Thread: Iraq/Dinar News until 6/17/07 8:30 PM CST

Dubai to host Iraq Petroleum 2007 conference
MENAFN - 14/06/2007

(MENAFN) The Iraqi Minister of Oil stated that the Iraq Petroleum 2007 conference is to be held between the 8 and 10 of September this year at the Hyatt Regency Hotel in Dubai.

He went on to say that the key purpose of the conference is to set up mutual discussions between investors, security companies and government to discover ways to increase cooperation and to promote opportunities and development between the parties.

The assembly is to be the initial major international event on Iraq Oil after the announcement of the new hydrocarbon law and that subjects that will be addressed at the conference include, a new method of development for the country, a detailed explanation of Iraq's hydrocarbon law, the new structure and future financing of Iraq's oil industry.

MENAFN - Middle East North Africa . Financial Network News: Dubai to host Iraq Petroleum 2007 conference

Originally Posted by ALL IN

Heck the NID is 4 years old now. Don't you think they can take the N off.
Maybe that'll getrdone
The Kawait dinar still rv'd was it a hassel or did it just go through?
Was the war over when it happened?
Just curious

They did take it off, officially, when Iraq obtained full sovranty in 2004. It changed to IQD but people either just don't know or continue with the same habits. NID symbol was used for the introduction period of the new currency.
Thank you for your comment and right you are, it's time to take off the "N"

Invitation to a partnership between the private in Iraq to reform of the banking system and monetary policy

Source : House life-14/06/2007

One of the most prominent tasks facing Iraq in the current transitional phase, the follow-up program of economic reforms on all levels in order to increase economic growth and enhance the role of the private sector and address the chronic imbalances in several areas, in particular monetary and fiscal policy as well as create jobs and reduce poverty area. This requires improving the efficiency of public administration and institutions and effectiveness through the development of means and methods aimed at developing human resources and the widespread use of modern innovations in information and communication technology and modern management.

There is no doubt that the reform of public administration targeted several areas, caused by the heavy legacy suffered by Iraq and the policies resulting from the work of the former Central and methods, coupled with the isolation and away from the global economic system. Moreover, the continued deterioration of the security situation and lack of stability and the slowdown in the application of reforms, adopting unilateral policies are incompatible with the quality characteristics of the Iraqi state.

Although the tasks of reform is just as a matter of principle and orientation from those that arise in the transition economies (Transitional Economy), but Iraq is the need to focus on the following :

- Address the excessive size of the public sector and the weakness of effectiveness, since the bulk of the structural economic sector based on the institutions and companies owned by the State (some 192 companies, business, industrial, agricultural) As a result, finding suitable formulas to reduce the volume of through privatization or appropriate rehabilitation to ensure the effectiveness of these projects, efficiency and profitability of businesses.

- Create the appropriate environment to enable the private sector to play a leading role in the national economy through reforms of the legal, administrative and financial, or other words secure environment conducive to the activities of the Special (Business Environment) hand, the adoption of a long-term strategy to diversify the national economy (Economic diversification) on the other hand.

- Providing the appropriate atmosphere and the necessary means to strengthen the links between the Iraqi economy and the global economy and to break the isolation chronic factors suffered by many decades. Perhaps the fiscal and monetary policy and banking sector highlight at the forefront of economic reforms desired, given the importance of the direct role of the private sector in the national economy, stimulating economic growth and addressing the dilemmas of unemployment, inflation and raise the standard of living, and other issues of macroeconomic reform Macroeconomic Reforms, and this is what we are seeking to address in this contribution.

- Reform of fiscal and monetary policy and the development of the banking sector, that the priorities of economic reform requires strengthening of the partnership between the private sector and public sector, to develop the country's public administration on the basis of modern players and free from bureaucratic constraints and the old concepts. The financial sector reform, monetary and banking system are an important venue, consequently, to adapt the bilateral relationship between the private and public sectors in the direction of promoting industries and small and medium-sized enterprises and expansion, and contributing to the diversification of the national economy in the long run.

