Thread: Iraq/Dinar News. before Febuary 2nd 2006

Originally Posted by lglwzrd

what about the part where they said it was going to be 1000 and take 3 yrs to get there. many have mentioned that it is disinformation to shake loose investors. there arent that many investors in the grand scheme of things.

You are right, there are not that many investors, however if some investors bought in more than they can afford, then they may think of cashing back a million dinar and holding onto a million dinar. Now, in the grand scheme of things, if 5 hundred people did this, can you see the reason for the smoke screen. I myself take all news that they put out about definite time frames such as three years to get to 1000 with a grain of salt. No country is going to give Forex speculators a heads up on an immenet r/v. JMO.

Originally Posted by lglwzrd

what about the part where they said it was going to be 1000 and take 3 yrs to get there. many have mentioned that it is disinformation to shake loose investors. there arent that many investors in the grand scheme of things.

I'd have to look it up but I believe the article said 3 to 4 years to get there. Depending on how you look at it they could mean 3 to 4 years from the beginning of the intoduction of the new dinar, which would mean that we are already there. Some have said in regards to the 1000 rate that it would be a great time to remove the 3 zeros and have it at 1 to 1 but why not go with the 1260 that the budget was designed to and make it 1.26 to 1USD. Either way hopefully we find out in the next week!

Originally Posted by danny51

A big fat r/v and the SuperBowl on the same day would be nice!! I may have to stock up on extra beer!!

That reminds me, gotta be ready. I feel it in my bones, its coming soon!!!

Gloribee

please try to follow my thought process here.....First the budget has to be passed, this will include salary revisions, secondly they have to pass the FiL which we know includes tax breaks for any company that employs a certain % of Iraqi nationals. Then they will pass the HCL. If a reval was going to be included in any of these, one would expect it to be in the Budget. Awhile back I read that Iraq was having a Oil Expo. in March, which would include news on the new HCL, now this is pushed back to April. The reason I think is that if they r/v over night ( which I hope) then they have to adjust all wages in Iraq, adjust market value of goods for both imports and exportes and as you can see this is going to take time. They can't adjust these rates and start doing forign investment at the same time. Plus you can't have oil companies coming in and telling them anything without the FIL in place, and if there is wage increases in the budget, well you can't tell them about the FIL till the budget is announced. So....there is little time to get the Budget approved, however all of these are tied together, I just think that once they get the little things worked out, such as the Kurds prior Oil contracts, then we will see the first announcement of the Budget.

Originally Posted by Dinar-Excited

Boy do I ever agree with this I have almost thought it pointless to read articles because the same day or next day they have an article that contradicts everything they said in the last article.

I am going with my gut and logic and the good people on the forums that seems to have a good grasp of what is really going on than any article.

Dinar-Excited

I think someone on this forum or another said it best:

"The news coming out of Iraq should be posted in the Rumor Thread."

Not sure if already posted, if so sorry..
The Islamic Virtue Party in Basra assesses economic conference

(Voice of Iraq) - 28-01-2007
This issue was sent to a friend

Special-site Virtue Party on the Internet / Basra
Under the slogan ((for the budget serve Iraq and the Iraqis)) established the Islamic Virtue Party in Basra economic conference to discuss the government's budget for 2007, The Conference was attended by many eminent economic, political, social and included a lot of economic research and provided with jurisdiction on the economic side, which discussed the draft of the government budget submitted to the House of Representatives for the Iraqi 2007.
Has The conference started READ mandates of data from the Holy Quran followed by a statement made by the Secretary of the Islamic Fazilet Party, in Basra Dr. (Gamal Abd al-Zuhrah), and which were started by the word reference the rational represented any, Sheikh Mohamed have deployed personnel (long as its shadow) where Oord say his eminence ((that the government described the its budget set by the for 2007 that it explosive and this news is considered Bushra Sarah in many countries the world because it means further construction projects, reconstruction and the improvement of the standard of living of the citizens, either in Iraq, such an Khobar bears more pain and bitterness and the revolution and rejection because it means further stealing public funds, and richness of the pockets of in power who dominate the sources resolution and illicit enrichment at the expense of people DISADVANTAGED)).

