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

good post guys...i don't know much about the dinars...but i value the information u (adster) and mike post for us.....please keep up the good work ..both of u.....Pat

oh yes. the pips rodeo was just a warm up.

but let's wait and see....> "maybe something next week!" {pips' signature}

was. now it's;

Interesting developments:

12 new industrial projects in 2006 in Iraq for 25 billion Iraqi dinar
12 new industrial projects in 2006 in Iraq for 25 billion Iraqi dinar
13/02/2006
Source: Azzaman


The state company for industrial design and construction says it intends to implement 12 major projects in 2006.
The projects are being designed and prepared for various government ministries, a statement by the company said.

The statement said the total cost of these projects amounts to nearly 25 billion Iraqi dinars.
Last year the company designed 14 projects at a cost of more than 12 billion dinars.

The company designs industrial projects and supervises construction and implementation.
Most of the projects are for key ministries like oil and electricity, the statement said.

It said the company expected to sign more contracts with the ministry of oil which has the largest investment budget for 2006.
The ministry’s $3 billion allocations will be used to upgrade refineries and boost oil output.

The statement said the company was engaged in the rehabilitation of the refinery in Qaiyra in the north.
In the electricity field, the company is currently installing equipment for a power plant that will feed al-Huriya district in Baghdad.

Good luck to all, Mike

Interesting,

This report is interesting due to the fact of demonstrating how corrupt Saddam regime was and how much money was ripped off from people of Iraq by former government and still the dinar was worth $3.30 per dollar. (g)

Iraq scraps $800m wheat deals
14/02/2006
Source: The Australian


AUSTRALIA'S wheat farmers stand to lose about $800 million a year in export deals after Iraq yesterday suspended its relationship with the disgraced monopoly wheat exporter, AWB.

The Iraqi Grains Board said it would not buy Australian wheat until the Howard Government's Cole inquiry completed its investigation into claims AWB paid $290million in kickbacks to Saddam Hussein's regime.

The decision immediately cost Australian farmers about $230million, cutting AWB out of Iraq's latest tender to supply a million tonnes of wheat, which will instead go to US farmers.

Australia was left out of a similar deal to provide $280million of wheat to Iraq last October, bringing total losses so far to more than $500 million, with future contracts under threat as the US takes a firmer grip on the Iraqi market.

Iraq's move came as the Government banned public servants from answering any questions about the rapidly escalating scandal, with Finance Minister Nick Minchin telling an estimates committee hearing that officials had been directed not to discuss matters being considered by the Cole inquiry.

Opposition Leader Kim Beazley said the gag showed the Howard administration to be an "arrogant government, abusing its total power".

The Opposition also caught Deputy Prime Minister Mark Vaile on the hop in parliament, brandishing a three-year-old US Defence Contract Audit Agency report that named AWB as one of the companies suspected of providing funds to Saddam's regime.

The report has been publicly available since September 2003, but Mr Vaile seemed not to recognise it.

The Howard Government's gag on public servants came as Australian farmers absorbed the news that the kickbacks scandal had cost them at least two contracts to supply a total of two million tonnes of wheat to Iraq, and threatens future deals.

Iraq traditionally buys about three million tonnes of wheat annually and, until last year, Australia had the market essentially to itself.

Now the aggressive US wheat industry is moving in and, once it gets a firm foothold, is unlikely to be easily dislodged.

"This is a bad day for Australia's hardworking wheat farmers," Opposition foreign affairs spokesman Kevin Rudd said yesterday.

"This (Iraq) has been an important market for Australia and Australian wheat farmers are now paying the price for the Howard Government's failure to pick up warning after warning about the AWB's activities in Iraq."

AWB said it was "disappointed" by Iraq's decision, adding it was "determined to take whatever steps are necessary to rebuild its reputation with all customers, growers and shareholders".

AWB shares fell dramatically on the news, closing 39c -- or 8.3per cent -- lower at $4.30, taking total losses to more than 35per cent since the Cole inquiry began in January.

Australian Grain Exporters Association president Phil Hughes said Iraq's decision was "an absolute disaster for Australian farmers".

"Our international reputation is in tatters and our whole industry is at risk," he said.

He called on the Government to immediately issue new export licences to companies other than AWB, so trade could continue.

AWB is accused of inflating the prices on its Iraq wheat contracts and funnelling the extra money to Saddam's regime, via a series of front companies.

The company has been desperately lobbying the Howard Government for assistance in recent days, saying it could not afford to lose the wheat contracts.

Three weeks ago, its executives implored Mr Vaile to ask Australia's ambassador to Iraq to intervene with the Iraqi Grains Board. AWB tried to convince Iraq to buy half its wheat from the US and half from Australia, and it is believed to have offered its wheat at a price that was $US10 a tonne lower than the US bid.

Last night Mr Vaile said he had instructed Australia's ambassador in Baghdad to ask the Iraqis to reconsider the export freeze.

