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

Originally Posted by $onedaysoon$

Next Tuesday the government allocate staff salaries to banks
Mohamed Al-Khalidi :

Finance Minister announced Moshari Badr Al-Humaidi said that the government will refer the salaries of staff at the banks next Tuesday, 17 of this month ».
Al-Humaidi said in a statement to reporters, "The government decision comes early, regardless of salaries to meet the needs of citizens and residents, particularly Eid Al Fitr at the door».
He added that coincided with the start of the academic year fasting month of Ramadan, led to the consumption of a large part of the family budget, That prompted the government to pay salaries before the scheduled date ».
He expressed the hope that Al-Humaidi said that the resolution would contribute to ending the suffering of the families in this holy month is not particularly need them ».
Translated version of http://www.alwatan.com.kw/Default.aspx?MgDid=410205&pageId=163

Sure hope I'm reading it right!!!!!!!!

Am I reading this wrong or is this kinda troubling??? Loaning millions? If we get a high rv, that sounds like a ton of dinar.

The Ministry of Finance announced that it will specify one billion dollars to support the unemployed through a social protection network, and started promoting applications of real estate loans to assist the citizens to build houses for themselves. In the meantime, the Ministry of Commerce announced that it started supplying whoever wants with imported construction materials at subsidized prices.

This falls in line with the orientations of Al-Maliki government to ease the burdens imposed by the circumstances upon the citizens, like unemployment and the housing crisis that could be regarded as the most important problems facing the population. The government started the project of social protection to keep off hazards from families who suffer from poverty. Politicians and citizens say that the status of these families is resulted from the lack of employment opportunities provided for their sons.

In order to confirm the ministry's quest for supporting community and alleviating the oppressive conditions, it started receiving requests from citizens who wish to build houses for themselves. An official source in the Ministry of Finance stated to "Assabah": The loans range between 20 - 30 million dinars. They are granted to anyone who has a piece of land and wishes to build it, repaid over a period of 20 years at an interest of 6% of the loan value. He explained that the bank will grant loans ranging between 8-12 million dinars for those wishing to add another building, repaid over a period of 15 years.

He pointed out to the granting of 20 million for those who wish to build on an area of 75m-100m, 25 million dinars to the area ranging between 101m-125m and 30 million dinars for constructing an area of more than 126m.
The instructions for granting the loan conditions to present a pledge to pay back the amount through the deduction of salary if the receiver is an employee or cash if not, it also conditions that the receiver and his wife do not have a land plot any were in the provinces or that he and his minor children have no real estate in any province. Also, there should be a guarantor available.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2286

I would think that IF they are planning a reval they will adjust the loan amounts. Just remember they can TALK all they want, BUT if we read that the loans ARE actually being granted THEN we can become concerned. JMHO.

Originally Posted by Vipor

Am I reading this wrong or is this kinda troubling??? Loaning millions? If we get a high rv, that sounds like a ton of dinar.





http://www.iraqdirectory.com/DisplayNews.aspx?id=2286

I don't know about you guys but just running the numbers in my head the amount of dinars the govt has announced they are going to spend would have to amount to trillions based on the current value of the dinar. 300 billion for this 300 billion for that etc. Before long you are into trillions and trillions of dinars. Therefore I hope that they are keeping a 2nd set of books with the r/v'd amount or else their numbers are going to far exceed their dinars in circulation which would cause them to have to reprint more dinars. I thought our govt spending was out of control. Has anyone kept count of all the announced plans they have been putting out lately? It is huge so I hope that they are working with 2 sets of books and have international backing to subsidize their spending.


worf

Originally Posted by Vipor

Am I reading this wrong or is this kinda troubling??? Loaning millions? If we get a high rv, that sounds like a ton of dinar.





http://www.iraqdirectory.com/DisplayNews.aspx?id=2286

There was more in this article, below:

In order to confirm the ministry's quest for supporting community and alleviating the oppressive conditions, it started receiving requests from citizens who wish to build houses for themselves. An official source in the Ministry of Finance stated to "Assabah": The loans range between 20 - 30 million dinars. They are granted to anyone who has a piece of land and wishes to build it, repaid over a period of 20 years at an interest of 6% of the loan value. He explained that the bank will grant loans ranging between 8-12 million dinars for those wishing to add another building, repaid over a period of 15 years.