It is known that several actions taken in recent years to remove the imbalances in the fiscal and monetary policy and the reform of the state budget, mainly to reduce the current expenditure (Current Expenditure) for the benefit of investment spending, through the gradual elimination of the so-called manufacturing expenses represented substantial support (Subsidies) provided by the State for more than a few goods and services. The reforms aim to liberalize prices ultimately address distortions in the pricing system as one of the pillars of market mechanisms, as well as reducing the deficit in the state budget. However, the most important part absent in this package of reforms in the agreement concluded between Iraq and the IMF Stand-by Arrangement does not provide a solution to the dilemma of total reliance on oil revenues as a basis for financing the state budget and other economic activities (the share of oil revenue more than 90% of the balance resources State, also constitute more than 60% of GDP).

Des pite the reform steps taken in the area of reduced support, but the economic consequences are still heavy for the economic hardships faced by the citizens, as is the direct cause of the reasons for the increase in inflation in the country. It is possible cuts to support other arrangements according to the reform with the International Monetary Fund before the end of the current year, will lead to a lot of new citizens unless the problem of low incomes and high rates of inflation.

The monetary policy witnessed significant reforms in recent years, was in the issuance of a new law on the Central Bank of Iraq aims to preserve its independence and its role in the transition to a market economy established as a pillar of the transitional tasks of the national economy. As the national currency, the new unified, in addition to taking steps to promote successful international reserves of the national currency, enabling Iraq to achieve this objective, which now has $ 17 billion reserve currency, a phenomenon that had not been officially recorded since 1980, when the size of the reserve about 40 billion dollars.

However, the monetary policy announced by the Central Bank and based on the recently increased interest rates on deposit and lending, created a difficult situation for the private sector and went to increase investment and the development of small and medium enterprises. Politics strict practice Tight Policy weakened the chances of partnership between the private and public sectors and the potential to increase economic growth and address the problem of unemployment and other necessary tasks. It is essential for the state and public institutions, in the current conditions in Iraq, to adopt monetary policy believes generous banking facilities to enable the private sector to contribute to economic growth and expansion of activities. The argument put forward to justify this policy is deflationary, it is not acceptable to economists and businessmen organizations. While recognizing the need to reduce inflation, which rose at the end of last year, leading to a deflationary policy consequences are serious recession and low investment and not to contribute to securing employment in a country where unemployment exceeding 50%.

It must be stressed that inflation problems, isolation from the rest of the problems plaguing the economy, lead to a one-sided view of the rule instead of a comprehensive national strategy for development and reform. Measures taken to counter inflation lead to the deepening recession and the weakening of the role of the private sector and deprived of banking facilities for the development of its activities and increase investments.

It should be noted that the interest rate announced by the Central Bank amounted to 23% recently, which is not allowing the possibility of expansion in bank lending and deprive investors of the benefits of national channel financing mainly led to the suspension of projects and plans of many private sector was working to implement. Indeed, the political CBE deflationary monetary theory guided Monetary Theory classical adopted by the International Monetary Fund, which have caused problems and serious economic consequences at the expense of expansion in the economic growth and development of the national investment and address the problems of unemployment and poverty. More correctly, in this area build theoretical development aimed at addressing the economic problems and achieve reforms College into a single package and interdependent. From here we can see that a deflationary policy does not serve to strengthen partnerships with the private sector to develop the national economy.

And then comes the reform of the Iraqi banking urgent task to find an effective market economy and strengthen partnerships with the private sector to achieve economic priorities put on the national agenda. In sum, the banking industry is operating in Iraq at the present time in the form of sound, and lead banks, the primary function of financial intermediaries.

Noting the availability of huge liquidity in the banking system must be transformed into private hands by way of bank lending. It also has banking practices ancient strain of the industry at a time when new problems. In addition to highlighting the urgent need to develop training programs and building institutional and human capacities, to enable the banking sector to play its desired. It must recognize the need to update the level of implementation mechanisms and performance through effective integration with the global economy.

Originally Posted by ALL IN

Question about 1st Kawait dinar RV? When the Kawait dinar rv'd was it overnight or was it a pain in the u no what like this?
How much was the 1st rv?
Someone here should no that history

When Iraq invaded Kuwait in 1990, the Iraqi dinar replaced the Kuwaiti dinar as the currency and large quantities of banknotes were stolen by the invading forces. After liberation, the Kuwaiti dinar was restored as the country's currency and a new banknote series was introduced, allowing the previous notes, including those stolen, to be demonetized.
History
The dinar was introduced in 1961 to replace the Gulf rupee. It was initially equivalent to one pound sterling. As the rupee was fixed at 1 shilling 6 pence, this resulted in a conversion rate of 13⅓ rupees to the dinar.

