Thread: Iraq/Dinar News to April 19, 2007 10PM CST

WTO to hold first meeting on Iraqi membership bid
Last Updated: 11-April-2007 17:58:55

Iraq applied to join the global trade club in October 2004. The WTO working party will meet on April 20 in Geneva to begin its examination of Iraq's foreign trade regime and consider its next steps, trade sources said.

The United Nations last month hosted a conference on Iraqi economic reconstruction, and called on Baghdad to ensure its oil wealth is equitably distributed amongst all ethnic groups.

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Economic : so that we can keep pace with accelerating development
11.04.07
Economic window
Hassan Rubaie

Played economic chaos and the lack of balance in the productive sectors and development played a key role in the collapse of the Iraqi economy over the past decades has failed most of the actions that have been taken form the Fire to draw the itinerary of the real economy

Did not contribute to the creation of its own identity despite the availability of the basic rules of the size and abundance of raw materials, expertise and suitable permanent building a firm economic base.

Iraq is the country of distinguished between the countries of the world enjoyed using industrial and agricultural potential has not benefited from it because of political chaos and instability and the absence of vision and required interaction, all led to the loss of tremendous wealth of resources and the failure of most of the large projects of strategic outlook that by the exchange of money, which led to the aggravation of the crisis he hour languishing at the bottom of the list of countries whose people lived below the poverty line.

This situation makes it imperative that the parties concerned to identify the start and start serious keen to take maximum advantage of the oil resources and high profile comprehensive economic boom benefiting from the experiences of the past and Hvoath, renaissance restore the balance of the economy and do its own master through specialized bodies have the ability to design features of this transformation and build basic introductions to pave the transition to a market economy and facing the circumstances and the great challenges ahead and the succession will fail again, we could not cope with the acceleration of development worldwide.

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Originally Posted by Hardwood

Here we have the Sadrist Bloc complaining about the "ineffectiveness of the Baghdad security plan".

Aren't they the ones CAUSING the insecurity in the first place???

What a bunch of goofballs! Tell your loyal extremists to stop blowing up Baghdad before you complain about a lack of security...SHEESE!

dont you see they want the plan to fail and by blaming the govt. they are taking the blame away from themselves? for those citizens that dont have the opportunity to see the whole picture as we do, they might read those words and think sadr's group is on their side and it would be putting doubt about their govt. in them. propaganda is a big weapon in wars.

Economic : the new investment law and the requirements of activated
11.04.07
Hamid punitive

Complementary elements in the institutional climate for investment and investment incentives with many of the procedures and measures of protection instead of reassuring us with the Arab and foreign investors through the presence of specific laws to ensure compensation for the risk of any economic or non-economic potential, mainly :

1-total protection of the individual before the constitution will guarantee in the Iraqi Constitution there is no point to the possibility of conducting the nationalization of private property.

2 - Develop protection of industrial property, commercial and practical, functional and when this must be aliens, in accordance with the law the same protections enjoyed by Iraqi citizens as extending protection to the patent, models and industrial fees, trademarks, trade names and countries of origin and marks of origin and protection from unfair competition.

3-a legal protection for businesses included in the scope of commercial property and includes elements of physical and non-physical and enjoys the protection of the business arising from the possibility of a civil claim for compensation for the damage caused by unfair competition.

4-establishment of national institutions to ensure investment in order to stimulate investment and cover these institutions, which must be given to ensuring the risk of war and strikes, unrest and confiscation, expropriation for an annual premium to be determined, according to the amount insured.

5-guarantee bank deposits.

Six-free movement of capital : Iraq must enjoy the freedom of movement of capital and profits, without restriction or condition.

7-establishment of a center for arbitration Iraqi mission : to consider trade disputes and industrial action by the fair and proper and the laws and regulations placed for this purpose.

Most of those safeguards are already in the new investment law makes it encouraging to investors.

But there determinants led to curtail the role of private investment after the fall of the regime and made the overall investment climate of de facto weak and encouraging due to lack of stability and security is the first decisive factor behind the reluctance of national capital and foreign investment in economic activity.

The dominance of the activity of the public sector and its institutions on the economic life led to a general weakening of the competitive investment climate because the size of the public sector and the potential dominance and governmental factors undermining the competitiveness of the private sector and its ability to natural growth.

