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

The Iraqi government is planning to spend 43 billion USD during the year 2007.

If this was calculated at today's dinar rate we would be talking roughly 43 TRILLION Dinars. They either have or are planning to go to a strictly dinar currency and 43 trillion dinar just doesn't exist for internal spending - and may not exist even worldwide!

Now if 43 Billion USD is actually 43 Billion dinar (at 1:1), then the budget makes perfect sense.

So, in my view, the currency change has already been factored in to the budget and we're just 'waiting for the other shoe to drop'.

Hopefully as soon as this Wednesday!

What if 43 billion dinar is really 54.18 billion dinar. Which at a 1.26 would be. IMO, they go higher than 1:1. But it would make it easier for local merchants if it were 1:1, especially if they do have lower demons.

Rich.

Originally Posted by Inscrutable

You can't buy it at the local banks like you can dinar so I don't believe it is.


Additional info about convertibility.
LawRegulation on banking (Foreign Investment) In Vietnam

IMF Members' Quotas and Voting Power, and IMF Board of Governors
According to the IMF on Vietnam:
These countries have accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement.

Article VIII states that the currency is freely traded with out restrictions. The reason banks do not offer it currently is because it is not a popular commodity and not worth stocking. Unlike the dinar that does not have Article VIII but is allowed because of the presidential order.

Thanks, <SoFla>

Originally Posted by billknows

The Iraqi government is planning to spend 43 billion USD during the year 2007.

If this was calculated at today's dinar rate we would be talking roughly 43 TRILLION Dinars. They either have or are planning to go to a strictly dinar currency and 43 trillion dinar just doesn't exist for internal spending - and may not exist even worldwide!

Now if 43 Billion USD is actually 43 Billion dinar (at 1:1), then the budget makes perfect sense.

So, in my view, the currency change has already been factored in to the budget and we're just 'waiting for the other shoe to drop'.

Hopefully as soon as this Wednesday!

Exactly. This has been discussed at length and that's why it's obvious when they say the budget will be factored at a rate of 1260 you know they're throwing up a smoke screen. The presses would have to be running 24/7 to print all the dinar they'd need to support the budget. But with an RVd dinar things make much more sense concerning the '07 budget. As you say hopefully Wednesday.

Could someone please tell me the value of the dinar before the 1990's.....i have read it before but forgot......i remember that it was good tho....

Originally Posted by mrpoopular

Could someone please tell me the value of the dinar before the 1990's.....i have read it before but forgot......i remember that it was good tho....

Good question,

Depends on how long before 1990? It was over $4.00 at one point, but for many years it was $3.00 plus until all the wars, then it sunk to a level of .32 at time Saddam was ousted.

Good luck to all, Mike

Kurdistan - Oil-denied (by the first)
كتب: dhrgham في يوم السبت, 20 يناير, 2007 - 09:41 PM BTBooks : dhrgham on Saturday, January 20, 2007 9:41 PM-BT

