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

Originally Posted by Onenomad

In a nut shell the dinar is strengthening against the euro

thanks,Onenomad!!!
Sarah!!

Originally Posted by Lunar

IMF Survey
May 07 2007
Country Focus -Iraq
Pge #7

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

Looks like we are in for a longer wait than some of thought.

Dem leaders brief party on new Iraq plan

By ANNE FLAHERTY, Associated Press Writer 46 minutes ago
WASHINGTON - House Democratic leaders briefed party members Tuesday on new legislation that would fund the Iraq war through July, then give Congress the option of cutting off money if conditions do not improve.
If members agree to back the plan as expected, a vote on the new war spending bill could come as early Thursday. The proposal, pitched last week by Rep. David Obey D-Wis., was first disclosed last week by The Associated Press.
Democrats told reporters the plan is likely to provide more than $40 billion for the war and other high-priority projects, then vote "mid summer" on whether to release more money for military operations.
The plan had dim prospects of surviving in the Senate, where most Democrats want to guarantee funding for troops through September and were trying to negotiate a deal with the White House.
House Democrats said they weren't too concerned with getting the White House's blessing.
"They know what we're doing obviously," said Rep. Rahm Emanuel D-Ill. "I don't think their subscriptions to the newspapers ended at any time recently."
House Speaker Nancy Pelosi , D-Calif., said she had promised to find common ground with the Bush administration, but made it clear last week that "if we didn't find out common ground, we would stand our ground."
White House spokesman Tony Snow on Tuesday called the approach "just bad management."
"We think it is appropriate to be able to give commanders what they are going to need, and also forces in the field, so that you can make long-term decisions in trying to build the mission," Snow said.
Congressional Republicans immediately dismissed the Democratic proposal as unfairly rationing funds needed in combat and said their members would not support it.
Democrats "should not treat our men and women in uniform like they are children who are getting a monthly allowance," said Rep. John BoehnerR-Ohio, his party's leader.
Added Rep. Adam Putnam R-Fla., after a GOP caucus meeting Tuesday: "It's an irresponsible approach. You do not fund wars 60 days at a time."
The Democratic proposal comes in response to President Bush's veto last week of a $124.2 billion bill that would have funded the war in Iraq, among other things, but demanded troops begin coming home on Oct. 1. Republicans agreed to uphold the veto, and Democrats were forced back to the drawing board.
House Democrats want to provide a bill that supports the troops, but not give Bush a blank check on the deeply unpopular and costly war. Further complicating matters, several House liberals oppose funding the war at all while other more conservative Democrats are reluctant to tie strings to a bill needed by the troops.
The new version is likely to meet resistance in the Senate. Several Senate Democrats said they would oppose a short-term funding bill because it leaves open the question of whether troops will get the resources they need after July.
"There's the question of why it wasn't fully funded," said Sen. Ben Nelson D-Neb.
If the House version of the bill fails in conference with the Senate, Democratic leaders say their members will have other chances to affect Iraq policy. Party leaders have pointed to the 2008 defense authorization bill, which helps to set Pentagon policy, as well as the 2008 appropriations bills.
However, that plan could meet resistance by members reluctant to watch their carefully crafted bills sink under a presidential veto. Rep. Ike Skelton, D-Mo., chairman of the Armed Services Committee, has drafted a defense authorization bill that requires U.S. officials to report on progress made on the war. But according to a panel aide familiar with the draft, the bill so far does not include a tough mandate to end the war.

Dem leaders brief party on new Iraq plan - Yahoo! News

Cheers!
DayDream

Barzani : Not unless Ankara Ahedd Taheddeni

GMT 17:15:00 2007 الثلائاء 8 مايو

Althlaia 2007 17:15:00 GMT May 8

أ.

A. P. B.

Brussels : denied Iraqi Kurdish leader Masoud Barzani today, Tuesday, in Brussels that Ankara threatened to intervene in the case of the Kurdish minority Turkish wire but warned Ankara that it also will not tolerate any threat. This came in response to questions from deputies Barzni Europeans on statements made in early April, when Ankara threatened to intervene in the case if the Turkish Kurdish Turkish authorities responded to the draft included the oil city of Kirkuk to the Iraqi Kurdistan region and Co-Governing Territories, which he chaired.

