Thread: Iraq/Dinar News until 5PM CST May 10,2007

Hmmm . . . For what it's worth the ADVFN ticker currently [ @ 4:00 PM Eastern time ] has the Dinar down from 1721 to 1712 against the Euro . . . That's a drop of 9.3 or .05% . . .

No news of any consequence from our guys in Kurdland . . .

Best to all . . . RR . . .

HUGH!!!! Lets Revisit The Letter of Intent!!!!! 2/23/2007
Ok I went back today and read the LOI again. Alot of things makes sense now that didnt then. The are benchmarks that were set, and some of the benchmarks we have accomplished some are right upon us. I have posted some of the important parts of the LOI below with the benchmarks. The quoted parts are articles that have came out within the last couple of weeks that go hand and hand with the LOI. Take a look for yourself, there are alot of great things happening. Lets get everybodys take on this!!!!!

International Monetary Fund

Iraq: Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding

February 23, 2007

18. The CBI has re-appointed Ernst and Young (E&Y) to conduct (i) an audit of the net
international reserves data reported to the Fund as of December 31, 2006 (including a full
count by the auditor of gold and foreign exchange holdings at the CBI) and (ii) the audit of
the 2006 CBI financial statements in accordance with International Standards on Auditing.
The former audit is expected to be finalized by May 31, 2007 (structural performance
criterion), while an interim report of the latter is expected to be completed by May 31, 2007

(structural performance criterion).

No artilces, but holds a big key!!! This benchmark is right upon us!!

20. Due to delays in completing the 2005 CBI audit, the GoI was not able to recapitalize
the central bank to the stipulated ID 100 billion (structural benchmark for end-December
2006). We are committed to doing so in 2007 and the MoF has already sent a letter to the

CBI reflecting our commitment.

Really dont understand this one, could they be talking about monetizing the oil!!!! Any thoughts on this one???

21. We have made significant progress in modernizing the payment system. The real time
gross settlement (RTGS) payment system and the automated clearing house (ACH) started
their operations ahead of time (structural benchmarks for August and November 2006,
respectively). Currently eight commercial bank headquarters are connected to the CBI and

we are in the process to expand the coverage to the remaining commercial banks.

The director-general of the Rafidayn Bank in Iraq, Abdul Hussein Al-Yasseri, announced a new program to reform the banking sector in Iraq through the introduction of a comprehensive electronic system.
[The Rafidayn Bank is the largest commercial bank in the country, established in 1941.]

22. The CBI and MoF have signed a memorandum of understanding for an operational
restructuring of the state-owned Rafidain and Rasheed banks, and a financial restructuring of
Rasheed bank.2 The GoI is committed to implement in full all measures included in the
memorandum of understanding. We will appoint an internationally reputable audit firm to
conduct an operational and financial audit of these two banks based on their 2006 financial
accounts (structural benchmark for April 30, 2007). During the second half of 2007, the
MOF will also initiate the restructuring of the other four smaller state-owned banks in line
with the approach adopted with regard to Rasheed and Rafidain banks, in consultation with

the IMF and the World Bank.

The Director-General of the Rafidain Bank Then Yasiri, that the implementation of the restructuring of the banking sector year will begin soon, adding that the program will include the adoption of a comprehensive electronic system and adopt modern mechanisms to keep abreast of developments in the banking industry in the developed world.Yasiri, and pointed out a number of measures which will be launched soon in order to improve the reality of banking services offered to citizens, including the establishment of training centers in particular the banking sector and external courses to raise standards of rehabilitation banking cadres in addition to preparing studies to evaluate the annual performance through the use of research centers and a number of sp******ts in banking.

25. We will continue to work toward resolving outstanding external claims. Negotiations
with China are underway, and contacts have been made with key creditor countries from the
Gulf region. A number of non-Paris Club bilateral creditors have indicated a desire to
securitize their claims. We will facilitate the development of a Special Purpose Vehicle
(SPV), in order to encourage the conclusion of bilateral agreements with non-Paris Club
creditors, according to the terms and conditions of the Paris Club agreement, and to avoid the
emergence of a multiplicity of different securitizations. In this regard, we will keep the Paris
Club fully informed. Most of the remaining unresolved private claims (which are only
4 percent of the original claims) are in the process of reconciliation with claims that are being

settled as part of the liquidation of the London branch of Rafidain bank.

The Iraqi company for banking services several trips to the transfer of currency to the Rafidain bank branches all over in Baghdad during the third week of April.