The lack of confidence about the stability of the full reform policies because of a reluctance of institutional caused migration of the Iraqi capital with the feeling generated by the private sector to the national policy reform affect their interests and that is why we need to adopt policies that do not impede reform, but provide mechanisms to help the private sector to overcome to assist in the transition to stand on its own two feet pending re-arranging its data with the new stage.

That clear and significant deficiencies in infrastructure, especially in the fields of electricity, water and other services led to a contraction in the national capital and also emigrated to the weakness of the steps taken to reform the banking system and capital markets as the small investors are finding it difficult to use the banking system in obtaining the necessary funding for the operation of their interests and to engage in new investments.

The general feeling of corruption and the administrative institutions of the State, especially with respect to the granting of contracts to the private sector.

We believe that the new law will assist in integrating into the global economy.

We have announced the establishment of the Investment Authority, which included representatives from the public sector and the private sector but striking that the dominance of the public sector still persist because of the nomination of six members, including the Chairman and Vice-Chairman of the public sector against three members of the private sector and this will weaken the role of the private sector in the formulation of policies investment in the time that he was responsible for direct investment and promoting it and the percentage odds with the principle of transition from a totalitarian economy to a market economy and the required review of the representation to be the sound of the new direction shifts.

The investment law, despite the passage of the period to approval by the government and parliament and the formation of body has still not entered into force.

The need to adopt policies requiring the development and empowerment of the private sector, especially organizations of civil society specialized in the economic area chambers of commerce and industry, businessmen associations and the Commonwealth of private banks and others in the performance of their duties to the fullest through implicated in the policy-making new investment.

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Originally Posted by wciappetta

I snipped these facts from a CNN business article on Iraq’s economy from 2002 prior to the liberation. It is a quick reminder of the oil producing ability and resource availability of Iraq. I thought it might reinforce the view of a valuable dinar. Mods move article if need you feel the need.

Prior to the invasion of Kuwait Iraq produced 3.5 million barrels of crude per day [1990]. Therefore with Foreign investment and upgrading Iraq already has the existing ability to produce at that former level, which is 1.5 bpd over its current production.

Most interestingly to me the article declares in 2002 Iraq had 3 trillion dollars in provable reserves. At today’s prices that’s 6 trillion dollars of reserves not including the believed $12 trillion of additional oil reserves [Yep people were aware of the unspoken reserves back in 2002] not including natural gas reserves. The stored value of these oil reserves alone can be used much like the stored value of gold can be used to support a currency’s value.

Potentially 18-Trillion dollars in value at current market rates exist in oil alone[anyone here believe the price of crude is ever going to fall as the global industries become more thirsty for this economic life blood?]

Therefore I can see no reason why Iraq cannot support a dinar value that exceeds a dollar US regardless of how many dinar are in circulation. When you consider that in fact the Iraqi dinar can back its currency with the largest store of a commodity that the entire world needs, well to me it’s unarguable.

Plus as a side note remember also that all Middle Eastern currencies using the 1000 fil monetary system are valued at over a 1.40 USD. Iraq uses that same system.

_______________________________________

Iraq economy shrinking, despite oil

By Geoff HiscockCNN Asia Business Editor(CNN)

--Iraq is sitting on oil reserves worth more than $3 trillion, but the country's economy is going backwards in 2002, the latest data shows. –[based on $30.00/barrel oil]

A decade of economic sanctions against Saddam Hussein's regime since the 1991 Gulf War has left Iraq's oil-producing infrastructure in poor shape, according to U.S. government estimates.As well, observers say Saddam has chosen to spend money on rebuilding his military strength, rather than attempting to diversify the economy away from oil or increase social capital.The U.N. oil-for-food program has delivered some relief, as did increased oil production and prices in the mid-1990s.But a downturn in oil prices in early 2001 and the new political dynamic after the September 11 terror attacks in the United States changed that.Iraq was subsequently named by U.S. President George W. Bush as part of an "axis of evil", along with North Korea and Iran.One consequence has been a sharp decline in oil imports by U.S. oil companies, and increased nervousness in some countries about trade ties with Iraq.

