Thread: Iraqi/Dinar news until March 1st, 2007

Economic : raising interest rates in the balance

Abbas Nassar Alafi

Raising interest rates to depositors as well as to gather Balsph Qetradin of governmental and non-governmental banks is one of the conditions the International Monetary Fund comes from these conditions within several evil Cat Fund imposed on the Iraqi government after careful n its guarantor

.Of Iraq's debt to creditors in return for a commitment appearance e application, in accordance with the conditions specified by the fund was T. Clive IMF monitoring performance Alaghtassa de of the government and to ensure the structural reforms in only Bolivia Iraq.

The changes in the demand for financial assets of the most important but insult behind short-term fluctuations in prices currency exchange rate linked to a large utility is regarding the link between them as follows :
1.1. Higher interest rates lead to a rise in the price paid for m negotiable other currencies.
2.2. Low interest rates lead to a drop in the prices paid for Mega but other foreign currencies-convertible.

This means that the directional relationship between the exchange rate of their currency Oko elsewhere a direct correlation, The strengths and weaknesses referred to is a relative headquarters n strong and weak currencies equivalent to these currency, for example, if we assume that there is a balance in most actors between Iraq and Jordan if the interest rate is high in a in Iraq, and the interest rate is low in Jordan than in the That makes Iraq the funds flowing from Jordan to pw refined, which is a rise in the yield on assets pain Scroll, which makes the capital in the Jordan Ass Oh for the purchase of Iraqi assets, which reflects the increasing demand the Iraqi national currency and increase the supply of a currency for the Jordanians to invest in the Iraqi economy This led to a rise in the rate of the Iraqi currency against Ass currency exchange R. Jordan.

.Raising interest rates is both negative and positive aspects since raising the interest rate by 20% for the depositors would to encourage individuals and companies to save and this leads the j absorb liquidity from the market and reduce the rate of inflation, such a the view of the opposition Ayoajeh by economist of Mr. Sat monetary, financial and this is the positive side.

The negative side of it and raise interest rates the 23% and 27% apparent in the sub lead to refrain p n borrowing from the banks, governmental and private, "refuge Rayya "On the one hand, , as well as its direction of increased costs of production on the w selfish.

This leads investors to reflect on the achievement of Mardord to invest not less than the rate of interest paid by them to gather if the exchange borrowed from the investor finds that a Iraqi the deposit in the banks will have a better hand of Security Yeh instead of investment, especially in the industrial sector, where l constitutes a gross domestic industry from 1% after it was 11%, p what is that the funds obtained from banks. " interest to "be very low risk they have far banks operating, or that the investor in the industrial sector of transformation j commercial sector instead of the investor in pw Malé fact industrial productivity within which it operates , the import of such goods from another country and the cost pw l and greater financial returns and will be reflected on the unemployed p n Action , a total of 30 thousand laboratory and factory stopped about 28 of them P and the rest are operating under capacity , and you can imagine the magnitude of the impact the increase in idle e and thus remains a comprehensive solution to the reform process Alaqet Valley is required to be systematic solutions to address a the economic imbalances and distortions that suffers our economy.

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Recent oil quota :
Appointed to the nation

Samer Torch

Reflecting the dimensions of the distribution of oil revenues, by Prime Minister Nuri al-Maliki first yesterday, , which put the House of Representatives for a vote many m n social benefits and economic and political thief he insisted the Iraqi people.

It is a wise step and courage came time commensurate with the plan P bruises law, , which entered the third week to support the government's efforts in the T. old services, which would raise the level of Economy j for the citizens, through the distribution of the proceeds of oil wealth equally Bi n Non population in all the governorates in Iraq and the increase over the Kazer government in Baghdad. depending on population density of each province and territory.

At the same time reveal the direction the government for consideration to the the citizens on an equal footing in all over the country, Thus, each individual share of oil.

Also born with the passing of the bill eagerness of citizens p I protect the oil pipeline and not tampering with riches of oil from the terrorist because the oil wealth six the fact that the consideration of the citizens belong to them, beaten only lead to Derar their interests and their wealth distributed to them Baltsao j.

This makes the direction of national reconciliation, especially to ten AT billions wasted due to acts of vandalism resulted in the destruction and burning them with a view to drawing pw refined back and dispel the wealth and got approval p To me, this decision will be Iraqi citizens for the first time exact for a share of its oil wealth and benefit from the riches of his country. The government encourages the development of oil projects.

