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

Originally Posted by archangel

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.

Continued
1 | 2 | 3 | Next »

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





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

The Oil Ministry announced today, Friday, to the completion of the final draft of a bill to the distribution of oil revenues in Iraq. He said Oil Minister Hussein Shahrastani in a press statement that "the draft will be presented next week to the Council of Ministers for approval, after having received the approval of the Energy Council unanimously adopted after some modifications." Shahrastani added, "The draft will be presented to the House of Representatives after approval by the Council of Ministers." Pointing out that "the law affirms that the resources derived from oil sales will go to fund one centralized and distributed to all Iraqis, in the regions and governorates according to the proportion of the population."

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.


i dont know about removing dinar, but i do know that those dollars going abroad were buying up those foreign currency reserves.

theres some more of your dinar backing assets!! WOoT!!!
now we know why the statement about being able to handle any transaction sufficiently was made by the cbi recently.

Please folks, let's keep this thread on track. The PM system is up and running again.

Thanks

19 January 2007 (Iraq Directory)
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Prime Minister Nuri al-Maliki said in a letter sent to the Parliament on the occasion of discussing the current year budget that it does not represent all the aspirations of the government, but it is the budget of the status quo without neglecting the needs of citizens.

This came in a message read on behalf of the Prime Minister by Mahmoud Almshahadani, Head of the Parliament, explaining that the budget was imposed by certain considerations and that Iraq is on the verge of building its forces for the receipt of security file completely from the multinational forces as security is the prime concern of the Iraqis.

It also came in the letter that the State committed in the past year spending on the ration card items and the social protection network being a social obligation, and we'll continue our commitment this year despite its clear weight on the budget.

Al-Maliki continued in the letter that 10 billion dollars had been allocated for investment, and this amount is one of the large ones in the budget, since we believe in the importance of investment for the elimination of unemployment, calling for the Parliament to speed up the discussion of the budget in order not to disrupt the projects.

Iraq Updates, News Service

IMO this may be another indicator that the current Dinar rate is unsatisfactory and they are wanting to increase the Dinar's value.

Interesting,

No doubt we all have to learn a little more tolerance of those members who have a difference of opinion on issues. We have many strong personalities to deal with, and as moderators, I am sure you don't need a bunch of baby sitters, but some of the recent remarks back and forth have to end or this and other forums will turn to you know what quickly as these issues start to dominate the discussions.

As we have all seen, no one is perfect. We all make slips and mistakes when posting, and just when we do, others will pounce on it as an issue, and then off it goes, way off topic to what these forums were created for, Iraq and our dinar. I have seen enough remarks back and forth to know some are going down a dangerous path of no return. Insulting remarks simply escalate the situation, and in my opinion, are juvenile behavior to say the least.

OK, with that said, and not pointing any fingers at anyone, lets do all try to get along, and if an insultive remark is made, ignore it personally and report it, just as many others have been doing. No one wants to hear this petty crap on an open forum, so lets all be adult about these issues, and count to 100 before firing back a post against another. It can all end without issue with just a little more tolerance of those stronger personalities, so we all need to be aware that not everyone is the same, some have thicker skins than others, some are easily slighted, some will snap back, others will insult, and then there are those who name call, never mind being vulgar, so lets all walk a tighter line and monitor all remarks which are off base or insulting and they will be removed. We have some additional monitors to assist, so lets all work towards a point where all members are respected as it should be.

Peace, Mike

America renewed confidence Bamaliki

(صوت العراق) - 19-01-2007(Voice of Iraq) - 19-01-2007
ارسل هذا الموضوع لصديقThis issue was sent to a friend

أمريكا تجدد ثقتها بالمالكي واعتقال المتحدث باسم التيار الصدريAmerica renewed confidence Bamaliki and arrest spokesman trend Sadri
واشنطن - وكالاتWashington-agencies

أعلن الجيش الأمريكي أن مفرزة من قوات عراقية خاصة اعتقلت فجر الجمعة 19-1-2007 قياديا في جيش المهدي مقربا من "ابو درع" أحد أبرز قادة جيش المهدي التابع للزعيم الشيعي الشاب مقتدى الصدر.The American army announced that a detachment of special Iraqi forces arrested at dawn Friday 1-19-2007 leading role in the Mahdi Army close to the "Abu shield," one of the most prominent leaders of the Mahdi Army of the young Shiite leader Muqtada al-Sadr.

وقالت قناة العربية نقلا عن مراسلها في بغداد إن القيادي المعتقل هو الشيخ عبد الهادي الدراجي المتحدث باسم التيار الصدري.The Arab channel said, quoting its correspondent in Baghdad that the leadership is detained Sheikh Abdel Hadi al-Daraji, spokesman for the Sadri trend.