جهاد : أي تحفظات على قانون النفط يجب أن تقدم من خلال مجلس النوابJihad : no reservations to the oil must be made through the House of Representatives
من ضرغام محمد عليDargham of Muhammad Ali
(لاضافة تصريحات عاصم جهاد وتغيير المصدر)(In addition to statements Assem Jihad and the change of source)
بغداد-( أصوات العراق)Baghdad - (Voices of Iraq)
قال الناطق الرسمي باسم وزارة النفط اليوم السبت إن وجود اي تحفظات من جانب أي طرف على مسودة قانون النفط يجب ان تمر من خلال مجلس النواب.He said the official spokesman for the Oil Ministry today, Saturday, that the existence of any reservations on the part of any party to a draft bill of oil must pass through the House of Representatives.
واوضح عاصم جهاد في تصريح لوكالة أنباء ( اصوات العراق) المستقلة أن " مسودة القانونAssem Jihad, said in a statement to the News Agency (Voices of Iraq) Independent that the "draft law
ليست هي الشكل النهائي له وأن الحكومة ستطرحه على ممثلي الشعب ومن بينهم ممثلي القائمة الكردستانية."The figure is not final and that the government of Begum representatives of the people, including representatives of the Kurdistan list. "
وأضاف أن " وجود أي تحفظات من جانب أي طرف يجب أن يتم تمريرها من خلال مجلس النواب" معربا عن إستغرابه " للفهم الخاطئ للتصريحات التي نقلها عن وزير النفط الدكتور حسين الشهرستاني والتي قال فيها إن " مسودة قانون النفط أقرت بإجماع اللجنة الفنيةHe added that "the existence of any reservations on the part of any party must be passed through the House of Representatives" and expressed surprise "to a misunderstanding of the statement, which was carried by the Oil Minister, Dr. Hussein Shahrastani in which he said that" the draft bill approved unanimously by the oil Technical Committee
وأنه سيتم عرضها هذا الاسبوع على مجلس الوزراء قبل إحالته الى مجلس النواب."And that will be presented this week to the Council of Ministers before being forwarded to the House of Representatives. "
وأشار إلى أن " مسودة القانون الجديد تنص على أن تذهب الموارد المتأتية من مبيعات النفط إلى صندوق مركزي وتوزع على جميع العراقيين في الاقاليم والمحافظات وحسب نسبة السكان."He pointed out that "the draft of the new law stipulates that goes resources from oil sales to a central fund and distributed to all Iraqis in the provinces, prefectures and the proportion of the population."
وأضاف أن " القانون ينص أيضا على إعادة النشاط الى شركة النفط الوطنية التي ستكون مسؤولة عن تطوير الحقول وزيادة الانتاج والتصدير."He added : "The law also provides for the return of activity to the National Oil Company, which will be responsible for the development of the fields to increase production and export."
وقال جهاد إن " القانون يسمح بطرح عقود النفط العراقي على الشركات النفطية العالمية الكبرى بشكل يحقق اكبر منفعة للعراق وتكون المنافسة معروضة للجميع بغض النظر عن جنسية الشركة."Jihad said that "the law allowed Iraqi oil contracts put on the major international oil companies in order to achieve the greatest benefit of Iraq and the competition is open for all regardless of the nationality of the company."
وأشار إلى أن القانون ثبت أيضا اسس السياسات النفطية لتطوير متوازن في جميع مناطق العراق."He pointed out that the law also proven oil policy basis for a balanced development in all regions of Iraq. "
وقال إن " العقود التي تم التوصل إليها في زمن النظام السابق سيتم مراجعتها على ضوء هذا القانون واذا كانت هناك موجبات لتعديل العقود بما يضمن اعلى مردود سيتم مراجعتها وتعديلها ولاتوجد عقود غير قابلة للتعديل والمراجعة."He said that "the contracts that have been reached in the time of the former regime will be reviewed in the light of this law and whether there were grounds to amend the contracts so as to ensure higher returns will be reviewed and adjusted There was no contracts can be amended and auditing."
وكان الناطق الرسمي باسم حكومة اقليم كردستان قد ذكر اليوم إن حكومة الإقليم لم يتم إطلاعها على القانون الخاص بالنفط على عكس ما نشرته بعض وسائل الإعلام.The official spokesman for the government of Kurdistan has said today that the territorial government had not been informed of the law on the oil sector, contrary to what was published in some media.
وأوضح الناطق في بيان ، حصلت ( أصوات العراق) على نسخة منه ، أن " زعم المتحدث بإسم وزارة النقط العراقية ، كما نقلته وسائل الاعلام،فيما يتعلق بالتوصل إلى إتفاق بالإجماع وبصورة نهائية مع باقى الاقاليم الى مسودة القانون هو زعم غير دقيق ومضلل."The spokesman said in a statement, obtained (Voices of Iraq), a copy of, that the "alleged spokesman for the Ministry of Iraqi oil, as reported by the media, with regard to reach unanimous agreement and finally with the rest of the provinces to draft law is alleged inaccurate and misleading."
وأضاف أن " آخر مسودة قانون إتفقت حكومة إقليم كوردستان عليها وعرضت على رئيس الوزراء العراقي نوري المالكي لمراجعتها تتيح لحكومة الاقليم التفاوض وإبرام عقود جديدة في المنطقة والحصول على حصة عادلة من عائدات النفط العراقية يتم ضمانها وتنظيمها وفق القانون."He added that "the latest draft law agreed by the government of the territory Cordstan and presented to the Iraqi Prime Minister Nuri al-Maliki reviewed to allow the government to negotiate the territory and new contracts in the region and to obtain a fair share of the proceeds of Iraqi oil is guaranteed and regulated by law."
وأشار إلى أن " المسودة التي قدمتها حكومة كردستان تتضمن أن حكومة الاقليم لديها سلطة مراجعة عقودها السابقة بشكل تتوافق والقانون، وإن إجراء اي تغييرات مادية إضافية على المسودة لابد أن تحظى بموافقة حكومة الاقليم."He pointed out that "the draft presented by the government of Kurdistan region include that the government has the authority to review their contracts in line with previous law, and any additional material changes to the draft to be approved by the territorial government."
وأضاف بيان حكومة اقليم كردستان أن " هناك قوانين أخرى يجب صدورها قبل صدور قانون النفط."The statement added that the government of Kurdistan "Other laws must be passed before the Act of oil."
وأشار إلى أنه "رغم أن عملية صياغة قانون النفط توشك على الانتهاء ، إلا أنه لم يتم بعد حسم الملاحق المهمة بالقانون ، ويتحتم ايضا صياغة ثلاثة قوانين لها علاقة بقانون النفط وهي قانون تقاسم العائدات وقانون ميثاق شركة النفط الوطنية العراقية وقانون يحدد الدور الجديد لوزارة النفط العراقية على أن يتم الاتفاق عليها قبل إعتبار الحزمة بكاملها نهائية."He pointed out that "although the process of drafting a law oil nearing completion, but it has not yet been resolved supplements task law, and is also imperative that the drafting of three laws related to the law of the oil revenue-sharing law is the law and the Charter of the Iraqi National Oil Company and the law defines the new role of the Iraqi Oil Ministry to be agreed upon before considering a final package in its entirety."
وقال البيان إن" التوصل الى مسودة قانون نهائي تتم فقط عند تسوية كل هذه المسائل، وأن حكومة الاقليم تتطلع قدما لأن تكون هي من بين أول من يعلن بصورة رسمية عن مسودة القانون بعد إنجاز هذه الأمور."The statement said that "to reach a final draft bill is only at the settlement of all these issues, and the territorial government looks forward to be among the first to declare a formal draft of the law after the completion of these matters."
ح نH n
Translated version of http://www.aswataliraq.info/?newlang=ara

