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

Originally Posted by opps50

Ok, we are looking for the FIL to be voted on the 12th, next week

Does that automatically mean that it will be passed? I guess so

Does the reval have to take place before the FIL is passed? Yes we have agreed on this, I don´t think we have anything concrete but anyway

Do they have to do a high reval? I guess no, but it will be better for us

if they move the decimal point 3 steps it will around 1,4 to 1,5 dollars.

Sounds great, but unbelievable. I have always pictured myself as poor, my destiny

"Whether a man thinks HE CAN or thinks HE CAN'T either way he is right."
I think Thomas Edison made this quote - Not sure! But hey if you think it is your destiny to be poor-your chances of being right are pretty good.
This probably has not as much to do with wealth as it does with conviction

If your along for the ride - maybe you should try some yoga, meditation, or click on some or all of my links - sounds like you need a self-esteem, self-worth adjustment or maybe a FreeHug. Money can not help with this - unless of course you use your money to hire a therapist.LOL
Hey it's all good. Think positive.

Quote: Brihadaranyaka Upanishad IV.4.5

You are what your deep driving desire is.
As your desire is, so is your will.
As your will is, so is your deed.
As your deed is, so is your destiny.

Get it! Got it! Good!

Marlene in NY

Iraqi parliament 42nd session was adjourned to Thursday after delaying a vote on a draft investment law till October 12.
Thursday's session is scheduled to continue a discussion of the draft investment law and a draft provinces law, he added.
The draft investment law received reservations by some parliamentarians as to the concessions and taxes exemptions given to a non-Iraqi investor.

IMO if they are discussing non-Iraqi investors it would seem the investment law waiting to be voted on, would be the Foreign Investment Law. (FIL)

azzaman

" Citizens and vice harbor and the ministry assured :
Invest oil wealth will not mortgage the Iraqi economy "

800 police suspended as brigade is accused of mass abductions - World - Times Online

cop flops...

The Times October 05, 2006
800 police suspended as brigade is accused of mass abductions
By James Hider in Baghdad

Police recruits graduating at a Baghdad training camp last week (Mohammed Sawaf/AFP/Getty Images)

AN ENTIRE police brigade in Baghdad has been suspended and its commander placed under arrest on charges of aiding sectarian death squads that have carried out mass kidnappings.

The Eighth Brigade of the 2nd National Police Battalion, which has more than 800 uniformed officers in western Baghdad, was stepped down a day after armed men in official uniforms herded off 14 shopkeepers from central Baghdad, and two days after 24 workers were abducted from a meat processing plant in the capital.

“The brigade’s past performance does not demonstrate the level of professionalism sought by the Ministry of the Interior,” Major General William Caldwell said. “It was realised that removing them would, in fact, enhance security. NS?

“There was clear evidence that there was some complicity in allowing death squad elements to move freely, when in fact they were supposed to be impeding their movement. <everybody say duhhhhhhh!!!>“The forces in the unit have not put their full allegiance to the Government of Iraq and gave their allegiance to others.”

Sunni leaders have for months accused police units of helping Shia death squads to carry out a series of massive kidnappings, which have included the abduction of the entire US-Iraqi Chamber of Commerce, several groups of factory workers and the whole of the Iraqi Olympic Committee. They have charged that the police forces are infiltrated by members of Shia militias who have killed scores of innocent people.

Brigadier Abdel Karim Khalaf, an Interior Ministry spokesman, said the lieutenant-colonel in charge of the Eighth Brigade had been detained and was being questioned, while rank-and-file policemen were being investigated at random.

The charges of complicity in the sectarian war that has crippled the capital was a further admission by the Shia-led Government that its own security forces are partly responsible for the incessant violence.

Nouri al-Maliki, the Prime Minister, announced on Tuesday a four-point plan that included the establishment of neighbourhood committees, which would be able to report on suspicious activities by the security forces and local militias.

The disgraced brigade will be sent for retraining by American forces, although one US trainer said the programme had been scheduled months ago as part of a sweeping overhaul of Iraq’s police forces, which were hastily recruited after the 2003 invasion and which have frequently proved inadequate for the task of eradicating violence.

In late 2004 almost the entire police force in Mosul fled their bases when insurgents attacked, while Shia policemen in Najaf joined rebels from the al-Mahdi Army and gave them their weapons when they took over the shrine city that year.

Since those big setbacks, US forces have been retraining the police, but the programme has had little impact.

A survivor of Monday’s mass kidnapping in a parade of computer shops near the Technology University described how half a dozen vehicles, with official security forces markings pulled up and men in military fatigues rounded up all the Sunnis. They drove off with 14 people but stopped two shops short of his establishment, he said.

