the spread of Islam, the Dinar was minted in large quantities and gradually displaced the
bezant gold as the major international currency, circulating throughout the Muslim world and the
Christian Europe as well. After the two world wars that caused serious trade disruptions, the gold
standard collapsed and was replaced with the Bretton Woods system. In modern history, as a
consequence of currency crisis in Asia, in first of 1997, then Prime Minister of Malaysia
Mahathir bin Mohamad proposed introduction of Islamic gold dinar as currency for international
It was supposed to suppress the too overly traded American dollar and ensure that dollar's
instability does not affect international trade because Islamic gold dinar was to be tied to price of
gold and thus provide stable value of the currency. Mahathir announced that Malaysia was to start
using the dinar in mid-2003, but when in 2003 Abdullah Ahmad Badawi replaced him as Prime
Minister of Malaysia, this idea was halted. On the 20 September 2006, Kelantan became the first
state to launch gold dinar coins. It features the Kelantanese state crest, the date of production, as
well as the weight and purity of the gold used on its face. The coins can be bought and sold at the
Kelantan Corporation Bhd (Perbadanan Kelantan Bhd) and all eight Ar-Rahn Islamic pawnshops
in the state.
THEORETICAL FRAMEWORK
• Dependent variables: Oil Price, Price of Consumer Product and Price of Construction
Product.
2
Figure 1: Schematic Diagram (Relationship Diagram)
Independent Dependent
Oil Price
Price of Construction
Products
Oil Price
Price of Consumer
US Dollar Products
Price of Construction
Products
The statistical tool used in this study is Pearson Correlation Coefficient. In this subsection, this
paper would develops the empirical method to detect possible correlation of oil price, price of
consumer products and price of construction products between Gold Dinar and USD. Due to
extent regression correlation analysis will show on how to determine the nature capability of the
relationship. In order to determine the strongest relation, the author would construct correlation
analysis.
computer. The methodology is useful in this context as it recognize to correlate dichotomous and
3
continuous variables and is the most common measure the linear relationship. This coefficient has
a rage of possible values from -1 or +1. The values indicate the strength of the relation, where the
sign (+1 or -1) indicates the direction. This method could be analyzed by using the Statistical
Ho: p = 0
Hı: p ≠ 0
The second method that has been used is descriptive analysis. This method was used to find the
mean for the price of oil, consumer products and construction products for Gold Dinar and USD.
From this analysis also can give a view about the differences on the fluctuation price oil,
Overall the analyses a correlation were analyzed by using the Statistical Package for Social
Science (SPSS). The correlation analysis is most versatile and popular statistical procedure. In the
same time, it is a method that trying to looks at the relationship between two variables in linear
fashion. A person product-moment correlation describes the relationship between two continuous
variables.
A person products moment correlation is use to correlate a dichotomous and continuous variables.
This study was address bivariate correlation using Pearson Product Moment Correlation. Simple
bivariate also referred to as zero-order correlation, refers to the correlation between continuous
variables and is most common measure of linear relationship. This coefficient has a range of
4
possible value from -1 to +1. The value indicates the strength of the relationship, while the sign
(+ or -) indicates the direction. Significant of this study are 1% and 55 depends on the factors or
independent variable involved. Significant means there is significant correlation 1 not in order to
This research examined the correlation price of oil, consumer products and construction products
between the gold Dinar and USD for overall period from 1196 until 2005. Pearson Correlation
test used for this research to test the correlation price of oil, consumer products between Gold
Dinar and USD to analyze the data for 10 years and by using the price of imports of major and
Ho: p = 0
Hı: p ≠ 0
Where p is the correlation between oil, consumer products and construction products over period.
Consumer Construction
5
Table 1 shows the results of Pearson Correlation test between Gold Dinar, oil, consumer products
and construction products. This study begins analysis by estimating correlation of the yearly
From the table 1 it shows positive correlation for two from all pairs with the correlation of 0.25 or
higher. As a result, Dinar’s cross correlation with Oil being 0.706 that reveals strong correlation
and the result significant that clarify at 0.022 that below 0.05 level. It shows that there is no
sufficient evidence to support the null hypothesis for Hypothesis 1 and alternate hypothesis of
Hypothesis 1 is accepted.
