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

Like it....



Establishment of the first Iraqi company for bank guarantees



The aim of activating and intensifying the productive and service projects
Baghdad-Yasser incumbent
The banking sector, the establishment of the first Iraqi company for bank guarantees capital of five billion and 450 million Iraqi dinars. He said a member of the company's board of this company that includes 11 Iraqi banks, it is hoped direct activity late October and the current ensure small and medium loans ranging from five thousand to 250 thousand dollars.


He explained that the loan amount prescribed by the Bank based on a feasibility study provided by the beneficiary after the analysis of data and then the bank introduced the company which will, in turn, analyzed the data and information to ensure the acceptance of this project.
He stressed that this mechanism will contribute to achieve several objectives including the operation of the productive and service projects and the impact on the absorption of labor and contribute to tackling unemployment.
Board member pointed out that the company is encouraging female component of the project (sme) of small and medium-sized enterprises. Thus, the foundation for Aisthan in community capacity development in the center.
He said the Registrar of Companies had ratified the establishment of this company, which enjoys the support of the Central Bank. Iraqi, pointing out that a minimum of shares is 400 million dinars called other banks to join the company.
A member of the company also said that this achievement is also in the development of performance of banks and raise productivity through the launch of Qarawdhi to stakeholders and laboratories and companies.
It pointed out that the number of private banks in Iraq, the 24 banks had progressed significantly during the previous four years stressing the quest for the development of banking services in Iraq commensurate with the volume of activity expected after the launching of the construction and reconstruction of Iraq.
Member of the Board of Directors also confirmed that the company based its activity on international standards adopted and that the premiums paid dates outside Ha contexts where the old Governing Council had been informed of the nature and activity of the experiences of companies similar in Oman and Lebanon.
And that preparations are under way to prepare the size of banking, through changes in courses for credit officers on new ways of lending.
He concluded by pointing out that the loans were open : commercial and service sectors, productivity and industrial and agricultural. Thus, the company will operate and activate the performance of the productive and service projects stalled due to funding.

Originally Posted by archangel

Voices of Iraq : Parliament-lift
Kawthar wrote : On Thursday, 05 October 2006 1:28 PM-BT

The adjournment of the meeting of the House of Representatives to next Sunday
From the hushed Abdulamir
Baghdad - (Voices of Iraq)
Khaled al-Attiyah, first deputy chairman of the House adjournment of the meeting today, Thursday, to be held next Sunday to complete the discussion topics on the agenda.
The council had discussed for the third consecutive day legal investment, and operational procedures for the formation of regions.
Not to be completed during today's meeting of these laws have been discussed throughout the next Sunday.
The deputy said Jalal Eddin small for the United Iraqi Alliance list today during the discussion of investment law, "it is not possible to attract funds to invest without granting Almshetthmrin extensive powers, In contrast controls large investors. "
He continued, "I do not believe that investors Sihjmon on Iraq soon to be open for investment, versa may need a body of Astmthar encourage investors and induce them to invest in Iraq. "
The parliamentarians have expressed fears of the Investment Act, which will in Iraq.
The Council held an informal meeting today lasted less than an hour for the purpose of discussing the tardiness of the members of Parliament.
H M
Translated version of http://www.aswataliraq.info/?newlang=ara

I wish I could lock the Iraqi Parliament in a room and tell them you can't come out until you get your shite in order, unbelievable, these people move slower then a turtle with 3 legs.
And by the way I am really starting to hate the word soon

I think we believe that the reval has to take place before the FIL and the only official that is said is what is stated in adsters signature, I guess

Originally Posted by laurenr

Please don't shoot me down in flames for asking this.

I know that we've been looking at all of the circumstantial evidence
to support an R/V, but apart from those of us here who are desperate
to see the Dinar R/V, has any Iraqi official stated that an R/V is actually
going to happen any time soon ?

Sorry but I needed to ask after so many false alarms over the last few
months.

Originally Posted by opps50

I think we believe that the reval has to take place before the FIL and the only official that is said is what is stated in adsters signature, I guess

There have been other articles, CBI insider saying 'the dinar would rise signifcantly in 2006'. Not forgetting the MoF/Shabibi 'raising the value of the dinar so that it would be equal to the dollar.'

The IMF and World Bank have approved a r/v, they just need to get on and do the facking thing.

Originally Posted by archangel

I wish I could lock the Iraqi Parliament in a room and tell them you can't come out until you get your shite in order, unbelievable, these people move slower then a turtle with 3 legs.
And by the way I am really starting to hate the word soon

I agree on that one. My god, delaying this, delaying that. Are they afraid for making decisions....

The bad thing is, they let their own people wait on good improvements and a better life....

Here is a response that someone got when they asked the IRS directly about converting dinars to US dollars and the tax implications that would affect us.



--------------------------------------------------------------------------------

Direct from IRS ruling...hope this settles it.
Code Secs. 1031, 1221



<<FULL TEXT>>

26 CFR 1.1031(a)-1: Property held for productive use in trade or business
or for investments.
(Also Section 1221; 1.1221-1.)