في حين، أكدت الولايات المتحدة ثقتها في رئيس الوزراء العراقي نوري المالكي وفي تعاونه بشكل كامل مع الإدارة الأمريكية بهدف تطبيق الخطة الجديدة للرئيس الأمريكي جورج بوش.Whereas, the United States affirmed its confidence in Iraqi Prime Minister Nuri al-Maliki and in full cooperation with the American administration to apply the new plan to President George Bush.

وقال بيان عسكري أمريكي إن الشخص المعتقل "مسؤول اللجنة الشرعية في مجموعة مسلحة متورطة في عمليات خطف منظمة وتعذيب وقتل عراقيين ابرياء".The American military statement said that the person arrested, "the official legitimacy of the armed group involved in the abduction, torture and murder of innocent Iraqis."

ولم يذكر البيان اسم هذا الشخص الذي اعتقل في منطقة البلديات قرب مدينة الصدر، شرق بغداد. وتابع أن "المشتبه به متورط في اغتيال عدد من المسؤولين العراقيين الأمنيين والحكوميين كما أنه قريب من ابو درع وغيره من قادة فرق الموت".The statement did not mention the name of the person who was arrested in the municipalities near Sadr City, east of Baghdad. He continued that "the suspect was involved in the assassination of a number of Iraqi officials and security that the government also close to Abu armor and other leaders from the death squads."

وابو درع متهم بالتورط في أعمال قتل مذهبية الطابع. وختم البيان مؤكدا اعتقال "شخصين للاستجواب".And Abu shield accused of involvement in the killings of sectarian nature. The statement concluded, the arrest of "two persons for questioning."

من جانبه، قال المتحدث باسم البيت الأبيض توني سنو أمس الخميس إن تصريحات المالكي الأخيرة تشكل مؤشرا إضافيا على أنه شخص ينوي تحمل كل مسؤولياته جديا حين يتصل الأمر بالأمن في العراق.For his part, White House spokesman Tony Snow yesterday, Thursday, that the recent statements Maliki serve as an additional indication that the person intends to shoulder all its responsibilities seriously when it comes to security in Iraq.

وكان المالكي قد وجه انتقادات للرئيس بوش في مقابلة مع صحيفة "كورييري ديلا سيرا" الإيطالية قال فيها إنه "لم يكن يوما بالضعف الذي هو عليه اليوم" بعد فوز الديمقراطيين على الجمهوريين في الانتخابات التشريعية في نوفمبر/تشرين الثاني، لكن المتحدث باسم الحكومة العراقية علي الدباغ نفى لقناة العربية ما نسبته الصحيفة الإيطالية لرئيس الوزراء العراقي من انتقادات للرئيس الأمريكي.The Al-Maliki has criticized President Bush in an interview with the newspaper "Courier della Sera," the Italian said that he "has never been as weak as it is today" after the victory of the Democrats on the Republicans in legislative elections in November, but the spokesman for the Iraqi government to Skinner denied to the Arab channel accounted for the Italian newspaper, Iraqi Prime Minister criticism of the American President.

في غضون ذلك، أصر الرئيس الأمريكي جورج بوش على أن استراتيجيته المعدلة في العراق يمكن أن تنجح في الوقت الذي يعكف على اعداد خطابه السنوي عن حالة الاتحاد الذي من المتوقع ان يتضمن دفاعا جديدا عن سياسته التي تتعرض لانتقادات واسعة. وقال بوش في مقابلة تلفزيونية "أعتقد أنها ستنجح".In the meantime, insisted that the American President George W. Bush that the amended strategy in Iraq can succeed at the time was preparing his annual State of the Union, which is expected to include the new defense policy which is facing widespread criticism. Bush said in a television interview : "I think it will succeed."

ويلقي بوش خطابه عن حالة الاتحاد يوم الثلاثاء القادم في جلسة مشتركة للكونجرس الأمريكي الذي يسيطر الديمقراطيون عليه الآن.And Bush is the State of the Union speech next Tuesday in a joint meeting of the American Congress, which is now controlled by Democrats.

ويستعد الديمقراطيون وكثيرون من أقران بوش في الحزب الجمهوري للاقتراع على قرار غير ملزم للاحتجاج على خططه لإرسال 21500 جندي أمريكي إضافي إلى العراق والدعوة إلى بذل مزيد من الجهود الدبلوماسية ونقل "سريع بشكل ملائم" للمسؤوليات العسكرية إلى القوات العراقية.Entire Democrats, and many of Bush's peers in the Republican Party to vote on a non-binding resolution to protest against plans to send 21500 additional American troops to Iraq and call for further diplomatic efforts and the transfer of "prompt appropriate" for military responsibilities to Iraqi forces.