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Announcement No.(874)

D.G. of Foreign Exchange Control

The 874 daily currency auction was held in the Central Bank of Iraq day Thursday 2007/ 3/ 1 so the results were as follows :

Details
NotesNumber of banks12-----
Auction price selling dinar / US $1280-----
Auction price buying dinar / US $----------
Amount sold at auction price (US $)63.110.000-----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $)63.110.000-----
Total offers for selling (US $)----------

D.G. of Investments

Daily price Bulletin buying and selling Thursday 2007/3/1

Currency
Currency Code
Selling Price In IQD
Buying Price In IQD

US Dollar
USD
1280.000
1279.360

European Euro
EUR
1693.440
1692.593

British Pound
GBP
2510.464
2509.209

Canadian Dollar
CAD
1094.017
1093.470

Swiss Franc
CHF
1050.127
1049.602

Swedish Krona
SEK
182.909
182.818

Norwegian Kroner
NOK
208.755
208.650

Danish Krone
DKK
227.321
227.208

Japanese Yen
JPY
10.817
10.812


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

1. Note that :

The sale price of remittances dinars (1279) / $.

The sale price cash dinars (1291) / $.

2.2. The quantity sold, the amount of cash (16.490.000) $ and the amount of remittances (46.620.000) dollars.

3 .3. Declaring the Iraqi Central Bank to adopt selling prices Locher purchase of the dollar on Thursday, March 1, 2007 until Nha Yeh office hours on Sunday, which falls on March 4, 2007 .

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Recent oil quota :
Appointed to the nation

Samer Torch

Reflecting the dimensions of the distribution of oil revenues, by Prime Minister Nuri al-Maliki first yesterday, , which put the House of Representatives for a vote many m n social benefits and economic and political thief he insisted the Iraqi people.

It is a wise step and courage came time commensurate with the plan P bruises law, , which entered the third week to support the government's efforts in the T. old services, which would raise the level of Economy j for the citizens, through the distribution of the proceeds of oil wealth equally Bi n Non population in all the governorates in Iraq and the increase over the Kazer government in Baghdad. depending on population density of each province and territory.

At the same time reveal the direction the government for consideration to the the citizens on an equal footing in all over the country, Thus, each individual share of oil.

Also born with the passing of the bill eagerness of citizens p I protect the oil pipeline and not tampering with riches of oil from the terrorist because the oil wealth six the fact that the consideration of the citizens belong to them, beaten only lead to Derar their interests and their wealth distributed to them Baltsao j.

This makes the direction of national reconciliation, especially to ten AT billions wasted due to acts of vandalism resulted in the destruction and burning them with a view to drawing pw refined back and dispel the wealth and got approval p To me, this decision will be Iraqi citizens for the first time exact for a share of its oil wealth and benefit from the riches of his country. The government encourages the development of oil projects.

End quote


Do you think maybe the Iraqi governement is finally catching on to the idea that if they give the people some real money they will be less likely to blow things up (especially themselves)??

Originally Posted by Mike5200

Kurds the winner in Iraq oil law
Ben Lando
UPI
February 28, 2007


WASHINGTON -- After nearly a year of negotiations, deadlocked on crucial issues of revenue sharing and control of oil fields, the Kurds seemed to have gotten what they wanted from Iraq's central government, in the hydrocarbon law approved by the Iraqi Cabinet Monday.

The passage appears to have ended, at least for now, the most difficult phase of creating and passing legislation aimed at governing all of Iraq's vast oil and natural gas reserves.

The Iraqi parliament still needs to approve the hydrocarbon law, backed by the majority Shiites, which is likely now that the Kurdistan regional government (KRG) has endorsed it.

Oil production is struggling in Iraq. Daily production last month averaged nearly a million barrels below the pre-war levels of 2.6 million barrels per day. Passage of the law is seen as the first step to the more than $20 billion of investment the sector needs.

According to the draft, revenue from oil sales will be pooled into a central government coffer and redistributed throughout the country by population, allaying concerns from the minority Sunnis they would be left with nothing.

The regions will have authority to negotiate and sign contracts, though within the contract guidelines set out in the law.

The KRG in the north, governing a region semi-autonomous since the end of the first Gulf War, has continued development of its oil sector during the current war that has stifled the rest of the country.

