Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by day dreamer

nothing yet we're just waiting for cbi to post and see if they show any changes and if not for forex to open 5pm est.

alright CBI normally posts by now. the reason they haven't is they are no longer observing daylight saving time, as of today. so it's now only 12:30 pm in baghdad.
I watch every night and take screen shots (check wording and anything new) Sunday and mondays auction always run later than the time the CBI says it should post

Winter time work begins next Sunday

Tekarralomal system timing winter effect on Sunday, 1 / 10 / 2006 and the time delay of one hour, to be one of the Sunday morning is two to ten Saturday night.
Translated version of http://www.iraqigovernment.org/

Tick Tock Tick Tock Tick Tock!
whats taking the CBI so long tonight??? ;)

The 779 daily currency auction was held in the Central Bank of Iraq day Sunday 2006 / 10/ 1 so the results were as follows :

Details Notes
Number of banks 12 -----
Auction price selling dinar / US $ 1472 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 56.415.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 56.415.000 -----
Total offers for selling (US $) ----- -----

Cash amounts sold to the bank and its customers were USD(25.215.000) at a rate of(1472+1+10=1483)IQD\USD .
The amount sold to make transfers abroad was USD (31.200.000) at a rate of (1472-2)+ one dinar as a bank fee and exempt the transferred amount from conversion fee.

Originally Posted by Adster

Draft Kurdish Constitution Claims Oil-rich Kirkuk
Iraqi Kurds would like to add more territory to their current borders, according to a draft constitution before the Kurdish parliament, reported Azzaman.

Analysis: Kurd oil feud is Iraq's future:

WASHINGTON, 29 September 2006 (UPI)

The head of the Kurdistan Regional Government has threatened to break away from Iraq in a dispute over control of oil resources, revealing deeper fragmentation between provincial and federal governance.

The prime minister of the KRG, Nechirvan Barzani, said Wednesday the relatively stable northern region -- autonomous since 1991 -- might break from the fragile tripartite republic if oil contracts it has signed aren't recognized by the government in Baghdad.

Their rift represents more than a squabble over federalism's reach, but a country occupied by foreign troops, progress stalled by daily violence, moving toward total fracture.

Key leaders in parliament reached a tentative deal Sunday quelling attempts, for now, to amend the constitution to allow more autonomy for the regions. The Kurds as well as a faction of Shiites in the oil-rich south are in favor of this, while it's opposed by the minority Sunnis in the oil-barren middle of the country and a Shiite bloc eyeing a prominent role in a stronger, centralized government.

Barzani, in a statement released by the KRG, responded to Iraqi Oil Minister Hussein al-Shahristani's comments that the central government doesn't have to respect oil deals signed by the regional authorities.

"I resent Dr. Shahristani's efforts to sabotage foreign investment in Kurdistan's oil sector," he said. "Dr. Shahristani would better spend his time getting his ministry working rather than tearing down our achievements."

The KRG has signed a handful of production-sharing and drilling deals with small international oil companies and conglomerates. Barzani said foreign investment since 2003 has topped $100 million, including newly found oil reserves, though the infrastructure to transport the oil to market is under constant attack.

Major oil companies have stayed away because of the regional dispute, experts say.

The central Iraqi government has been struggling with the ongoing violence that has hampered the oil infrastructure -- still pumping below pre-war levels -- and the parliament has been unable to pass a federal oil law.

"Many of the disputes over oil reflect the tensions over the political future of the country and the degree to which various provinces will be able to carve out autonomy from the central government," said James Phillips, a Middle East expert at The Heritage Foundation.

Phillips said the oil-rights dispute will set the tone for future battles over key issues like water rights and future control over the northern city of Kirkuk, a historically Kurdish city until Saddam Hussein's displacement campaign, which the KRG wants as its capital.

Kirkuk is also the oil depot to send KRG petroleum to market, but attacks along the pipeline to Turkey have seriously hampered capacity; a security upgrade will be necessary if KRG oil prospects are going to bring home profits.