More to the point, the results of correlation of Gold Dinar’s with Consumer products that explains
at positive correlation at -0.853 and significant at 0.002 that below 0.01 level. For the result, the
alternate hypothesis of Hypothesis 2 is accepted and there is no sufficient evidence to support the
Except for the result Gold Dinar’s cross correlation with Construction products show the weak
correlation which is 0.309 and not significant at 0.384 which is above 0.01 or 0.05 level. For the
result, the null hypothesis of Hypothesis 3 is accepted and there is no sufficient evidence to
From the result of correlation between Gold Dinar and prices of oil, consumer products and
construction products show that Gold Dinar and price of oil and consumer products have strong
correlation. It also shows that Gold Dinar can influence the price of oil and consumer products.
6
If looks to current situation oil prices is most important factor to influences the other prices of
goods. This is because when the prices of oil increase, the other price of goods also increases.
When there is strong relationship between oil and Gold Dinar, it can help to hedge our price to
remain stable since the value of Gold Dinar is stable and has intrinsic value.
Besides that, it also same goes with the relationship between Gold Dinar and price of consumer
products. When there is a strong correlation between Gold Dinar and the price of consumer
products, it can help to hedge the fluctuation of consumer products since the value of Gold Dinar
Consumer Construction
.135
Consumer Products -.770(**)
.009
Construction Products -.657(*)
.039
Table 2 gives an idea about the results of Pearson Correlation test between USD, Oil, Consumer
Products and Construction Products. This study estimate correlation of the yearly changes in
price. As result, it shows positive correlation has correlation 0.25 or higher. For the USD’s cross
correlation with Oil is being 0.507 that shows the correlation and the outcome is not significant
which is at 0.135 which is above 0.01 or 0.05 level. Because of that, the null hypothesis of
7
Hypothesis 4 is accepted and there is no sufficient evidence to support the alternate hypothesis of
Hypothesis 4.
Besides that, the additional cases of correlation are USD with consumer products explains a
correlation at -0.770 and significant at 0.009 that below 0.01 level. Thus, there is no sufficient
evidence to support the null hypothesis of Hypothesis 5 and as the result the alternate hypothesis
of Hypothesis 5 is accepted. Moreover, USD and Construction Products as well consist strong
correlation at -0.657 and significant at 0.39 that below 0.05 level. For the result, the alternate
hypothesis of Hypothesis 6 is accepted for this study and there is no sufficient evidence to support
From the correlation between the price of Gold Dinar and the price of oil, consumer products and
constructions products can see that USD have strong correlation between price of consumer
products and construction products. But, USD did not have strong correlation with the oil price
which is mostly influence the price of the other goods or products. As for first result (see table1)
it shows that Gold Dinar with Oil and Gold Dinar with consumer products have significantly
positive relationships. For the second result (see table 2) it shows that USD with consumer
products and USD with construction products have significantly positive relationships. Because
of that, this study has no sufficient evidence to support the null hypothesis for the hypothesis 1, 2,
5 and 6.
From the result of this study also can find that Gold Dinar have strong relationship with oil price.
It also shows that oil price will be influence by the Gold Dinar. Compared to USD, it shows that
there is no relationship between oil price and USD. Because of that we can say that Gold Dinar is
more efficient as a medium of exchange when we use for import crude oil from the foreign
country. In the real life, increasing in oil price will influence the increasing in all other price of
8
goods and commodities. This means that despite the increase in the price of oil is because we are
actually earning less due to the devaluation of the dollar (Mahathir, 2007)
It same goes with the strong relationship between Gold Dinar and consumer products. Because
of that the Gold Dinar also can influences the price of consumer products and also can help to
hedge the fluctuation of prices in order to reduce risk. As said by Mohd Dali (2003), the OIC
countries are also encourage using Gold Dinar as an alternative international payment settlement
through the Bilateral Payment Arrangement Mechanism (BPA) with cooperation from central
Descriptive Analysis
The second method that has been used is descriptive analysis. This method was used to find the
mean for the price of oil, consumer products and construction products for Gold Dinar and USD.