Claiming authority given it in the 2005 constitution, the KRG signed five exploration and development contracts with private international companies, deals made controversial when the Iraq oil ministry threatened not to honor them. The new law may have resolved the conflict.

The KRG also developed its own hydrocarbon law, and proposed federal legislation largely incorporated into the new law.

"If we go strictly by the Iraq constitution, the KRG is entitled to assume much greater powers over oil and gas," KRG Natural Resources Minister Ashti Hawrami said in a statement issued Monday by the KRG. "However, to make it work for all concerned, we had to be accommodating and pragmatic in our approach. I am pleased to say that almost all our ideas are now featured highly in the draft Federal Oil Law."

The draft law is less of an end-all deal, more like a framework for, and the first in, a regime of laws needed to govern Iraq's 115 billion barrels of proven oil reserves - the third-highest in the world - and 111 trillion cubic feet of gas.
The "annexes" to the draft law, as Hawrami calls them, include detailing authority to territories and oil fields to the regions, the Iraq oil ministry and the Iraq National Oil Co.; the model and guidelines for contracts; and a law setting the terms of collecting revenues and mechanisms for redistributing them.

These issues have yet to be decided and, Hawrami said, "will also be agreed upon before submitting the whole package to the Council of Representatives."

But those agreements, collectively inferred as afterthoughts in negotiations now that the first compromise has been reached, are the thorn that kept the central government and the KRG from shaking hands in the past.

The Kurds fear a strong central government could deprive them of development, as happened under the Saddam Hussein regime. So they have demanded an automatic redistribution of revenue, away from sectarian whims, and at a percentage that appeared to have outweighed its proportion of the population (though a census will need to be conducted before real numbers can be confirmed).

And, citing historical wrongs and the 2005 constitution, the KRG demanded control over all new oil development.

"Kurdistan will be guaranteed a share of pooled revenue proportionate to its population," Hawrami said. "The Kurdistan regional government will, of course, retain the power to sign contracts for petroleum exploration and development in the Kurdistan region."

A federal oil and gas council, which the KRG pushed for, will serve as a non-binding arbiter of disagreements.

Hawrami said a "panel of experts" named by the council will be allowed to review KRG contracts, though the contracts will not be stopped. The KRG will not sign any new deals until the law is passed.

As for Kirkuk, the city of 11 billion barrels of oil reserves which Kurds claim to be historically theirs but outside the official KRG border, "the Iraq National Oil Co. ... will continue to manage the current producing fields," Hawrami said. A controversial referendum to be held by year's end will be conducted prior to "further activities."

Despite what appears to be an agreement, Hawrami set a window of two months for action.

"If in two months time the law is still under debate by the Council of Representatives, then we will be reasonable about it and maintain support for the process being completed. However, if the oil law is still facing difficulties and the annexes and the Revenue Sharing Law have not been agreed," Hawrami said, "then that would be unfortunate, as we will be facing a new situation and we will have to review our options again."

An official in the KRG's Washington office said Tuesday negotiations are ongoing.

I remember a year or two ago. I kept seeing reports about Iraq. Having the largest natural gas supply in the world. However it has been reported that they only have 3 trillion. Then we see this, and it says 111 trillion. Things that make you go Hmmmmmmmmmmmmmmm..................

Originally Posted by shotgunsusie

After the approval of the investment law, the need is pressing to create an optimal environment for investment and appropriate capital Hello according to national and foreign national interests. It is a known n Iraq is currently suffering from economic problems


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Hmm, now what could create an optimum environment for investment and improve the economic problems of Iraq..... hmm, gee lemme think, lemme think....

Oh ooowww I know, I know the answer! Pick me teacher please oh please I know..............

Originally Posted by goldraker

The draft law is less of an end-all deal, more like a framework for, and the first in, a regime of laws needed to govern Iraq's 115 billion barrels of proven oil reserves - the third-highest in the world - and 111 trillion cubic feet of gas.


I remember a year or two ago. I kept seeing reports about Iraq. Having the largest natural gas supply in the world. However it has been reported that they only have 3 trillion. Then we see this, and it says 111 trillion. Things that make you go Hmmmmmmmmmmmmmmm..................

Now that ain't whistling dixie. Anyone know what a cubic foot of natural gas is selling for nowadays??? Hmm, well lets see...