U.N. sanctions

Iraq also has 220 billion barrels of probable and possible resources, plus 110 trillion cubic feet of natural gas. –[ here we see the admission they already knew about the other possible reserves]--The problem for Iraq is that because of the U.N. sanctions, it can't sell all the oil it is capable of producing.According to the U.S. Department of Energy, Iraq's average daily output last year was 2.45 million barrels a day, with about 2 million barrels a day legally exported under the U.N. program and the rest used domestically.The Middle East Economic Survey this week says Iraq's production so far this year has been less than 2 million barrels a day, after an April-June slump. Output picked up again in July.Hussein announced in early April that Iraq was stopping oil exports for 30 days to protest Israel's action against the Palestinians.Industry experts believe Iraq is now capable of producing about 2.8 million barrels a day -- substantially down on the figure of 3.5 million it achieved in July 1990, a month before it invaded Kuwait.

Find this article at: CNN.com - Iraq economy shrinking, despite oil - August 23, 2002

thank you for saying this sir. i couldnt agree with you more.

Originally Posted by Cdn Scrooge

Has anybody besides me thought that Sadr is setting himself up to be the next Saddam Hussein? I can see it now....the US and it's allies pull out of Iraq and Sadr turns loose his militia (the largest in Iraq I think) and we will see a major bloodbath and in the end he will be on top and in charge of everything.

Just a thought.

you would know this was fact if you saw the death video of saddam that was broadcast on the net. sadr was right next to saddam with a hood on as his followers were on the bottom gallery and chanted, moqtada moqtada moqtada. saddam was heard to say to sadr, does this make you a man? or something similar and then was hanged. yeah, i could tell right then he thinks he is just going to take over where saddam left off.

Economic conference in Amman calls' restructuring Iraqi banks
11.04.07
Amman-Sabah

Dr. Mahdi Al-Hafiz, head of the Center for Dialogue and Development to convene a conference of Iraqi banks in Oman and how development is very important for the economic future of Iraq. He added : "The banking sector

Suffers from many problems and obstacles in addition to that there is an urgent need for the banking sector, in turn, required in the development of the national economy and to achieve the desired economic reforms. The keeper during his attendance at the banking and finance in Iraq is currently being held in Amman and lasts two days :

"The legacy of the past is still a heavy burden on the banking sector is also a new obstacles have arisen by evolution complex and very difficult for years in the country today and talking about this important matter therefore, we must adopt a realistic comparison to address the development of the banking sector and other economic sectors and continued :

"I believe that the Central Bank monetary policy have played an important role in the functioning of the banks and the country's major problems, he said, pointing out :

" The presence of many of the obstacles that stand in the way of implementation of reforms and said :

"Whatever we have achieved at the level of economic policy but the reality speaks something else, and this fact must be taken into account when we talk about Abstract experience, as the bitter experience and the difficulties still very large and we must assess the economic situation, including the banking and monetary situation realistically, a very great responsibility and with respect to monetary policy Hafiz said :

"There are a lot of discussions that are being held between the private sector workers have seen recently a lot of differences in the views on the policy to be adopted by the central bank and this is quite normal, because the country is facing difficult situations and there is steadily rising inflation Whatever has been said recently about the decline of inflation had arrived in one day to about (70%), recently said that he declined Bhado certain. He added Hafiz :

"This indicators should be appointed, especially since there is considerable unemployment in Iraq is around 50% and the labor force in Iraq suffer from many distortions must be addressed objectively When talking about any kind of reform policies, we have to take into account all these phenomena and indicators, we believe that there is a problem the methodology in the search.

So vice president of the Economic Development Agency of American Mike Harvey that the movement of banking in Iraq will witness a marked improvement and quality leap through the development of economic sectors including the private sector and increased investment after the approval by the Iraqi parliament.

Harvey said on the sidelines of the conference, the first banking finance in Iraq is being held in Amman :

"The programs carried out in Iraq during the past years had been important on the economic level, where he was one of the most prominent of these programs support the social protection network, which provides financial support to more than a million Iraqi families.

He added : Harvey : "We Iraq to join the World Trade Organization which is a real commitment of the Iraqi government to transform the economy to become compatible with the global economy. "He revealed the dispatch of experts and advisers in the area of the economy to Iraq to provide support to the Iraqi government in the economic transformations were opened during this period include investment banking work and to the modernization and development of the banking system in Iraq.