A vaguely worded constitution governs Iraq's oil resources, loosely interpreted to place all oil under federal control and new finds for the regions.

The central government is debating -- behind closed doors -- a federal oil law and hopes to pass it before year's end.

Phillips said Barzani may be merely posturing for his independence-minded constituents. Or he could be serious, "that if the Kurds don't get what they want, they could go their own way," a move opposed within Iraq as well as by its neighbors, Iran and Turkey, fearing their own Kurdish factions could demand independence.

And so the Kurd/central government dispute over oil control is intertwined with the debate over federalism. Both will determine who gets control over the oil resources and, in turn, to whom wealth from resources is distributed.

"This is the heart of the struggle for Iraq," said Saad Rahim, an oil risk analyst at PFC Energy. Kurdistan's autonomy "sets the tone for the rest of the country," he said.

PFC Energy estimates oil revenue makes up 96.3 percent of Iraq's budget, so regions with oil and autonomy can choose to keep their money within their borders, leaving little resources for essential services to the center of the country.

Or, the central government will decide to handle the receipts and redistributes the wealth.

Right now there's a huge unknown, which is why PFC Energy is telling clients "you don't want to go in and sign a contract -- no matter how attractive it looks right now."

"When one talks about foreign investment in this industry, this is an enormous mess," said Juan Cole, professor of modern Middle East history at the University of Michigan, since there's no rule on investor property rights and no finalized deal on the extent of federalism.

"If Iraqis can create a framework where foreign companies feel comfortable investing" and security of oil infrastructure is increased, there will be some progress, Cole said.

"If they can't do that, then you have Somalia," said Cole, referring to the potentially oil-rich nation that hasn't had a stable government since 1991.

"Having petroleum really does you no good whatsoever" unless there is a governing framework supporting that, Cole said.

If this has been posted apologies but lets see it again cos it's pretty damn good, yyeeehhaaaaaaaaaaaaaaaaaaaaaaa!! Can't be doing international deals without a FIL, and can't be doing deals with a wanky exchange rate......


International Oil Companies are Rushing to Invest
International Oil Companies are Rushing to Invest in Iraq
29/09/2006
Source: Iraqi National Congress

Iraqi Oil Minister, Husain Ashahristani, confirmed that many big oil companies are ready to start negotiating with Iraq about developing oil fields before the new law of gas and oil is legislated. The law is expected to be ready by the end of the current year. Minister Ashahristani officially stated: "I met with representatives of big oil companies during the meeting of OPEC in Vienna and they were ready to negotiate with us about developing our oil fields before the legislation of the gas and oil law is finished. However, the minister did not name these companies. He added that the Iraqi Oil Ministry is currently responsible for running the Iraqi Oil sector and will bound itself to one type of contracts only. This, clearly points out to the dispute over the production process and the sharing agreements. Ashahristani did not comment on what kind of contracts the Ministry will sign with these companies.

Ashahristani added: "there will be many forms of contracts specified to develop our oil fields. The Iraqi oil sector will need about 20 billion USD of investments so that it will be able to double its oil production up to 4.5 million barrel a day during the next five year." He also mentioned: "The current production of oil in Iraq is ranging between 2.3 and 2.4 million barrel a day. But, Iraq is still facing many difficulties like: the need to exhort more efforts to raise up the production rate to their pre-war levels, the deteriorating security status, bad and old technology bad weather and insufficient logistic support."

Officials in the Iraqi oil sector says that many oil fields have been discovered in the south, center, north of Iraq and they are ready to be developed. According to Asahristani, the Energy Committee in the Iraqi Government is writing down the final draft of the gas and oil law which is expected to be passed on to the Parliament before end of the current year. Ashahristani added that his new law will found a new Iraqi national oil company supervising the activities of the oil sector. According to the new law of gas and oil, the Iraqi Ministry of Oil will supervise the planning for the oil sector and design the oil policies instead of carrying out numerous oil operations which will be done by the new Iraqi National Oil Company. The establishing of the new Company was already suggested two years ago by the ex-minister of Iraqi Oil, Thamir Al-Ghadhban. The previous Iraqi National Oil Company was converted to a ministry run by the ex-dictator Saddam Husain in 1987. The role of the new Company will concentrate on: determining the important decisions and policies, strategic planning for the Iraqi Oil industry as well as dealing with international relations and oil investments which include production, exportation and excavation.