[edit] Coins
The following coins were introduced in 1961:

1 fils (no longer in circulation)
5 fils
10 fils
20 fils
50 fils
100 fils

[edit] Banknotes
To date five series of the Kuwaiti dinar banknote have been printed. The first series was issued following the pronouncement of the Kuwaiti Currency Law in 1960 which established the Kuwaiti Currency Board. This series was in circulation from 1 April 1961 to 1 February 1982 and consisted of denominations of ¼, ½, 1, 5 and 10 dinars.

After the creation of the Central Bank of Kuwait as a replacement to the Kuwaiti Currency Board, new ¼, ½ and 10 dinar notes were issued from 17 November 1970, followed by the new 1 and 5 dinar notes of the second series on 20 April 1971. This second series was likewise withdrawn on 1 February 1982.

The third series was issued on 20 February 1980 after the accession to the throne of Emir Jaber al-Ahmad al-Jaber al-Sabah, at that time in denominations of ¼, ½, 1, 5 and 10 dinar. A 20 dinar banknote was introduced on 9 February 1986. As a result of the state of emergency after Iraq's invasion of Kuwait, this series was ruled invalid with effect from 30 September 1991. Significant quatities of these notes were stolen by Iraqi forces and some have appeared on the international numismatic market. The "Standard Catalog of World Papaer Money" (A. Pick, Krause Publications) lists notes with the following serial number prefix denominators as being among those stolen:

Denomination Prefix Denominators
¼ dinar 54-86
½ dinar 30-37
1 dinar 47-53
5 dinar 18-20
10 dinar 70-87
20 dinar 9-13

After the liberation, a fourth series was issued on 24 March 1991 with the aims of replacing the previous withdrawn series as quickly as possible and guaranteeing the country's swift economic recovery. This fourth series was legal tender until 16 February 1995. Denominations were ¼, ½, 1, 5, 10 and 20 dinar.

The fifth series of Kuwaiti banknotes has been in use since 3 April 1994 and include high-tech security measures which have now become standard for banknotes. Denominations were as in the fourth series.


[edit] Fixed exchange rate
From March 18, 1975 to January 4, 2003, dinar was pegged to a weighted currency basket. From January 5, 2003 until May 20, 2007, the pegged was switched to 1 U.S. dollar = 0.29963 dinar with margins of ±3.5%.[1]. The central rate translates to approximately 1 dinar = 3.33745 dollars.

From May 20, 2007, the Kuwaiti dinar was re-pegged to a basket of currencies.[2] It is the world's highest valued currency unit.

Kuwaiti dinar - Wikipedia, the free encyclopedia
it went from $3+ to .29 at the start of the war and back up to $3+ afterward.

Originally Posted by Lunar

Invitation to a partnership between the private in Iraq to reform of the banking system and monetary policy

Source : House life-14/06/2007

One of the most prominent tasks facing Iraq in the current transitional phase, the follow-up program of economic reforms on all levels in order to increase economic growth and enhance the role of the private sector and address the chronic imbalances in several areas, in particular monetary and fiscal policy as well as create jobs and reduce poverty area. This requires improving the efficiency of public administration and institutions and effectiveness through the development of means and methods aimed at developing human resources and the widespread use of modern innovations in information and communication technology and modern management.

There is no doubt that the reform of public administration targeted several areas, caused by the heavy legacy suffered by Iraq and the policies resulting from the work of the former Central and methods, coupled with the isolation and away from the global economic system. Moreover, the continued deterioration of the security situation and lack of stability and the slowdown in the application of reforms, adopting unilateral policies are incompatible with the quality characteristics of the Iraqi state.

