Thread: Iraqi/Dinar News before 3-12-2007 7:45PM CentralTimeZone

Nope never seen that wording before!

Originally Posted by CharmedPiper

I have never seen this phrase before. I have heard "to make transfers abroad" but that is as close as I have ever seen....????

I have explained before that Banks must Purchase Dollars from the CBI to back up Letters of Credit written in USD to pay International Contractors or Vendors..

Originally Posted by Adster

The CEO of the Iraqi Businessmen Union announced that Arab and foreign investors are now allowed to enter the Iraqi securities market and invest up to 49 percent in the shares of listed Arab companies, Alkhaleej newspaper reported.

According to the newspaper, the CEO added that the management of the stock exchange is expected to prepare the financial and administrative rules establishing a special section for Arab and foreign investors.

Experts have said that the move is vital to the improved development of the Iraqi financial market.



http://www.iraqdirectory.com/files/a...article462.htm

Ok. This explains why the delay in timing from implementation (published in the gazette) and the opening of the doors for the investments to start. The ISX has to have the mechanics in place to handle a big surge in the number and amount of the transactions which they have not had up till now. I also read somewhere that the IT equipment has been delivered to the ISX and is currently being installed and set up to run the electronic orders. They will need that in place to handle all the additional transactions and new brokers joining the ISX.

There was an article back last fall about the training of ISX staff on the electronic aspects and they estimated at the time that the ISX would be running electronic orders by April of 2007.

So, as I see it, all the pieces regarding the FIL are almost in place, finally. The HCL should be passed sometime in the next week or so and when all this finally comes together will probably be around that March 15-22 time frame. Any time between now and then is possibly rv time.

There is so much going on these days and so many meetings scheduled it's hard to keep up with it all, but this is how I see it coming together.

Originally Posted by Cdn Scrooge

Ok. This explains why the delay in timing from implementation (published in the gazette) and the opening of the doors for the investments to start. The ISX has to have the mechanics in place to handle a big surge in the number and amount of the transactions which they have not had up till now. I also read somewhere that the IT equipment has been delivered to the ISX and is currently being installed and set up to run the electronic orders. They will need that in place to handle all the additional transactions and new brokers joining the ISX.

There was an article back last fall about the training of ISX staff on the electronic aspects and they estimated at the time that the ISX would be running electronic orders by April of 2007.

So, as I see it, all the pieces regarding the FIL are almost in place, finally. The HCL should be passed sometime in the next week or so and when all this finally comes together will probably be around that March 15-22 time frame. Any time between now and then is possibly rv time.

There is so much going on these days and so many meetings scheduled it's hard to keep up with it all, but this is how I see it coming together.

May time the ISX will be electronic.

A lot of conflicting reports going around about todays turn out.......


Iraqi Parliament Fails To Show Up For New Session

BAGHDAD, Iraq: Iraq's parliament failed to reconvene as scheduled Tuesday because so few members showed up after the month's recess.

Only about a dozen of the 275 members of parliament appeared at the Green Zone parliament building. Officials said the assembly would not try to meet again until sometime next week.

The legislature has several urgent items to consider including the oil law, constitutional review and changes in regulations that effectively bar many Sunnis from government jobs.

That's the whole AP report - no explanation, no relation to other events, nothing.

http://cernigsnewshog.blogspot.com/2...ow-up-for.html

Originally Posted by Adster

May time the ISX will be electronic.

If they originally estimated April and they actually get it going in May that would be one of the very few times the Iraqi's have come close to meeting one of their targeted dates.

Originally Posted by Cdn Scrooge

If they originally estimated April and they actually get it going in May that would be one of the very few times the Iraqi's have come close to meeting one of their targeted dates.

My first few emails from Mr I stated June to go electronic, now it's moved to 'around May' in his last updates........

Originally Posted by Adster

My first few emails from Mr I stated June to go electronic, now it's moved to 'around May' in his last updates........

so adster would not you need the rv say at least a month prior as to allow for adjustment and so forth,please explain further sometimes all this info gets to be a little confusing trying to piece it all together

Originally Posted by donald1439

so adster would not you need the rv say at least a month prior as to allow for adjustment and so forth,please explain further sometimes all this info gets to be a little confusing trying to piece it all together

Unless they intend to leave the dinar at the same artificial rate and allow shares to be bought up for pennies. Something that up to now has been happening via Warka but only in a small way.

Also with several big meetings this month, IC, Oil Summit next month will they do plenty of deals with hungry big companies itching to get in with a rate of 1260-1279? Hardly be an 'Economic Surge' if they do.

Originally Posted by CharmedPiper

Iraq sets provincial oil production quotas
Iraq sets provincial oil production quotas
UPI - [06/03/2007]
The Iraq Oil Ministry will set production quotas for provinces to ensure oil revenue sharing, though the effects of war still hamper the vital oil sector. "Each province will be notified of its weekly quota to guarantee fair sharing," Oil Minister Hussein al-Shahristani was quoted in a ministry statement. In order to redistribute oil revenues to the entire country by population, a move more likely after a recent tentative agreement on a hydrocarbons law, the provinces will be relied upon to keep oil production at a certain level to guarantee they receive money, the Voices of Iraq news agency reports. Iraq has 115 billion barrels of proven oil reserves and produces about 1.7 million barrels per day, though that's nearly a million before prewar levels. Development of its struggling oil sector has been hindered by the current violence and lack of security, as well as the absence of a law governing the country's hydrocarbons sector. Last week, the central government and Kurdistan Regional Government agreed to a draft of a law that outlined the role of each in developing oil resources. Attacks, the lack of investment and inconsistent supplies of electricity are hampering both production and refining, keeping provinces from hitting quotas. "The ministry was using the pre-planned system to distribute oil products over the Iraqi provinces but due to sabotage and technical glitches there was a gap between the planned amount and the actual distributed amount," Shahristani said.

Great post,

This is very important point on revenue sharing which should go a long way to insure each region will have a vested interest in no sabatoge and no violence which could lead to holding up fair share distributions.

All along this has been talked about, but now announced, so I think we are surely going to see some very positive cooperation in even the Sunni areas now that oil has been discovered. This is what I was waiting for.

Good luck to all, Mike