The instructions for granting the loan conditions to present a pledge to pay back the amount through the deduction of salary if the receiver is an employee or cash if not, it also conditions that the receiver and his wife do not have a land plot any were in the provinces or that he and his minor children have no real estate in any province. Also, there should be a guarantor available.

Translated by IRAQdirectory.com Team

So Now this can not be correct information. The way I remember it. Most Iraqis make between $25 to $600 a month. Now if a case of Rootbeer is $17 a case even if you used dinars for dollars are visa versa there is noway a regular citizen could pay back these loans.

Now look at it this way. This is a distraction. Or 30 million dinars = $204,000.00 even at that with a 6% finance charge would be higher than most citizens monthly pay. Sorry but this doesnt colide for me.

Originally Posted by hightide3016

Hi Piper, when I go to the website, it's all in Arabic writing. It's ok, I'll just wait till tomorrow. You know, they say that these home computers are a thousand times more powerful then the computers that sent the men to the moon. I wouldn't trust this computer of mine to get me to the mailbox and back.

to translate any arabic site/text into english go to Google and click on 'language tools' to the right of the search. either paste the website you want to translate into the provided http:// area and change the dropdown to arabic to english (beta), or copy/paste the desired text to be translated into the text translator area and change the drop down to arabic to english (beta) and click OK.

This is from Roger at T&B he really seem slike he has is stuff together, I think this is a great read......................................





Roger wrote:

The Dinar ride is certainly a ride of a lifetime.

Hopes and dreams, sometimes scuttled by bad news, and an endless peg.

We try to get as much info as possible, try to puzzle something together, that just make sense, and when it all makes sense,.... nothing.

Prognosticators (Hey I'm also guilty) have come and gone, about fivehundred times, so far, the rumor is out" I know a friend in the Green Zone, he says.....".

So I have come to the conclusion that this will happen when it will happen, not when an outsider think it is logic for it to happen.

WILL it happen, there is no way around it, and I think that's not an issue with anyone, it's a WHEN it will happen thing.

What we have is a Bank director in the CBI that is an expert in loan reconstruction, and his own statement that no reconstruction can take place in Iraq, before the heavy Iraq loanburden is taken care of, tells me that this, and nothing else is what is worked upon right now.

Two to three months, and according to the plan, the debt forgivenss plan would be a worked out , done deal.

The investment law approved.....jihaaa....

That means that at least foreign investments can now take place in Iraq.

IMF and the CBI seem to hold each others hands very tightly, and as the Iraqi finances are sorted out, the date when the CBI can be a full member in the IMF will come closer.

The vast majority of the billions in loans given to Saddam (via IMF) was strangely enough from the neighbouring countries, like Kuwait, Dubai, Saud Arabia and so on. (The very countries the Saddam regime threatened), and they are now unwilling to let the debt be forgotten.

One loan in argument was just a bank transfer from Kuwait to Baghdad, no document from either side is found, and the only papertrail is a paperslip produced in Kuwait that the money was transferred. CBI was looted and completely destroyed inside, and no papertrail other than what the Kuwaitis are producing exists. No contract, no signatures, just a bank transfer of a couple of Billions of Dollars, thats all.

Kind of makes you wonder who is owing who?

Old time handshake agreements can bee good for Millions of Dollars, when you deal with known and honorable men, knowing each other, and fully trust each other. However, in the banking business, things dont work that way, and apparently someone in Iraq called at one time or the other, to Kuwait, and said, "Hey, just send the money, we'll fax the contract tomorrow", and a sucker in Kuwait went it.

If all this happened at all, the Kuwaitis might just see an opportunity to milk the Iraqis here.