وقالت نانسي بيلوسي رئيسة مجلس النواب إن الكونجرس سيعارض استراتيجية بوش الجديدة للحرب في العراق لأنه يختلف مع تلك السياسة لكنها لن تسعى لعرقلة التمويل لزيادة للقوات.Said Nancy Bilosi Chairperson of the House of Representatives said that the Congress would oppose the new Bush strategy for the war in Iraq because he disagreed with that policy, but will not seek to block funding for the increase of troops.

وأضافت قائلة في مقابلة مسجلة مع شبكة تلفزيون (ايه بي سي) ستذاع في وقت لاحق من يوم الجمعة "الديمقراطيون لن يقطعوا مطلقا التمويل لجنودنا عندما يكونون في طريق الخطر... الرئيس يعرف انه عندما يكون الجنود على طريق الخطر فإننا لن نقطع الأموال. وذلك هو السبب في انه يتحرك بسرعة لوضعهم على طريق الخطر".She added in an interview recorded with television network (ABC) will be broadcast later on Friday, "Democrats will never interrupt funding for our troops when they are in harm's way ... The President knows that when the troops are in harm's way, we will not lose money. That is why he is moving quickly to put them on the path of danger. "

وفي حين اعترف بوش "بوجود شكوك" فإنه لم يظهر أي علامات على التراجع عن استراتيجيته الجديدة رغم مخاوف بين أعضاء الكونجرس من انه سيرسل المزيد من الجنود إلى ما يعتبرونها حربا أهلية طائفية.While Bush admitted "the existence of doubts," he did not show any signs of backtracking on its new strategy, despite fears among members of Congress that he would send more troops to what they regard as a sectarian civil war.

وسعى بوش إلى تفادي خلاف علني مع رئيس الوزراء العراقي نوري المالكي الذي قال إن حاجة العراق إلى القوات الأمريكية ستتراجع بشدة إذا زودت واشنطن قوات الأمن العراقية بالتجهيزات والأسلحة الكافية.Bush sought to avoid open conflict with Iraqi Prime Minister Nuri al-Maliki, who said that the need for Iraq to the American forces will be seriously damaged if Washington provided the Iraqi security forces with equipment and weapons available.

وقال بوش في المقابلة التلفزيونية "استراتيجيتي الجديدة تهدف بالضبط إلى مساعدة الحكومة العراقية على القيام بما قال رئيس الوزراء إنه يريد القيام به... الأمر الآن بيده".Bush said in the television interview, "the new strategies aimed precisely at helping the Iraqi government to do what Prime Minister said that he wants to do it ... The matter is now in hand. "

وقال المتحدث باسم البيت الابيض إن بوش سيكرس جانبا من خطابه عن حالة الاتحاد للحديث عن الحرب على الإرهاب التي تقول إدارته إنها تشمل العراق.A spokesman for the White House said Bush will devote part of his State of the Union address to talk about the war on terrorism that his administration says they include Iraq.

Sotaliraq.com

Renewed confidence in Maliki... I believe this speaks volumes. Things are seemingly on a HUGE roll.

US rejects claims of Maliki rift, Rice 'sorry' Maliki offended by her comments blaming poor translation.
BAGHDAD, 19 January 2007 (Middle East Online)
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Iraq's government spokesman denied Friday that Prime Minister Nuri al-Maliki had criticized US President George W. Bush in comments carried by an Italian newspaper, saying the report was "intolerable."

"News agencies quoted the Italian newspaper Corriere della Sera as saying that Maliki had criticized the US administration, describing it as being in a serious dilemma following the Republican's defeat (in November congressional elections)," spokesman Ali al-Dabbagh said.

"We stress that these statements are not true at all. They are rather an interpretation and misunderstanding by the newspaper reporter that contradicts Maliki's words. This is intolerable," he said in a statement.

On Thursday, the Italian daily quoted Maliki as saying: "I have the impression that it is them in Washington who are near the end, and not us in Baghdad."

Maliki had spoken Wednesday with a small group of Western newspaper reporters after Bush and US Secretary of State Condoleezza Rice made comments, some of which were later retracted, seen as critical of Maliki's government.

Referring to comments by Rice to a US congressional panel on January 11, Maliki was quoted by Britain's The Times newspaper as saying: "Certain officials are going through a crisis.