From this analysis also can give a view about the differences on the fluctuation price oil,
9
Price ('000,000)
Oil
4000
3500
3393
3000
2500
2000 2033
Dinar
1550
1659 USD
1500
1316 1257
1000
500
357
185 164 179
0 4 4 4 9 35 42 30 33 36 56
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Year
Mean
USD: 1,209 million
Dinar: 25 million
From the above graph, the mean for oil price in USD is 1,209,000,000 while the mean for Gold
Dinar is 25,000,000. The graph also shows the fluctuation of oil price in Gold Dinar and USD.
From 1996 until 2005 we can see the price of oil in USD is still increasing from year to year. It
also shows that the price of oil in USD also not stable and always fluctuate with current situation.
Compared price of oil in Gold Dinar, it shows that the price of oil in Gold Dinar is remain stable
from 1996 until 2005. The fluctuation of Gold Dinar is minimal if compared to price of oil in
USD. In addition, it also shows that Gold Dinar can hedge the fluctuation of oil prices.
Graph 2: Percentage Differences between Price of Oil in USD and Gold Dinar
10
(%)
98.60
98.40
98.35
98.20 98.19
98.00 98.00
97.65
97.60
97.54
97.45
97.40 97.37
97.32
97.20
97.00
Year
96.80
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
This graph shows the percentage differences between the price of oil price in Gold Dinar and
USD which is continue from the graph 1. From the graph also we can find that there are big
differences percentage between price in Gold Dinar and USD. The percentage differences of Gold
Dinar with USD are strong which is above 97% from year 1996 until 2005. When the difference
between Gold Dinar with USD is bigger, it shows that the Gold Dinar is strong and it can hedge
11
Prices ('000,000)
1800
1600
1,537
1,411 1,429
1400
1,249
1200 1,169 1,157 1,137 1,130
1,081
1000 1,003
Dinar
USD
800
600
400
200
0 29 31 29 30 30 31 26 20 22 24
Year
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Mean
USD=1230 million
Dinar= 27 million
From the above graph, the mean for price of consumer products in USD is 1,230,000,000 while
the mean for price of consumer products in Gold Dinar is 27,000,000. From 1996 until 2005 we
can see the price of consumer products in USD is still increasing and continuous fluctuate from
year to year. It also shows that the price of consumer products in USD also not stable since there
Compared to price of consumer products in Gold Dinar, it shows that the price of consumer
products in Gold Dinar is remains stable from 1996 until 2005. The fluctuation of Gold Dinar is
minimal if compared to price of consumer products in USD. In addition, it also shows that Gold
12
(%)
99
98 98.32
98.24
98 98.11
98.01
98
97.80
98
97.59
98 97.52
97.41
97 97.36
97.26
97
97
97
97 Year
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
This graph shows the percentage differences between the price of construction products in Gold
Dinar and USD which is continue from the graph 4.2.3. From the graph also we can find that
there are big differences percentage between price in Gold Dinar and USD. It shows that the Gold
Dinar can hedge the fluctuation of consumer products price since the percentage differences of
Gold Dinar is strong which is above 97% from year 1996 until 2005.
13
Price ('000,000)
2500
2049
2000 1983 2008
1733
1500
Dinar
1297 1312
USD
1096
1058
1000 951
992
500
0 37 45 26 34 34 26 24 22 31 33
Year
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Mean
USD: 1448 million
Dinar: 31 million
From the above graph, the mean for price of construction products in USD is 1,448,000,000 while
the mean for price of construction products in Gold Dinar is 31,000,000. From 1996 until 2005
we can see the price of construction products in USD is still increasing and continuous fluctuate
from year to year. It also shows that the price of oil in USD also not stable since there is big
Compared price of construction products in Gold Dinar, it shows that the price of construction
products in Gold Dinar is remain stable from 1996 until 2005. The fluctuation of Gold Dinar is
minimal if compared to the price of construction products in USD. In addition, it also shows that
14
Graph 6: Percentage Differences between Price of Construction Products in USD
and Gold Dinar
(%)
98.60
98.40 98.35
98.20
98.20 98.09
98.00 97.94
97.80
97.80
97.66
97.60 97.53
This graph shows the percentage differences between the price of construction products in Gold
Dinar and USD which is continue from the graph 4.2.5. From the graph also was found that there
are big differences percentage between price in Gold Dinar and USD. The percentage differences
of Gold Dinar with USD are strong which is above 97% from year 1996 until 2005. It shows that
the Gold Dinar is strong and can hedge the fluctuation of price.
