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

AP Interview: deputy PM calls on Iran and U.S. to stop making Iraq a 'zone of conflict and competition'
By KIM GAMEL
29 January 2007 (AP Worldstream)
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Iraq's deputy prime minister said Iran and the United States were using Iraq as a "zone of conflict and competition" and jeopardizing efforts to stabilize the country.

Barham Saleh, a Kurd who has ties with both Tehran and Washington, accused the two countries of stepping on Iraq's sovereignty as they jockeyed for advantage.

"Iraqi transition is burdened by many elements of interference in our domestic affairs," Saleh said in an interview with the Associated Press on Sunday.

He urged Iran and the U.S. to resolve their differences, at least where Iraq was concerned.

"The new Iraq is one that hopes to be at peace with itself and at peace with its neighbors," he said from a gilded chair in the ornate entrance hall of his Green Zone office compound.

"And that definitely requires noninterference in our affairs," he said, declaring that Iran and the United States should see Iraq's well-being and prosperity as a "point of consensus."

The U.S. and Iran, already deeply at odds over Tehran's nuclear program, find themselves in a growing and more public conflict over Iran's involvement in Iraq, where it is accused of training, arming and funding militants fighting U.S. occupation forces.

The Iranian government heatedly blasted Washington earlier this month after U.S. forces raided an Iranian government liaison office in Kurdish-controlled northern Iraq and detained five Iranians. U.S. officials said the Iranians were members of a Revolutionary Guard faction that funds and arms insurgents in Iraq.

Top Kurdish officials and authorities in Baghdad complained that the U.S. raid was done without notification and said the Iranians must be freed, asserting they were in the country on legitimate business.

The detentions hit a nerve as Iraq's Shiite-dominated government faces the delicate task of trying to secure Baghdad with the help of American forces while maintaining ties with its neighbors, including U.S. rivals Iran and Syria.

The White House also has revealed that U.S. President George W. Bush has authorized U.S. forces in Iraq to take whatever action necessary to counter Iranian agents who are deemed a threat.

Saleh, who served for 10 years as the Kurdistan Regional government representative to the United States, signaled Iraqi impatience with both Tehran and Washington.

His ally and fellow Kurd, President Jalal Talabani has been pressing efforts to encourage a dialogue between the two nations.

"I have to admit Iraq has become a zone of conflict and competition between various regional players and international players," Saleh said. "The tensions are there and undeniably there is a spillover effect that complicates Iraqi political and security transition."

"We are grateful to the United States for the effort on our behalf to overcome tyranny. But at the end of the day we are accountable to our own people, our own constituents who demand of us better security and better services." he said.

As for Iran, he said, good relations with the Shiite theocracy were important for Iraq given the countries sit side by side and that Iran gave shelter to many Iraqi dissidents during Saddam Hussein's Sunni-dominated regime and who now wield the power.

But, he said, "The failure of this present political process in Iraq will mean chaos in Iraq and ultimately may well mean restoration of the status quo in the form of tyranny in one way or another."

On other topics, Saleh, who is chairman of the Cabinet economics committee, dismissed concerns that a proposed oil law would allow U.S. and other international oil companies too much influence over Iraq's most important resource.

He denied published reports that the proposal would provide for so-called product sharing agreements that would give international oil firms 70 percent of oil revenues to recover initial investment and subsequently allow foreign drillers 20 percent of the profits, tax free and without restrictions on repatriating profits.

"These reports ... about the terms of PSAs (Profit Sharing Agreements) ... are totally and absolutely wrong," he said, acknowledging that concessions would have to be made to attract much-needed investment from foreign oil companies. Details were still under negotiation.

"At the end of the day Iraqi national management will be there but we need partnership with the outside world as well for technology transfer and the flow of funds," he said.