World Bank Iraq Trust Fund provides $6.6 million for household survey, poverty reduction strategy
29 September 2006 (PortAl Iraq)

The World Bank and Iraq's Ministry of Planning and Development Cooperation have signed two grant agreements to finance a nationwide socioeconomic household survey and to formulate a poverty reduction strategy.

The first survey of this type to be conducted in Iraq since 1993, it will examine income, expenditures and living standards, yielding valuable data on poverty and complementing other surveys financed by the United Nations, according to the World Bank's Sept. 28 announcement.

The Emergency Household Survey and Policies for Poverty Reduction Project includes a $5.1 million grant to be implemented by to finance the survey and data analysis, and a $1.5 million companion grant to be implemented by the World Bank to provide technical assistance on the latest data collection and analysis techniques. The projects combined total $6.6 million, financed by a multidonor Trust Fund administered by the World Bank.

"This project builds on more than a year of close dialogue with Iraq's statistical agencies," Task Team leader Susan Razzaz said. "Under the Second Capacity Building Project of the Trust Fund, we have already conducted over ten workshops to assess and develop their capacity."

According to the World Bank, a generation ago s income and education and health indicators were high compared to regional averages; in recent years, living standards have declined to among the lowest in the region.

"Modern systems for data collection and dissemination are essential for providing Iraqi's policymakers with reliable information on which to base their decisions," Joseph Saba, Country Director, Middle East Department, said.

"This project will enable s government to establish a poverty line, develop policies to reduce poverty and increase employment, and target social assistance to the neediest. It will also help the government determine how to best sequence reforms to minimize any negative effect on poverty and employment."

The World Bank Iraq Trust Fund, within the International Reconstruction Fund Facility for Iraq, has financed 13 projects amounting to nearly $400 million to improve education, health, irrigation and drainage, social protection, telecommunications, urban infrastructure, and water supply and sanitation. The World Bank has also approved $235 million in International Development Association credits for education and road rehabilitation.

I know this one has been post but please read again this article :))

27 September 2006 (Al-Sharq al-Awsat)

The source added in a statement during the economic session, about the role of banks in the economic reformation process, held in the Ministry of Industry and Metals that Iraqi Central Bank is working fast to take an active role in the economic stability process in the country. The Bank is trying to dispense with some of mechanisms that were prevailing during the time of the ex-regime, especially lending governmental institutions. Therefore, there are serious studies about the possibility of starting and developing a governmental exchange market that will provide all institutions with cash fluidity as fast as possible. In addition, this will enable individuals and capital owners to find new types of guaranteed local investments and limit their running away outside the country.

The same source declared that Iraqi Central Bank is fully independent. It is exhorting great efforts to achieve a stable financial policy that will enhance Iraqi economy and rebuild it through several constructive steps.

The most important step among them is replacing the national currency. Old Iraqi dinar currency was replaced on the 14 of January, 2004 through substituting 4 trillions of old Iraqi dinars by a new currency. The step had many advantages which greatly regained trust in Iraqi dinar and improved the exchange rate. The late approval to grant licenses to foreign banks is another important step to build an active and competitive banking sector in Iraq. In addition to holding a daily auction of foreign exchange for Iraqi Central Bank. The main purposes of this auction are to reduce extreme changes in the exchange rate which may happen suddenly.

The Bank, also, legislated a new law that gives it: complete legal independence, clear authorization to work on achieving stable prices and active monitoring authorities. It started utilizing the open market processes through selling and buying the treasury transfers in order to control economic fluidity and stabilize the exchange flow. The Bank approved a new law concerning commercial banks and this is a main step towards establishing a financial system works according to the criteria. Iraqi law of commercial banks will enhance the Iraqi trade and release the interest rates.

