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

Number of banks 15 -----
Auction price selling dinar / US $ 1292 -----
Auction price buying dinar / US $ 1290 -----
Amount sold at auction price (US $) 97.420.000 -----
Amount purchased at Auction price (US $) 3.000.000
Total offers for buying (US $) 97.420.000 -----
Total offers for selling (US $) 3.000.000 -----


Gooooooooooooood Morning RolClub

At 4 trillion plus, if their goal was to retract 50% of all dinars in circulation, that would put us at the 8.5 trillion dinar mark for currency in circulation. I know there have been many speculations as to exactly how much is out there, but never the less they are getting close to the 50% retraction mark for 10 trillion dinars. At nearly 100 million dollars per day this week so far, it won't take long.

So just remember: "The More They Take, The More We Make".


1. A 0 point change in the dinar today. Was 1292, now 1292

2. A (net) worth of dinars, IQD - 121,990,640,000 pulled out of circulation today, 1/29/07

3. 15 banks participating today

4. 71st auction since the beginning of CBI's reval plan

5. 121 days into the CBI's reval plan.

6. 4,247,577,260,000 dinars pulled from circulation !!

7. 3,870,000,000 Dinars back into circulation today !!

8. 185 dinar change since Oct 1st (baseline was 1477) 12.525% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).

9. 0 point reduction in the rate so far this week. Was at 1292 at the end of last week, 1292 this week.

10. 33 point drop so far in the month of Jan. Ended at 1325 in Dec, now stands at 1292

Iraqi Officials Still Trying to Agree on Draft Oil Law
Iraqi officials deny that a draft oil law would favor Americans but stress that it would set terms aimed at drawing international funds and know-how.

Published reports in the Middle East say the proposed law would give international oil firms 70 percent of the oil revenues to recover their initial investments. The reports say the law would allow them 20 percent of the profits without any tax or restrictions on transferring funds abroad.

Iraqi officials are struggling to overcome strong objections by ethnic Kurds in the oil-rich north who are reluctant to give up regional control.

Iraq is believed to be producing around two-point-two million barrrels a day and exports about one-point-five million. That's well below prewar levels.

News::Iraqi Officials Still Trying to Agree on Draft Oil Law

Shiite leader says federal regions are good solution for Iraq's security problem
BAGHDAD, Iraq -- A prominent Shiite leader said Monday that setting up federal regions in Iraq would solve the country's problems, adding that Shiites are being subjected to mass killings but they should not retaliate by using violence.

Abdul-Aziz al-Hakim, leader of the Shiite bloc in the 275-member parliament, was speaking at a Shiite mosque in central Baghdad to mark Ashoura, one of the holiest days in the Shiite calendar commemorating the 7th century death of the Prophet Muhammad's grandson Imam Hussein. Thousands of people dressed in black in a sign of mourning attended the ceremony at the Khulani Mosque.

"I reaffirm that the establishing of regions will help us in solving many problems that we are suffering from. Moreover, it represents the best solution for these problems," al-Hakim said. "We affirm the necessity of establishing the south and center and Baghdad regions after the people vote on it."

Central regions south of Baghdad and the southern Iraqi provinces are predominantly Shiites and al-Hakim has called in the past for setting up the "region of the center and the south." The predominantly Shiite south and Kurdish north have been relatively safer than the mixed provinces such as Baghdad and Diyala, that witnessed sectarian killings, or the Sunni regions of Anbar and Salahuddin where insurgents are active.

Shiites and Kurds are Iraq's strongest proponents of federalism, enshrined in a new constitution adopted in 2005. Iraq's Kurds and Shiites combine for about 80 percent of Iraq's 26 million population. They suffered the most under Saddam Hussein's ousted Sunni-led regime.

Sunni Arabs, however, see federalism as a prelude to partitioning the country into a Kurdish north, a Shiite south, leaving them in a central Iraq bereft of oil and other natural resources.

Speaking about bombings that killed hundreds of Shiites in the past months in Iraq, al-Hakim blamed Sunni extremists known as takfiris and former elements of Saddam's regime. He also criticized Sunni clerics who declared that Shiites are heretics.

"We, as Iraqis and Shiites, are still being subjected to mass killings, kidnappings, displacement, destruction of infrastructure and attacks on mosques and holy shrines as well as other crimes committed by Saddamists Bathists and their takfiri allies," the black-turbaned cleric said.

"We, with deep regret, still hear fatwas by the takfiris that call for the killings of millions of Iraqis. such edicts are being issued from inside Iraq by some foreigners who entered the country illegally and also by some evil clerics in neighboring countries," said the leader of the largest Shiite group, the Supreme Council for the Islamic Revolution in Iraq.