AP Interview: deputy PM calls on Iran and U.S. to stop making Iraq a 'zone of conflict and competition' | Iraq Updates

World Economic Forum
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Energy 2007: Advancing the US Energy Agenda

A major theme that emerged during this discussion is that as far as the US is concerned, energy independence is an unrealistic goal. Looked at realistically, the US will depend on at least some foreign oil for the foreseeable future. Instead of complete independence, the US should be emphasizing energy security. That means focusing on minimizing price fluctuations, striving to guarantee supplies, both by firming up relations with energy-producing countries and diversifying sources, while working to reduce demand. Security is likely to be enhanced by working with energy producers rather than trying to intimidate or control them.

The rest of the articule here

The Oil Fund promises to drop Iraq’s debts in return for reforms
Finance Minister announces raising the dinar exchange rate

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29 January 2007 (Iraq Directory)
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The Iraqi Minister of Finance, Baqer Jabr Al-Zubaydi, described the budget of 2007, as “ambitious” seeking to resolve the problems of the country in the area of security, investment and unemployment, and expressed his hope that it will to contribute to increased economic growth to 8 or 10%.

The minister said in a press interview that oil resources forms 93% of the budget, while the rest will be secured from taxes and fees. He referred to the allocation of more than ten billion dollars for investment eight billion for security, in addition to about seven billion dollars to support the Ministry of Oil.

He pointed out that the latter amount came from the sale of oil derivatives to citizens, in addition to three billion dollars, for the implementation of projects and building new refinaries.

As for the role of the budget in raising the value of the dinar against the dollar, Azzubeidi said that a decision was made to raise the value of the dinar against the dollar in the budget, and the rate was determined purely by 1260 dinar, hoping to return to its normal state like the Gulf currency, as befits a country rich in oil and other wealth, and hoping to decrease the rate of the dollar to 1000 dinar during the three or four years.

And on the subject of lifting support from oil derivatives, he pointed to an agreement with the International Monetary Fund, which pledged to cancel $ 100 billion of Iraq's debt in return for the implementation of economic reforms, pointing out that these reforms developed by international experts, in coordination with the Iraqi government, the Ministry of Oil and Iraqi economists.

He pointed out that the Ministry will continue to support oil derivatives with about seven billion dollars this year, by providing the refineries with free crude oil by 400 thousand barrels a day. The ministry then will sell oil derivatives to citizens, in order to allow it to recover the outstanding amounts estimated at seven billion dollars for the implementation of projects, in addition to allocating three billion dollars of the budget to develop the drilling of oil wells, extending oil transport pipelines and building new oil refineries. He explained that the increase in the prices of oil derivatives will include high-quality imported gasoline, used by luxurious cars, according to the source.

He stressed that dealing with inflation lies in the dinar, since its low rate against the dollar is the main cause of inflation, in addition to obstructing the arrival of goods to the Iraqi depth. He pointed out that the current inflation is temporary and the high prices of oil derivatives are another cause for it, since it affects the prices of other goods and services.

He emphasized that the crisis of the arrival of goods from the border outlets to the Iraqi market, caused by the deteriorating security situation, the presence of criminal gangs, and administrative corruption, which led to the loss of large quantities of goods and the revival of smuggling operations.

He pointed out that the port of Basra is unable to complete unloading cargo, as some ships delayed more than a month from the date of discharge, which costs the authorities huge fines. He also revealed that his ministry is preparing a study for the rehabilitation of “Khafar Al-Mai” outlet between Iraq and Saudi Arabia, associated to the Saudi port “Al-Ameeq”, to provide a route for the entry of goods into Iraq.

Parliament Postpones Vote on 2007 budget

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Baghdad, 29 January 2007 (Al-Sabaah)
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Parliament council postponed certification on the suggested balance sheet for the current year resulted after disagreement occurred among the political fronts at some phrases which postponing the issue.

Meanwhile, the session witnessed a lot of competition and hot arguments towards the social benefits and the provinces guards' allowances for the three presidential phrases.