The Turkish newspapers quoted Barzani as saying that "if Turkey intervened in Kirkuk (file) for only a few thousand Turkmen we aggressively for the 30 million Kurds in Turkey." The Turkish Prime Minister Recep Tayyip Erdogan warned Iraqi Kurds from the "very high price", which could cost them him to take a position hostile to Turkey.

He denounced Tuesday "Do we feel threatened by Turkey? The language of threats is no longer meaningful day, the dialogue is constructive. We do not have offended anyone, but we will also accept any threat from anyone. " He pointed out that if "sympathize" with the demands of the Kurds outside Iraq, the problems should be resolved "in accordance with the specific conditions of each State" and "We do not encourage turning to violence."

He also called on Ankara to work to find a political settlement to the issue of Kurdish rebel supporters of the Kurdistan Workers Party who have sought refuge in thousands to northern Iraq, according to Turkey. "He continued : "This problem can not be resolved militarily if Turkey continued to seek a military solution, it will fail," adding that Turkey is sometimes used PKK "pretext".

Turkey fears that allowing the annexation of Kirkuk to the Kurdish autonomous area in Iraq for the Iraqi Kurdistan on the necessary financial means to demand independence as may enhance according to the Turkish authorities of Kurdish separatism in Turkey. On the other hand stressed Barzani refused to postpone the referendum on the annexation of Kirkuk, saying that there is "a conspiracy against the Kurds to delay" This referendum scheduled for the end of 2007.

".

He said "the delay will not be a source of conflicts would only create problems for the future." In a report issued in mid-April last experts recommended a "Anternaconnell Kreiss Sunset" to "repeal or at least postpone the referendum" because of the opposition of the city's population of Arabs and Turkmen. They believed that the vote might lead Iraq's Kurdistan region, quiet so far, to a civil war.

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

Originally Posted by mountaingirl

Looks like we are in for a longer wait than some of thought.

That report was from March 2007 following a 15 month assessment and Iraq has made serious progress since then.

Originally Posted by darock0116

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).

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.

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.

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.

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.

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.

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.





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

Rock, nice piece of work. Thanks for putting this together... or taking it apart. When you break it down and summerize makes for some interesting times in the near futrue.

European Union confirms its support to the government-Maliki unexpected talks between Baghdad and Tehran

United Nations calls for a national dialogue in home building

The world seen through the window of Sharm el-Sheikh to secure and prosperous Iraq
Baghdad-Sabah.

Opened post-el-Sheikh two new prospects appeared features evident on the ground, through the interaction of the international community and abuse with serious matter

In contrast, the world started looking forward to the interaction with optimism and the eagerness of the Iraqi government to implement its commitments to the International Covenant, and the achievement of political and security reforms and economic development.

