Thread: Archive News - Iraqi Dinar Think Tank - 06/05/09 - 04/09/09

Threats to oil refuse and oil union threatens to punish those involved from affiliates

The oil ministry has rejected trade union threats to prevent the oil companies (I. I) and British (CNN.. Me.'s) Chinese from entering the Rumaila in Basra.

The ministry spokesman, Assem Jihad, the oil in a press statement on Wednesday that his ministry may have recourse to punish those involved in the threats from employees, who accused unnamed parties of inciting workers in the oil fields to obstruct the work of the ministry.

Jihad said that his ministry refused to involve companies and affiliates of the things described by political conflicts and the liquidation of accounts.

Jihad said that the contracts entered into by the ministry of foreign companies are required based on the Iraqi cadres in their work by more than the 85.

The Federation of Oil Unions and the Union of Councils and trade unions in Iraq, condemned the signing of the Oil Ministry contracts with those companies to develop Rumaila, saying that he was illegal and threatened to prevent companies from entering Basra.

http://209.85.227.132/translate_c?hl...3EL0Ew4kDlvToA

Gulf Air to resume flights to Iraq

Gulf Air has announced the national carrier of the Kingdom of Bahrain intends to resume flights to Iraq at the earliest possible opportunity.

The company's Board Chairman Talal Al-Zain said the company intends to conduct flights to Baghdad in September of this year, as well as daily flights to Najaf as soon as the structure of the airport, processed there and used its 320 jet.

Zein said that there is clearly a demand for the direct flight from Bahrain to Iraq, where the company is committed to meeting the needs of passengers as a Bahraini national carrier of Bahrain, he was happy to add Iraq to the list of flights that go to the company.

The decision to resume the flights is the result of the agreement concluded between the Governments of Iraq and Bahrain in the current July 9, as it will allow national carriers of the two direct flights between Bahrain and four Iraqi cities.

It was agreed to 7 weekly flights from Bahrain to Baghdad, and 12 weekly flights to the province of Najaf.

States that have been issued about 25 thousand visas to Iraq to visit Bahrain, according to the Iraqi government.

http://209.85.227.132/translate_c?hl...gt2jNS7kxUarhg

Of Baghdad: Offers seven foreign companies for the construction of 150 thousand housing units in Baghdad

Amin said Baghdad, Sabir al-Issawi that he had received offers from seven foreign companies for the construction of 150 thousand housing units, shops, parks and movie houses over 10 years in the same area, northeast of Baghdad.

Issawi said in a press release published on Thursday that the Iraqi government has agreed to monitor the 10 billion dollars for the project during that period, indicating that the region which will be held where the project will be the site of one of the largest construction projects 3.

He noted that the project will include construction of shops and movie houses, he said, adding that the Council of Ministers has already allocated 870 million dollars for the first year of construction work in Sadr City.

http://209.85.227.132/translate_c?hl...kLumwkf-7R25Cw

Iraq and Syria discuss cooperation in economic areas

Search Finance Minister Baqir Jabr Zubaidi with the Syrian ambassador to Iraq, Al-Faris economic issues between the two countries and ways of strengthening them.

A source at the ministry in a press statement published today, Thursday, had been discussed during the meeting of political and economic relations between the two countries and ways of strengthening, which serves the common interests.

The source said the two sides discussed ways to enhance the prospects of joint cooperation in the economic, fiscal, customs and banking work for the common benefit and prosperity of the two brotherly peoples.

http://209.85.227.132/translate_c?hl...w_oEblSNTHSDRw

Five invitations to the heads of Arab parliaments to visit Baghdad in order to enhance the openness of the Arab

The House of Representatives calls for the heads of the parliaments of Arab countries, including Parliament Speaker UAE and Bahrain and Kuwait in addition to the President of the People's Assembly and Chairman of the Board of Deputies of Jordan to visit Iraq in order to enhance the openness of the Arab country.

"Said Omar al-Mashhadani, media adviser to the President of the House of Representatives Speaker Iyad Samarrai, the development strategy at the forefront of the priorities of the presidency of Foreign Affairs after its adoption at the opening of Parliament and the parliaments of Arab world.

On a related level, according to sources familiar with a representative that the next phase will implement the range of the work of more than 25 of the parliamentary friendship committee with a number of countries under a policy of openness in the country following the improvement of security conditions and the withdrawal of U.S. forces from Iraqi cities.

http://209.85.227.132/translate_c?hl...SlO4Xu2o0fTteQ

Zebari: Iraq is committed to all international resolutions concerning the relationship between him and Kuwait

The Foreign Minister Hoshyar Zebari said Iraq is committed to all international resolutions concerning the relationship between him and Kuwait and that Iraq sought to get out of Chapter VII would not be at the expense of Kuwait and its sovereignty and security.

Zebari said in an interview published Thursday that Iraq is currently carried out by political and diplomatic efforts aimed at an international review of those decisions will not be at the expense of the State of Kuwait, or at the expense of its sovereignty and security. He pointed out that it is natural that Iraq will take steps to allay the fears of the future of Kuwait in this regard.

In response to a question on the steps Iraq could take to allay fears the Kuwaiti minister said he thought there was a series of steps could be taken, believing that the period ahead will be a task to strengthen and promote confidence-building through a series of practical measures.

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Dollar to Dinar? Coming Sooner Than You Think

Multi-National Division Baghdad
Story by Staff Sgt. Mark Burrell
Date: 07.16.2009
Posted: 07.16.2009 05:41

BAGHDAD – "Can I get fifty bucks in Iraqi dinar?" That may sound like an odd request from an American Soldier at a finance office in Baghdad, but in the next few months it will be as natural as buying DVDs or energy drinks from the Iraqi shops here.