Then added ((we if we know that 93% of the budget to be approval is one of the oil Basra and concern us we met today in order to that we talk among ourselves because of love for our country and maintenance works for the people's funds)), and ((that, in order to ensure create national experience genuine and sophisticated enable us to the Tomb of conflicts derived from hotbeds of underdevelopment and the ignorance and the need must achieve monetary policy that behaved laundering to alter reality, crumbling does not postponed, where it is not possible to be upright projects unity, sovereignty, and stability without addressing to solve the sources of anxiety and tension radically)).
And Dr. Gamal Abd al-Zuhrah ((we must raise our efficiency of the national economy and move beyond the case of economic stagnation and the low level of the recruitment of the elements of production and bridge the gap between prices and wages and between exports and imports and inattentiveness the living standard of the citizen, and the disparity of income and the decline of the middleclass down and the growing role of capitalism and class)) and also explained ((that the budget stated many of the concepts ambiguous which may be used as a means of the administrative corruption, financial and the loss of the people's funds such as utilities social, as we see them increase in the amounts allocated to them of up to 116 billion Iraqi dinars spite of the declining support from the State of the many goods, tools)).

Later, he delivered the researcher Prof. Dr. Youssef Assadi reiterated his Associate Dean of the Faculty of Administration and Economics of the University of Basra discussed in the Conference and said ((that the strategies adopted by the budget focusing on the management of the market of the private sector, thus would remove any role for the State in the management of the Iraqi economy, I use the example of the Canadian State which are considered now the other eight adults at the level of the world and were in the past does not differ from the any developing nation where they adopted on orientated economy by the State by relying on funds local)) and explained ((that the State trying to withdrawn itself from signs of building the economy has begun this role through the withdrawal of the role of the State from securing oil derivatives)).

And, Dr. Assadi reiterated his that the State from returning to the the government expenditure and after that the economy is recovering and up to a good degree out after the transfer of control to the private sector not only to be done now and the economy live the height of Agronomic, and then between the that the budget depend to a large extent on the oil resources and that there great commitment from the Iraqi side the pledges debt initiative the Iraqi, while a lot of States which applied the recipe the International Monetary Fund and which, required the withdrawal of the public sector fully and leaving the economy However the private sector had failed to improve their economic status, and explained that the budget had been built on the unrealistic assumptions such as the stability of the security situation and the stability of the price of oil and the rise production All of these assumptions unrealistic and said that it is negative where opening the door for foreign direct investment of the oil fields which is Obscure in the budget which is nothing serious, and between well as that it is negative which are the prime mover budget increase taxes on staff and neutralize to the companies and these from Ironically, and said that the amount of budget requirement of $ 41 billion can not the Iraqi economy its absorption of the presence of inflation and unemployment, and explained that the budget aimed to privatize a lot of the public companies, adding that the state when wants to privatize many things those companies must be occupied first and only they will be sold the cheapest of prices, and between that the anomalies in the budget is that the the cost of reconstruction of the governorates of the entire Iraq of equality of two billion dollars while allocated for three governorates only in Kurdistan approximately 1.5 billion which represents an overall 75% from the budget of governorates!.
Later, he delivered the researcher professor (Hussein Jawad) Director of the Department of budget in the Faculty of Administration and Economics of the University of Basra examination and started the definition of budget saying that it is a plan submitted by the government to the Chamber of Deputies in the form of figures and said that the success of budget does not depend on the financial terms as he said that the budget of 2005 had achieved a surplus of five billion dinars and 2006 achieved 15 billion dinars, however, did not notice any improvement in the situation of the country Economic and wondered whether will achieve this budget growth rate that a country where be intended to to achieve growth rate by 10% note of that growth in the economy of the United States amounts to 2%, and between that there the lack of interest fees customs as income ahem of the State and said that they still did not Mejbah and only figures and said he had not be catered national industry. Because of the existence of competition and fierce before foreign commodities Dakhla f Oord another irony in the budget as he said that the Ministry of Agriculture example and relied upon by some 65% of the population of the country allocations to the 500 million dollars while network Iraqi media allocations to the 700 million dollars.