Supporting this interaction say successfully Sharm El-Sheikh to establish security and stability in Iraq through equation crowd on the one hand, the national government is working on Maliki arranged at home on the other side. Globally, the European Union welcomed with the neighboring countries expanded, and the contribution of international players in Sharm el-Sheikh, which reflects the community's responsibility the international stance on Iraq and its willingness to help him out of his current dilemma.
As the European Union in a statement quoted by the Foreign Ministry yesterday, support for the government and people of Iraq, leading to the establishment of a democratic, secure and stable environment, while stressing its commitment to the independence, sovereignty and territorial integrity.
He commended the efforts of the elected government of Iraq in achieving national reconciliation and the rule of law, and its attempts to restore public order and reconstruction, and the involvement of neighboring countries and the international community in these efforts.
The consistent position of the European Union with other international organizations with global political weight, and prominent officials who participated in the Sharm El-Sheikh.
He was declared a UN official determination of the United Nations to meet the challenges facing Iraq, and take it out of the current crisis. The Director of the Information Bureau of the United Nations in Cairo, Maher Nasser : that the Iraq issue is a priority in the international agenda, and receive considerable attention from the international organization.
Nasser revealed that the Organization's support is not conditional on progress made by the Iraqi government with regard to the International Covenant document, but he stressed the importance of holding an internal Iraqi commitment between various forces, through national dialogue and reconciliation as a condition for the implementation of the International Covenant.
For his part, described President Hosni Mubarak social Sharm el-Sheikh that they (step on the road), expressing the hope that Ttlohema further steps soon, in order to achieve the aspirations of the international community and neighboring countries to return Iraq to its proper place among the countries of the region, while a spokesman for the Egyptian presidency Suleiman Awad told Ambassador (Sabah) in Cairo : Reconciliation and National Accord are considered prerequisites for the success of the political process in Iraq and restore calm it.
Awad also pointed out that the upcoming visit of Vice President Dick Cheney to the region, comes within the framework of keenness of the American administration to get acquainted with the appreciation of regional political leaders on developments on the Iraqi arena.
In Washington, American newspapers yesterday showed what could be considered attempts to pressure to implement the decisions of Sharm el-Sheikh, as saying New York Times newspaper : that the initiative must emerge from Iraq to give the world an opportunity to reflect its obligations towards Iraq.
It considered the theme of reconciliation in the forefront of what the government should proceed forward, in addition to the need to accelerate Files chopping and militias and oil revenues. Locally, became post Conferences Sharm el-Sheikh, a new phase for Iraq, according to the deputy in the parliament Dr. Mahmoud Othman, who said the world is now watching Iraq for the implementation of undertakings which signed in the document the international community, to set the international community on the basis that his position on Iraq and the support and wishes of the Iraqi people.
He called Osman officials and political blocs to hold a dialogue and meetings and intensive meetings to discuss the overall situation and access to common principles and mechanisms necessary to fulfill his promises by the Iraqi delegation to the international community, stressing at the same time that the United States must shoulder its responsibility in Iraq, as endorsed by the Geneva Conventions, as the occupying forces, and the necessity of dealing with neighboring countries, especially Syria and Iran, to serve security and stability in the country.
In the meantime, Egyptian Foreign Minister Hoshyar Zebari was expected holding real negotiations between Iranian diplomats and the Americans and Iraqis to find ways of stabilizing security in the country, based on what started the three parties in Sharm el-Sheikh. He pointed out that Zebari suggested holding real negotiations in Baghdad between diplomats from the three parties, expressing his belief that this Upcoming

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

Originally Posted by darock0116

[B]

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.

This part that you weren't sure about sounds like a kind of insurance policy so to speak designed to financially back the CBI if it were needed. the following snipet supports the idea. What gets me is the amount of insurance "100 billion ID" The CBI yanked more than that in todays auction alone. Certainly we know the CBI is well funded.

I guess the question then is to what funding percentage then is this recapitalization insurance protection to represent? 10 % 100%??? I'm not sure. Knowing this might allow us to gauge a new value for the dinar. Ok I'm tired someone pick up the ball.

Central Bank Autonomy, Accountability, and Governance: Conceptual Framework
prepared by Tonny Lybek

http://www.imf.org/external/np/leg/s.../eng/lybek.pdf

[Last paragraph page 9]

It is important that the central bank first make prudent provisions and allocations to general reserves, and only afterwards transfer realized profits net of unrealized losses to the owner(s) of the central bank, usually the government. It is advisable that the central bank make prudent provisions according to sound accounting standards, thus avoiding the need for establishing special reserve funds. To ensure that losses do not deplete the initial capital and make the central bank economically dependent on the government, the central bank law should include provisions that obligate the government to recapitalize the central bank. A continuous depletion of the central bank’s capital amounts to providing direct credit to the government and is often the result of policies the government forces on the central bank. Accordingly, the government should be obligated to automatically recapitalize the central bank. Finally, central banks should not be subject to frequent appropriation procedures, but it may prove useful if they are obligated to submit an estimate of expenditures for information purpose with a view to ensuring financial accountability.

Not sure what date this was posted as it is not listed.