A cubic foot of natural gas has approximately 1000 Btu's/c.f.

So, (111,000,000,000,000 c.f.)(1000 Btu/c.f.) = 111,000,000,000,000,000 Btu's

The price on the NYmex for natural gas futures is approximately,

$8/1,000,000 Btu's, so Iraq has approximately....

(111,000,000,000,000,000 Btu's)($8/1,000,000 Btu's) = $888,000,000,000 worth of known natural gas deposits.

Wow, $888 billion in natural gas known currently. And that is just Natural Gas (and just under a trillion dollars worth). I'm just guessing here but I guess they just might pull through....lol. Those poor poor Iraqis, what are they to do, what are they to do? Or rather what are they due? Wonder if they will have any new fields to report. Anyone want to place any money on that???





Don't call it a comeback
I been here for years
Rockin my peers and puttin suckas in fear
Makin the tears rain down like a MON-soon
Listen to the bass go BOOM
Explosion, overpowerin
Over the competition, I'm towerin
Wreckin shop, when I drop these lyrics that'll make you call the cops
Don't you dare stare, you betta move
Don't ever compare
Me to the rest that'll all get sliced and diced
Competition's payin the price

[Chorus:]

I'm gonna knock you out (HUUUH!!!)
Mama said knock you out (HUUUH!!!)
[REPEAT 4X]

Don't u call this a regular jam
I'm gonna rock this land
I'm gonna take this itty bitty world by storm
And I'm just gettin warm...........

James Todd Smith III (aka LL Cool J)

The importance of this project felt (citizen) to publish newspaper articles successively before presentation to the House of Representatives Since the Republic of Iraq entered a new phase after the Focus d Constitution in 2005. Since that article 111 of the Constitution, a for referred to states that oil and gas is the property of all the people Iraq in all the regions and governorates. Since ALMAO Ed 110, 112, 114 and 115 and who read in the light of article e 111 was generally known as the responsibilities and powers of Salta T. federal and regional authorities and provinces including with regard to the petroleum sector. Since the bed of the Republic of Iraq the rich sources of oil and gas. The part "great discoverer of them already ready for the development of b Panama there are additional sources of oil yet to be discovered, as Iraqi production capacity during the past decades low compared to a rich source of oil and gas P j Iraq. As the Iraqi people finds itself at a crossroads roads to the future of a new and more prosperous, which requires funding for the rapid reconstruction projects and modernization. and since the proceeds of oil and gas are the most important pillars of Ana this development of the country in general and the Iraqi economy particularly on the basis of sustained and coordinated manner and wholesome Each scheme y into account the objectives of the Constitution, including the great unity Rayya and Iraq, the nature of the sources of oil and natural negotiable Ast force, and the need to preserve the environment. In order to enable the Ministry of a OPEC oil to focus on its role with regard to the President policy and planning and supervision at the same time achieve many of the modernization needed to improve the efficiency Altchg next, it should be distributed based oil actors b Here is the Oil Ministry between bodies and commercial entities Witt examples of major oil companies, including Iraqi national and commercial e independent and giving a role for the regions and provinces product e. Since the modernization of industry and Alttwiraladhavi Allen Fter will enhance the participation of international investors and Mahley n have skills and the administrative and technical drawing, in addition to sources of capital to actively assist and challenge Th national experience and effectiveness in the oil sector. and where The national private sector linked directly or G. the oil sector saw a direct need to support and encourage even not% allowed to play a prominent role in the development of this sector. and since the positive interaction between regional authorities and the European Yeh regulations require legislation to appropriate institutional frameworks to ensure the effectiveness of coordination. Since the entry of actors-international and local-variety in the development of the oil sector requires legislation AT clear, according to the terms of the basic frameworks and ready to work to ensure parity partnership machine between the Iraqi authorities and the concerned parties, also among them. Since the development of the oil sector must j Nsjm and coordinate closely with the development of society and economy Aleut Nee is to preserve the continuity of the development of the economy and the Elbe hacked and reduces long-term A'tmadali Alwarda T. of oil and gas. Since the conditions for the organization of the oil sector y AT great importance to all of the Iraqi people as Alan an affront to the investors in this sector. , there was a need for a fair, clear and transparent and effective guarantee All participants in the oil sector effective participation cooperation, including the government level the federal, regional and provincial oil-producing b addendum to the actors at the local level and international. for that initiated this law
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