Foreign currency reconverted into U.S. dollars. The reconversion of a
foreign country's currency into U.S. dollars after a visit to that country
by a U.S. citizen, not a dealer in foreign currency or engaged in a trade
or business in that country, is not a like kind exchange under section
1031(a) of the Code. The foreign currency is a capital asset and any gain
or loss realized on the reconversion is a capital gain or loss. I.T. 3810
superseded.


REV. RUL. 74-7 <<ENDNOTE 1>>

The purpose of this Revenue Ruling is to update and restate, under the
current statute and regulations, the position set forth in I.T. 3810,
1946-2 C.B. 55.

The question presented is whether, after the conversion of United
States dollars into foreign currency by a United States citizen traveling
in the foreign country, the reconversion of the foreign currency into
dollars may be treated as an exchange of property held for productive use
in trade or business or for investment for property of a like kind to be
held for productive use in trade or business or for investment, under
section 1031 of the Internal Revenue Code of 1954. If not, the further
question presented is whether the gain or loss realized on such a
transaction by a taxpayer, who is not a dealer in foreign currency,
constitutes capital gain or loss under section 1221 of the Code.

The taxpayer, a United States citizen, while traveling in a foreign
country deposited United States dollars in a bank in that country. At his
request, the bank converted these dollars to that country's currency for
the taxpayer's personal use. The taxpayer was not a dealer in foreign
currency and was not engaged in trade or business in the foreign country.
During his travels there were no transactions in the foreign bank account.
At the conclusion of his stay, the taxpayer requested the bank to
reconvert the foreign currency to dollars and close his account. The value
of the foreign currency, measured in terms of dollars, differed at the
time the account was closed from the value when the account was opened.

Section 1031(a) of the Code provides, in part, that no gain or loss
shall be recognized if property held for productive use in trade or
business or for investment is exchanged solely for property of a like kind
to be held either for productive use in trade or business or for
investment.

In the instant case, the foreign currency does not constitute property
held for productive use in trade or business or for investment, and
therefore the reconversion is not a like kind exchange under section
1031(a) of the Code.

Section 1221 of the Code provides, in part, that the term "capital
asset" means property held by the taxpayer, but does not include certain
specified property. Section 1.1221-1(a) of the Income Tax Regulations
provides, in part, that the term "capital assets" includes all classes of
property not specifically excluded by section 1221.

In the instant case, the foreign currency is not excluded from the
definition of capital assets contained in section 1221 of the Code.

Accordingly, the foreign currency is a capital asset and any gain or
loss realized on the reconversion by the taxpayer is a capital gain or
capital loss.
I.T. 3810 is hereby superseded, since the position stated therein is
restated under the current law in this Revenue Ruling.


<<ENDNOTES>>

1/ Prepared pursuant to Rev. Proc. 67-6, 1967-1 C.B. 576.

<<END RULING>>

Originally Posted by kiko

I agree on that one. My god, delaying this, delaying that. Are they afraid for making decisions....

The bad thing is, they let their own people wait on good improvements and a better life....

That's why my worst nightmares are of this dragging into the first quarter of 2007. I'll have no hair left by then!

What gets my back up is the big boys are itching to get in, so open the doors and let them....

Thursday 05 October 2006
The American Secretary of State Rice will arrive in Baghdad private visit
Iraqi national-Luna / Baghdad office / A source in the Iraqi Ministry of Foreign Affairs said the American Secretary of State Gundaliza Rice will arrive in Baghdad today, Thursday, on a visit that was not fast on its agenda within the visit to the region.
The source added to the Iraqi National News Agency, The objective of the visit of the Foreign Minister is to support the policy of the government of Iraqi Prime Minister Nuri al-Maliki success of the draft national reconciliation and an end to sectarian violence in Iraq and stop the bloodshed.
The American Secretary of State, had called during her visit to Saudi Arabia to help the Iraqi government to stand sectarian violence, which dominates the country.
It is expected to meet with Iraqi religious leaders in Mecca in the coming days to resolve the outstanding problems, including the issuance of a document denying Iraqi bloodshed.

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Originally Posted by archangel

I wish I could lock the Iraqi Parliament in a room and tell them you can't come out until you get your shite in order, unbelievable, these people move slower then a turtle with 3 legs.
And by the way I am really starting to hate the word soon

just NOW?? lol

Originally Posted by Adster

For sure! For me the fact Chase are exchanging dinars is a sign we're really close. They wouldn't miss a trick, very shrewd to jump in ahead of other banks. They will make a fortune when we cash in......

Once we get the FIL announcement we're certainly as good as putting down the deposit on the new big house some of us want so much. Not forgetting the villa abroad!

Yesterday I picked up and ordered more dinar from Chase. They said they will not be able to cash in more than the equivalent to 5k usd. Made me very, very sad for I had just opened an account with them. Apparently they were not aware of this before. They said BofA down the road would be able to help me.

Anyone know what BofA's guidelines are for exchanging dinar for usd?