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

Iraq takes steps to settle YTL 2 bln debt with Turkish CB
Today's Zaman - [09/05/2007]

The Iraqi government has taken a constructive step in efforts to settle its YTL 2 billion ($1.5 billion) in debt to Turkey's Central Bank, nominating US accounting and consulting firm Ernst & Young to negotiate its amount outstanding with the Turkish Treasury. As the central bank's biggest partner, the Treasury is dealing with the collection problem in the name of the bank and has also enlisted the help of the UN towards this goal.

The debt began accumulating before the US invaded Iraq in 1991. In accordance with commercial agreements between the two countries before the first Gulf war, the Turkish Central Bank was proceeding with payments to Turkish exporters and contractors that do business in Iraq. The funds expended were later collected from the Iraqi government. The system was working smoothly until it broke down after the US invaded Iraq 16 years ago. Iraq has been unable to pay the remaining debt since then due to internal disorder created after the war.

The central bank’s latest activity report for 2006 once more included the amount owing from Iraq in its “bad and irrecoverable debts” item. Of the bank’s YTL 2 billion in receivables, YTL 1.83 billion stems from notes, while the remainder originates from uncollected loans that resulted from the central bank providing funds for Enka Construction for the Bekhme Dam project that the Iraqi government couldn’t cover. The amount of this loan was YTL 130.12 million.

The Iraqis’ debt to the Turkish Central Bank is equal to 31 percent of the bank’s annual expenditures. The central bank’s spending climbed to YTL 6.25 billion in 2006, a 52.6 percent increase from YTL 4.1 billion in 2005. Interest payments, as an item of expenditure, were YTL 3.63 billion, whereas non-interest expenditures were YTL 2.24 billion.

Payroll expenses amounted to YTL 270 million, and the other spending was YTL 107.42 million. Although the bank is making allowances to hedge the risk for bad debts, it has not made any provision for receivables from Iraq since 2002, when it adopted international accounting standards.

Iraq owes $900 million to BOTAق,

The state-owned Turkish Pipeline Company (BOTAق) is also owed a significant sum by Iraq, totaling as much as $900 million. This debt stems from transportation costs through the Kirkuk-Yumurtal‎k oil pipeline.

BOTAق officials say they are waiting for the Iraqi government to settle its debt with the government since there is no appropriate authority to deal with the problem. They claim that the current situation of BOTAق, which is in serious financial trouble due to uncollected receivables from its domestic customers, the biggest of which is the Ankara Metropolitan Municipality, will be alleviated if they can obtain the money owing from Iraq.

http://www.iraqdirectory.com/DisplayNews.aspx?id=3734

Iraq reconstruction may cost $300 billion
Press TV - [09/05/2007]

An Iraqi lawmaker has urged foreign firms attending an international reconstruction fair in Jordan to help rebuild his battered country.

"Iraq needs more than 300 billion dollars for reconstruction in all fields -- oil, economy, industry, agriculture, infrastructure," said Yunadem Kanna, a member of Iraq's parliamentary commission on the economy, investment and reconstruction.

"Iraq is a huge market that needs expertise and technology in order to take its seat among world countries," he said at the opening of the 4th Rebuild Iraq international trade fair which lasts through Thursday.

"There are security problems but we have safe areas in the north and the south, and there is an investment law that gives foreign firms many benefits," he said.

More than 700 Arab companies and foreign firms from Iran, China, Egypt, France, Germany, Italy, Japan, Russia and Saudi Arabia are at the fair.

Observers believe Iraq has great potential because of its abundant oil and gas resources.

Last week the leaders of more than 50 countries agreed at an international conference at Sharm al-Sheikh to fund Iraq's reconstruction if the embattled nation meets certain economic benchmarks.

http://www.iraqdirectory.com/DisplayNews.aspx?id=3730

The House voted unanimously to file a lawsuit against Al-Jazeera for Ttaulha lieu of the religious authority and raise sectarian violence in Iraq
10.05.07

The House of Representatives adopted a draft resolution to the Iraqi file a lawsuit against Al-Jazeera country Ttaulha replacing the reference to the religious and sectarian sedition in Iraq has voted unanimously on the draft resolution which obliges the government to file a lawsuit against Al-Jazeera, which aired last week submitted a prolonged program Ahmad Mansour to the Holy Shrine of Imam Sistani and Mr. considered members of the House to assaulting came before Al-Jazeera and not, as alleged by former guests and this means that the channel aimed at disunity among Iraqis and spark civil war.

وکالة ال�رات العراقية للانباء

Originally Posted by ForceReK0n

Well fellow Dinar peeps. Looks like I am probably heading back to Iraq. Things are tight here. They cut my pay and I have an addition to the family on the way. The wife gave me the "GREEN" light.

