Thread: Iraq/Dinar News until 5/23/07 Midnight CST

Article (142):

1st — The state guarantees the welfare of political prisoners and those who were harmed by the practices of the former dictatorial regime.

2nd — The state guarantees compensation to the families of martyrs and those who were wounded by terrorist acts.

3rd — What is provided for in these first and second clauses will be regulated by law

Economic event : d. Peace come : There is no economic programs straightforward .. But there are economic signals and reactions

Chechnya : Mohammad Sharif Abu letterhead

Dr. peace come on the economic expert in the industry, economic programs, Haorenaha theme in the (industry economic programs) and tried with knowing committed features picture of the economic program, which is moving forward on the basis of the new landscape of economic reality ... She said starting us : we suffer major flaw reflected in the essential point is the absence of economic programs of the parties involved in the life of Iraq.

Q : What implications of this?
- Consequence, the loss of economic policies, which go reins life in the Iraqi least the economic side, and if Mawalimuna indications that the policies in concepts, are intended to (methods and procedures) followed by hand in the file, imagine the danger to remain aloof from such policies ..

* Do you think that the forces involved in the political scene now, it was clear economic programs before the elections?

- Those forces did not have the economic programs and clear-cut, meaning that it put the economic signals, within their political, and economic develop programs directed towards specific goals attained, and therefore believe that the programs that track now, is, in fact, not programs but are reactions to certain acts, The sense that action in the face of crisis, and not ways to avoid creating a crisis, and evidence in the case file of oil derivatives ..
* Is this talk applies to the current government?

- Yes .. I mean, the lack of economic programs of the government ..
* Since Tvsrin this body of economic legislation on the Iraqi economy?

- Formulaic these issues since the state administration law, any sense that specific indicators for specific ways in the management of Iraq's economy and the completion of its transition to a market economy, but, as you know, can it be done without legislative framework .. The legislative framework and according to the Iraqi constitution does not guarantee only the parliament, so they waited until we have an elected parliament to exercise its role and powers of the legislative and begin the adoption of such plans by the laws of the most important investment law and the law of oil and gas, which expects approval ..

* This dilemma how much of the transition to a market economy?

- That the Iraqi economy already distorted economy .. Wurth chronic diseases manifested in foreign debt, unemployment
Non-structural diversity, and its dependence on a single source of yield, high volume contribution of the services sector and the decline in the contribution of the productive sectors such as agriculture and industry .. This is why those concerned to think, and this is what indeed happened, to think about how to save the Iraqi economy, which appeared in the selection of a market economy, and for the purpose of completing this transition process, it is imperative to accomplish some of the legislation to ensure the right economic climate and guarantor of the success of this process of transition and continuity

* Do you have an idea about a specific economic program?
- Completion of the program depends on whether economic projects implemented by the private sector or the government sector to absorb these projects, the largest number of manpower currently unemployed and hence reduce the volume of unemployment and income generation for such employment, which contributes to the process stimulate demand wheel solving social problems of the phenomenon of economic engagement, and highlighted the sector could begin is the housing sector, for the completion of housing projects and integrated giants, Will we find days of thinking to implement such projects, rather than to see in (Alesbetaitlat) Kenshatat individual ministers cushion ..

* Why the housing sector?
- This sector could be reaping the benefits of the dual, in the sense that these benefits on the inputs and outputs hand, the advantage of the housing sector from other service sectors that require more manpower and therefore resorting to such projects to a reasonable proportion absorbed by unemployment, that has become a real problem threatening the Iraqi economy .. The outputs of the housing sector, is in its simplest form .. Completion of housing units, the first Mataml to resolve the crisis seriously threatens the reality of the Iraqi family, a housing crisis, and a series of gains might not be the last, the security group, where the stability of the Iraqi citizen, and increase relates disbelieving government, it would then be part of the political process-economic But wrinkled Applied ..

We need, as shown, for programs to Atakafl us operating, but have other inputs of public benefit .. It also Angosad so only to identify economic outlook problem income generation, although it is one aspect of the solution, but there remains the social impact of economic accomplishment, It Maidah when we complete the requirements of the housing sector, Maitrafiq with projects to enhance the status of the building and construction sector ..

On the other hand, we need to cash programs are absorbing quantities of excess liquidity in the market and promote advanced banking habits, so as to ensure the transition to the ranks of using cash evolving (instruments, credit cards .. etc.) which is tantamount to society higher degrees of sophistication cash at the same time withdraw cash surplus before in circulation, which makes it influential in bringing about a balance between demand and supply on the currency, promoting the value of the Iraqi dinar one hand, and to achieve a higher value of the real income of the Iraqi citizen on the other hand ..