Although the tasks of reform is just as a matter of principle and orientation from those that arise in the transition economies (Transitional Economy), but Iraq is the need to focus on the following :

- Address the excessive size of the public sector and the weakness of effectiveness, since the bulk of the structural economic sector based on the institutions and companies owned by the State (some 192 companies, business, industrial, agricultural) As a result, finding suitable formulas to reduce the volume of through privatization or appropriate rehabilitation to ensure the effectiveness of these projects, efficiency and profitability of businesses.

- Create the appropriate environment to enable the private sector to play a leading role in the national economy through reforms of the legal, administrative and financial, or other words secure environment conducive to the activities of the Special (Business Environment) hand, the adoption of a long-term strategy to diversify the national economy (Economic diversification) on the other hand.

- Providing the appropriate atmosphere and the necessary means to strengthen the links between the Iraqi economy and the global economy and to break the isolation chronic factors suffered by many decades. Perhaps the fiscal and monetary policy and banking sector highlight at the forefront of economic reforms desired, given the importance of the direct role of the private sector in the national economy, stimulating economic growth and addressing the dilemmas of unemployment, inflation and raise the standard of living, and other issues of macroeconomic reform Macroeconomic Reforms, and this is what we are seeking to address in this contribution.

- Reform of fiscal and monetary policy and the development of the banking sector, that the priorities of economic reform requires strengthening of the partnership between the private sector and public sector, to develop the country's public administration on the basis of modern players and free from bureaucratic constraints and the old concepts. The financial sector reform, monetary and banking system are an important venue, consequently, to adapt the bilateral relationship between the private and public sectors in the direction of promoting industries and small and medium-sized enterprises and expansion, and contributing to the diversification of the national economy in the long run.

It is known that several actions taken in recent years to remove the imbalances in the fiscal and monetary policy and the reform of the state budget, mainly to reduce the current expenditure (Current Expenditure) for the benefit of investment spending, through the gradual elimination of the so-called manufacturing expenses represented substantial support (Subsidies) provided by the State for more than a few goods and services. The reforms aim to liberalize prices ultimately address distortions in the pricing system as one of the pillars of market mechanisms, as well as reducing the deficit in the state budget. However, the most important part absent in this package of reforms in the agreement concluded between Iraq and the IMF Stand-by Arrangement does not provide a solution to the dilemma of total reliance on oil revenues as a basis for financing the state budget and other economic activities (the share of oil revenue more than 90% of the balance resources State, also constitute more than 60% of GDP).

Des pite the reform steps taken in the area of reduced support, but the economic consequences are still heavy for the economic hardships faced by the citizens, as is the direct cause of the reasons for the increase in inflation in the country. It is possible cuts to support other arrangements according to the reform with the International Monetary Fund before the end of the current year, will lead to a lot of new citizens unless the problem of low incomes and high rates of inflation.

The monetary policy witnessed significant reforms in recent years, was in the issuance of a new law on the Central Bank of Iraq aims to preserve its independence and its role in the transition to a market economy established as a pillar of the transitional tasks of the national economy. As the national currency, the new unified, in addition to taking steps to promote successful international reserves of the national currency, enabling Iraq to achieve this objective, which now has $ 17 billion reserve currency, a phenomenon that had not been officially recorded since 1980, when the size of the reserve about 40 billion dollars.

However, the monetary policy announced by the Central Bank and based on the recently increased interest rates on deposit and lending, created a difficult situation for the private sector and went to increase investment and the development of small and medium enterprises. Politics strict practice Tight Policy weakened the chances of partnership between the private and public sectors and the potential to increase economic growth and address the problem of unemployment and other necessary tasks. It is essential for the state and public institutions, in the current conditions in Iraq, to adopt monetary policy believes generous banking facilities to enable the private sector to contribute to economic growth and expansion of activities. The argument put forward to justify this policy is deflationary, it is not acceptable to economists and businessmen organizations. While recognizing the need to reduce inflation, which rose at the end of last year, leading to a deflationary policy consequences are serious recession and low investment and not to contribute to securing employment in a country where unemployment exceeding 50%.

It must be stressed that inflation problems, isolation from the rest of the problems plaguing the economy, lead to a one-sided view of the rule instead of a comprehensive national strategy for development and reform. Measures taken to counter inflation lead to the deepening recession and the weakening of the role of the private sector and deprived of banking facilities for the development of its activities and increase investments.