Things of this sort needs to be sorted out, most of the loans was a bona fide, contracts however, and the debt reduction is (in the eye of Mr Shibib, the CBI boss) a must, before anything else.

For the Dinar this means, that they will basically don't do anything to it until CBI is in good shape.

So when will the CBI be in good shape, as far as I can read into it, Iraq will still have some debts, but the issue here is to get rid of most of them. From the original debt burden of ( have seen a couple of figures here) 120 Bil. Dollars, it will be worked down to about 20 Bil.,was the latest forecast.

20 Bill. Dollars, seem to be in the range where Iraq can actually manage it's debt burden.

So after that point, the Iraqis can, (according to Mr Shibib,) invest themselves.

The time scheduled for the completion of the debt forgiveness program is two three months, from now, that will pretty much be at the time when foreign investments will come in doing their oil deal. The law just passed, and I think we can expect to see some good movement on that side, pretty fast.

Once the Iraqis have taken care of their heavy debt, they themself can now invest in Iraq, this will be then Iraqis own infrastructure programs, Power, water, etc, and it would not come as a too big of a suprise to se some "Hoover Dam" type projects.

Will this mean that the Dinar will go up? Well, as long as the CBI is not a full member of IMF, the currency can't really count as being too good on the market. They can revalue it but still must peg it one or more times, to offset for the incoming private oilinvestors. Whatever they do with the currency , it will still have to be pegged in it's current system, until CBI is full member of IMF.

The completion of the loan reduction program is said to take a couple of more months from now, but even if they complete it successfully, that doesnt mean an overnight release of the Dinar.All the IMF criterias have to be fullfilled by CBI to be a member of the IMF. Restructioning of the complete bank system to fully integrate with international banking routines, is a major one. However, on that end, they seem to do great progress.

When in time? Well, if the debt reduction program is done in a few months, the private investors are coming in, about now also, I guess there will be some weeks of negotiation over the contracts, but I dont think this will be a very long procedure. However, the "Big Oil" will not skip on this.

When "Big Oil" is coming in, probably there will be a couple of main oil areas that will be covered, one, the rebuilt and repair of the existing production facility, that is in desperate need of new and modern equipment. The second, (and probably most lucrative in the long run), the drilling and prospecting, exploring completely new fields.

So, from the time the contracts are signed, and until some serious movement are taking place, I say check back on that around Chirstmas time, and you should see quite a bit of trucks and equipment, moving around, lot of work lights being lit in the desert, and a bit noisy out there.

So we have Christmans, or New Years, thereabouts, when Iraq should per plan be in a condition of having the bigger debts taken care of, and the foregin oil investors being in full swing.

When IMF is satisfied that the CBI is now a financial viable bank, now, they can apply. How long time that takes, I dont know. However all these pieces have to come together, and at the end, the members of IMF will vote them in.

Ouktamogu, with a flyswat made of a horse tail, will swat himself, and put his vote in the box.

Maybe another year, maybe in the beginning of -07, perhaps summer, dont know. The bummer is, that it will happen when it will happen.

It will however give the opportunity to get a couple of more Dinars in the meanwhile, so go get 'em.

Remeber that WHEN it happens, this will not be a mark in time, when the Dinars have "done it's thing" , this will only be the time when the actuall Dinar race begins.

THAT will be the game, where you sit and watch , consider holding or selling, se it go up, and down , hold it for a bit more, see it go up again, and so on. You might want to cash in when it is in anohter range, but it might be plateuing in still another range. That's the REAL Dinar game.

Right now we're just sitting with our race cars in the pit, waiting for the rain to stop and the officials can start the race.

Originally Posted by goldraker

Posted by: Silverspoon


The Republic of Iraq

Council of Ministers-the governmental communications


Media Relations

A press statement / Press Release

Sunday, 10-8-2006



The official spokesman of the Iraqi government : the Ministry of Finance is responsible exclusively for the negotiation and signing of the sovereign credit of the Republic of Iraq

His official spokesman of the Iraqi government, Dr. Skinner on that the Ministry of Finance is responsible exclusively for the negotiation and signing of the sovereign credit of the Republic of Iraq.