The bodies of several of those abducted from a meat processing plant on Sunday were dumped on the streets, showing signs of torture. Hundreds of Sunni residents demonstrated near the factory carrying banners saying “Get police troops out of our area”.
An American official involved in the police training programme said the Eighth Brigade had been scheduled for retraining for months, and insisted that not all its members were under suspicion. “It’s totally ridiculous that we’d take somebody who’d just been arrested and send them for training again,” he said.
Iraqi police have long been the target of al-Qaeda suicide bombers and attackers, who view them as agents of a US- installed Government. Thousands have been mown down at recruiting centres or ambushed on patrol or in their bases. Despite the dangers, many young men still want to join the force in a country whose economy is in ruins and where the regular income often outweighs the dangers of the job.

The force of around 100,000 is divided into various branches of local and national police, with battalions of special police commandos attached to the Interior Ministry. But the division within the forces is blamed by many for the impunity with which they act, with one group often not knowing what the other is doing.

and on a lighter note...

$20m fund for victory party

A $20 million allowance has been set aside for a "victory in Iraq" party in Washington. The fund, to pay for a celebration "for commemoration of success" in Iraq and Afghanistan, had been tucked away in fine print of the 2006 budget. Although it has not been spent, Senetors have apparently rolled it over into the spending Bill for 2007.

The Pentagon said it did not know who had put the fund into the budget, but admitted that it looked "a bit premature".

Originally Posted by Lunar

Dubai has numerous currency exchanges but I can't say what the maximum exchange limit is for each shop. Currency can be exchanged at several places because records aren't kept re: name, etc so transactions couldn't be tracked.
Dubai will not allow you to open a bank account without a UAE work permit but there are two American (BoA and Wells Fargo I believe) banks and one Canadian (Scotia) bank. With all the out of country residents living in the UAE there would have to be some provisions made for non-resident banking.
You wouldn't be able to enter Iraq without a military escort and they wouldn't allow it for personal business anyway.

So, Dubai would be a goer! I don't really want a bank account there. I only want to exchange dinars for preferably Aussie Dollars but USD is fine. I like this bit: Currency can be exchanged at several places because records aren't kept re: name, etc so transactions couldn't be tracked.
Last year I exchanged some AUD for USD at one of those exchanges near where I live in Australia and I was not asked any questions. I was going to need them as I went to Hawaii.
It could be worth at least 1 trip to UAE. Have been wanting to have a look there. Thank you so much. This may help others too.

Union : Parliament lifted its second session Wednesday to today, Thursday, to complete discussions on the draft law of the provinces and the completion of the discussion on the draft law on investment.
During the morning session of Parliament yesterday to continue discussion of the investment law, which was postponed voting on it to future meetings. The investment law has met with considerable reservations by members of Parliament with respect to the number of years Almsathat granted to investors. Dharbeh and exemptions. in the letter of the law to exempt foreign investors from taxes for a period of ten years. and that the duration of the investor Almsatha 50 years.


On the other hand, list of the Kurdistan Alliance condemned the killing of three relatives of Deputy Samia Aziz, the Kurdistan Alliance in the terrorist attack. Other deputies condemned the incident. The meeting yesterday began at 12pm local time for the city of Baghdad, said Mahmoud Almshahadani to members of the House that it is necessary to meet the deadlines for the start of the parliament sessions, which were identified in the ten in the month of Ramadan.
He expressed the writer, member of the House of Representatives from the United Iraqi Alliance list, which he called "fear killed Investment Law", which is being discussed in Parliament, He said "I am afraid that we are killing the investment law, rather than encouraging." He explained during the meeting, saying the House today that "many fears and encouraging informal discussions and restricted to foreign investors will lead to the killing of the investment law, rather than encouraging".
He added : "At a time when we want to attract investors and encourage them through legislation investment law because Iraq is an urgent need to attract foreign investors to improve them."
The deputy said Mahdi Al-Hafiz member of the Economic Commission of the House of Representatives that there is considerable misunderstanding of the members on the investment law, currently being discussed in Parliament.
He added Hafiz during the parliamentary session Wednesday that "the investment law was designed to encourage foreign investment because the national investment in the country is regulated by the state law where they can who want to establish a company to carry out the building of law in Iraq." He explained that "the purpose of the legislation is to fill the investment needed to finance Iraq because the country depends on imports for oil, which is suffering from unemployment and financial burdens are debts and compensations must be paid in addition to the cost of reconstructing Iraq."
He said that "the Iraqi economy suffers from backward agriculture, industry and our economy depends on importation."
"The investment law, which would not affect Senchan Iraqi sovereignty if we take into consideration the example of China although it is a socialist country that is the highest the country depends on foreign investment when the current 11%." He stressed the need to study the law "from the point of view of national economic, It must also be emphasized Alajbenbi productive investment and which carries the country's technology.