Iraqi banking activities in international forums currently stalled because of this debt, and creditors have the right to arrest any Iraqi government outside the capital of Iraq, such as banks, Rafidain and Rasheed, or the Iraqi Central Bank in foreign subsidiaries, which forced the government to close all these branches, waning foreign remittances to the Bank Iraqi Trade of the conversion for the benefit of the Iraqi Central Bank transactions were higher than if the government was able to open branches of government banks, and banking performance are complex mechanisms and debt cancellation would lead to the return of the Iraqi banking sector in the world to the developed and resume this activity.

debt cancellation would lead to the return of the Iraqi banking sector in the world to the developed and resume this activity.

commerce will be discussing with the departments of these banks in a few days at a joint meeting includes departments banks with Iraq the Board of Governors of the Iraq Stock Exchange, which is an effective step to involve the banking sector in achieving balance and productive participation in the response to a call for the development of market mechanisms work according to the latest technologies and access to capital markets in the Arab world and the world).

27. The GoI, with the help of the United States, has launched an new initiative toward an
International Compact for Iraq (ICI). The objective of the ICI is to allow us to develop, with
the support of the international community, a medium-term framework for comprehensive
political, security and economic reform. We are committed to ensure that the economic

component of the ICI is fully in line with the program under the SBA.

Announced and Egyptian Foreign Minister Ahmed Aboul Gheit said in a press conference Thursday that the countries participating in the Sharm El-Sheikh conference on Iraq adopted the "International Covenant," which aims to restore political stability and security and economic situation in Iraq. Ashraf Qazi said Representative of the Secretary-General of the United Nations in Iraq that the document was adopted unanimously without a vote.

IV. PROGRAM MONITORING
28. In light of our request to extend the current SBA by six months, we would also like
the final (fifth) review, due originally by mid-February 2007, to be rephased to mid-May
2007, and that the last purchase will be available upon observance of the end-June 2007

performance criteria.

The IMF suggested that there be a brief meeting in Amman end of this month and another meeting in mid-May to discuss Article IV of the Convention and the completion of the current program, promised the International Monetary Fund announced that the economic developments in Iraq in Sharm el-Sheikh meeting, where support Iraq's economic confident steps despite all the challenges facing Iraqi and economic policy is working smoothly with the Fund reported that the World Bank.

http://www.imf.org/external/np/loi/2007/irq/022307.pdf

darock, in your opinion what timeframe do you think we are looking at for the rv? Thx

thanks darock,

very interesting stuff goin on , whats your opinion on a rv time if it were to happen? since our ici may 3rd did not pan out

thanks

Ok Dinar geniuses...please break all this down for us.some of us need alot of help!!!!I truley appreciate all that you guy's do!!!!
Thanks
Sarah!!

Originally Posted by RollsRoyce

Hmmm . . . For what it's worth the ADVFN ticker currently [ @ 4:00 PM Eastern time ] has the Dinar down from 1721 to 1712 against the Euro . . . That's a drop of 9.3 or .05% . . .

No news of any consequence from our guys in Kurdland . . .

Best to all . . . RR . . .

Ok,could someone please explain this,and what it means!! !!

Originally Posted by snottynose

Ok,could someone please explain this,and what it means!! !!

In a nut shell the dinar is strengthening against the euro

Originally Posted by snottynose

Ok,could someone please explain this,and what it means!! !!

Just like ours is 1264 right now and goes down a pip or two makeing it cost more USD to purchase, it came down 1/2% against the euro - making it take more euro to purchase.

Originally Posted by RollsRoyce

Hmmm . . . For what it's worth the ADVFN ticker currently [ @ 4:00 PM Eastern time ] has the Dinar down from 1721 to 1712 against the Euro . . . That's a drop of 9.3 or .05% . . .

No news of any consequence from our guys in Kurdland . . .

Best to all, . . . RR . . .

I just checked back @ 6:45PM . . . It's bouncing around a bit @1713.6 . . .

Best to all, again . . . RR . . .

IMF Survey
May 07 2007
Country Focus -Iraq

When the IMF Executive Board approved a 15-month,
precautionary Stand-By Arrangement for Iraq in
December 2005, the country set out on a broad economic
reform program.

Under the program, the government
aimed to rebuild the oil sector, which represents two-thirds of
Iraq’s GDP; gradually reduce pervasive and inefficient subsidies
while making more resources available to improve such
public services as infrastructure, education, health care, and
security; and keep the Iraqi dinar broadly stable against the
U.S. dollar as an anchor for macroeconomic stability.

Fifteen
months later, in March 2007, the IMF reviewed Iraq’s reform
program. Here we assess how the economy has fared.

The way forward

Iraq is entering a crucial period in its economic stabilization
and recovery. Over the past 15 months, encouraging progress
was made in strengthening economic policies and implementing
structural reforms. However, much remains to be
done.

In the period ahead, the economic policy framework
supported by the Stand-By Arrangement will also contribute
to the International Compact with Iraq. It is hoped that this
new partnership with the international community will help
improve the political and security situation, which is essential
to securing Iraq’s future economic development.

http://www.imf.org/external/pubs/ft/...007/050707.pdf