Iraq's Deputy Prime Minister, Ahmed Chalabi, told The Australian last November that Iraq would not buy Australian wheat until AWB compensated Iraqis for money diverted to Saddam's regime, but AWB and the Howard Government dismissed the report as nonsense. AWB managing director Andrew Lindberg last week resigned over the scandal.

Meanwhile, the company released price estimates for the 2006-07 pool, which -- at $195-$205 per tonne for premium white wheat -- are about $25 a tonne higher than last year.

AWB said the market was "fiercely competitive" but Egypt last week agreed to buy Australian wheat, after AWB agreed to sell it for less than the price of poorer-quality French wheat.

Interesting,

Another positive sign dinar will be revalued soon and allowed to float based on strong economic growth expected this year.

Good luck to all, Mike

Iraqi Economy To Grow 10 percent in 2006, U.S. Official Predicts
12/02/2006
Source: US Info


The Iraqi economy is expected to grow 10 percent in the coming year as reconstruction efforts begin to show results and tens of thousands of new businesses begin operating, according to a senior State Department official.

Daniel Speckhard, who holds the dual titles as the State Department's director of strategic governance and economic effects, as well as director of the Iraq reconstruction management office, said the Iraqi economy is poised for a 10 percent growth surge after expanding at roughly 3 percent in 2005.

Speckhard, briefing reporters via telephone from Baghdad, February 9, said 30,000 businesses formally were registered in Iraq during the past year, and that does not count informal business activity.

To create more jobs, especially in areas where insurgents have been active, reconstruction authorities have launched microenterprise and loan programs and short-term job projects, such as road construction, Speckhard said.

Speckhard said the most pressing needs are providing enough electricity, water and sewage disposal, as the economy expands.

Electricity shortages are most apparent in Baghdad, where during the period of Saddam Hussein’s rule, power was available 20-24 hours a day, he said.

The capital has less electricity now than before because power has been distributed more evenly throughout the country and because some insurgents have attacked electricity facilities near the capital as a means to undermine support for the central government, he said.

Two power projects scheduled to begin operation within the next two months are expected to provide Baghdad with three additional hours of electricity per day, he said.

Protection of the 17,000 lines of oil and electricity lines has improved as a result of growing capacity of the Iraqi army and improving rapid repair skills, he said.

"[W]hat we have done is focus on the areas where we're having the biggest problems in terms of breaks and directing additional Iraqi army support to those particular elements, trying to improve the protection services of the actual ministries that are responsible for those, and also ensure that we have, again, the rapid repair, redirecting and ensuring that we have the supply of temporary towers that can move in," Speckhard said.

Reconstruction projects have brought clean water to several million Iraqis and sewage treatment to more than 4 million, he said. During the rule of Saddam Hussein, the water and sewage lines corroded, leading to seepage between them.

"[T]hat's a big challenge and what we want to do there is focus on that at the community level to try to get those projects to start to deliver at a community level and not try to fix this in all one huge swoop," he said.

OIL PRODUCTION

With regard to oil production, about 75 percent of Iraq's current production is the result of U.S.-sponsored projects, he said. Lack of refined oil products causes problems with electricity production because improper fuels cause frequent plant breakdowns.

"[T]hey end up switching to different types of fuel to keep the electricity generation going. That, in turn, ... causes more maintenance," he said.

The official said the reconstruction strategy for Iraq has shifted away from large, complex design/build projects, for which the U.S. government assumed the cost and risk. He said three-fourths of the future projects will be smaller and more visible.

"Now what we want to do is begin showing at the community level quick, high-impact, visible projects that can help affect the support for local community and provincial leadership and the federal government," he said.

Speckhard said U.S. reconstruction authorities are working with Iraqi provincial reconstruction development committees, which determine their priorities and essential services.

"Then we use our money to support them in their priorities," he said.

Looking at education, 30,000 teachers have been trained and 8 million new textbooks have been put into schools, he said.

With regard to improving health conditions, Speckhard said 5 million children have been vaccinated against polio and the rate of measles has declined.

Bring it on, I'm ready!!

....sometime next week! um, that's a saturnian week.

http://www.isx-data.com/opinion/131/

"However, I believe that as Iraq begins to truly democratize, and in a financial sense 'Westernize', we will begin to see a substantial increase in the economy, and for that matter the relative value of the Iraqi Dinar."



Do I like this guys and gals. :0)))))

Ok guys you,ve got me interested.If i,m not to late who would you recomend i buy dinar from.I live in Australia if that makes a difference,
Thanks in advance for the info,
Julie

Originally Posted by upgrade

Ok guys you,ve got me interested.If i,m not to late who would you recomend i buy dinar from.I live in Australia if that makes a difference,
Thanks in advance for the info,
Julie

Greetings Julie,

Did you happen to check with your bank first? I am in US and one by one the banks are slowly starting to accomadate clients here, and it is worth checking as they may be able to refer a bank if they don't offer this service yet.

Also, the amount your are interested in would help. Email me and I will fill you in on a few other aternatives if you like at [email protected]. The window is closing soon, so come on in, the water is fine. (g)

Regards, Mike