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

Hi, Is the Iraqi Stock Exchange going to be open to foreign investers on Monday or has the date been put back again- anybody know???.

I have gone back to find out what the excitment is about but cant find it!

Something about IITB ( what is that) New RAte? Anyone know anything.

Intervention comrade Hamid Majeed Moussa, in the Parliament on 2007 budget

A comrade Hamid Majeed Moussa spoke extensively when discussing the 2007 budget in the House of Representatives, below what most states :
The budget without knowing the basics, at least, what the background from which, and what methodology adopted? Therefore, the budget as steps or actions selective and found this reflected on many things, the speculative imports exaggeration to guard. This means that the real resources of the country would not be subject to censorship, but will give the executive management freedom in the disposition of resources. For example, the projection of which could come from the line of the Kirkuk-Turkey Why? Said : for security reasons, but why spend seven billion dollars or more to the security measures and we can not protect this line? this reflects not only the study? Why spend if we can not protect the country's resources? I think that there are flaws in the study. Second, how to calculate the price of oil, I think it is not realistic, if adopted in the account is as much oil markets currently low, the decrease was a decline in seasonal, and not long decline each year. .We must look for rates to oil prices, I do not started from mere information, but Kmtaba of the oil sector and a spe******t in this area, I feel that there will be a decline in oil prices in the medium term and the long term and if it declines emergency address by OPEC decisions. He suggested that we coordinate with OPEC on the rate likely to keep prices more accurate and more reflective of real resources so that all resources are subject to scrutiny.
The second issue that I want to pause then has stopped me a lot of the Muslim Brotherhood, is the subject of the reduction of petroleum products support the exclusiveness of the kerosene which would lead to excessive rises in prices. This is an aspect in which the Muslim Brotherhood but I want to ask where the contracts, companies that have emerged to replace the State in the sale of petroleum products? Yes, we endorsed the law on the sale of oil derivatives, but will work started? There would be a catastrophe is not only in the higher prices, but there will be products!Because we do not allocate resources for the government bodies to import were processed after the new importer, it is where shall cover these requirements? This step must be done gradually and through coordination with other departments and institutions, the private sector is not ready to import now.
The allocations support the ration card which remained three billion dollars would go down the value of the Iraqi dinar on the basis of the new price is borne by this decline? I ask economists dollars in May (2007) is the same $ (2006)? Let us ask the American Central Bank on the real value of the dollar in the global market. We import not only from America but from the euro and the pound sterling also, and others.
On the other hand, I support what the Brotherhood of the allocations for industry, agriculture and the productive sector allocations are few, Our total budget is not a budget consumption and production. In addition, the Oil Ministry has not only from their disposal (20%), we have this situation. If such a situation continues, it should reconsider allocations to the sectors, and can not be ignored that there are projects ready to support, the Brotherhood talked about a few non-industrial institutions now receive support to pay staff salaries. .But why are not rehabilitate these institutions to enter the production cycle to pay the salaries of the staff and workers of the yield and production of these institutions? But no resources? I think that there are many resources, such loans are recorded (billion, a billion and a half to five billion and others), why not acted to revive these institutions before considering privatization or sale of that if it had been sold, in which case they will be sold as scrap (Sohrab) and the grave damage to the state funds.

The relationship between
الدولار والدينارThe dollar and the dinar.
It was said that the reduction would affect the exchange rate of inflation I asked yesterday, I remain convinced that the actions taken did not have any real impact on the market is that the differentials in rates will benefit the treasury in the finance? Said that the issue of "independence" of what is meant here as "independence. Will we have in this case (15) the government and not a single government. If the Ministry of Finance to coordinate with the Central Bank to reduce the dinar, is obtained for the study was a question whether the issue concerned? Said that the Central Bank independent in its decisions, which aims to raise the rate of the dinar. Independent? Yes, but limits it must be coordinated with other relevant actors, must be examined. I think it should be re-examined the concept of the independence of bodies and departments and ministries in decision-making in order to understand the limits of autonomy, as there is no single ministry, but there are a number of ministries and bodies and the great imbalance in the State Department, which is incompatible with the concept of decentralization. Anyone who thinks that this is the concept of decentralization concept of this chaos in the administration of the State. I would imagine that the budget reflects the desire to please the International Monetary Fund and known to many of the reservation and the performance of the International Monetary Fund. The country is not hesitate many cases, politicians, experts and citizens in the media and described chaos, but we "excel" in the application of the recommendations of the International Monetary Fund! But have no justification for demanding the postponement of some obligations, some of the "reforms"? The exceptional circumstances and meet the demands of the International Monetary Fund at the expense of the citizen, at the expense of the livelihood of the poor, and thus are talking about increasing the salaries of retirees to include only those who retire and forget who retired, and the pension law suffers from a long, but from the side others, such actions rushed to appease the International Monetary Fund. I do not refuse to deal with the International Monetary Fund but should be done according to a study take into account the circumstances of the country and the standard of living of the majority of people.
Translated version of http://www.iraqcp.org/members4/0070123waa1.htm

Xwealthy, Im glad i am not the only one who can't figure out why all the excitement. I am still sitting here with DINAR in my hand. I am waiting for the Green and Grey to be in my bank account. Looking for that BIG BURST of REAL excitement. ---A great big RV.

It has something to do with post 214, I think.

