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

Originally Posted by worf

You've made a good point. Does anyone have an answer to this? It sure seems to be a lot of dinars let alone us cash. If I remember next years budget was quoted some where around 39 billion usd. This seems to be an awful large amount of dinars to give away at the current rate let alone a r/v'd rate.

Can anyone explain this?

worf

We need to remember that Iraq is going to be one of the most wealthy middle eastern countries ever. which leads me to believe that they could afford to give away this kind of cash. On the other hand, if they were to do this right now, before a reval, that would only be in the millions of dollar not billions and this gesture would do a lot to help the people have faith in their govenment. What better way to say "We need your support if we want to stop all this violence" then to give them close to 10,000 dollars worth of Dinar. What better blessing can a religious country give it religious people than enough money to feed them for the rest of the year and well in to next year. 10,000 dinar is not a gift from the Gov. as much as it is showing them the the gov. has been blessed by Allah and the people reap the rewards.

Originally Posted by worf

You've made a good point. Does anyone have an answer to this? It sure seems to be a lot of dinars let alone us cash. If I remember next years budget was quoted some where around 39 billion usd. This seems to be an awful large amount of dinars to give away at the current rate let alone a r/v'd rate.

Can anyone explain this?

worf

I read the post from Adster that is normal at that they to give a donation to the poor.

I think there are 3 options:

1 - If it is only for the poor (which is not mentioned in the article but is with the tradiotion) then 20% of the population lives in poverty according to recent reports. That should mean 5,000,000 citizen.

2 - If they RV and it is for every citizen it is a lot of money. On the other hand they can afford it then I think.

Besides that there is always mentioned that the wealth of the oil belongs to the Iraqi people. It could be a nice start for every Iraqi citizen for a better life and give them something to live for after a difficult period of years.

3 - It is a message like the 20 million loan. Within a few days we hear that it is not true.

Just my thoughts.

Originally Posted by postcon

Has it been specified if it is for each individual rather than each family, which would normally be the case for such hand-outs? If it's per family, the overall amount would be closer to 100 billion dinars perhaps or even less.

Well, if you factor it on each family, and do an estimate that each family has at least (or, on average) three members in that family, you are then looking at approximately 8.33M families. And, then when you factor in the 10,000 Dinar payment to each family, you're looking at an approximate 83B Dinar hand-out. Still a lot, but much better than 250B Dinar.

The Completion of Draft law on Securities and Stock Exchange
--------------------------------------------------------------------------------

05 October 2006 (Al-Hayat)

The Executive Director of Iraqi Stock Exchange, Taha Ahmed Abdulsalam revealed that a committee, consisting of the Iraqi Securities and Stock Exchange Staff completed the draft of securities law in Iraq, after consulting with a number of international experts, like the American Stock Exchange staff to make the Iraqi law specifications within the International frame, a fact and not only a slogan.

He pointed out that the draft is "complete" in the form that meets with the requirements of modern investment, electronic circulation, outside link, stock exchanges, the Arab and regional economies.

Electronic trading

Implementing electronic trading expected to begin early next year. Abdulsalam said that this system has important results in strengthening its ability to activate the potentials of investors and shareholders to benefit from its advantages. It will provide the possibility of opening the Iraqi bourse rooms in Kurdistan region as well as the central and southern governorates. He pointed out that the market has a plan that would include the possibility of registering non-Iraqi companies in the Iraqi Stock Exchange and Iraqi companies in Arab Stock Exchange.

Abdulsalam returned to Baghdad after an observation trip in Amman with a delegation from the bourse presided by Head of Trustees Talib Tabatabai. There, he observed the phases of implementing the electronic system by an international company. He considered the issuance of the new investment law which allows non-Iraqis to trade on the Stock Exchange as well as applying and using electronic systems, encourages and stimulates non-Iraqi circulation in the Iraqi market. This means the rise of market value of the shares due to the high demand and the increase of investors' incomes in the market as well as their wealth.
The executive director of the market said that the manual circulation adopted at the Stock Exchange, holding two sessions a week for two hours each and the continuing process of changing ownership from seller to buyer that takes two or four weeks, all prevent the buying investor from selling until after this period, while the electronic circulation allows the agents to trade through their offices in Baghdad and elsewhere. The Exchange could also be done during ten sessions within five days a week, divided into a morning session and an evening one, for two hours each. He pointed out that the investor who buys the shares in the morning session can sell them in the evening and visa versa.

He anticipated that the number of executed contracts, now 350, will increase hundreds of times after adopting the electronic system. This means achieving high fluidity of the circulated shares by perhaps up to 100%.
The Completion of Draft law on Securities and Stock Exchange | Iraq Updates

Opening Najaf Refinery Next Week

05 October 2006 (Iraq Directory)
Iraqi Ministry of Oil announced that the opening of Najaf refinery will be next week.
Assem Jihad, spokesman of the Ministry said "the capacity of Najaf new refinery is ten thousand barrels a day.

He added that the liquidator will produce quantities of kerosene, black-and-white oil and gasoline to fulfill the local needs and provide local plants such as cement plant in Najaf and others with such materials.

