Thread: Iraq/Dinar News. (before Jan.20,2007)

Originally Posted by Cdn Scrooge

There was some discussion on this a couple of months or so ago and if I remember correctly it was determined that Iraq is still a member of OPEC, but they are not bound by the quantity limits for shipping as the other members are.

Yes that's correct...although Iraq's membership with OPEC is still valid they are not contributing 100% due to violence interfering with oil production.

Originally Posted by Lunar

Central Bank Governor : This year's budget focused on increasing the volume of investment in Iraq

Source :The Iraqi Media Network southern region.
18 / 01 / 2007

Dr. Sinan Shabibi Governor of the Central Bank that this year's budget, the budget investment because it focused on the size of the investment Ziada.

And Shabibi said that the Central Bank's role is to address the imbalance resulting from the development process that will produce changes in the economic structure are basic.

He pointed out that the work of the Central Bank is to achieve development in a stable monetary attention through all means and policies to achieve economic stability and moderation in the environment straight and moderate inflation rate.

He continued : "Our budget for the preservation of resources, and will be achieved through combat inflation.

Stressing that the bank had several measures including raising the exchange rate of the dinar.

He pointed out that the impact of this action on the budget through the impact on the purchasing power of the government, will increase by addressing inflation.

He added : Shabibi that this policy will increase the confidence dinars, which will pull some of the money to the banking sector and the rationalization of government spending because of its impact on inflation.

He indicated that this action will lead to the reduction of prices of import goods such as private sector imports and the import of the government's development that come from the conversion of the Iraqi dinar to the dollar.

He added that this policy at the time weakens the ability of the government to buy the dinar, it strengthens Aldenarabraghi owned by the government.

Pointing out that the bank wants as a means to affect the economic and monetary policy by making the dinar a valuable and powerful.

Originally Posted by Lunar

Central Bank Governor : This year's budget focused on increasing the volume of investment in Iraq

Source :The Iraqi Media Network southern region.
18 / 01 / 2007

Stressing that the bank had several measures including raising the exchange rate of the dinar.

He added : Shabibi that this policy will increase the confidence dinars, which will pull some of the money to the banking sector and the rationalization of government spending because of its impact on inflation.


Pointing out that the bank wants as a means to affect the economic and monetary policy by making the dinar a valuable and powerful.

I just gotta...... WOOT .....for this one!

Next week. The vote on the federal budget for 2007

Baghdad-justice ... The House of Representatives held yesterday, Wednesday, the residence allocated for a detailed discussion of the federal Balancing Act (2007), after a quorum.

The meeting was presided over by Vice-President of the Council Dr. Khalid Al-Attiyah. Witnessed a meeting the discussion of financial allocations to the ministries of the environment and health, as has been the first reading of the draft the Ministry of Municipalities and Public Works As to the discussion of the budget, demanded one of the members formation of a committee headed by the the member of the House of Mahdi Al-Hafiz and a number of members of the Council who have experience in the area of the fiscal budget and this because some of the members had rejected the the vote on the draft budget for the year (2007) be "the budget of vague and Al-Attiya said, during the meeting" the vote on the budget will be next week, while session will be devoted today to complete the discussions finalization of the draft budget of Yugoslavia for the year (2007) and demanded Abdel-Latif Alowaeli member the House of Representatives during a meeting to "repeal the ration card to encourage traders on the provision of foodstuffs in the local markets.

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Energy Council unanimously approved the law on oil


Baghdad/ Morteza Jashaami

Dr. Hussein Shahrastani Oil Minister completion of the final draft of the oil and put it on the Energy Commission and the Council of Ministers, which received the unanimous approval of the draft by the Committee