The complete and full release of interest rates on local financial devices (goods, deposits and exchange) is already operative. The bank considers this procedure as an important step towards the emergence of an efficient contemporary financial sector enables loan borrowers to make up their own decisions in stead of being chained by the instructions issued by Iraqi Central Bank.

The bank is now applying several projects. The most important of which is: the reframing and re-qualifying of governmental banks, applying a serious monitoring system and developing the local one, creating a complete united statistical work that covers all main sectors and finally starting a governmental exchange market.

U.S.-Iraq
U.S. Congress delegation arrives in Baghdad
Baghdad, Oct 1, (VOI) – A U.S. Congress delegation arrived on Sunday in a surprise visit to Baghdad, Iraqi Prime Minister’s office said.
“The U.S. delegation would meet Iraqi Prime Minister Nouri al-Maliki later on Sunday,” a source at the Prime Minister’s office told the independent news agency Voices of Iraq (VOI).
The source who did not give further details said no press conference would be given after the meeting.
Official sources told VOI :“ Maliki will discuss with the Congressmen the latest political and security developments and the national reconciliation in Iraq.”
U.S.-Iraq :: Aswat al Iraq :: Aswat al Iraq

Economic : Demand fluctuates witnessed stationery markets despite lower prices
Baghdad Haider spring
With the start of the new school year
Markets in Baghdad stationery relatively tepid in the preparation Almetbdhaina despite the start of the new school year and the moderation in the prices of all types of materials which are sold in those markets. He attributed some of the specialized shops selling school supplies due to the deteriorating security situation
The retreat by the Ministry of Education to distribute some of those supplies (stationery) to the requested by the other. Which may generate self-sufficiency for many students and make them reluctant to buy many of the belongings of shops Alatlk task of expense forms and specifications of the new and often undesirable Matkon by primary school pupils.
The Ihsan Nadi's shop selling school supplies (stationery) in the market So one of the largest niche markets selling stationery in Baghdad reasons for this reluctance to the poor security situation, which prevents many families and students to attend to the business of buying market, in addition to the fact that most families now cover all the needs of her children Garibeh libraries from their homes, despite the disparity in prices between the libraries and they are in the market So ... He says Nadi. All prices appropriate It goes something we have the burden of student and the reason is the ease of importing such goods from neighboring countries. the failure to meet the payments on these goods and significantly such as customs or taxes, which led us to sell at reasonable prices satisfy all persons.
With confirms Ahmed Saadi So trader in the market. More Maiba now is small school bags, where records were recorded at the sale, and substantially outpaced the rest of supplies such as pens and Almsatar and other Shia only needed by the students and says Saadi There is a broad portfolios of those specifications, and the beautiful colors and shapes, where demand is increasing day after day, The reason for this is my opinion (and the talk of the SADI) is a moderation in price terms not to exceed 6.000 thousand dinars. The rest of the things, but there is a demand for less.
The Ahmed Moussa's place in the market So too. The proportion of sales than wholesale Maiba individually, as the owners of small libraries turnout to be more than it is in commercial markets recipient So, for instance. He adds Moussa. Some people I know are from me and have their libraries to shop (total) rate of three times per week. This indicates that the rate of demand for libraries in the vicinity of schools or in residential areas more than it is in commercial markets, This is due to the poor security situation. Moses refers to the fact that the price per bag of school (for example) in the market So, the wholesalers b (4000) sold in dinars, while libraries and local markets b (8000) dinars.
Mohammed al-Shamri's office in Palestine Street in the intensity of demand for the purchase of school supplies these days, pointing out that more is Maiba bags and certain types of pens, as well as hides and skins, says al-Shamri. Now most families fill the needs of sons from the nearby libraries because the security situation does not allow Baltbda of specialized commercial markets, such as the sale of school supplies market, So. He points out that the prices of the Attfaut a great addition to the presence of all the necessary needs of the students. On the nature of the price-Shamari says. Prices very appropriate as the best types of pencils imported only for the price of 250 dinars, and there other kinds 100 dinars. Also, the price of good engineering Almmohah 300 dinars and 150 dinars strongly and the Registry dry normal 350 and the software, took those who made 1300 dinars. The Code of 250 dinars note that these prices are less singular and for wholesale prices.
Citizens of them considered the purchase of stationery from the library near their homes easier to go to wholesale markets, despite the difference in price. Youssef says Saadia. Overall purchased school supplies for the sons of the library near my house, not Trehgni nature prices because it is appropriate and very close to wholesale prices. It adds. I know very well that the Ministry of Education will distribute good types of stationery to the students, But La Paz that Albee some requests sons with the start of the new school year.
If the Saadia Youssef believes that the prices of stationery and very appropriate Atrehg money, the Sam Mohsen student in the College of Engineering finds just the opposite as saying that all necessary requirements for engineering students are the same prices and hellish Aitseni easily available to us that we buy one type, for example, we agreed and handling in addition to other requirements, and that a total Atofarha forced to buy M n the domestic market.

