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

Finance & Banking

Demand on dollar up in Iraqi Cenbank auction
By Dergham Mohammed Ali

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Baghdad, 15 January 2007 (Voices of Iraq)
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Demand on the dollar went up during Sunday's Iraqi Central Bank session to the highest level in four months reaching $103.410 million from $56.840 million last Thursday.

"Demands registered $21.910 dollars in cash and $81.500 million in remittances, completely covered by the bank at an exchange rate of 1,315 dinars per dollar, unchanged from the last session," according to the bank's daily bulletin received by the independent news agency Voices of Iraq (VOI).

The bulletin read that 14 banks have offered to sell of 75,000 dollars, which the Iraqi Central Bank purchased at an exchange rate of 1,313 dinars per dollar.

Iraqi Central Bank Governor Senan al-Shabibi said the bank's monetary policy of enhancing the dinar's exchange rate would improve the investment budget in cooperation with the finance ministry.

Expounding on the central bank's policy before a parliament session on Sunday, Shabibi said boosting the exchange rate was a decision that was taken by the bank to improve Iraqis' confidence in the dinar and to have the dinar as a value standard in a bid to bring down inflation and maintain the dinar's purchasing power.

Economist and industrialist Abd al-Razeq al-Abaiji told VOI that he expected "a continuously growing demand on the dollar if the economic and security atmosphere became more stable."

Thanks to everyone that worked so hard to get us back up and running. I really missed this place. I hope we are back up to stay, it was a sad time without you guys. Now come on, let's get that dinar rv'd

Originally Posted by archangel

Prime Minister : ... The fiscal budget does not represent the aspirations of the government
بغداد/العدالة قال رئيس الوزراء نوري المالكي: ان الميزانية المالية لهذا العام لا تمثل جميع تطلعات الحكومة ولكنها ميزانية الامر الواقع من دون اهمال متطلبات المواطنين.Baghdad / justice Prime Minister Nuri al-Maliki : that the fiscal budget for this year does not represent the aspirations of all government, but the budget status quo without neglecting the needs of citizens.

واوضح في رسالة ارسلها الى مجلس النواب لمناسبة مناقشة ميزانية العام الحالي وقرأها رئيس مجلس النواب محمود المشهداني:"ان الميزانية فرضتها اعتبارات معينة اذ ان العراق مقبل على بناء قواته من اجل تسلم الملف الامني بالكامل من القوات المتعددة الجنسيات باعتبار ان الامن هو هاجس العراقيين الاول. واضاف:"ان الدولة التزمت في العام الماضي بالانفاق على مفردات البطاقة التموينية وشبكة الحماية الاجتماعية كونه التزاما اجتماعيا . واننا سنلتزم به في هذا العام بالرغم من ثقله الواضح على الميزانية. وتابع المالكي:"تم تخصيص عشرة مليارات دولار للاستثمار وهو من المبالغ الكبيرة في الميزانية ايمانا منا باهمية الاستثمار من اجل القضاء على البطالة. وطالب مجلس النواب :"بالاسراع في مناقشة الميزانية من اجل عدم تعطيل المشاريع".He explained in a letter sent to the House of Representatives on the occasion of the discussion of the budget for the current year and villages chairman of the parliament Mahmoud Almshahadani : "The budget imposed certain considerations that Iraq is on the verge of building its forces in order to fully recognize the security file from the multinational forces, as security is the first concern of Iraqis. He added : "The state has in the past year spending on items that the ration card and the network of social protection a social obligation. And we'll play in this year despite the obvious weight on the budget. He continued : Maliki "has been allocated ten billion dollars to invest a significant amount of the budget in the belief of the importance of investment for the elimination of unemployment. They asked the Chamber of Deputies : "expediting the discussion of the budget in order not to disrupt the project."