With some adjustments that have taken place and this draft will be presented next week to the Council of Ministers for approval to be sent to the House of Representatives for the passage of legislation after debate it. And said Mr. Minister that the law confirms that the resources generated by the sales of oil will go to a central fund one and distributed among all Iraqis in the provinces, governorates and to the rate of the population and will revisit law activity for the national petroleum company, which will be responsible on the development of fields and increase production and export and will be the petroleum industry basic However Iraqi skills, keen to provide expertise of the people and added because it has Iraq from the possibilities of oil and gas major will be allowed law by offering contracts on the petroleum companies a big global should be taken after ascertaining from Rassantha and to accept the competition for the development of some the fields to achieve highest payoff of Iraq and the competition will be before for all will not look for the nationality of the company and must be the firms were technology for the development of our farms and as soon as possible and has the financial capacities of the Investment and Verification OF IRAQ Aalh economic benefit and not to have criteria for States participated in the war or existed in Iraq now .. As for the fields will be produced from the share of the National Oil Company. He explained that the law Shahrastani proven foundations and the development of policies and plans to develop the oil-balanced in all parts of Iraq and now all parties agree, everyone believes that this law a big achievement and national project and now are no differences on this law for the security of our brothers in Kurdistan and the security of others. The Minister noted that the law laying down precise and clear that any contract denies Alh the benefit of Iraq will not take place and that all contracts entered whether in time of the former regime or in the Kurdistan region will be reviewed in the light of this law and whether there were grounds to make adjustments in order to ensure higher returns will be audited and to amend the contracts There was no contracts are not subject to revision. And Mr. Minister to the extensive discussion of the settled law on the composition of the federal oil and gas under the chairmanship of the Prime Minister or on behalf of the membership of the Ministers of oil, finance and planning, and others who will exercise the powers of contracts is the authority that decides policy oil and oil plans and models established contracts and the nature of the fields that will be offered to compete and to consider the contract and approval.

Think We're Losing Iraq? Take a Look at the Dinar

By YOUSSEF IBRAHIM
January 19, 2007


War rages in Iraq. America is preparing to launch an offensive in Baghdad, Iranians are infiltrating the country, and, according to the United Nations, civilians in Iraq are dying at a rate of 100 people a day.

Yet the Iraqi currency is rising in value.

Tuesday, the rate of exchange had reached 1,308 dinars to the American dollar — up from 1,470 last November. Money changers in Baghdad say they cannot keep up with the demand and that Iraqis who used to hang on to their American dollars for dear life are rushing to exchange them.

What gives?

The answers are as murky as anything in Iraq, and the actions of both good and bad guys seem to be helping the dinar.

On the good guys' side, the Iraqi Central Bank is getting its act together after having built foreign currency and gold reserves of at least $16 billion, up from a mere $5 billion in 2005. That is serious enough to create a strong backbone for the local currency. On its Web site, the central bank noted that it has increased its main interest rate to 16% from 12% — a move that has boosted the dinar, too.

For its part, the American Army, or some units of it, is beginning to pay contractors in "dinar checks" instead of dollars. That has the double benefit of reviving the moribund banking system — you've got to go to a bank to cash it — while boosting the local currency.

Bad guys are doing their bit too, interestingly.

Corruption is said to account for perhaps as much as 500,000 barrels of daily oil production "disappearing," which means stolen. Even when disposed of at a discount, this stolen oil would fetch a minimum of $20 million American dollars a day for those corrupt officials siphoning it off. Experts are certain that not all of this leaves the country, however. At least half the money ends up being "recycled" into the Iraqi black economy to buy loyalties, services, arms, protection, and villas with swimming pools. In the end, this money creates jobs and demand for more dinars.

Ironically, both Iran and Syria, which are working hard to undermine Iraq, are boosting the dinar too. By pumping millions of dollars to support Shiites and Sunni insurgents, buy arms, and make bombs, they are also ratcheting up demand for dinars, since the fighters, the militias, and the secret cells all need to be paid in local currencies instead of dollars so as to keep a lower profile.

The biggest spender in town, the American Army, seems to be deliberately helping with the new pay-in-dinar policy, as noted by Major Richard Santiago, commander of 3rd Finance Company, 3rd Soldier Support Battalion, Division Support Brigade. "Issuing dinar check payments improves the economic and financial stability of Iraq by promoting the Iraqi banks while using their local currency. It also decreases the cash requirements our finance offices need in order to meet mission requirements," Major Santiago told the defense-oriented Web site GlobalSecurity.org a few days ago.

Of course, the dinar has a long way to go against the dollar. In its heyday in the 1980s, one dinar fetched almost three dollars compared to the present — reverse — ratio of one dollar to more than 1,300 dinars.

How long this is going to last is anyone's guess.

It could be argued that, in a sinister way, everything terrible that could have happened in Iraq has happened, so what else could sap confidence in the dinar — short of an abrupt American withdrawal? A good point indeed.

The same logic applies to oil, which has been falling in price like a rock even though demand has not diminished. As with oil, the dinar was pushed by psychological factors that attached a monetary premium devaluing it. As Iraqis get used to the fear, the premium lifts.

Should a whole new batch of catastrophes hit the country, though, the dinar may tumble again, as other experts firmly believe.