He added, in recognition of what was said in the press conference that followed the meeting of the Council of Ministers last Thursday, The Ministry of Planning is the sole entity with the authority to negotiate and sign on grants and international aid.

http://translate.google.com/transla...Flanguage_tools



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actually, this is where the confusion is lying. this press STATEMENT/RELEASE was concerning the event which took place a week ago.

the ony thing thats been stated about the one today (thursday) is that its for ALL media (tv/radio/press/world) and that skinner is the one who announced it. considering he is the one who is their official spokesperson it only makes sense.

The rise in the general index of the market for securities Iraq Sent to a friend
11 / 10 / 2006
Sabah Jassim Aljdidali Baghdad :
In the second meeting of this month prices have shares traded in the market for securities of Iraq to rise after the decline in shares traded for more than the meeting.
Out of (90) is a company listed on the market was the circulation (27) is a company which rates increased prices of shares (13) in the company, while the rates (8) shares of companies with maintained (6) companies on the same rates of prices at the previous meeting and still (22) the company stopped trading because of the its annual general and the implementation of the resolutions are Assembly standing unit, (13) the company suspended the decision of the securities.
Exceeded the number of shares traded at (423) million shares, the value of (837) million dinars through the implementation (365) contract closed Almehrabam the market (26.892) points high rate (0.889%) of the previous meeting. It indicators circulation achieved shows rise in the index of the banking industry and the decline in the index servants AT and tourism, has been trading on the sectors of insurance, investment and agriculture.
In the banking sector, shares of the circulation (11) banking company shares rose rates (9) companies is a commercial bank rate (16.67%), the highest rate of increase achieved during this meeting, then the Bank of Basra rate (11.54%) and then by Islamic Bank (9.52%) followed by the Bank of the Middle East (8.33%) and the Bank of Babylon (by 8.3 3%) and by the Iraqi Investment Bank (8.33%) followed by the Bank of Baghdad (6.82%) and by the Iraqi National Bank (3.7%) and finally by the Gulf Bank (1.49%).
Rates are down prices of shares of companies that are the Iraqi economy by the Bank (82.6%) and the Dar es Salaam by the Bank (0.62%).
He returned to the circulation of Asian economy after the end of proceedings capitalization profits (by 100%) and capital increased by (400%), increased the company's capital (1) to one billion dinars (10) billion dinars The circulation rate (2) dinars per share after its price (11.500) dinars before capitalization and the increase in the exclusion of the addendum to the equivalent of Aceh m contributor shall be free and the balance of the shares at a price of dinars, and one shows that the rate of price rose (2.6%) or by (50) the level of false parallel to the price of a tie or (price underscore) and the banking index closed b (38.034) points, up by (1.613) from the previous meeting.
The share of the banking sector of the number of shares traded has exceeded (383) million shares, or amount (90.4%) of the total number of shares traded and the value of (775) million dinars, or (92.6%) of the total volume.
The Iraqi investment bank has the highest proportion in terms of the number of shares traded and the volume of trading in the meeting amounted to (33.9%) and (32.3%), respectively, of the number of shares traded and the volume of transactions of the banking sector, after the circulation was more than (129) million shares valued exceeded (250) million dinars.
The manufacturing sector has been circulating shares (10) companies increased rates (3) shares of companies, namely the Al-Mansoor Pharmaceutical Industries rate (4.76%) and construction company Kayf rate (4.76%) and, finally, the company carpets and furnishings, (1.49%) and the rate of price company shares metal and bicycles only by (3.23%).