Chief of solving disputes ownership Ahmed told Brak (new edition) :

600 billion dinars to fill
Compensation property disputes and the normalization of Kirkuk

Baghdad - Abdel Salama Hassan

Chief of solving disputes ownership : unsettled 21% out of 133 thousand lawsuit has received

Founded body solving property disputes in Iraq on March 14, 2004 under Regulation No. 12 of the Coalition Provisional Authority, then, for the purpose of the real estate confiscated by Saddam Hussein's regime to the owners, and now this body now has 30 branches throughout Iraq, and received within the period since its founding and so far 133 thousand lawsuit the Iraqi nationals were confiscated their property. The head of this body Brak lawyer Ahmed told (new edition), that 21% of these cases had been resolved. He added that the lion's share of cases received by the whole return to the undisputed province of Kirkuk, and that this body has proposed to the Cabinet confiscation of movable and immovable property of the former regime to compensate Iraqis who have lost their real estate. Asked whether there were specific deadline for the receipt of complaints and lawsuits citizens to recover ownership of property that was confiscated, he replied Brak (yes, that this grace period will expire on June 30, 2007, therefore, the Iraqi landlords confiscated about two months to submit their applications. The body received so far more than 133 thousand lawsuit was settled 21 %). Regarding the fate of the real estate confiscated by the state under the former regime, said that the law Brak (provided that the provision for compensation of the citizen who has purchased properties confiscated, and that compensation be under prices in the history of the proceedings. That citizen is obliged by law to hand over the property to the original owner, except in the case of a waiver from the defendant the right to recover property and getting instead on compensation). The new edition Asharq in Baghdad in this dialogue :

What are the reasons for the delay in payment of compensation to those affected? How is the number of beneficiaries in each meal compensation?
The reasons for the delay comes from the transfer of funds at the request of the Board every meal between the Finance Ministry and our body, and we can request and we amounts many specific budget estimated 300 billion Iraqi dinars, I do not mind a supplementary budget to meet the needs of the force at its budget and therefore can not be held responsible for any bank that large amounts Therefore, we ask that the amount of each meal to be ready for payment coming to an end in the body for fear of theft, for security reasons, and all amounts are available at the Ministry of Finance and we are able to ask that when we take this process one week each time and the number of cases are in each meal and perhaps a 40 or 30 depending on the type and size of the compensation claim, there are lawsuits are estimated at billions of dollars and there are simple actions, and take them into consideration, but as soon as we have a ready-made suits.

**

What sources amounts for compensation?
That the only source is the state budget has only increased the proposal to the Council of Ministers and the Finance Ministry to confiscate property and real estate Saddam deployed inside and outside Iraq and preparing many large and possible sale through auction, and thus add to the budget allowances sales compensation as quickly as possible, fearing that funds from damage and loss theft and legal trickery to change the names of the owners and holders.

**

Is going in one way or another on the donor countries to cover part of the compensations?
Do not attach much on donor countries because they are not greatly interested in this issue and tried to show the donor countries that the resolution of disputes estate ownership is not only legal but has political, economic and social because if we find solutions to those problems Vesensahm stability in the Iraqi street, calm and this part of national reconciliation, we can not do the national reconciliation and real estate disputes are due to the policy of the dead - and-buried. To show the donor countries that the role of this side effect and important political and maintain the fabric of Iraq to resolve disputes and real estate on the eve of a new security plan.

**

What do the Special Committee 140 and normalized relationship in Kirkuk? Is there a time ceiling for your work? What do you think of the value of compensation to citizens in Kirkuk?
Body became an active member of the Committee of 140 for the normalization of Kirkuk and we will have the burden of time - where do certain actions relating to the city of Kirkuk in the roof frame, I can not say we will deduct lawsuits Kirkuk during 2007 because there are more than 38 thousand cases in Kirkuk alone where a third of cases in the throughout Iraq, and demanded placement of new judges and assist the Land Registration Assembly, all these things will contribute to the speedy resolution of the problems of Kirkuk and have no time ceiling for requests. Regarding resolution 140 is a safety valve and thus return optional rather than mandatory, allowing for coming to Kirkuk earlier that he either choose to leave Kirkuk and receives 20 million and a plot of land in his birthplace and either remain in the home either for the amount set by the Council of Ministers is just possible increased After deliberation with the Prime Minister and this is linked to the budget committee for the normalization of Kirkuk and of 300 billion Iraqi dinars This also contributes to the reduction of tension in Kirkuk and speed in resolving cases.

**

Had no intention of opening offices outside Iraq for the body, what happened in that regard? Is there coordination between you and global organizations such as the International Organization for Migration and the Office of the High Commissioner for Refugees?