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

I thought bush was pushing for it sooner than the end of the year?
plus the oil min going on tour (china, korea, australila) mid october and will sign contract. why do they still say end of year?

Originally Posted by Adster

If this has been posted apologies but lets see it again cos it's pretty damn good, yyeeehhaaaaaaaaaaaaaaaaaaaaaaa!! Can't be doing international deals without a FIL, and can't be doing deals with a WANKY exchange rate......


International Oil Companies are Rushing to Invest
International Oil Companies are Rushing to Invest in Iraq
29/09/2006
Source: Iraqi National Congress

Iraqi Oil Minister, Husain Ashahristani, confirmed that many big oil companies are ready to start negotiating with Iraq about developing oil fields before the new law of gas and oil is legislated. The law is expected to be ready by the end of the current year. Minister Ashahristani officially stated: "I met with representatives of big oil companies during the meeting of OPEC in Vienna and they were ready to negotiate with us about developing our oil fields before the legislation of the gas and oil law is finished. However, the minister did not name these companies. He added that the Iraqi Oil Ministry is currently responsible for running the Iraqi Oil sector and will bound itself to one type of contracts only. This, clearly points out to the dispute over the production process and the sharing agreements. Ashahristani did not comment on what kind of contracts the Ministry will sign with these companies.

Ashahristani added: "there will be many forms of contracts specified to develop our oil fields. The Iraqi oil sector will need about 20 billion USD of investments so that it will be able to double its oil production up to 4.5 million barrel a day during the next five year." He also mentioned: "The current production of oil in Iraq is ranging between 2.3 and 2.4 million barrel a day. But, Iraq is still facing many difficulties like: the need to exhort more efforts to raise up the production rate to their pre-war levels, the deteriorating security status, bad and old technology bad weather and insufficient logistic support."

Officials in the Iraqi oil sector says that many oil fields have been discovered in the south, center, north of Iraq and they are ready to be developed. According to Asahristani, the Energy Committee in the Iraqi Government is writing down the final draft of the gas and oil law which is expected to be passed on to the Parliament before end of the current year. Ashahristani added that his new law will found a new Iraqi national oil company supervising the activities of the oil sector. According to the new law of gas and oil, the Iraqi Ministry of Oil will supervise the planning for the oil sector and design the oil policies instead of carrying out numerous oil operations which will be done by the new Iraqi National Oil Company. The establishing of the new Company was already suggested two years ago by the ex-minister of Iraqi Oil, Thamir Al-Ghadhban. The previous Iraqi National Oil Company was converted to a ministry run by the ex-dictator Saddam Husain in 1987. The role of the new Company will concentrate on: determining the important decisions and policies, strategic planning for the Iraqi Oil industry as well as dealing with international relations and oil investments which include production, exportation and excavation.