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Originally Posted by readytogo

Thanks celilo,

Key here is to find the irs' definition of notes. If currency is not considered a note, then I would definitely say that usd is like iqd, exchanging currency for currency. No?...

No. I'd have to dig up the research agin, but I can tell you that the IRS does not consider anything but the US dollar currency. Anything else is a capital asset. So while a like kind exchange "may" be possible with another foreign currency, you definitly cannot do a like kind exchange with the dollar.

Originally Posted by readytogo

The U.S. State Dept. says not taxes on currency exchange. I was not sure if it was talking about in Iraq or U.S. I will post it and see what all you genuises say.

CURRENCY CONVERSION AND TRANSFER POLICIES

The currency of Iraq is the Dinar (ID - sometimes referred to as the New Iraqi Dinar). Iraq's current exchange system is characterized as a free foreign exchange system, with no restrictions on purchases or sales of foreign currencies. The Iraqi currency is fully convertible and can be exchanged freely with any other currency. In addition, there is free movement of capital without restrictions on capital inflows and outflows. Iraq's foreign exchange regime is also a multi-currency system in which foreign currencies circulate in the market and are accessible to everyone.

The exchange rate is generally determined on the basis of supply and demand conditions in the foreign exchange market. Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes. The Central Bank of Iraq (CBI) also can intervene, when necessary, in order to maintain stability in the foreign exchange market. In addition, there are no taxes or subsidies on purchases or sales of foreign exchange. ...Iraq

...
I believe that they are referring to "there are no taxes or subsidies on purchases or sales of foreign exchange." from the perspective of Iraq, meaning that Iraq does not impose taxes or subsidies on currency transactions. These are charactoristics of a fully convertible currency.
This is independent of the US tax code.

The House postponed until tomorrow its discussion after the draft investment law

Announced by the Speaker of the Parliament Mahmoud Almshahadani adjournment of the meeting today until tomorrow, Thursday to complete discussions on the draft investment law and a draft law Territories. The meeting saw the continuation of the discussion of investment law, which was to defer the vote until next Thursday. The investment law has met with considerable reservations by members of Parliament with respect to the number of years Almsathat granted to investors. Dharbeh and exemptions. In the letter of the law to exempt foreign investor from taxes for a period of ten years, and that the duration of the investor Almsatha 50 years. On the other hand, Almshahadani to members of the House that it is necessary to meet the deadlines for the start of the parliament sessions, which were identified in the ten in the month of Ramadan.


NOAA
10/4/2006

ok yeah i know its yesterdays news. but im mullin this one over too.
now, the discussion was to postpone it until next thursday. they didnt say they DID postpone it tho, only thats what the discussion was covering.
it goes on to say they are gripin about some time lengths in the law and he says, listen up, gotta get it done by this day PERIOD. the 10th is BEFORE the 12th.

Originally Posted by Webster

So, Dubai would be a goer! I don't really want a bank account there. I only want to exchange dinars for preferably Aussie Dollars but USD is fine. I like this bit: Currency can be exchanged at several places because records aren't kept re: name, etc so transactions couldn't be tracked.
Last year I exchanged some AUD for USD at one of those exchanges near where I live in Australia and I was not asked any questions. I was going to need them as I went to Hawaii.
It could be worth at least 1 trip to UAE. Have been wanting to have a look there. Thank you so much. This may help others too.

Currency can be exchanged into AUD or any currency you wish. Inquire about the maximum exchange limit allowed prior to actually exchanging your currency and preferably by phone, this way you won't draw unnecessary attention to your transaction amounts. When dealing in cash it is better to be cautious.
Research Dubai's tourist areas before you go (hopefully soon) and you'll be able to combine business and pleasure. Good luck.

Don't know if this has been posted before, can't be arsed looking to be honest, so here goes....

Iraqi parliament to vote on draft investment law on October 12
By Kawther Abdul-Amir
Baghdad, Oct 4, (VOI) – Iraqi parliament 42nd session was adjourned to Thursday after delaying a vote on a draft investment law till October 12.
The parliament in its 42nd session "discussed a draft investment law while a vote on the draft will take place on October 12," said Parliament speaker deputy Khalid al-'Atiah