"Secretary Rice is expressing her own point of view if she thinks that the government is on borrowed time.

"I don't think we are on borrowed time."

US rejects claims of Maliki rift

The White House expressed confidence in the Iraqi leader and rejected suggestions his comments in newspapers including the Times of London, the Washington Post and Los Angeles Times, were a rebuke to Washington.

"I dispute the characterization that he was very critical of the president," White House spokesman Tony Snow said, highlighting Maliki's announcement that Iraqi forces had captured 400 members of the radical Mahdi Army militia.

"The president is absolutely resolute and steadfast in his support of this government. I don't think that there's any distance when it comes to key issues," Snow said.

The United States has been wary of providing large quantities of weapons because some have ended up in the hands of militias and insurgents. On Friday, the Times of London reported that the Iraqi Army was rife with corruption, including keeping so-called "ghost soldiers" on active rosters and selling weapons and fuel on the black market.

Signs of US government impatience with the Iraqi premier have mounted for months, culminating in an explosive memo by national security adviser Stephen Hadley leaked just before Bush and Maliki met in Jordan in November.

"The reality on the streets of Baghdad suggests Maliki is either ignorant of what is going on, misrepresenting his intentions or that his capabilities are not yet sufficient to turn his good intentions into action," part of the memo, published in The New York Times, said.

Maliki waited three days before responding to Bush's high-profile announcement of a new plan for Iraq last week with somewhat lukewarm comments.

Bush aides, however, said Maliki had already publicly endorsed much of Bush's new approach, in a speech made days before the US plan was unveiled.

Rice 'sorry' Maliki offended by her comments

US Secretary of State Condoleezza Rice said on Thursday she was "sorry" that Iraqi Prime Minister Nuri al-Maliki was offended by her comments that his government was "on borrowed time", blaming translation problems.

"I am sorry if he took offense. I did not mean any offense," the United States' top diplomat told reporters in London, the latest leg of her tour of European and Middle Eastern capitals.

"What was intended to be said there is, look there is a sense of urgency there and he understands the urgency," Rice said, questioned regarding the dissatisfaction expressed by Maliki at a round-table interview with several Western journalists in Baghdad over her comments.

Rice said that the misunderstanding was due to poor translation.

"All people who speak a foreign language should probably understand that sometimes things don't translate very well," she said, adding that she meant to say that "there is a sense of urgency, you've got to get it done now, there is not a moment to lose."

"I don't have any idea how he heard it but I think we are on the same page. I don't think it's a major issue."

Iraq denies PM criticised Bush | Iraq Updates

Iraq Readies Law Aimed to Draw Investors
Iraq's readies controversial hydrocarbons law aimed to draw investors, increase production
19/01/2007
Source: CBS News

Iraq's long-awaited hydrocarbons law, which could attract huge investments from foreign oil companies, has been drafted and will be submitted to the Cabinet for endorsement next week, the Oil Ministry said Thursday. Once the draft law is endorsed by the Cabinet, it will go to the parliament for final approval, said ministry spokesman Assem Jihad.

"We hope the ratification of this law will be achieved no more than one month from now. This law is considered a major national project and achievement," Jihad told The Associated Press in a telephone interview.

A spokesman expressed hope the legislation, which seeks to draw the legal framework for sharing the county's oil wealth, could be ratified with a month.

The law is expected to encourage foreign oil companies with their huge investment clout and technology to quickly modernize Iraq's oil sector and meet the goal of doubling the current crude production of 2.5 million barrels per day by 2010.

"The law allows for concessions to global oil companies as a way to achieve the highest benefit for Iraqis, taking into consideration fair competition between these companies regardless of their nationalities," Jihad said without giving more details.

It also could ease tensions between Iraq's Kurds and Shiite on one side and Sunnis on another. Kurds in the north and some Shiite Muslims in southern Iraq _ Iraq's two chief oil regions _ want regional control over oil production and revenues.

But Iraq's Sunni Muslims and much of the Baghdad government want to maintain national control over Iraq's petroleum resources.

"This law stresses that all oil revenues will go to a central fund and then will be distributed to all Iraqis in all regions and provinces according their populations," Jihad said.

He also said the law provided for all oil contracts signed under the regime of former leader Saddam Hussein or by the regional government of Kurdistan to be reviewed and amended if needed.

"This law sets the ground rules and draws oil policies for a balanced development in all Iraqi areas," Jihad said.

A federal council for oil and gas will be formed to study plans to develop oil infrastructure and review the contracts. This council will be headed by Prime Minister Nouri al-Maliki, with representatives from oil, financial and planning ministries along with the central bank of Iraq.