With regard to the opening of the offices abroad, have no representations in the Iraqi embassies abroad, in coordination with the Foreign Ministry in the case of citizens abroad who impossible for them to come to Iraq to divide their claims through diplomatic mail at consulates and embassies abroad to convey this mail directly to the body and we we pay the remaining actions. The reason for not opening offices abroad as a great cost and cause us administrative and legal problems with the Foreign Ministry. There coordination with the International Organization for Migration and Refugees of the United Nations to finance the opening of the offices outside Iraq only the work of the Commission will continue to provide the Ministry of Finance for payment of all amounts another dinars to another beneficiary. He disclosed lawsuits so far received more than 126 thousand of them performed a lawsuit filed 30 thousand and performed by judicial committees. The resolutions unresolved from the 3934 discrimination lawsuit Lawsuits are acquired Class peremptory without discrimination is 10758 h and accumulated before the discrimination more than (11) A lawsuit is due to the accumulation of these cases there was a lack of quorum in the body and was halted for seven months for not nominating judges from the government in Kurdistan.

**

How can accelerate the process of compensation and termination of the huge number of transactions?
After a quorum of the discriminatory will be coordination with the body in a mechanism to speed up consideration of lawsuits. The mechanism is to provide certain types of cases to confiscation, expropriation, seizure, the right to extinguish, disposal or withdrawal of other types either mechanism for all lawsuits are the same type of resolution for the issuance of these consolidated proceedings for the purpose of expediting only. As for the judicial committees have 34 of the Commission distributed throughout Iraq and we would like to increase to 50 COMMISSION This helps Hossam lawsuits. As for the discriminatory we suggest the formation of a more specialized, the first lawsuits confiscated and the two remaining cases, this also helps to accelerate completion of the discriminatory actions, the proposal under consideration, and if we are convinced will raise certain proposed draft amendment of the law and not a law forming the additional discriminatory and are approved by the House is a spe******t in the legislation.

Are there new circumstances and developments transactions added to old transactions in the possession of body? And what are the problems facing the work of the body?
A modern birth conditions for the work of the delay in the proceedings and news forced displacement in some areas of Baghdad, where methods allow us to lose contact with the parties in lawsuits because the plaintiff and the defendant prove when a particular address could not reach him because of the amount migrated This does not mean the stoppage of work indicating that the complete lawsuit 250 per week by all judicial commissions, as Brak amounts which must be ensured by the Ministry of Finance to resolve the disputes ownership approximately seven thousand billion Iraqi dinars to fill all recipients and providers to sue body.

مجلة الطبعة الجديدة

The new edition magazine

الرافدين

Rafidain

www.alrafidayn.com

Www.alrafidayn.com

Welcome to ALrafidayn: The Iraqi information service

window-economic banks eligibility





رةImad Principality
.Banks characterized activity eligibility in Iraq since the 1990s and there are a number of obstacles in its tracks banking, private banks suffering from the result of modest financial resources and limited ability to interact with the data bank of modern technology.




.Especially in the light of the high Asaaralamadat and modern methods in real terms compared to the resources of these banks and private banks facing limited interaction with foreign banks and this led to a large information gap and that it lacks what might be called historical depth, which enables it to employ banking relationships precedent for use during the contemporary stage, and one of the most prominent aspects of the suffering of private banks in providing expertise and technical strength is its dependence on elements Bank (Rafidain and Rasheed), particularly those who have completed their services schemes and then moved to work in private banks or who resign for any reason, and this Cadres though experienced in the field of banking (public sector), but lack the work requirements Al-Serafi talk has led excessive reliance on the banking sector tables year to a state of strong competition between private banks to make such Cadres regardless of whether caused by complications related to the banks However, it managed private banks Iraqi Since its founding contribution in the provision of services bank to the Iraqi economy, although this contribution was modest in both activity and attract liquidity individuals and companies in the field or to provide them with credit facilities, a situation of great disparity between the levels of private banks, the result of different experiences and competencies departments of these institutions.
...Today, as the changes are the way to correct economic imbalances ... .The move seemed clear in the pursuit of partnership with global financial institutions advantage entering new investment law into practice shows that the next few days will see a noticeable improvement in the performance of the banking sector and this is what the National reliable to involve the private sector in economic activities and to sort out the transition from the totalitarian economy to a market economy.


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