It should be noted that the interest rate announced by the Central Bank amounted to 23% recently, which is not allowing the possibility of expansion in bank lending and deprive investors of the benefits of national channel financing mainly led to the suspension of projects and plans of many private sector was working to implement. Indeed, the political CBE deflationary monetary theory guided Monetary Theory classical adopted by the International Monetary Fund, which have caused problems and serious economic consequences at the expense of expansion in the economic growth and development of the national investment and address the problems of unemployment and poverty. More correctly, in this area build theoretical development aimed at addressing the economic problems and achieve reforms College into a single package and interdependent. From here we can see that a deflationary policy does not serve to strengthen partnerships with the private sector to develop the national economy.

And then comes the reform of the Iraqi banking urgent task to find an effective market economy and strengthen partnerships with the private sector to achieve economic priorities put on the national agenda. In sum, the banking industry is operating in Iraq at the present time in the form of sound, and lead banks, the primary function of financial intermediaries.

Noting the availability of huge liquidity in the banking system must be transformed into private hands by way of bank lending. It also has banking practices ancient strain of the industry at a time when new problems. In addition to highlighting the urgent need to develop training programs and building institutional and human capacities, to enable the banking sector to play its desired. It must recognize the need to update the level of implementation mechanisms and performance through effective integration with the global economy.

great article, in essence outlining all the reasons for what they are about to do for the economy of the country.

Maliki said Oil Law is Well on its way to being Approved
Published: 14/06/2007 12:00 AM (UAE)

Al Maliki likens country's battle for order to American Civil War

AP

New York: Iraq's embattled prime minister yesterday compared the fight for order in Iraq with the US Civil War almost 150 years ago, saying the current struggle "is perhaps even more complicated."
Nouri Al Maliki described the two countries as fighting for the principles of freedom, in battles that claimed hundreds of thousands of lives.
"Our struggle in Iraq is similar to the great American quest, and is perhaps even more complicated," he said in an opinion piece in yesterday's edition of The Wall Street Journal.
"A fundamental struggle is being fought on Iraqi soil between those who believe that Iraqis, after a long nightmare, can retrieve their dignity and freedom, and others who think that oppression is the order of things and that Iraqis are doomed to a political culture of terror, prisons and mass graves," Al Maliki said.

"Some of our neighbours have made this struggle more lethal still, they have placed their bets on the forces of terror in pursuit of their own interests," he added, without naming any of the countries.
Al Maliki said one key reform, the much-delayed oil law, is "well on its way" to being approved. The law would divide revenues among provinces based on their share of the total population. He added that the national budget this year is the largest in Iraq's history

Gulfnews: Al Maliki likens country's battle for order to American Civil War

Hey Rock,
They will have to do something to pay for their largest budget ever!!!!

Iraq facing complex series of overlapping sectarian, ethnic conflicts; world community must not be spectator to crisis, Security Council told.

5693rd Meeting* (PM)
Source: United Nations Security Council

Date: 13 Jun 2007


Special Representative Says International Community Has Vital Security Stake In Iraq, Inescapable Moral Obligation to Help Government Bring about Stability

With Iraq facing today an exceptionally complex series of overlapping sectarian, political and ethnic conflicts that were beyond the capacity of any one actor or policy to resolve, the international community could not allow itself to become a spectator to the unfolding crisis in Iraq, if only because of the unconscionable human cost involved, the United Nations senior envoy to Iraq told the Security Council this afternoon.

Describing the deepening sense of insecurity and pessimism among many Iraqis, Ashraf Jehangir Qazi, the Secretary-General's Special Representative for Iraq said the international community not only had a vital security stake in the stability of Iraq, it also had an inescapable moral obligation to encourage and enable Iraq's Government in building inclusive and cumulative processes that could bring about stability.

Long article.....continued at:

Press Releases: Iraq, Iraq facing complex series of overlapping sectarian, ethnic conflicts; world community must not be spectator to crisis, Security Council told

Kirkuk Governorate Council shall confer with the representative of the territory Kurdstan to the United Nations on United Nations support for the normalization of the situation in Kirkuk

Mr. Erskar received the lions Jean President of the governorate of Kirkuk in his office, Mr. Zebari Deendar representative of the territory Kurdstan to the United Nations, in the library building governorate of Kirkuk on Thursday, 14-6-2007, attended the meeting Mr. Rebwar Talabani Vice President of the Council and a number of members of the list of Kirkuk and Sisterhood Iraqi Turkmen Front list and the list of Iraqi Republican assembly in the province.