Hey Bob! and Thanks Notazbad! I went back to post 214
Monday!!!!! With no link! so i am still lost. Well I guess I will continue on my usual plan to become more wealthy, and keep up with the rest of my life. Somebody hollar when we are rich!!!!!!!!!!!!

Originally Posted by IITB

MONDAY !!!!!!!!!

that could mean a number of things, unless you have an inside track that no one else has. care to clarify?

Originally Posted by IITB

Too the left , read the news from all the investigator's from the ROL family posted on this thread and draw you own conclusions.
this is not a rumor.... It Will Be Fact !!!!!
IMHO

ummmmmmmmm.............wait a minute......you lost me

it will be fact, not a rumor, but its your opinion lol

I'm about as confused as a baby in a topless bar

well, who cares! monday sounds great, lets wait-n-see

Iraq Oil Law Turns Back the Clock to 1951

The supplementary spending bill passed by Congress last month contained one of the most telling pieces of Iraq-related legislation since the U.S. invasion, and it wasn't the August 31, 2008, deadline for withdrawing U.S. troops. It was an obscure and little-understood bill called the Iraqi Hydrocarbons Law, and it could dramatically undermine economic and political progress in Iraq.
The Hydrocarbons Law contains two fundamental provisions, the first governing how Iraq will distribute revenues from its 115 billion barrels of oil reserves--the second-largest after Saudi Arabia's. The second provision will allow regional governments to negotiate production contracts with foreign oil companies.
Should Iraq's parliament pass the oil law, it will effectively return the country's oil industry to the conditions of pre-1951 Iraq. Yet it is under extreme pressure to do just that.
The spending bill makes the oil law one of many "benchmarks" tying Iraqi political progress with continued American military support. That means that if Iraq's parliament fails to pass the Hydrocarbons bill, then the U.S. could in theory withdraw troops before the 2008 withdrawal deadline. At the very least, it might cease to provide security to Iraqi parliament members.
Iraq nationalized its oil industry in 1951, taking control of the country's oil reserves away from international oil companies and putting them in the hands of the Iraqi government, and later a state-owned Iraqi oil company. Henceforth, foreign companies could only work as contractors for Iraq's national oil company. Nationalization gave Iraq a bigger cut of its oil profits and greater control over all aspects of the oil industry. Today, this arrangement prevails in Arab oil producers like Saudi Arabia and Kuwait.
The Iraqi oil law undoes all of this.
Approved by the Iraqi council of ministers in March, the law permits regional governments to contract directly with foreign oil companies for up to 20-year commitments on production and up to 12 years for exploration of oil reserves in 65 sites around the country. That would leave Iraq’s National Oil Company in direct control of less than one-fifth of the country’s oil fields.
The length of such contracts would allow foreign oil companies to sit on Iraq's oil for years until the security situation improves, delaying the revival of Iraq's devastated economy.
What is more, the law focuses on exploration and expansion of Iraq's industry--that is, new drilling--rather bring existing oil fields back online. Iraq’s oil infrastructure has been crippled by acts of sabotage since the start of the war; what it needs most right now is investment to bring production technology up-to-date.
A New York Times editorial praised the oil law for “equitably distributing oil revenues,” while The Nation's Chris Parenti (sub.req.) noted lamely that a proposal for distributing revenue son a per-capita basis might help de-escalate sectarian conflict.
In fact, by devolving negotiating power to regional governments, the law promotes competition for foreign oil contracts, potentially exacerbating sectarian tensions. In effect, the law looks at oil as "a prize to be divided," said Kamil Mahdi, an expert in Middle East economics at the University of Exeter, in remarks at Columbia University's School of International and Public Affairs this week.
In addition, one model contract for foreign oil companies, circulated in conjunction with the oil law, would give oil companies a 40 percent cut of profits, said Mahdi. It makes little sense to discuss equitable distribution of oil revenues among Iraqis if such a large chunk will be going to non-Iraqis.
Government ministers and Iraqi oil unions, which representing tens of thousands of workers, have denounced the law, but it remains to be seen whether parliament will overcome enormous outside pressures to pass it.
The oil law has raised nary an eyebrow in Washington. One exception was Dennis Kucinich (D-OH), who called it “a concerted effort to ensure that American oil companies are granted access to Iraqi oil fields” and called on Congress to remove it from the spending bill’s list of performance benchmarks. Otherwise, lawmakers have hailed the oil law’s passage by Iraq’s Council of Ministers as a milestone for sectarian cooperation.
Besides opening Iraq’s doors to oil companies, the law might also benefit American interests by undermining Iraqi membership in OPEC. By putting so much of the oil sector under foreign control, the law would make it extremely difficult for Iraq to implement OPEC quotas. “It’s an anti-OPEC policy,” said Mahdi.
The future of Iraq’s oil is not a zero-sum game. Foreign oil companies have a constructive role to play in the sector, just as they do in neighboring Arab countries. But only a drastically revised law can make that possible.
U.S. Policy | Oil Email This Post

mewannapeg
IraqSlogger: Iraq Oil Law Turns Back the Clock to 1951

"Should Iraq's parliament pass the oil law, it will effectively return the country's oil industry to the conditions of pre-1951 Iraq."
Now if they would just return the dinar value to the conditions of pre-1951 Iraq!!!