* Where is the reality?
- From the outset, the issue lacks the focus to look to standardize and clarify the economic picture of the Iraqi scene, since the problem of determining the relevant objectives, policies and ways of achievement of the Iraqi economy, in the sense .. Still Bramgnatwicker to the economic program and clear, where there is no specification of the goal, Is it required to determine rate of economic growth? How is that? Is the required fee tight monetary policy? Will define strict tax policy? ..

All these, which received wide example, was not specific when the government recognizes their tasks, because they (the government) did not have a vision of the economic program and clear .. And therefore when you deal with the economic variables, for example conditions of the World Bank and the circumstances of the Paris Club, you will your software-based economic visions these parties and not to see economic decisionmakers.

Originally Posted by rvalreadydang

I always thought an rv would help them attain accession, a stronger currency would show WTO they are serious about their economic health and would show some sort of stability on the international front? Once again, i really have no clue, lol but that's been my thought all along.

I am with you, no clue either. All I know is that the VND wasn't worth much in January when Vietnam attained accession as the 150th member of the WTO. Right now, some months later, the currency hasn't changed. I am hoping it will soon along with the IQD!

The first page : next Monday .. An initial report on the constitutional amendments before the parliament.
Baghdad / long

The Committee to reconsider the Constitution are in the process of submitting its first report to the House after the completion of complementary aspects identified in the Constitution and controversial positions and its approach roads.

The statement issued by the Office of the Chairman of the constitutional amendments received (long) copy of yesterday, Wednesday, the Commission also identified the constitutional amendments proposed by the political blocs and civil society institutions and other interested parties.

The statement said the Committee summarized what has been reached during the ongoing meetings since it was formed by the Chamber of Deputies, and they briefed the Presidency of the Parliament in its meeting held for that purpose.

He refused Dr. Fouad Massoum member of the Constitutional Review Commission to give any details on the proposed amendments to be presented to the Parliament for discussion. He told (long) via phone at his office in Baghdad .. We have a moral obligation to not professing on this topic until next Monday."

Observers expected that on Monday set d. Massoum may witness in the recent presentation of constitutional amendments to parliament for discussion.

His new vice president, Tariq Al-Hashmi commitment to his position and the position of the Islamic Party of constitutional amendments expected.
Hashemi said in a statement issued by his office yesterday, Wednesday, received a (long) copy, it renews its position and the position of the Islamic party firm on the issue of amending the Constitution, pointing out that he would have "political and historical position in the event of failure to implement what was agreed on the amendment of the Constitution."

The statement added that, "Hashemi said at a meeting on Tuesday evening was attended by members of the Presidential Council (President and Vice) and attended by Prime Minister Nuri al-Maliki" leaders of the political blocs about the obligations of article 142."

Salim al-Jabouri was a member of Parliament and member of the committee that conducted the amendments to the Constitution had said last Tuesday that the Commission submitted its report on a review of the constitution to the parliament on Tuesday that although the committee did not reach a definitive solution to a number of issues.

He added that the committee members agreed on an initial report and the Committee members now consult with their political parties on the proposals.
The statement said that parties gathered Hashemi agreed "to continue such meetings to resolve some of the files and issues."

The Iraqi Islamic Party headed by Hashemi announced Tuesday that he had no "problem in granting the Commission more time to study and consultation and consensus so finding could make recommendations appropriate process nationally agreed."

The party said in a statement published on its web site that "the committee has not completed until (Tuesday) reviewing several of the key issues contested and thus it is expected to extend the period for a week or more."
The party in his main points, which is still controversial political parties which "powers relating to the validity Territories (and the law) management of oil, gas and reference and the primacy of the Constitution and federal laws."

Originally Posted by dinartank

Your wrong...the iraqi dinar is right now a convertable currency....it just has some restrictions on it. I forget what article needs to be passed to lift the restrictions i believe its article IV..not sure though....but i do know as of now it is labled as a fully convertable currency....I will go and find a link that says so. Tank

I can't get any dinar from any bank or currency dealers but I can buy VND freely here from the Australia and New Zealand Bank and various currency dealers. I even tried the HSBC branch near my place. No luck at all. If the IQD is a convertible currency why can't I buy it here in Australia? I know Chase sells it in the States and the UK have various banks as well. It is all tooooooooooo confusing.