Al-Hakim was apparently referring to Abdullah bin Jabrain, a key member in Saudi Arabia's clerical establishment, who earlier this month joined a chorus of other senior figures from the kingdom's hard-line Wahhabi school of Sunni Islam who have deemed Shiites as infidels.

"I call upon all neighboring countries to fear God and stop the escalation in the sectarian mobilization and take the initiative to prevent and punish those who issue edicts that call for the killing of the Shiites in Iraq," he said.

Al-Hakim said Shiites should not retaliate by targeting innocent people in revenge for attacks against Shiites. He said wrongdoers should be punished according to the law.

"Today, groups of killers, Takfiris and the followers of the former regime want to create sedition among us by different means. I advise all the Iraqi people to comprehend this fact and preserve their unity," he said.

Al-Hakim said his concerns cut across sectarian lines.

"I sympathize with our Sunni brothers in their ordeal with the terrorists as I sympathize with the Shiites in their ordeal with the terrorists. I reject the deportations of Sunnis from their houses and the same applies with the Shiites. I condemn the killing of Sunnis as I condemn the killing of the Shiites," he said referring to thousands of families forced out of their homes for sectarian reasons.

WHDH-TV - World News - Shiite leader says federal regions are good solution for Iraq's security problem

Currency Unification and Probable Expansion in the GCC
Jawad Anani Al-Hayat - 29/01/07//

The Gulf Cooperation Council (GCC) is undergoing main problems that are impeding its required progress and efficiency. The GCC consists of six harmonious countries, whose economies are almost at the same level. They are all neighboring countries and have efficient infrastructure. Among the attempts made in the 1980s to create regional blocs in the Arab region, the GCC was the oldest and the most stable and successful. Two years ago, the GCC leaders were intent on accelerating the pace of cooperation among their countries, and on turning the GCC from a mere unified common market into economic unity. The most important decision taken by the GCC member States was the unification of currency, which was taken prior to 2002.

It is well known that the EU reached the phase of currency unification after four decades since the start of the unification process in the 1950s. The EU took many preemptive and preparatory steps to reach a unified currency, including coordinating financial and monetary policies, building national portfolios, setting up a European central bank, and coordinating work between this bank and other national banks. We still remember the intensive media campaign that aimed to teach people about the new currency and its denominations so that people could be familiar with it. Despite this preparation, some countries refused to join the new currency, such as the UK, which still adheres to the pound sterling. Some other countries did not meet the conditions for the unified currency.

Oman announced that it would not join in on the arrangements for the new unified Gulf currency. However, this came in mysterious circumstances, so I could not find a suitable explanation for this decision.

Even though the unified Gulf currency still faces obstacles, such as its name, shape, the pictures on it and whether it will be in banknotes or coins, these issues can be solved. Most important, they should agree on arrangements for guaranteeing the stability of this currency after issuance, setting up a financial fund to secure its stability, establishing a Gulf central bank, agreeing on the arrangements of withdrawing the Gulf national currencies and substituting the new one.

Oman's reluctance raises a question about the future of the GCC. Qatar previously threatened to withdraw after a disagreement over the selection of the GCC secretary general, after the end of the first (Kuwaiti) secretary general's term. There are some other problems among some GCC countries over the conclusion of partnership agreements with the EU, and unilateral free trade agreements with the US outside the framework of the GCC. Therefore, a main question remains: will it be for the interest of the GCC countries to increase its members?

Yemen is most likely the most prominent candidate for accession to the GCC. The Yemeni economic situation improved remarkably over recent years. Yemen is an important source of labor force and can provide a key security and geopolitical dimension for the Gulf countries, especially in the Red Sea and Bab el-Mandeb area.

The Yemeni national football team's participation in the recent Gulf football championship held in Abu Dhabi was a hint to a probable accession to the GCC.

On the other hand, the second probable candidate for the GCC is Iraq. But its current circumstances make it difficult in the foreseeable future, even though the Iraqi football team participates in the Gulf football championships, as it did in the championships held before the Iraqi occupation of Kuwait in 1990.

The country that may contribute a qualitative addition to the GCC is Jordan, for its location, expertise, defense capability and economic conditions. Jordan can adjust itself easily to the Gulf States. It may also be a link between the GCC member States, on the one hand, and Syria, Lebanon and Palestine, on the other, and may constitute an additional bridge with Iraq.

Jordan's accession to the GCC would give the latter a required boom and make the former a significant asset in different fields.

*Mr. Anani is an economic expert at al-Basira Consultants
Dar Al Hayat

N. Iraq key to oil deals, says Baghdad



TDN-Turkey communicates the unease to the Iraqi national oil company, with State Minister Tüzmen saying, ‘Those who want to test Turkey will pay a price’





The Iraqi National Oil Company (SOMO) has sent statements to Turkish companies exporting oil products to neighboring Iraq, suggesting that they contact officials in northern Iraq if they want to continue to do business with the Iraqi company.