In the meantime, he said the government's official spokesman on Skinner that the Cabinet had approved a number of resolutions, including the provision of loans in amounts of 50 million dinars for small projects of the citizens.

Skinner added in a press statement that the loans would be granted from Iraqi banks and to ensure the Ministry of Finance, explaining that the interest on the loan would amount to six%, and bear two Iraqi citizen% shoulders of the Ministry of Finance four%.


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Poor economic goods markets plunge hand tools
12.04.07
Because fraud industrial and commercial speculation
Baghdad-Imad Principality

Experiencing the Iraqi market boom of the poor and the origins of the goods by opening several large country has experienced, and many traders took advantage of this negative phenomenon, in the pursuit of astronomical profits, in order to shed light on cases of fraud that led to the industrial

This serious phenomenon in the light of the absence of laws governing the import and customs .. " Morning, "you move in the trade market, and has met with a conciliator Hatem, who spoke saying :

Markets were linked to trade with the rest of the handicraft sectors, particularly the construction sector, which witnessed a relatively stop For many reasons, which led to the accumulation of goods and the needs of hand tools on the market because of low sales as forced most traders to adopt the manual method of sales on credit in order to stimulate the local market and restrictions even a relative of the state of stagnation that prevailed, conciliator added :

There are many problems facing this trade, including blockages in most main streets, leading to the entrances of the Sub-commercial areas in the wholesale markets starting in the door and the Aga Alcheorgh and Alersavi commercial and retail areas in the Street useful "Kazimiya"

These conditions result of the reluctance of buyers to enter these areas because many barriers artifacts that had adversely affected the movement of cargo with the rise in transport fares as forced merchants to empty their goods from cars pregnancy and transferred to pay for the vehicles arrive at the place of destination and added to the wages of the original price of the goods, and this leads to damage to the goods themselves because of the multiple areas transport and unloading.

The trader Ahmed Ali opines : that trade hand tools suffer from the phenomenon of fraud industrial example, some wholesalers take "Koserh" English origin "first class" and go to China for the manufacture of an article similar to a Chinese industry, but with foreign and seals sold in the Iraqi market as authentic goods at high prices, and Ahmed continued :

The phenomenon of fraud and through continuous industrial tradition industry such as the original Italian, German, Japanese, and placed high rate of the Iraqi dinar against the dollar and its impact on trade hand tools Ahmed explained :

due to the rise in the exchange rate of the Iraqi dinar against the dollar, many wholesalers are living in a state of alert due to the subordination of the latter in terms of selling the dollar against the Iraqi dinar, where the rates stable between 148 thousand dinars versus $ 100 category to be relegated last between 129 to 128 Alpha said traders this down sharply as markets led to the suspension of sales of wholesale trade for several weeks to know the developments that happen after that, and this latest suspense reluctance on the part of consumer and expectation that this will continue down to the lower rates, merchant Ahmed added :

Some retailers of the number of hand-considered devaluation of the dollar against the Iraqi dinar is an important opportunity contribute to a drop in the prices of goods and this helps to ultimately increase the rates of sale, the merchant Abbas Omar talked about trade relations prevailing in the market, hand tools, saying :

witness this market speculations among many market traders one in order to attract consumers such speculation has led in many cases to the loss of a number of market traders because of a rash wholesalers to reduce the prices of their goods and significantly disrupt the market for business and the sale of their goods at low prices and attractive, Abbas added :

we expect to witness the coming summer months, the sale of a broader movement of the current season and in certain types of goods, including "Mator water," which uses more in the summer because of the shortfall in the quantity of water, Abbas spoke of practical proposals for the development of trade in the manual, saying :

one of the most important ways to ensure through "Alcheorgh" trade and reduce spare roads which witnessed the entrances and Alcheorgh Alersavi door and the Aga business, and it is essential to re-open the gates for the operation of the business and revive the Iraqi market, and it must not be purely security at the expense of the economic situation and living of the country then can wholesalers governorates come to Baghdad to continue their business.