Originally Posted by Mike5200

WSJ(5/16) UPDATE: Iraq City Is Hot Spot For Housing


Wednesday, May 16, 2007

(From THE WALL STREET JOURNAL)
By Spencer Swartz ERBIL, Iraq -- Grand ambitions and piles of foreign money are quickly transforming this once-neglected part of northern Iraq into a budding hot spot for big houses and swanky hotels -- despite the threat of violence.

Exclusive real estate is part of a build-it-and-they-will-come strategy by the autonomous Kurdish government that governs this region.

In the closely guarded English Village -- a tony housing complex here in the Kurdish capital that will have a school, supermarket and recreation center -- all 410 units, ranging in price from $130,000 to $160,000, have sold. And the date set for buyers to move in is still a year away.

Abdulrahim Ali-Adib, a manager at Lebanese contracting firm Arabian Construction Co., says the first $5 million house in the region sold in recent weeks in Erbil, the biggest of the three Kurdish provinces that collectively have about five million people. Mr. Adib is overseeing a development dubbed Dream City in Erbil that will have 1,200 units with as many as 11 bedrooms, pools and gourmet kitchens. Prices on some units top $700,000. Shopping malls and office complexes also are popping up.

The Kurdish government will host about 100 United Arab Emirates' companies, including Dubai property giant Emaar Properties, in the next two months to pitch investment offers. At a March gathering in Dubai, Kurdish ministers talked up investors on the attractions of working in Kurdistan, as locals call it.

Foreign investors can benefit from a 10-year tax holiday for businesses, 100% land ownership and international arbitration for settling contract disputes. Much of the construction in the region is being undertaken by companies from neighboring Turkey and Middle Eastern countries.

The aim of the Kurdish government is to lure foreign money with incentives to encourage outsiders with job skills and know-how to take up residence, much the way Dubai has done for more than a decade, officials say. Dubai, a flashy and pricey real-estate and trading hub, is one of the seven United Arab Emirates.

"That is the model we are looking for. Dubai has been the best experiment in the Middle East," says Kurdish Planning Minister Othman Shwani, adding that new schools and hospitals are part of the government's growth plan.

The area's relative security in a country with widespread violence has helped the Kurdish government's ambitious growth plans. But this is still Iraq. A truck-bomb explosion at the Kurdish Interior Ministry last week killed more than 10 people -- the first such attack in nearly two years in the Kurdish region.

Kurdish military security blankets the region's main cities and even empty rural roads. Most foreign business officials who visit hire private security as a precaution. These security measures have been key to delivering more paved roads and improved choices at stores. Even annoying traffic jams are indicative of the area's growth: Car manufacturers including Japan's Toyota Motor Corp. have dealerships here, and more cars are filling the roads.

"There's a bit of a parallel in the Kurdish region with Dubai. Costs are rising for everything. Infrastructure projects are being built every day," says Warwick Knowles, Middle East economist at Dun & Bradstreet Corp. in the United Kingdom.

The parallels extend to eye-popping property prices. Upscale developments, along with demand from thousands of people arriving in the area, have pushed up home-rental and home-sale prices 100% to 200% the past few years, according to the Kurdish housing ministry. Even though a typical house in the region sells for a fraction of the price at a new development such as Dream City, the sharp rise has put housing out of reach for most average residents, who make about $1,500 a year, according to government officials.

Hassan Ameen, a mechanic, has paid regular visits to real-estate agents in Erbil over the past seven months, seeking to rent a bigger house for his wife and nine children. He is convinced he will remain in his cramped two-bedroom house for now. Prices have risen 30% since his search started, he says. Mr. Ameen, 54 years old, moved his family to Erbil several months ago to escape the violence in Mosul, about 50 miles west. "We are very happy we have security, but $600 a month is too much," he says.

The Kurdish government says it is concerned about the jump in housing prices, but it pins much of the blame on runaway demand from new residents. "We have a housing problem. Kurds, Arabs, Turkmen, Christians have moved here in the thousands because it's secure," says Kurdish Housing Minister Emad Sayfoor. The influx has overwhelmed housing, says the government, which estimates that more than 100,000 new housing units are needed across the region.

There are no plans to cap what developers or housing owners can charge for selling and renting property, says Mr. Sayfoor, but the government says it is attempting to mitigate rising housing costs. A $120 million program launched more than a year ago in Suleimania, another Kurdish province, offered families $7,000 loans to help buy property and build a house..