After that, the economic expert professor (Abdel Jabbar Halavi) discussed on the question of budget, said that he does not have no economy in the Iraq and the concept of simple, the State take to outweigh swap oil his work and distribute it to the citizens are salaries and other there are no industry There are no agriculture, and said that the government had allocated only 55 of its budget to the area of which brings 955 funds that budget which is oil and said that the education sector is still from the underdeveloped sectors in which a 4%, while the education sector in the Kingdom of Saudi Arabia had been assigned to him, about 23% of the 2007 budget and wondered How are the allocation of 0.09% of the budget for eyesight while Basra represent everlasting treasure Iraq and the source of funds that budget.
Then Conference heard of many of the interventions of the audience, which enriched the discussions on the theme of the budget also welcomed the presence of this initiative led by the Islamic Virtue Party in Basra and asked for the replication to keep the real from the funds allocated by the government and the statement is ambiguous in those specialties.
Link :

الاجانبIraqi bodies on the Stock Exchange for the preparation instructions for handling foreigners



The Board of Governors of the Iraq market of securities to form a committee of expert members of the Council and representatives of the Federation of securities intermediaries in Iraq whose mission is to prepare instructions on the international arena for non-Iraqis in the market after the issuance of the Investment Law, taking into account the experiences of Arab stock exchanges in this regard.
من شركةIt was also decided to form a committee of other expert members of the Council to study the regulatory instructions for electronic trading received from the company OMXOMX مع .Swedish specialized processing and installed networks Stock Exchange and the final opinion getting ready to be translated into practical reality, and preparing for the introduction of the Asian Clearing coordination with the Central Bank for the electronic link with them.

و .And recall that the Iraq market for securities began the implementation of an expanded program to train workers in the areas of electronic trading, the central depository and clearing commerce, in terms of number of employees in specialized courses in this regard was organized in Amman for a period of thirty days, and will continue to send the market the rest of the staff training, in addition to the participation of brokerage companies and brokerage offices in banks in the training program in order to prepare them to deal with the new electronic.

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الصرفDealers at the auction the Central Bank for $ Ihzuron the likelihood of shocks in the exchange rates

Warned dealers in the auction dollar to the Central Bank of potential shocks that accompany decline in the exchange rate, which has become a daily phenomenon in the auction, despite the assurances of the Central Bank on developments that the oscillations are under control and within the limits of time, especially that the price decline continued at the average number of points per day reflects the adjustment of domestic monetary market, with the phenomenon of the drop in the exchange rate.
و .And recall that the auction concluded meetings last week on Thursday, a large drop in the demand for dollar recording blown hit 65 million and 770 thousand dollars against 113 million last Wednesday.

و .And may spread purchase orders between 33 million and 690 thousand dollars in cash, 32 million and 80 thousand dollars in the form of Holat outside Iraq bank has full coverage at the exchange rate amounted to 1300 dinars low five points on the exchange rate on Wednesday, with banks made of the 14 participating in the auction, bids for the sale of 207 thousand dollars to the Central Bank of Egypt, who buy full exchange rate of 1298 dinars per dollar.

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Originally Posted by lglwzrd

what about the part where they said it was going to be 1000 and take 3 yrs to get there. many have mentioned that it is disinformation to shake loose investors. there arent that many investors in the grand scheme of things.

We have 2 articles from December stating this to be untrue...

Dec. 2-06

The first page : , told (long) continues the policy of strengthening the dinar rate of exchange. CBE DENIES seeking to offset dollar per thousand dinars.

Baghdad/ economic affairs editor

The market is still witnessing a strengthening of the exchange rate of the dinar against the dollar and foreign currencies amid confusion and clear transactions. as the dollar remained for years the only equivalent of the commodities traded in all its different forms. While became concerned on the Downtown commercial adoption of the new equivalent of the strongest and the Iraqi dinar.

This volatile situation led to the conversion of certain parties rumors to the news reported by the satellite channels reported that the Iraqi Central Bank has sought to make the dollar exchange rate thousand Iraqi dinars, the essay, the market carrying offices Exchange hesitation in accepting the categories of the dollar. With an official source at the Central Bank told (long), that the news is completely untrue, but the bank's monetary policy aimed at not harm any parties, for that has been adopted drawdown rates very simple so as not to leave the harmful effects on the resolutions before the dollar from banks and banking companies and traders.

*************************************************

The Central Bank denies reducing the rate of the dollar against the dinar

14/12/2006

The Iraqi Central Bank denied rumors on its quest to determine the rate of the American dollar against the Iraqi dinar value of one thousand dinars.


So much dis-information out there, hard to know who to believe.

Cheers!
DayDream

I was too hasty reading the text and didn't pay attention to the "one million dollars" part that explained everything, thought 99 million dollars all the time.

Felita