However, the Army and Air Force Exchange Services run shops and the military postal services will still only accept U.S. dollars, explained Maj. Timothy Lancaster, the commander of the 208th Finance Company, 10th Sustainment Brigade Troops Battalion.

"The goal is to migrate from using primarily U.S. dollars to primarily Iraqi dinar by, Oct. 1," said Lancaster. He stressed that October isn't a deadline, but a reasonable goal.

Lancaster, from Mannheim, Germany, is in charge of six finance detachments from all over the world that support finance in Multi-National Division – Baghdad.

"Iraq is their own country and sovereign," Lancaster added. "Their currency is the Iraqi dinar, so we need to respect that and start adopting what we can to support them."

As coalition forces have left the cities and Iraqi security forces have taken over security, Army finance is trying to transition the economy back to the shoulders of Iraqis using the dinar to lessen CF visibility here, according to Lancaster.

"The advantage of switching over is we inject their economy and that makes the dinar stronger," said Capt. Jason Hempstead, the 828th Financial Management Detachment commander, 208th Financial Company. The Pennsylvania National Guard Soldiers from the 828th run the Camp Liberty Finance Office.

"It helps us accomplish our mission and it helps Iraqis become more economically stable," added Hempstead, who hails from, Richmond, Va.

In theory, the goal to lessen the CF footprint, help stabilize the Iraqi economy and spend more local currency in markets in Baghdad should be easy, but that isn't the case, said Lancaster.

"The switch from the dollar to the dinar has been harder than expected because it's been so ingrained in Iraqi vendors," explained Lancaster. "Vendors are so used to seeing cash and U.S. dollars, there has to be a mental shift."

That shift is already starting to take place around bases in Baghdad as more and more local shop owners don't bat an eye when asked if they take dinar, said Lancaster.

"It shouldn't be a problem, the vendors usually accept local currency," added Hempstead.

Though many Soldiers come in to request money from their Eagle Cash card, the need for U.S. currency is mostly coming from paying agents that pay their contractors, added Hempstead.

"We issued about four million U.S. dollars from this office last month," said 1st Lt. Donald Warren, a disbursing agent from, Indiana, Pa., assigned to the 828th Financial Management Detachment. "But for every day operations, we have both types of currency to fulfill the need for the mission."

In the market, the price of the Iraqi dinar fluctuates daily, but for the past seven months the military exchange rate has held at 1,170 Iraqi dinars to one U.S. dollar, explained Lancaster. Differences in on base and off base exchange rates can lead to black market currency prices and fear of counterfeit currency coming into circulation.

"We have guaranteed currency from trusted sources, like the National Bank of Iraq, so it's safe to get your dinar from our finance offices," said Lancaster. There are also security measures that Lancaster's offices take that check for watermarks among other things.

Using the dinar will also cut out steep costs of transitioning cash from the United States to Iraq with Soldiers carrying it every step of the way, added Lancaster.

"Is it a simple flip of a switch? No, it really isn't," said Lancaster. "We will always be here for the Soldiers, but we want the banks here to do the banking for the Iraqis."

As word spreads and more Soldiers start to take advantage of the dinar, the easier it will be to transition out of Iraq when the time comes, the easier it will be to get a better deal on those DVDs and energy drinks at the markets.

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CBI denies having ISX investment portfolio

The Central Bank of Iraq on Friday denied that it has an investment portfolio in the Iraqi Stock Exchange (ISX), adding its role is confined to providing stability necessary to encourage investment.

“The CBI laws would not allow it to form an investment portfolio inside the ISX or purchase lands or real estate except if it serves its work,” Madhhar Mohammed Saleh, the CBI advisor, told Aswat al-Iraq news agency.

Rumors inside the ISX on Thursday (July 16) held that there would be an expected increase in the prices of shares after a decision was made by the CBI to form an investment portfolio in the Iraqi capital market with the aim of sustaining stocks.

http://en.aswataliraq.info/?p=116228

Dollar sales down by 72% this week

Total demand on the dollar went down in the Central Bank of Iraq (CBI) auctions this week by 72%, reaching $584.230 million compared to last week’s $803.920 million at a stable exchange rate of 1,170 Iraqi dinars (ID) per dollar for the 25th week in a row.

“The demand went down to $59.930 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, compared to $77.520 million last week, while foreign transfers outside the country decreased also to register $524.300 million against $726.400 million, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

http://en.aswataliraq.info/?p=116200

Iraq trade union threatens to block foreign oil field work

The trade union representing workers of Iraq's state-owned Southern Oil Company (SOC) threatened on Thursday to prevent exploitation of one of Iraq's biggest oil fields by energy giants BP and CNPC.

Baghdad last month accepted an offer from British energy firm BP and its Chinese counterpart CNPC to work in the giant Rumaila oil field in southern Iraq that has known reserves of 17.7 billion barrels.

"If those companies try to exploit the field, our first reaction will be to stage a sit-in and to strike," union president Ali Abbas told AFP.

"We are capable of mobilising people to confront these companies and prevent their work because it is against the law."

The union opposes exploitation of Rumaila, arguing that the contracts awarded to BP and CNPC contravened Iraqi law. It also fears a wave of layoffs, despite government assurances to the contrary.

"The contracts that the ministry (of oil) wants are service contracts which allow only 10 to 15 percent of employees (on the fields) to be foreigners," oil ministry spokesman Assem Jihad told AFP. "The remainder will be Iraqis."

According to Jihad, the ministry will punish employees who block exploitation of the Rumaila field, but he did not give any details.

Production from the field is currently 1.02 million barrels of oil per day. BP and CNPC will be paid two dollars for each barrel of oil that they extract in Rumaila as part of their service contracts with the Iraqi government.

http://www.zawya.com/Story.cfm/sidAN...20field%20work