Iraq's proven oil reserves stand at about 115 billion barrels, the world's third- largest after Saudi Arabia and Iran.

Iraq's oil infrastructure has been under repeated attacks from insurgents. The industry also suffered during the 1990s when the country under Saddam did not have access to state-of-the-art technology or engineering know-how.

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.

Originally Posted by texaslonghorns

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.

This is an older article.
Here it is:

Middle East Online

First Published 2005-11-01, Last Updated 2005-11-01 15:46:21

US forces begin paying Iraqis in dinars


Issuing checks drawn on local banks is important step as war-torn Iraq regains monetary sovereignty.


BAGHDAD - The US military has started paying Iraqi contractors in dinars instead of dollars, it said Tuesday, marking an important step as the war-torn country regains monetary sovereignty.


On October 14, "a 3rd Infantry Division finance office issued the first payment in Iraqi currency while in theater," a statement said.


Iraqis continue to be paid mostly in dollars for goods and services provided to US-led forces, but for the first time, "a dinar check payment has been issued to local vendors and contractors within the Baghdad area."


US financial officer Major Richard Santiago pointed out the advantages of using the Iraqi currency.


"Issuing dinar check payments improves the economic and financial stability of Iraq by promoting the Iraqi banks while using their local currency," he explained.


"It also decreases the cash requirements our finance offices need in order to meet mission requirements, as we are now able to pay the local vendors and contractors with a check instead of cash.


"This is truly a win-win situation for all."


First Lieutenant Tayonia Williams said: "Paying Iraqis in their own currency also has the benefit of limiting the large amount of cash that vendors and contractors have to carry after getting paid for their supplies and services."


Santiago added that "by limiting the US dollars in the region, we are cutting down the dollars that could possibly be used by insurgents."


By issuing checks drawn on local banks, the change should also help improve Iraq’s financial infrastructure.


Ultimately all local vendors and contractors will be paid in dinars, but the major could not say when that would happen.


"Its difficult to estimate when we will reach this point, but just to disseminate funds in their currency is a major step in the right direction," he said.

Iraq Readies Law Aimed to Draw Investors
Iraq's readies controversial hydrocarbons law aimed to draw investors, increase production
19/01/2007
Source: CBS News

Iraq's long-awaited hydrocarbons law, which could attract huge investments from foreign oil companies, has been drafted and will be submitted to the Cabinet for endorsement next week, the Oil Ministry said Thursday. Once the draft law is endorsed by the Cabinet, it will go to the parliament for final approval, said ministry spokesman Assem Jihad.

"We hope the ratification of this law will be achieved no more than one month from now. This law is considered a major national project and achievement," Jihad told The Associated Press in a telephone interview.

A spokesman expressed hope the legislation, which seeks to draw the legal framework for sharing the county's oil wealth, could be ratified with a month.

The law is expected to encourage foreign oil companies with their huge investment clout and technology to quickly modernize Iraq's oil sector and meet the goal of doubling the current crude production of 2.5 million barrels per day by 2010.

"The law allows for concessions to global oil companies as a way to achieve the highest benefit for Iraqis, taking into consideration fair competition between these companies regardless of their nationalities," Jihad said without giving more details.

It also could ease tensions between Iraq's Kurds and Shiite on one side and Sunnis on another. Kurds in the north and some Shiite Muslims in southern Iraq _ Iraq's two chief oil regions _ want regional control over oil production and revenues.

But Iraq's Sunni Muslims and much of the Baghdad government want to maintain national control over Iraq's petroleum resources.

"This law stresses that all oil revenues will go to a central fund and then will be distributed to all Iraqis in all regions and provinces according their populations," Jihad said.

He also said the law provided for all oil contracts signed under the regime of former leader Saddam Hussein or by the regional government of Kurdistan to be reviewed and amended if needed.

"This law sets the ground rules and draws oil policies for a balanced development in all Iraqi areas," Jihad said.

A federal council for oil and gas will be formed to study plans to develop oil infrastructure and review the contracts. This council will be headed by Prime Minister Nouri al-Maliki, with representatives from oil, financial and planning ministries along with the central bank of Iraq.

Iraq's proven oil reserves stand at about 115 billion barrels, the world's third- largest after Saudi Arabia and Iran.

Iraq's oil infrastructure has been under repeated attacks from insurgents. The industry also suffered during the 1990s when the country under Saddam did not have access to state-of-the-art technology or engineering know-how. http://www.iraqdirectory.com/DisplayNews.aspx?id=2981