"It is a major train wreck waiting to happen," co-director of the Institute for Applied Economics and the Study of Business Enterprise at Johns Hopkins University in Baltimore, Steve Hanke, told Fox News. Good thing we're adrenaline freaks...



Think We're Losing Iraq? Take a Look at the Dinar - January 19, 2007 - The New York Sun

U.S. and Iraqi forces arrested a top aide to radical Shiite cleric Muqtada al-Sadr on Friday in Baghdad, his office said.

Sheik Abdul-Hadi al-Darraji, al-Sadr's media director in Baghdad, was captured during a 2 a.m. raid on a mosque in the eastern neighborhood of Baladiyat, an official in al-Sadr's office said, speaking on condition of anonymity because of security concerns.

The U.S. military said special Iraqi army forces operating with coalition advisers captured a high-level, illegal armed group leader in Baladiyat, but it did not identify the detainee. It said two other suspects were detained by Iraqi forces for further questioning.

The raid comes as Prime Minister Nouri al-Maliki has pledged to crack down on Shiite militias as well as Sunni insurgents in a planned security operation to quell the sectarian violence in Baghdad amid concerns that his reluctance to confront the Mahdi Army of his political backer al-Sadr led to the failure of two previous crackdowns.

The U.S. military accused the main suspect of having ties with the commanders of so-called death squads, which have been blamed for many of the killings that have left dozens of bodies, often showing signs of torture, on the streets of Baghdad.

The suspect was detained "based on credible intelligence that he is the leader of illegal armed group punishment committee activity, involving the organized kidnapping, torture and murder of Iraqi civilians," according to the military statement.

It also said he was reportedly involved in the assassination of numerous Iraqi security forces and government officials.

"The suspect allegedly leads various illegal armed group operations and is affiliated with illegal armed group cells targeting Iraqi civilians for sectarian attacks and violence," the statement said, adding he was believed to be affiliated with Baghdad death squad commanders, including Abu Dura, a Shiite militia leader who has gained a reputation for his brutality.

The official and an Iraqi police officer, who also declined to be identified for fear of reprisals, also said one of the mosque's guards was killed in a firefight during the raid that damaged the mosque walls, while four other people who were with the sheik were arrested.

U.S. and Iraqi forces are gearing up for a major neighborhood-by-neighborhood sweep aimed at quelling the spiraling violence in the capital.

Originally Posted by shotgunsusie

for those members who respect and admire adster i wanted to make mention of the fact that some of our members went to ignorant investors fighting and he was slammin this forum BAD. said the good posters here needed to wake up, i.e. like the ones who are good at posting need to be leavin here. said rol is a joke.

makes me reconsider my personal views moreso than i already had.

yeah yeah, i know its in the wrong place but it will get seen and i think everyone should be aware of wolves among the herd.

Originally Posted by shotgunsusie

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and is about ready to sing.


SGS, this is all coming together...what's left; have we left anything out...I doubt it!

Thanks,

Al

Originally Posted by shotgunsusie

for those members who respect and admire adster i wanted to make mention of the fact that some of our members went to ignorant investors fighting and he was slammin this forum BAD. said the good posters here needed to wake up, i.e. like the ones who are good at posting need to be leavin here. said rol is a joke.

makes me reconsider my personal views moreso than i already had.

yeah yeah, i know its in the wrong place but it will get seen and i think everyone should be aware of wolves among the herd.

I noticed that as well. What came to my mind was one of his favourite sayings..."things that make you go hmmmmmmmmm". I'm not about to step in and take sides, or anything like that, since I personally have no knowledge of what went on or was said in pms. However, I am sitting back and reading everything with a little more cautious (for lack of a better word) perspective. I really don't know why he felt it necessary to post that info on another site anyway. It has nothing whatsoever to do with them. If he wants to air his greivances in public then it should have been done here, where the problems occurred. Although, in his defence, he may have felt that he wouldn't have been allowed to express them here.

Please note that comment is not a slam against him because I think he is wrong in his opinion ( as I said I don't know whether he is or isn't) it is merely an expression of my disappointment in him for the way he went about airing it.

I really do not want to see this forum fall apart over family type petty bickering. I have noticed that there are a lot of people who were regular posters on here prior to all the ddos crap that appear to be missing for some reason. I really wish that we could, as a group, get back to where we were about 3 weeks ago. I don't want to have to visit 3 or 4 different forums to get info and updates. We had it all right here and it would be nice if we could get it back.