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CONCLUSION
Several conclusions can be made after conducting a thorough analysis of the output and the result
from tests. As for first result (see table 4.1.1) it shows that Gold Dinar with Oil and Gold Dinar
with consumer products have significantly positive relationships. For the second result (see table
4.1.2) it shows that USD with consumer products and USD with construction products have
significantly positive relationships. Because of that, this study has no sufficient evidence to
From the descriptive analysis, the mean price for oil price for USD is 1,209,000,000 while the
mean for Gold Dinar is 25,000,000. Besides that, the mean for price of construction products in
USD is 1,448,000,000 while the mean for price of construction products in Gold Dinar is
31,000,000. Furthermore, the mean for price of construction products in USD is 1,448,000,000
while the mean for price of construction products in Gold Dinar is 31,000,000.
From the graph also we can find that the fluctuation of price in Gold Dinar for oil, consumer
products and construction products is minimal if compared to the price in USD. The differences
between Gold Dinar with USD also big because it above 97% from the year 1996 until 2005. This
shows that the Gold Dinar can hedge the fluctuation price of oil, consumer products and
construction products. For this study is tried to simplify the issues of fluctuation in prices that will
affect our economic stability. This research was concentrate in the issues of the Gold Dinar and
USD as medium of exchange that will influences the price of oil, consumer products and
construction products.
The objective of this research was to examine the relationship of between price of oil, consumer
products and construction products with the Gold Dinar and USD. This lesson was also give
16
valuable information, education and experiences to student, as it would be useful for researcher as
a guideline and reference in order to make or conduct similar research in the future. The data set
includes observations in the period 1996-2005 which is the time series basis analyzed by yearly
All the data used in this research are collected from Statistic Department. The variables that being
collected are price of oil, consumer products, construction products, value of one USD and Gold
Dinar that concentrates by yearly data on period 1996 until 2005. This research begins with
analysis by estimating correlation coefficient of the Gold Dinar and USD with price of oil,
consumer products and construction products. For the result for Gold Dinar with oil and Gold
Dinar with consumer products have significantly correlation effect. But, for the result for Gold
Dinar with construction products did not have significant correlation effect. Consequently, there
is no sufficient evidence to support the null hypothesis of Hypothesis 1 and 2 but the null
For the result for USD with oil did not have significant correlation effect and the null hypothesis
of Hypothesis 4 is accepted. Besides that, for the result for USD with consumer products and
USD with construction products have significantly correlation effect and thus there is no
Oil, consumer products and construction products are being chosen for this research since it will
give a major implication in our life. For example oil price. As we know the world market price of
oil in this world is still increasing especially after the war in Iraq. But, even though there is
increasing in oil price we still can hedge it so that it will not to fluctuate very much.
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This situation can be resolved by using gold as our medium of exchange. When we use Gold
Dinar, we only deal with small amount and standard values in transactions. This situation will
bring the benefits to all country regardless of currencies in poor or rich countries. Unlike USD as
a single currency in international trading, the poor country are forced to pay more due to the
value of currency that they have are much cheaper than others.
RECOMMENDATION
The analysis of oil, consumer products and construction products reaction toward Gold Dinar and
USD provide opportunity to test possible theories. The process of analyzing the reaction of
correlation is based on the uses of yearly in studies. Therefore the researchers can find different
data could be performed such a monthly data for ten years. Besides that, more previous literature
Moreover, the number of selected commodities to become subject’s research should be extended
such as copper, machinery and equipment that have been used for particular industries and part,
etc. The further research on the issues of Gold Dinar in others areas is still crucial to be explored
especially in banking industry. This is because, more researches on this topic will result new
inventions and systems to be founded. It also could spread out more information about the
benefits of using Gold Dinar compared to the paper currency especially in the international
trading.
Finally, people should know the important of using Gold Dinar since it is more stable compared
to USD. It has the ability to hedge the fluctuation of price and gradually being capable to avoid
the economic crisis such as inflation or recession. Moreover, it also provides the platform to
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REFERENCES
Ahamed Kameel Mydin Meera & Moussa Larbani (2004). Seigniorage of Fiat Money
and the Maqasid Shariah: The compatibility of the Gold Dinar with the Maqasid.