Speaker Mahmood al-Mashhadani suggested postponing the session for an hour till reach to a suitable result but it was useless, because the Kurdistani alliance left the meeting and cut the session.

On the other hand, MP Hassan al-Saneed criticized the sharp arguments between the Iraqi unity coalition front and the Kurdistani alliance front towards each others.

Originally Posted by hightide3016

Parliament Postpones Vote on 2007 budget

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Baghdad, 29 January 2007 (Al-Sabaah)
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Parliament council postponed certification on the suggested balance sheet for the current year resulted after disagreement occurred among the political fronts at some phrases which postponing the issue.

Meanwhile, the session witnessed a lot of competition and hot arguments towards the social benefits and the provinces guards' allowances for the three presidential phrases.

Speaker Mahmood al-Mashhadani suggested postponing the session for an hour till reach to a suitable result but it was useless, because the Kurdistani alliance left the meeting and cut the session.

On the other hand, MP Hassan al-Saneed criticized the sharp arguments between the Iraqi unity coalition front and the Kurdistani alliance front towards each others.

This happened Saturday. Hopefully they can get their act together this week.

A partial from Hightides post.

He pointed out that the latter amount came from the sale of oil derivatives to citizens, in addition to three billion dollars, for the implementation of projects and building new refinaries.

As for the role of the budget in raising the value of the dinar against the dollar, Azzubeidi said that a decision was made to raise the value of the dinar against the dollar in the budget, and the rate was determined purely by 1260 dinar, hoping to return to its normal state like the Gulf currency, as befits a country rich in oil and other wealth, and hoping to decrease the rate of the dollar to 1000 dinar during the three or four years.
And on the subject of lifting support from oil derivatives, he pointed to an agreement with the International Monetary Fund, which pledged to cancel $ 100 billion of Iraq's debt in return for the implementation of economic reforms, pointing out that these reforms developed by international experts, in coordination with the Iraqi government, the Ministry of Oil and Iraqi economists.

Not sure if I like this statement or not???

Gloribee

Originally Posted by Gloribee

A partial from Hightides post.

He pointed out that the latter amount came from the sale of oil derivatives to citizens, in addition to three billion dollars, for the implementation of projects and building new refinaries.

As for the role of the budget in raising the value of the dinar against the dollar, Azzubeidi said that a decision was made to raise the value of the dinar against the dollar in the budget, and the rate was determined purely by 1260 dinar, hoping to return to its normal state like the Gulf currency, as befits a country rich in oil and other wealth, and hoping to decrease the rate of the dollar to 1000 dinar during the three or four years.
And on the subject of lifting support from oil derivatives, he pointed to an agreement with the International Monetary Fund, which pledged to cancel $ 100 billion of Iraq's debt in return for the implementation of economic reforms, pointing out that these reforms developed by international experts, in coordination with the Iraqi government, the Ministry of Oil and Iraqi economists.

Not sure if I like this statement or not???

Gloribee

Bad translation or smokescreen. There's no way they can wait 3-4 years and bring it to 1000. It's laughable.

Does anyone else get concerned when they stop moving the exchange rate? I get a little bit on edge when it doesnt move for more than a couple days. I guess the upside is they sold anoth 97 mil USD and bought 3 mil . . .maybe small denoms, maybe not

With the street rate bouncing around 1000:1, and the foreign currency exchange rate in the 1235s, how can the CBI afford to stay in the 1290's???

deleted

Originally Posted by bigopie

it seems like all the so called information coming out of Iraq for the past week is the same ole song and dance...i read the same thing that JLO's BUBBA and ARCHANGEL wrote....its the same thing....in fact yesterday ARCHANGEL posted this same thing twice...either some people are not reading the forum before they input their so called new news....or just because it has a different date they think its different....no need to post the same ole same ole more then once...just taking up forum space...IMHO...Pat

I was busy all weekend working and didnt have time to look up news. If you dont want to read the article or have already seen it, then skip past it or are you too lazy to do that too?