During the meeting, discussion on cooperation between international agencies affiliated to the United Nations and the province of Kirkuk in order to provide services and implement projects in Kirkuk and the importance of the role of the United Nations to normalize the situation in Kirkuk Governorate.

Beginning Mr. Zebari on Deendar Alghemod efforts of the United Nations to provide political support and service to Iraq through the establishment of several offices in Iraq, including a regional office in Erbil governorates of northern Iraq, territory Kurdstan Iraq, which are the political support and service and added that the repercussions

And the report pointed out that the international Group of the United Nations on human rights did not reflect the reality of Kirkuk in the event that it did not take those into account relevant officials in Kirkuk whom the governor and the governor and leaders of the security agencies to know the reality of conditions in Kirkuk.
And added that the regional office of the United Nations offices in Arbil includes agencies and international organizations Altaiah them in a position to provide grants for many projects in Kirkuk, which would contribute to the normalization of the situation in the province towards finding solutions to most problems and suggested that the Kirkuk Governorate Council of Kirkuk visits periodically for this office to enhance coordination with the United Nations. And he stressed the need for the participation of representatives of the governorate of Kirkuk to deliver voice of the governorate of Kirkuk to international forums and to collect the necessary support to Kirkuk.

For his part, welcomed Mr. Erskar lions Jean representative on the territory of Kurdstan and explained that the governorate of Kirkuk Starters embrace compromise deal in administrative matters and gender preference for sons of Kirkuk without nationalism or religion or affiliation to another and about the existence of differences of views said that a sound democratic state and among our conferences that take place outside Iraq around Kirkuk have been calling upon the Karkuk Allehaltusil Council voted, said he invited those who launch some of the allegations about Kirkuk to corresponding with him about the truth of the allegations. And also stressed commitment to the Constitution and the law in the normalization of the situation in Kirkuk.

And emphasized the need for coordination with the United Nations to provide services and implement projects in Kirkuk because of the injustice caused by the Iraqi government to the province of Kirkuk after Iraqi government and senior Iraqi ministries in a sequence of Kirkuk within 13 of the 15 provinces Territory province except with regard Kurdstan allocate budgets for Kirkuk.

Pointed out that all the attempts and conspiracies that were planning to foment strife and civil wars in Kirkuk have failed and will fail, because the forces of democracy and good is stronger than evil forces.

For his part, Mr. Zebari Dundar that article 140 of the Iraqi constitution is the constitutional article purely for the normalization of the situation in Kirkuk and that the international community has insisted on this article and they are the basis for Iraq's unity and national reconciliation, the United Nations and the international community engaged Iraq in reconstructing Iraq and the international community has allocated large sums of money for the reconstruction of Iraq and highlighted the importance of the United Nations role in the reconstruction and rehabilitation of Kirkuk cadres government and stressed the need to benefit from United Nations sources for the implementation of projects in Kirkuk and setting up courses for cadres of the province.

KRG, Kurdistan Regional Government

Originally Posted by mewannapeg

Thanks Hkp, here's the whole article.

Central Bank cancels Thursday's auction Baghdad - Voices of Iraq

Thursday , 14 /06 /2007 Time 6:05:23

Baghdad, Jun 14, (VOI) - The Iraqi Central Bank canceled Thursday's session of the daily auction because of the curfew in place on Baghdad since Wednesday evening, following the attack on the Shiite shrine north of Baghdad.

Ali al-Yasseri, a trader at the auction, told the independent news agency Voices of Iraq (VOI), "the session was cancelled due to the curfew on Baghdad. Also there were no transactions outside the auction today because of the curfew that has crippled the local market."
On Wednesday, demand for the dollar was up in the Central Bank's daily auction, reaching $80.220 million compared with $57.140 million on Tuesday. The exchange rate went down to 1,258 dinars per dollar in Wednesday's session.

That finally put that question to rest.