State Minister Kürþad Tüzmen, speaking to the Anatolia news agency, confirmed the incident and said in earlier reactions, “Those who want to test Turkey will pay a price.” Prime Minister Recep Tayyip Erdoðan described the move by the Iraqi oil company as "nothing new."

Speaking to reporters at Ankara's Esenboða Airport yesterday before departing for Ethiopia, Erdoðan said the issue was discussed when his Iraqi counterpart and vice-president of Iraq paid separate visits to Ankara. "Our interlocutor in terms of such issues is certainly the central government," he added.

Anatolia reported that SOMO had rejected Turkish companies' demands to renew their contracts with the Iraqi oil company and sent them all statements signed by SOMO Director-General Fallah Alamri. “The contracts herein expired on [ … date] but if you want to continue oil product shipment to Iraq via Turkey then contact the relevant officials in the north,” read the statement.

Turkish authorities strongly opposed the condition laid down by the Iraqi oil company for the revival of contracts with Turkish companies. “We saw such strange statements to our companies and also found out that some of our companies had received verbal warnings in the same vein,” Tüzmen said. Officials from the Turkish Foreign Trade Undersecretariat dispatched a note to SOMO, requesting an explanation.

“But we haven't received a response yet. SOMO officials do not answer our telephone calls,” Tüzmen said.

He went on to say that SOMO's move was unacceptable. “Turkey recognizes an undivided Iraq that has territorial integrity so our interlocutor in oil trade is the Iraqi central government and the Iraqi National Oil Company, SOMO. If some want to impose something on Turkey, they'll see that they will be unable to do so. The Turkish Republic never allows fait accompli.”

Under a circular previously released by the Prime Ministry, Turkey only negotiates with the Iraqi government and SOMO in terms of oil trade with Iraq.


Letter to Iraqi oil minister

Tüzmen also sent a letter to the Iraqi oil minister, expressing Turkey's reaction to the condition laid down by SOMO.

“I've heard that SOMO said Turkish companies were not allowed to unload their shipments on the claims that their contracts had expired and that SOMO suggested they contact [officials in the north of Iraq] if they want to continue trading oil products with Iraq… I'd like to point out that non-compliance with the basic principles set out in the agreement signed with Iraq on oil trade or unilateral decisions could have a negative impact on the sustainability of oil products trade between Turkey and Iraq,” Tüzmen said in the letter.

Iraq is believed to be producing around 2.2 million barrels of oil a day and exports about 1.5 million, well below prewar levels of 2.5 to 3 million barrels a day. The Iraqi Oil Ministry has been struggling for months to reach a compromise over draft legislation to govern Iraq's most important industry and pave the way for much-needed investment and know-how to revitalize the devastated infrastructure. But the measure faces strong objections from Kurds, reluctant to give up regional control, as well as concern about U.S. influence in the sector. Iraqi Kurds in northern Iraq want the final say on signing contracts with foreign oil companies for projects in their area, signaling opposition to plans for a central oil committee.
Kurdish Info - N. Iraq key to oil deals, says Baghdad

For what it is worth, I really cannot imagine the cbi informing everyone of a major reval right before it happens. Can you imagine the chaos? Everyone and their dog would buy as much as they could. I know it has gotten harder to get ahold of, but still possible.

Lately, I have only seen amounts of 1000 and 1260, and for investors, that is not much to get excited about. It very well maybe wonderful for the citizens of Iraq, but from my limited knowledge, I can't see it being too much of a "woot" for them either.

So to sum it up, I believe these numbers (1000, 1260) are a smoke screen and notice just how often they are put up here lately. Little overkill if you ask me. I'll start to change my mind a little, and just a little, as soon as I see an article that says something of this nature........

"The cbi stated today that they have changed their plan to revalue the dinar to the previous rate of parity with the dollar or at least in parity with surrounding countries. They have now decided to raise the dinar to a value of 1000 dinar to 1 dollar over the next few years. They are very apologetic to have mislead their citizens with hopes of their dinar actually being worth anything in the near future."