Anyway, I will let you all know the final word very soon. I still need to negotiate my package to the "exotic" land. If I go I will be "boots on the ground" as much as I can for ROL.



"D"

If you do end up going hopefully you won't have to stay long.

Originally Posted by ForceReK0n

Well fellow Dinar peeps. Looks like I am probably heading back to Iraq. Things are tight here. They cut my pay and I have an addition to the family on the way. The wife gave me the "GREEN" light.

Anyway, I will let you all know the final word very soon. I still need to negotiate my package to the "exotic" land. If I go I will be "boots on the ground" as much as I can for ROL.



"D"

Stay Safe Bro

Originally Posted by ForceReK0n

Well fellow Dinar peeps. Looks like I am probably heading back to Iraq. Things are tight here. They cut my pay and I have an addition to the family on the way. The wife gave me the "GREEN" light.

Anyway, I will let you all know the final word very soon. I still need to negotiate my package to the "exotic" land. If I go I will be "boots on the ground" as much as I can for ROL.



"D"

Stay safe, like many have said before me, we'll keep you in our prayers, AND we'll see you on the beach after the reval!!!

Originally Posted by ForceReK0n

Well fellow Dinar peeps. Looks like I am probably heading back to Iraq. Things are tight here. They cut my pay and I have an addition to the family on the way. The wife gave me the "GREEN" light.

Anyway, I will let you all know the final word very soon. I still need to negotiate my package to the "exotic" land. If I go I will be "boots on the ground" as much as I can for ROL.



"D"

i might not always agree with what our president says or does....but i will always support our troops over seas....best of luck for a quick and safe return home.....our prayers are with u...stay safe....Pat

12 foreign investor arriving Iraq today coming from Vienna

Iraq arrived today to more than 12 investor acts by direct flights from Vienna to look closely at the many opportunities available to the work site.
".A government statement received by Agence (eye) copy of the briefing that "Kurdish Minister of Finance and Deputy Undersecretary of Defense for the transfer of business and director of the tasks to support the business and established operations in Iraq and Mr. Powell Bernclai they hold a joint press conference in Arbil International Airport upon the arrival of the executive directors."

The statement continued, "the international business week in which he toured areas in northern Iraq to develop working relationships and meet with factory managers."

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Cheers!
DayDream

The 10 May date for the current pay of retired workers

The Service Retirement and Social Security of the Ministry of Labor and Social Affairs, on Thursday, May 10, 2007 date for the pay of retired workers through post offices for a monthly Baghdad March and April.
An official source in the ministry told the media (eye), "The Trial tables (?)completed procedures for the allocation of the salaries of retired workers."
Adding that "retired service, which has more than 25 years received (220) thousand dinars and retired, who served less than 25 received (170) thousand dinars, (140) thousand dinars similarity deceased pensioner consisting of a single individual."

The same source said that "all retirees who receive their salaries from the Post Office (faraniyah) Audit Service for the purpose of altering their identities Pension another new and old after receiving salary This includes the resolution (14.519) retired workers in Baghdad and other governorates, including (8.943) factor in the Baghdad governorate."

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I know I have seen articles before about the checks being disbursed, but I don't think I have seen the amounts.

Cheers!
DayDream

Can some please elaborate on this topic below. As I'm not sure it has to do with our dinar in Iraq. I thought I would post it as it was an interesting read.

Does this have anything to do with our dinar currency that we are holding or Iraq govt economic policy with their banking system as well ?

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Speculation disengagement denied formal banking and movements

GMT 7:15:00 2007 الأربعاء 9 مايو

7:15:00 2007 GMT Wednesday, May 9

قبول الهاجري

Admission Hajri

Speculation disengagement denied formal banking and movements

Acceptance of the Riyadh al-Hajiri

Mohamed Algasir deputy governor of the Saudi Arabian Monetary that the six Gulf Cooperation Council did not discuss linking currencies, the dollar at its meeting in April last year. Algasir creatively meet with "Reuters" yesterday, Sunday, said that there was no need for a tightening of monetary policy for the country and that his work linking the dollar benefit, which represents the largest economy the economy in the Gulf region. but he returned to emphasize once again that it will take the necessary action in case of need disengagement riyal and the dollar would be announced at the right time.