He added: "The reopening of the refinery was in such a short period of time". Jihad explained that this is the second refinery that enters the production field, after Samawah liquidator, since the fall of the previous regime.

He pointed out that the Oil Ministry announced that Al-Ahdab field in the province of Wasit will be the first field to be developed to produce 30 thousand barrels per day. It is planned to increase production over the next two years to 90 thousand barrels per day which will make it possible to establish a very large electricity station in this field.

Jihad continued "the field of east Baghdad will be developed, to produce 16 thousand barrels a day; then increase to 30 thousand barrels per day during the next term according to the ministry's plan.

He added "this field, which will feed Al-Quds thermal processing electricity station with fuel, will be developed for export purposes later.

Source: Al Bayan

Translated by IRAQdirectory.com Team

Opening Najaf Refinery Next Week | Iraq Updates

Originally Posted by postcon

Has it been specified if it is for each individual rather than each family, which would normally be the case for such hand-outs? If it's per family, the overall amount would be closer to 100 billion dinars perhaps or even less.

The original stated "citizens" which one would think meant everyone who is a citizen in Iraq. Your suggestion of per family would be better but if the r/v is 1:1 then they would be giving out almost 3 times more than their stated budget for 2007. Remember the original context of the question was given in a r/v situation. I hope it is a mistake or they at least come out and clarify what they mean. I am all for giving to the poor, but nearly 3 times the stated 2007 budget???

worf

Originally Posted by zwhatimsaying

We need to remember that Iraq is going to be one of the most wealthy middle eastern countries ever. which leads me to believe that they could afford to give away this kind of cash. On the other hand, if they were to do this right now, before a reval, that would only be in the millions of dollar not billions and this gesture would do a lot to help the people have faith in their govenment. What better way to say "We need your support if we want to stop all this violence" then to give them close to 10,000 dollars worth of Dinar. What better blessing can a religious country give it religious people than enough money to feed them for the rest of the year and well in to next year. 10,000 dinar is not a gift from the Gov. as much as it is showing them the the gov. has been blessed by Allah and the people reap the rewards.

Giving money to the people is very common in Oil Rich nations the Saudi's do it Kuwait does it and I believe Alaska does it (SGS confirm please) so this wouldnt be abnormal. These people (and countries) are very wealthy and its one of the reasons im sure as they grow (and open) their economy security will get better and better. Once all these meetings stop and action starts you will see huge reduction in killings JMO

Originally Posted by zwhatimsaying

We need to remember that Iraq is going to be one of the most wealthy middle eastern countries ever. which leads me to believe that they could afford to give away this kind of cash. On the other hand, if they were to do this right now, before a reval, that would only be in the millions of dollar not billions and this gesture would do a lot to help the people have faith in their govenment. What better way to say "We need your support if we want to stop all this violence" then to give them close to 10,000 dollars worth of Dinar. What better blessing can a religious country give it religious people than enough money to feed them for the rest of the year and well in to next year. 10,000 dinar is not a gift from the Gov. as much as it is showing them the the gov. has been blessed by Allah and the people reap the rewards.

If they don't revalue, this 10,000 dinar is worth 6.78. Hardly something that would inspire any kind of excitement from a Iraqi.

But if it were to revalue and it became worth $10,000 USD, It would be a huge boon to not only their economy but the entire way of life. It's not like they world blow every dime. Most I'm sure would save it. Plus prices would be adjusted to the rest of the world. Basically the rest of the world would fund this little gift through the ForEx and forgein investment. Just a couple more reasons to revalue soon(before Ramadon ends). $6.78 does nothing for these people!

I like it that Rice is over there put these guys a Spanish Pepper in their A**s!!

How much time and assistance do they need to get it!!!!!

People are losing their patience more and more. I think not only the iraqi people but also the American people are losing more and more patience by the day.

Well, Bush must bring something positive real quick or he better can move to Baghdad.

Statement from Clinton:

"American presence in Iraq increased the risk of threats to the United States of America. He added that the profound differences between the Americans on how to use the American President George Bush in Iraq is growing day by day."

æßÇáÉ ÇáÃÎÈÇÑ ÇáÚÑÇÞíÉ :: äÇÆÈ ÇáÑÆíÓ ßáäÊæä ( ÇáÛæÑ ) íØÇáÈ ÈÓÍÈ ÇáÞæÇÊ ÇáÇãÑíßíÉ ÈÓÑÚÉ

Unbelievable, Banks are ready, ISX is ready and the Parliament is delaying, delaying and delaying.

Why don't we put Adster, SGS, Charmed and a few others in charge of Iraq, I think that thing will be done properly and quickly.

Let's vote on that now....oh no wait next sunday....no no, wait the 20th of october...madre mia

The dividend for Alaska residents for 2006 is $1,106.96. Last year it was $845.00. From what I read, this is for each citizen, even children. With this in mind, it doesn't seem to far off to give 10,000 dinars to each family. Is this a one time payment to Iraqi citizens?