Department of Business Administration, faculty of economics and Management
Sciences, International Islamic University Malaysia, Jalan Gombak, 53100 Kuala
Lumpur, Selangor, Malaysia.
Ahamed Kameel Mydin Meera and Hassanuddeen Abdul aziz (2002). The Islamic Gold
Dinar: Socio-economic Perspectives. Proceeding of the 2002 International
Conferences on Stable and Just Global Monetary System at International Islamic
University Malaysia 2002.
Ahamed Kameel Mydin Meera (2002). The Islamic Gold Dinar, 1st Edition, Pelanduk
Publications (M) Sdn Bhd.
Abdul Halim Abdul Hamid and Norizaton Azmin Mohd Nordin (2002). Dinar and
Dirham Effect on the Banking Business and Its Solution. Proceedings of the 2002
International Conference on stable and Just Global Monetary System at
International Islamic University Malaysia 2002.
Dato’ Dr. Mahathir Bin Mohammad (2002). Seriousness of the Gold Dinar.
Evans, Abdalhamid. The Gold Dinar- A Platform For unity. Proc. Of The International
convention on Gold Dinar As An Alternatives International Currency. July 1,
2003 Putra World Trade Centre, Kuala Lumpur
Hj. Muhammad Nasri Hj. Md Hussain and Azizi Abu Bakar (2004). Potensi Dinar Emas
Sebagai Mata wang Utama Dunia: Teori & Strategi. Universiti Utara Malaysia.
James Turk and John Rubino (2004). The Coming Collapse Of The Dollar and How To
Profit From It, 1st Edition, Doubleday.
J.Kent Willis (2004). Resurrection of The Islamic Gold Dinar: The Moral Imperative
From The Muslim Perspective As Perceived In The West.
Khaled Hanafi ( 2003). Islamic Gold Dinar Will Minimize Dependency on US Dollar.
Cairo-IslamOnline.
Mohd Dali at el. (2003) Gold Dinar. Using Bilateral Payment Arrangement system or
Electronic Payment System. Proceeding of Student Conference on Research
Development. Universiti Tenaga Nasional.
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Rose, Peter s. (2000). “Money and Capital Markets: Instruments in a Global
Marketplace”, 7th Edition, Irwin-McGraw Hill, Boston.
Uma Sekaran (2005). Research Methods for Business: A Skill-Buildind Approach, 4th
Edition, John Wiley & Sons, Inc.
www.e-dinar.com.
www.Islamonline.com
www.kitko.com
www.wikipedia.com
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APPENDIX 1(a)
1 Dinar
Year RM/USD Gold (RM/oz) Gold (RM/g) (4.25g)
1996 2.52 976.31 31.39 133.40
1997 2.88 954.73 30.69 130.45
1998 3.80 1118.11 35.95 152.77
1999 3.80 1060.12 34.08 144.85
2000 3.80 1060.62 34.10 144.92
2001 3.80 1029.95 33.11 140.73
2002 3.80 1176.97 37.84 160.81
2003 3.80 1380.84 44.39 188.67
2004 3.80 1556.94 50.05 212.73
2005 3.78 1681.12 54.05 229.70
2) Wheat
Year RM USD Dinar
1996 679,300,000 269,831,181.73 5,092,305.00
1997 607,200,000 210,526,315.79 4,654,718.61
1998 734,300,000 193,236,842.11 4,806,506.07
1999 818,200,000 215,315,789.47 5,648,642.43
2000 710,900,000 187,078,947.37 4,905,584.90
2001 783,300,000 206,131,578.95 5,566,118.10
2002 766,400,000 201,684,210.53 4,765,735.14
2003 653,000,000 171,842,105.26 3,461,065.67
2004 1,090,300,000 286,921,052.63 5,125,267.38
2005 1,121,700,000 296,746,031.75 4,883,374.19
3) Rice
Year RM USD Dinar
1996 537,500,000 213,505,461.77 4,029,315.38