Algasir pointed out that monetary policy would continue to be tied to the dollar, while launching the new monetary unit the Gulf and to be raised in 2010. The Algasir through modern context that the survival of the riyal tied to the dollar currently is in the interest of the economy "because it serves our interests well. As long as present conditions prevail, we have no reason or interest in what reason for change "

This reduced the impact of Algasir correlation riyal dollar in a time when the dollar record lows against the euro increased the cost of EU imports some Gulf states, which led to high inflation. He continued : "But in the case of Saudi Arabia, the dollar represents a natural precaution sense that exports are denominated in dollars and more than 70% the imports in dollar terms, and therefore the impact is not great. "

The busy economic arena Gulf months ago Gulf unified currency issue requires DISENGAGING currencies of the Gulf States dollar prelude to the emergence of a common currency might be linked to a new basket of currencies. Ammar some of the Gulf states early on that step, such as Kuwait, the UAE, but the case different in Saudi Arabia, the most influential economies in the region. Despite the emergence denied Saudi Monetary Institution of this matter but that denials issued late 2006, has lost its relevance now due to return, this time accompanied by speculation bank moves to buy riyal ready to step outlook. The information obtained by the "Ilaf" of their own, that one of the major Saudi banks had completed the purchase of the equivalent of 1 billion Saudi riyals for the wallet investment in anticipation of the rise in the value of the riyal against the dollar.

A number of economic observers two bays tried to influence their leaders to change the monetary exchange rate of currencies against the dollar, but the CBA. More than one official in the Gulf states, stressed that his country's intention to change exchange rates against the dollar.
In return stability of Saudi riyal exchange rate to the dollar in 1986, which had been Accordingly assessment of exports and imports in dollars. It should be noted that the riyal fully covered foreign exchange reserves, and Saudi reserves of foreign exchange source of oil revenues.

In spite of safety achieved by the fixed exchange rate of the Saudi riyal against the dollar, but the claims were renewed by the Saudi economists of liberation even partial restrictions dollar, and more about the Saudi economists is imported inflation resulting from the exchange rates of other major currencies against the dollar, which negatively affect activity Economic output and Saudi national, as a result of an increase in the prices of imported consumer goods and paid major currencies other than the dollar.

Economic expert Muhammad Al-Angari told "Ilaf" that the Saudi riyal exchange rate fixed against the dollar at the rate of 3.75 riyals per dollar since 1986 and so far has achieved this political cash considerable success in stabilizing the riyal exchange markets and shielded from the vagaries of markets and the effects of reduced speculation in the riyal , it is intended to speculation on the riyal to influence the price it would affect the dollar first. But different scene today in the relationship between the Saudi riyal and the dollar if the increased money supply and increased government spending have contributed to raise the rate of inflation, the impact of the decline witnessed by the dollar against the currencies global negative impact lifting the inflation rate , which is expected to arrive this year to 2.8%, according to some reports issued recently.

He continued that Al-Angari imported inflation resulting from the import two thirds of its needs from Saudi Arabia, Europe and Japan, the dollar decline against the currencies of those countries - the euro and the yen-led successively to the low value of the riyal to these currencies, and thus the prices of those products in the local market. This led to the downsizing of the Individual spending, which led to the decline of economic growth, which would be reflected on the downsizing of the savings to the citizens on the other hand. This is an economic policy which the government began carrying out recently by encouraging companies putting up the capital market contributing to the development of the Saudi citizens and the savings of their active in projects that contribute diversity of sources of income and reducing the proportion of the impact of oil in the country's general budget.

Returning to the economic concerns of inflation resulting from the stability of the riyal exchange rate against the dollar, the exchange rate change or edit riyal partly from the pressure of the dollar and other currencies linked to several concerns, including that linking the euro-currency European standard-risky that the new euro currency needed more time to win the confidence of dealers, that many Salaat of global evaluate dollar deemed the main currency in world markets, that other currencies do not enjoy economic history enjoyed by the dollar.

Claim changes must result from the vision of integrated economic "Thus began Matshar Guide expert and writer on economic Answering questions" Ilaf "Many of the varied opinions in the assessment riyal against the dollar, but that the best solution can be done to mitigate imported inflation is linked to a basket of currencies including the Saudi riyal, so we are liberated from the dollar peg That remains a constant assess the riyal from any future changes in the dollar exchange rate.

Accounting professor at King Saud University, Dr. Mohamed Almgiulie, told "Ilaf" linking riyal dollar has a political dimension beyond the economic dimension, we must not ignore the political side, which makes it politically liberal start and then liberation economically. Perhaps the economic Saudi moves with a number of world countries recently will contribute significantly to the question of reconsidering riyal in linking the dollar.

In press statements to the governor of the Saudi Monetary Institution recently last January confirmed that the association change riyal dollar depends procedures currency Gulf Standard, said, "The Saudi riyal is linked to the dollar now, and there was an agreement with the Gulf states were all a collective decision by linking the dollar in the current framework of preparation for monetary union, denied that there is no intention disengagement with the dollar, given the absence of justification on the matter. He added "there is a commitment among the founders of the Gulf States to maintain this policy until the establishment of monetary union, which would create a common monetary policy by the official uniform."

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