Good question so I tried to find out. I found a link for a pdf published by the WTO using Jordan as an example for accesion. I did not see anything specific to "international tradability" yet. The site, WTO | Welcome to the WTO website has lots of documents available so I'll keep looking. It appears to me though that the requirements are general quidelines that can be interpreted in many ways therefore making accesion a rather political process....

http://www.jftp.gov.jo/pdf/doc_en.pdf

Originally Posted by postcon

I've been wondering about the above. Vietnam recently became a member of the WTO. Does it have an internationally tradeable currency? If yes, please ignore me. If not, what's the likelihood of Iraq gaining WTO membership without a requirement for their currency to be internationally tradeable? Thanks in advance.

Originally Posted by Dinar Cha Ching

Exactly. This has been discussed at length and that's why it's obvious when they say the budget will be factored at a rate of 1260 you know they're throwing up a smoke screen. The presses would have to be running 24/7 to print all the dinar they'd need to support the budget. But with an RVd dinar things make much more sense concerning the '07 budget. As you say hopefully Wednesday.

YES! Hopefully we won't forget this logic as the misinformation keeps coming.

Originally Posted by billknows

The Iraqi government is planning to spend 43 billion USD during the year 2007.

If this was calculated at today's dinar rate we would be talking roughly 43 TRILLION Dinars. They either have or are planning to go to a strictly dinar currency and 43 trillion dinar just doesn't exist for internal spending - and may not exist even worldwide!

Now if 43 Billion USD is actually 43 Billion dinar (at 1:1), then the budget makes perfect sense.

So, in my view, the currency change has already been factored in to the budget and we're just 'waiting for the other shoe to drop'.

Hopefully as soon as this Wednesday!

And lets not forget, when has a country ever got anything done under budget!!!