Translated version of http://www.iraqigovernment.org/

Well yeah...keep talking in dollars when they said they want the preferred currency to be dinar, no wonder they are confused...kinda like the boy at a high shcool dance who is afraid to go ask the prettiest girl in school if she wants to slow dance

Well its good to see things up and running THANK GOD.......the darkside at the iif really sucked having to look for info and read all that negative crap for the last few days. NENO any word from your iraqi buddy his ifo and theroies were logical? Well folks all the recent rumors have played themselves out and have come and gone....I think im gona stick to the theroy of the cbi hitting a target rate along with the 3 laws in place before anything happens hcl, fil, ic tank

Announcement No.(842)

D.G. of Foreign Exchange Control

The 842daily currency auction was held in the Central Bank of Iraq day Monday 2007/ 1/15so the results were as follows :

Details Notes
Number of banks 14 -----
Auction price selling dinar / US $ 1310 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 64.005.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 64.005.000 -----
Total offers for selling (US $) ----- -----





D.G. of Investments

Daily price Bulletin buying and selling Sunday 2007/1/14

Currency
Currency Code
Selling Price In IQD
Buying Price In IQD

US Dollar
USD
1315.000
1314.343

European Euro
EUR
1699.769
1698.919

British Pound
GBP
2574.376
2573.088

Canadian Dollar
CAD
1123.356
1122.794

Swiss Franc
CHF
1053.264
1052.737

Swedish Krona
SEK
186.976
186.882

Norwegian Kroner
NOK
203.488
203.386

Danish Krone
DKK
228.049
227.935

Japanese Yen
JPY
10.926
10.920


The above price represent reference rate and does not from any commitment on the Central Bank of Iraq.



Note: The prices of the bulletin issued on Sunday will adopted for Monday also due to the weekend in New York .


I always wanted to be the first one to post aution results!

Be it ever so humble, there's no place like home!

I want to send out a special thanks to KIKO and MrsCK for setting up our temporary home away from home. I feel like I have to hose off the filth from the "other" places I have been visiting in search of info

Welcome back RC !!!!!

Council of Ministers-Trade begin an extensive campaign to

(Voice of Iraq) - 15-01-2007
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The Republic of Iraq
Council of Ministers-the governmental communications
Media Relations
A press statement / Press Release
Monday 1-15-2007


Trade initiate a broad campaign sites, warehouses, parks General Company for Construction Materials Trading

The General Company for Construction Materials Trading that the competent organs of a wide-ranging campaign carried out on sites and e-affiliated stores throughout Iraq.

A source in the company's authorized campaign that included the site and stores and shopping freedom as has been done all the repair mechanisms of idle Krinat including cranes and repair (14) crane and three Krinat, as well as the alertness of security protection and escorts for the purpose of controlling all outlets and IRA warehouse doors, utilities and buildings inside the compound.

The other was to study the causes and treatment of damage to construction materials and health stores and found stockpiling existing guidance warehousemen Baltozib good with all requirements for this and openness to the warehousemen to develop a plan to address the deliberate achieve good cruise in the processing of some components of health and construction materials.

The campaign aims to look at the negative and positive aspects of the parks inventory, solutions and the necessary treatments.

A brigade of the Iraqi army in Sulaymaniyah fly to Baghdad

(Voice of Iraq) - 15-01-2007
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A brigade of the Iraqi army in Sulaymaniyah fly to Baghdad
Tools of the
Sulaymaniyah - (Voices of Iraq)
The Minister for the Territory s government of the Kurdistan today, Monday, on the progress of the Third Brigade of the fourth division of the Iraqi army in Sulaymaniyah to Baghdad to take part in the new security plan.
He said Sheikh Jaafar Mustafa Sheikh, Minister for the Territory s, News Agency (Voices of Iraq) alone "Most of the members of the brigade are Kurds, and were deployed in the border province of Sulaymaniyah."
On the other hand, Mr. Mustafa said Qadir, deputy commander-in-chief of the forces that s what makes the news of the forces towards Baghdad, the Kurdish s not true.
He said "the forces that are advancing towards Baghdad units of the Iraqi army, it has nothing to do with troop-s."
It is noteworthy that the units of the Iraqi army teams deployed in the territory of Kurdistan began last Wednesday, the trend towards Baghdad in order to participate in the implementation of the new security plan announced by Iraqi Prime Minister Nuri al-Maliki.
Earlier reports had indicated a tendency to two brigades from the Ministry of Defense of the Iraqi Kurdistan region to Baghdad to assist in the implementation of the security plan's new Iraqi security services in cooperation with the leadership of the multinational forces in Iraq.
Oo-h m

New law will attract funds for Iraq rebuild
by Angela Giuffrida on Saturday, 06 January 2007 | Iraq Iraq’s Ministry of Construction and Housing is to push forward measures this year to attract more international contractors to help rebuild the country.