A similar program will be launched shortly in Erbil and, to offset rising costs, the government expects to double the amount of money handed out.Kurdish geography also pushes up housing prices. The landlocked region has few natural resources outside hydrocarbons, and the industrial base is being built, so nearly all basic inputs are imported -- wood from as far away as Finland, steel from Germany -- and that means added transportation costs. Mr. Adib, the Lebanese construction-company manager, says cement prices in Erbil are $125 a ton, double the price his company pays in Dubai. He pays dozens of engineers 25% more here than those doing similar jobs in Dubai.

Despite the rising prices, though, Mr. Ameen, the mechanic, is happy to be in Erbil. "I saw many people die in Mosul," he says. "Here, my family is safe. I will find a bigger house, but it will take time."

(END) Dow Jones Newswires

May 15, 2007 22:

Hmm, Looks like the locals are going to need some real money (somewhere equivalent to what we get in the U.S.) soon... very soon.....

Wonder where they will get it...



REVAL anyone....

Originally Posted by Mike5200

Wednesday, May 16, 2007 Jordan to receive $18 discount on Iraqi oil
(MENAFN) Iraq's Minister of Planning stated that the central government of Iraq has decided to give Jordan $18 discount on the international price of each barrel of oil, Iraq Directory reported. He also went on to state, during the fourth international exhibition for the reconstruction of Iraq which took place in Amman recently, that a pipeline will need to be constructed between Iraq and Jordan for optimum output. He further concluded that though the current security situation in Iraq is a very complicated one, it will not prevent the construction of the oil pipeline.
Copyright ©2000 MENAFN

Well, well, the backroom deals are starting to kick in, can't wait to see what other deals have been made...

Originally Posted by neno

Agreement on Federalism, Debathification awaits understanding

16 May 2007 (Al-Sabaah)

Constitution Amendment Committee closed to end the amendments according to article 142 of the constitution, and information refer to agree on the federalism, Iraq’s Arabism while the Debathification needs little touches as source in the committee said.

MP Abbas Bayati reporter of the committee said that final form of the amendments would refer to presidency of Parliament on 22nd of recent month though the law imposes upon the committee finishing its work today

http://www.iraqupdates.com/p_article...&article=17415

technically, i would think the presidential council can enact the law as soon as it receives it.

Originally Posted by chadm

found this somewhere else im not sure if it has been posted here or not but wanted to post ithere just incase ,by the way this interview is a year old


''AC Question:
I know for over a year that Iraq Govt. CBI and Iraqi customs have been attempting to put a stop to the smuggling of Iraq Dinar out of the country. Do you think the smuggling has increased or decreased as the new Iraq government is almost completed? What is your feeling on the Iraq Dinar speculators that are holding the Iraq Dinar outside of Iraq?


CEO Al-Bunnia:
It has always been the case since many decades ago that Iraqi currency is not allowed to be exchanged or exported outside Iraq. The law is still on now. Nothing deters the Iraqi businessman(smuggler ) from looking at an opportunity and grasping it which will generate him huge profits. Even with sadam stringent fist and control could not stop the smuggling of the Iraqi dinar before the invasion of Kuwait (as after wards there was no value to the Iraqi dinar).My advise to those Iraqi dinar speculators is that they are taking the risk of by buying Iraqi dinar because I really do believe that the currency will be changed in the near future once the government is stabilized and settled and also there is a large number of fraudulent currency moving in the economy in which it will be difficult to control. The reason for that falls in two points. The first point is that the central bank of Iraq is putting an RFP to the supply of printing money machines. The second point, there is no signature of the governor of the central bank of Iraq on these notes which by law is not acceptable. ''
__________________________________________________ _________

OOOOHHHHHH nooooooooooooo.... Guess you better send this to Chase headquarters, they are soooooo in trooooooouuuuuuuble........................

Buuuuuhahahahahahahahahahahahahah.....

14 May 2007 (Financial Times)

For portfolio investors, Mr Allawi believes the rescheduled foreign debt is secure. "The commercial debt renegotiation was a good deal for Iraq," which any successor governments will want to keep in place. "The total amount of remaining debt to the Gulf states is not as much as originally believed. Net of interest, it is in the $20bn-$25bn range. If that is renegotiated on similar terms, stretched over many years, that is not a significant drain." The 2028 issue, currently trading in the 64-65 range, yields about 10 per cent, or 520 off the US Treasury curve. That's a little lower yield than Ecuador, but, I would agree with Mr Allawi, good value.