I have just been skimming over the last few pages. The complaints of rehashing, and double Posting May seem fruitless, but if it pertains to the DINAR, and Iraqi NEWS it is being posted in the right section.
It is the Posts that pertain to everything except the Iraqi News, or info on the DINAR, That Bugs Me the most. If You want to use up space here to voice complaint, and voice disappointments ,etc. Then PLEASE follow the TOS and Rules. The Majority of the members who post on this forum are Doing the right thing with thier daily investigating, and provideing us with info pertaining to the subject. I commend them for thier time, and true efforts to bring us ---(-the unknowledgable ones, and the busy ones that cannot always be here)----The NEWS and facts. In closeing I ask all to refrain from useing this forum for chit chat or complaining. Lets Keep our Positive attiude Flowing . End of RANT. BOB

Shi'ite pilgrims call for end to violence in Iraq
Mon 29 Jan 2007 9:47 AM ET

By Sami Jumaili

KERBALA, Iraq, Jan 29 (Reuters) - Shi'ite pilgrims called for an end to sectarian killing in Iraq as they swamped the holy city of Kerbala on Monday to commemorate the death of the Prophet Mohammad's grandson in battle there 1,300 years ago.

Some of the two million black-clad pilgrims attending the annual Ashura event sought to emphasise Muslim unity and dampen the communal tensions between Sunnis and Shi'ites that have raised fears of an all-out civil war.

"Stop the bloodletting," read one banner held aloft by pilgrims; "Let us make Ashura a day for brotherhood among Iraqis," read another; "We are all Muslims," a third.

The death in battle in 680 of Imam Hussein entrenched the schism between Shi'ite Muslims and Sunnis, a split that now sharply divides Iraq. The country has witnessed a surge in bloodletting between its minority Sunnis and Shi'ites, oppressed under Saddam Hussein but now politically dominant.

Addressing an Ashura gathering in Baghdad, Abdul Aziz al-Hakim, the most powerful Shi'ite political leader in Iraq, also called on Iraqis to bridge the sectarian divide.

"We are one unified people and I look to our Sunni brothers with sympathy in this war against terrorists," he said, speaking from behind bullet-proof glass.

"I condemn the killing of Sunnis just as I do Shi'ites and any other Iraqi," he said.

TIGHT SECURITY

An estimated 11,000 Iraqi soldiers and policemen threw a security cordon around Kerbala to prevent a possible attack by Sunni militants who have targeted the major Shi'ite event in the past.

Radhi Haider, 37, walked four days from the town of Diwaniya southeast of Kerbala with his family, fearful of attack but determined to mark Ashura, a ceremony that was severely restricted in Saddam Hussein's secular state.

"We feel afraid, but we consider Ashura a day of forgiveness," he told Reuters of the ceremony, which officially climaxes in Iraq on Monday but is marked by many Shi'ites on Tuesday.

Kerbala police chief Abu al-Walid said more than 2 million pilgrims had gathered in the city under a dust-filled orange sky as a sandstorm cut a swathe through central and southern Iraq.

Despite no reports of violence throughout the day, many pilgrims remained nervous, fearful of an attack similar to those blamed on suspected Sunni al Qaeda suicide bombers that killed around 170 pilgrims in Baghdad and Kerbala in 2004.

Their fears were fuelled by a battle near the holy city of Najaf, where Iraqi security forces said they killed 300 gunmen from an apocalyptic Muslim cult led by a man claiming to be the Mahdi, a Messiah-like figure in Islam.

"This occasion will not pass without trouble because the Takfireen (terrorists) are prepared for this important occasion. They started in Najaf yesterday and they will do it tomorrow God forbid, but we are more determined to do it," Shiyaa Mousa, 49, a tribal leader.

Some pilgrims, marching in procession, symbolically whipped their backs to mirror the suffering of Imam Hussein.

Ashura is the 10th day of the lunar month of Muharram, when according to Islamic tradition, Hussein was killed in a battle with the army of Caliph Yazid. He was decapitated and his head taken to Damascus, the seat of Yazid's Ummayad dynasty.
http://today.reuters.com/News/Crises...ryId=COL940617

Increased Iran involvement in Iraq raises likelihood of US action
Markets are closely following the New York Times article reporting Iranian plans for wider political and economic ties in Iraq. The article quotes Iran’s ambassador to Baghdad to be saying Iran will even set up an Iranian national bank branch in Baghdad—the first foreign bank in the country. Such plans, if backed by Tehran, are likely to fuel escalation of violence, especially as the US has detained a number of Iranian operatives in recent weeks on grounds of complicity in attacks on American and Iraqi forces.
Dollar Strengthens Ahead of Hawkish Fed, GDP, Payrolls

I for one found it kinda odd when the CBI started posting they would keep the rate the same for the weekend plus there Monday. Now they are doing it until Wednesday. We all know how things work over there and I can’t help but think there is something delaying what they are trying to do. Don’t know what they’re trying to do but I know what I hope they want to do. With these auctions happening for 3 years or so, they never posted that the rate would stay the same for any number of days and it would not move for weeks. Now that they extended the “hold” until the end of Wednesday I can’t help but think that they wanted to do something today but some one started to cry so we get the extension until Thursday.