Translated version of http://www.alsabaah.com/paper.php?source=akbar&page=37

Originally Posted by mewannapeg

Voice of Iraq) - 11-04-2007
This issue was sent to a friend

The Republic of Iraq
Council of Ministers-the National Center for Media
Media Relations
A press statement / Press Release
Wednesday 4-11-2007

The Ministry of Defense announced on the distribution of emergency payments for the months (April and Maes)

An official source at the Defense Ministry-Service Veterans Affairs that the amount of payment will be distributed emergency temporary eight to ten months (April, Maes / 2007) to employees of the former army of military and civilian personnel and war-disabled Mwinyi officially registered in the rehabilitation center (except recruited in the state on a permanent or a contract) as of on April 15, 2007, according to the benefits described below, and the branches of the Rafidain and Rashid Banks allocated for this purpose the process of distribution in all parts of the country, has been to increase the amount of disbursements to the rank of Lieutenant Colonel (inside) over the book as the Secretariat of the Council of Ministers, as follows :
1. Granted officers from the rank of the inside and over the equivalent of a pension for their peers until the completion of their transactions pensions and the financial settlement of the differences later.
2. The Committee will later consider the issue at other levels.

The payments will be distributed according to the following schedule :

T. category payment (for two months) dinars days of receipt dates of receipt
A team 1500000 Sunday, April 15, 2007
B brigade 888000 Monday April 16, 2007
C Dean 690000 Tuesday, April 17, 2007
Colonel d 534000 Wednesday, April 18, 2007
E 412000 submitted Thursday April 19, 2007
, A leading + 240000 Association Sunday April 22, 2007
Lieutenant g + first lieutenant 240000 Monday April 23, 2007

H civilian staff and disabled Mwinyi 150000 Tuesday April 24, 2007
The military volunteers and the families of prisoners of war and missing in the recent war, according to the sequence of letters
1 a, b 150000 Wednesday, April 25, 2007
T. 2, w, c 150000 Thursday, April 26, 2007
3 h, x,, y 150000 Sunday, April 29, 2007
4 d, t, g, o, u 150000, Monday, April 30, 2007
5:00, z, i, z 150000 Wednesday, May 2, 2007
6 p, g, P, told 150000 Thursday May 3, 2007
7 s, k 150000 Sunday, May 6, 2007
20:00, n 150000 Monday, May 7, 2007
9 e, f, j 150000 Tuesday, May 8, 2007

Translated version of http://www.sotaliraq.com/

i realize these numbers have thrown a few off here but did you calculate the value of the lesser numbers shown? surely they are going to pay even the lowest rank more than the equivalent of $100.

Originally Posted by Ranger III

While I agree that debt reduction is certainly helpful to our cause, I really don't see the connection between debt reduction and the timing of
the r/v.

I suspect that Saudi Arabian and Kuwaiti insiders understand Iraq's currency situation better than we do. At this point Saudi Arabia and Kuwait are
seeing Iraq as a worthy competitor. How then does Iraq exert any leverage
over those two countries by letting it be known that it won't r/v unless
they forgive its debts? In other words, my view is that Iraq gains nothing
by saying that unless you forgive our debts, we're going to continue to shoot
ourselves in the feet by not revaluing.

Saudi Arabia, Kuwait and other Middle Eastern countries obviously don't mind seeing their future competitor twist in the wind for the time being.

Iraq needs to take the bull by the horns and take some decisive action on
its own, instead of waiting on everyone else in the world to relieve its burdens.

In terms of natural resources per capita, Iraq may be the richest country in
the world. Other countries are rightfully beginning to take a dim view of
such a rich nation state continuing to hold its hand out four years after it
was liberated. They know that forgiving Iraq all of its debts could very
well serve to slingshot Iraq way beyond them in a relatively short period of
time. Why shouldn't Iraq start to bear its own burdens as other countries
do?

it wasnt my point that they are using the revalue as a bargaining tool. really the only ones who are concerned about the revalue are the people who invested in dinar and the ones who continue to hold it on the ground in iraq. dont ask me why theyve chosen to do it this way but i have read enough to know that when the debt is gone, the country will begin to prosper.

and on the burden note, they didnt incur these debts they are trying to get relieved but they are responsible since saddam was running the show and put them in debt. they are his bills not the countries.