With maintained (6) companies on the same rates the shares at the previous meeting of Nineveh, a company in the food industry and light industry company and the company Chemical Industries Company and electronic industries and manufacturing company cartoons Finally, the company domestic furniture industry and the industrial index closed b (11.698) points, up by ( 0.541%) from the previous meeting.
The company achieved its electronic industries, the highest rate in terms of number of shares traded and the volume of trading in the industrial sector amounted to (66.1%) and (62.2%) of the number of shares and trading volume in the industrial sector, After deliberating more than (26) million shares worth more than (34) million dinars.

marsadiraq.com

Papan, the Iraqi Minister of Planning : new investment law indicator of the arrival of foreign investments to Iraq Sent to a friend
12 / 10 / 2006
The oil and gas sector had some privacy, but the law of accelerating oil and gas will not be delayed significantly and we are now in the process of examination and done, perhaps a few weeks before the Council of Ministers and then to the House of Representatives. The main features of the oil and gas does not differ much from the investment directions, There is also encouraging foreign investments to come to this sector, except perhaps only the direct production sector, Apart from this, will be available for foreign investment in the field of distribution and refining and other activities related to the oil sector



Papan said the Iraqi Minister of Planning said that the endorsement of the investment law, an important accomplishment in the history of building development in Iraq.
He expected Papan in an interview with "Radio Sawa" that the law indicator of the arrival of foreign investments to Iraq, a reflection of the enthusiasm and interest of the donor countries. He pointed out that the broad guarantees to foreign investors and the capital invested in Iraq.


The following is the text of the interview conducted with him on October 10, 2006 :
Question-What most discussed on the draft International Decade for Iraq during the consultative conference, which was via satellite?
C - was consultative meeting via satellite with several centers in the world, the beneficiaries of the International Decade and the parties that share in this decade.
We have sensed insistence on cooperation with Iraq and found enthusiasm and response and hope that will continue.
And I think we are now on the threshold of a meeting of the Preparatory once again, We hope to take serious steps on the road to develop the basic documents of the International Decade To clarify procedural frameworks that should be followed in this area.
O-Is Representatives of the World Bank and major donor countries in this consultative meeting?
C-Yes, there was the presence of a broad, and useful exchange of views. The Cabinet has abandoned the Iraqis involved and perceptions of the elderly and understanding response from the other party.
Question-What are your findings at a meeting soon?
C - I have listened to the presentation by the Minister Iraqis and to the views show There was a detailed presentation directly by the Deputy Prime Minister Barham Salih, also participated each of the ministers of finance and planning Iraqis.
The other party has given assurances and clarifications show a deep commitment to the initiative and to the attention of the International Decade with Iraq.
O-Parliament passed the new investment law, what is reflected on the international project?
C - I think that the endorsement of this law is a major achievement will be an important contribution to the building of the development in Iraq.
We expect the advent of foreign investments to Iraq, and we expect that this step will be important to strengthen the initiative of the International Decade especially as it comes in the context of frameworks and guidelines contained in this decade.
O-Is this law would speed up steps of the donor countries with regard to investment?
C-certainly will have an impact on the enthusiasm and interest of the donor countries, especially as it provides broad guarantees to foreign investors and the capital invested in Iraq.
O - but this law does not include oil and gas specifically note that this is a significant investment. Is it still the law of oil investment obstacle to the future of Iraq, and investment holding Iraq specifically?
C-oil and gas sector had some privacy, but the law of accelerating oil and gas will not be delayed significantly and we are now in the process of examination and done, perhaps a few weeks before the Council of Ministers and then to the House of Representatives.
The main features of the oil and gas does not differ much from the investment directions, There is also encouraging foreign investments to come to this sector, except perhaps only the direct production sector, Apart from this, will be available for foreign investment in the field of distribution and refining and other activities related to the oil sector.
So I think we will see soon Enactment of the oil and gas is now under study and research by the economic group in the ministry, You and perhaps some good news on this law in the coming period.
O-Is it still the donor countries is a major obstacle that the security file, What is the impact of the recent political developments in the issue of the covenant document on your contract in Iraq?
C-security issue is important not only to donor countries, but to us as Iraqis and as members of the Iraqi government. Valmlv security is closely linked to the economic file, the file of investment in this country which concerns us all, but it would not be a major obstacle to the improvement in the economic situation especially that there are areas in Iraq know relatively stable.

marsadiraq.com