Reconstruction efforts since the US-led war in 2003 have been continuously hampered by violence, alleged corruption and red tape.

But now the construction and housing ministry wants to ease the bureaucracy for international companies with the enforcement of a new law that will mean financial privileges for investors as well as the long-term lease of government-backed construction projects.

The ministry currently has around US $1 billion (IQD1.3 trillion) to put towards building new homes, roads and bridges, and is now seeking to benefit from the professional expertise and modern technology that outside investment could bring for more complex projects.

“$1 billion is not enough for these projects,” said a representative from the Ministry of Construction and Housing.

“For this reason the Iraqi government has adopted a new law for investors allowing them to invest more easily in the country, and we are counting on this law to attract them.

“In order to secure investment in Iraq, the transfer of money on all profits will be free, and we can lease projects for between 20 and 30 years. We are also open to negotiating any ideas with investors – our aim is to attract them because we need them.”

The ministry’s aim over the next three to five years is to get Iraq’s basic infrastructure and housing needs in place. This includes building around 400,000 homes, roads, bridges, modernising Baghdad’s airport and setting up water, power and sewage treatment plants.

“This will make Iraq a big investment market, and our basic infrastructure problems can’t be solved unless we encourage and activate investment.”

According to Dr Alaa Al Tamimi, the former Mayor of Baghdad, the main drive towards attracting more outside investment in the reconstruction effort is to ensure long-term employment opportunities for Iraqis as well as to benefit from modern construction equipment.

“We have plenty of Iraqi contractors and thousands of engineers. But what we need most is the help of international companies to provide machinery and hi-tech resources for the type of work that will need to be done for complex projects like the proposed Metro Baghdad, such as underground digging equipment,” he said.

Al Tamimi added that Iraq needs to move forward quickly with its reconstruction effort despite the continued insurgency that has affected contractors working in the country since the war ended.

“I cannot say the situation is safe; yes we have political problems, but in the foundation of society there is no real violence. We now need to create a mechanism to push things forward, because I don’t think it’s a good idea to just sit back and wait.”

Iraq bans the export of palms till 2009


Retreated to the fifth rank in the world in exporting dates
Iraq confirmed the continuing validity of its decision banning the export of all kinds of palm shoots up to the year 2009, pointing out that the resolution is renewable and it ends in 2008, and not the beginning of this year.

The Director-General of the General Body for palms in the Iraqi Ministry of Agriculture Far'oun Ahmed Hussein, said that the banning decision which was issued in 2004 "will remain valid for five years, subject to renewal".

He explained that the aim of this resolution is to protect "palm shoots of smuggling operations, especially that the law specified the export of abundant types in Iraq like Alzahdi and few unimportant kinds such as Aldagl".

Hussein talked about "the difficulty now in controlling the border outlets to identify the types prohibited from export, which led the ministry to issue a ban includes all types". He hoped that the control bodies on the border outlets "would be able to protect the national wealth from smuggling at the end of the resolution next year".

He denied reports about Iraq importing dates, pointing out that local production "did not fall from 400 thousand tons annually, and this is four times the local need, as well as being contrary to the law of agricultural quarantine, which prohibits the import of 23 articles, including dates". He attributed the violations of this law, to "the weak control over border crossings and the interests of non-Iraqi traders".

The Director of palms revealed that "Iraq had retreated to the fifth rank in exporting dates on the world level in the last few years, after it was ranked first in the eighties of the last century", attributing that to the exceptional circumstances experienced by the country. He pointed out that the production of dates achieved record numbers during the 90s, reaching 880 thousand tons in 1995, and rose to 923 thousand tons in 2000".

Source: Iraq Directory