1997 701,300,000 243,152,347.27 5,376,077.34
1998 910,500,000 239,605,263.16 5,959,858.07
1999 718,900,000 189,184,210.53 4,963,100.76
2000 689,300,000 181,394,736.84 4,756,533.51
2001 529,700,000 139,394,736.84 3,764,040.29
21
2002 510,100,000 134,236,842.11 3,171,974.81
2003 398,700,000 104,921,052.63 2,113,211.15
2004 548,100,000 144,236,842.11 2,576,501.01
2005 688,700,000 182,195,767.20 2,998,288.14
APPENDIX 1 (b)
4) Maize
Year RM USD Dinar
1996 1,130,100,000 448,897,715.99 8,471,682.44
1997 1,144,300,000 396,747,798.35 8,772,059.46
1998 987,500,000 259,868,421.05 6,463,876.82
1999 1,114,300,000 293,236,842.11 7,692,840.70
2000 1,088,400,000 286,421,052.63 7,510,533.98
2001 956,300,000 251,657,894.74 6,795,453.52
2002 1,088,600,000 286,473,684.21 6,769,284.02
2003 1,131,800,000 297,842,105.26 5,998,827.15
2004 1,148,200,000 302,157,894.74 5,397,442.91
2005 1,368,200,000 361,957,671.96 5,956,523.65
6) Crude Petroleum
Year RM USD Dinar
1996 464,600,000 184,548,162.86 3,482,827.77
1997 473,500,000 164,170,307.19 3,629,791.27
1998 680,200,000 179,000,000.00 4,452,383.81
1999 1,357,400,000 357,210,526.32 9,371,140.60
2000 5,000,300,000 1,315,868,421.05 34,504,706.97
2001 5,891,400,000 1,550,368,421.05 41,864,200.41
2002 4,777,500,000 1,257,236,842.11 29,708,115.40
2003 6,305,300,000 1,659,289,473.68 33,419,689.70
2004 7,723,600,000 2,032,526,315.79 36,306,993.62
2005 12,825,500,000 3,392,989,417.99 55,836,423.05
7) Steel
Year RM USD Dinar
1996 4,991,100,000 1,982,562,065.54 37,415,285.56
1997 5,910,500,000 2,049,268,427.99 45,309,147.45
22
1998 4,021,000,000 1,058,157,894.74 26,320,251.83
1999 4,928,200,000 1,296,894,736.84 34,023,025.72
2000 4,985,200,000 1,311,894,736.84 34,400,509.00
2001 3,611,800,000 950,473,684.21 25,665,396.86
2002 3,770,800,000 992,315,789.47 23,448,113.35
2003 4,162,900,000 1,095,500,000.00 22,064,426.16
2004 6,584,200,000 1,732,684,210.53 30,950,917.62
2005 7,589,600,000 2,007,830,687.83 33,041,683.86
APPENDIX 2
Correlations
Consumer Construction
Oil Products Productc USD
Oil Pearson Correlation 1 -.052 .106 .507
Sig. (2-tailed) . .887 .770 .135
N 10 10 10 10
Consumer Products Pearson Correlation -.052 1 .910(**) -.770(**)
Sig. (2-tailed) .887 . .000 .009
N 10 10 10 10
Construction Pearson Correlation .106 .910(**) 1 -.657(*)
Productc Sig. (2-tailed) .770 .000 . .039
N 10 10 10 10
USD Pearson Correlation .507 -.770(**) -.657(*) 1
Sig. (2-tailed) .135 .009 .039 .
N 10 10 10 10
** Correlation is significant at the 0.01 level (2-tailed).
* Correlation is significant at the 0.05 level (2-tailed).
Correlations
Prices of
consumer
Oil Prices Products Construction Dinar
Oil Prices Pearson
1 -.555 -.419 .706(*)
Correlation
Sig. (2-tailed) . .096 .228 .022
N 10 10 10 10
Prices of consumer Pearson
-.555 1 .508 -.853(**)
Products Correlation
Sig. (2-tailed) .096 . .134 .002
N 10 10 10 10
23
Construction Pearson
-.419 .508 1 -.309
Correlation
Sig. (2-tailed) .228 .134 . .384
N 10 10 10 10
Dinar Pearson
.706(*) -.853(**) -.309 1
Correlation
Sig. (2-tailed) .022 .002 .384 .
N 10 10 10 10
* Correlation is significant at the 0.05 level (2-tailed).
** Correlation is significant at the 0.01 level (2-tailed).
24