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

Originally Posted by Trapper t

Hello all, Just had a Q. Is the Iraq biz set up for the use of debit cards? I did not think that the local shops would be ready for the use of them yet?

i think the banks might as i dont really see how they can get debit cards in the 1st place without it.. but the avg shop... they were a cash based biz ( its one of the reasons why we have these high denoms) on one side it forces people to goto the bank to get cash and the shops to move from a cash base to a credit based econ.. but on the other hand whats to stop the avg person from selling there debit cards to other people for cold hard cash... its not like the cards are going to have peoples names on them.. i have a really bad image of what happen during katrina happening again.. ( mismanagement .. fraud. theft of cards etc ) but if they can pull it off its a step in the right Direction

Originally Posted by CharmedPiper

Okay guys...this was just posted on the news site that I pull most of my up-to-date information from....I don't know what to make of it if anything...any suggestions???

Urgent Urgent Vote of pages Iraq voted for all

(Voice of Iraq) - 10-13-2006 | This issue was sent to a friend

We want to draw the attention of everyone Magalatkm Please send your letters and at the present time the current title : [email protected] Therefore, we hope all friends correspondent [email protected] Thank you for all. Your brother, Anwar Abdul Rahman

Sotaliraq.com

huh??

Originally Posted by CharmedPiper

Okay guys...this was just posted on the news site that I pull most of my up-to-date information from....I don't know what to make of it if anything...any suggestions???

Urgent Urgent Vote of pages Iraq voted for all

(Voice of Iraq) - 10-13-2006 | This issue was sent to a friend

We want to draw the attention of everyone Magalatkm Please send your letters and at the present time the current title : [email protected] Therefore, we hope all friends correspondent [email protected] Thank you for all. Your brother, Anwar Abdul Rahman

Sotaliraq.com

Why don't you email them????

Come on guys, let's see what you're gonna buy!?

http://www.rolclub.com/iraqi-dinar-d...d=1#post119487

Originally Posted by shotgunsusie

the guys at freedinar read this site and iif is where they get their info. i have listened to a radio broadcast and they might read the info but they have opinions of what it all says. and we all know about opinions.

dr. q is working directly for a dinar salesperson.

what im saying is if you are lookin in this direction for factual information you better get you a salt block to lick.

Now that's funny!

(Voice of Iraq) - 10-13-2006 | This issue was sent to a friend

Hassan al-Shamri member of the Virtue Party in the House of Representatives : Agreement with Accord Front is a mechanism to address the imbalance in the security operations in Baghdad
13 / 10 / 2006 2:59 (Greenwich Mean Time)

Hassan al-Shamri member of the Virtue Party in the House that the agreement with the Iraqi Accord Front is a mechanism to address and which they breach in security operations in Baghdad.
Shamari said in an interview with "Radio Sawa" The agreement is part of the covenant document, which also stipulated that the balance of the checkpoints and military formations.
The following is the text of the interview conducted with him on October 10, 2006 : Question-What is the nature of your agreement with the Accord Front on the formation of a joint checkpoints?
C-An agreement is a mechanism to address and which they breach in security operations in Baghdad. This agreement is among the proposals have been exchanged between the parties signatory to the covenant document, which stipulated that the balance of the checkpoints and military formations from the ministries of interior and defense to be all of these categories Sergeants on the other in the exercise of its security functions.
O-May agreement has been signed and a specific mechanism for that?
C-specific mechanism is to be constituted of the Central Committee, the Central Commission for Peace and National affiliated with subcommittees in the hot spots of tension in the areas of Baghdad as a first step.
This Committee oversees the ministerial committee that includes security ministries in addition to the Committee on Defense and Security in the House of Representatives, which closely followed the work of this committee in charge of the task of this balance.
Question-Are there specific figures for the number of checkpoints?
C - is not getting into the details and the Ministerial Committee is the security, who will speak on the details and implementation on the ground of the functions of the two ministers, central to peace which oversees national and follow-up.
O-Do you put a ceiling timetable for the implementation of the agreement?
C-did not specify a time ceiling, but meetings continued and there will be a meeting of the Central Committee of the National Peace to activate the provisions of this Agreement.
O-any others involved?
C-Four members of the committee agreed, and four members of the coalition. , a member of Virtue and the latest trend of the sternum and two were from the Badr Organization, in addition to the person from each of the Kurdistan Alliance is the list of front dialogue and the existing Iraqi national.
Question-Does the parties and particularly the coalition and consensus intention to continue the process of balance?
C-old, this agreement has been since the cabinet reshuffle was an agreement that there be a body to redress the balance in the ministries of the State, especially the security of them, but the action under the Charter of the various general situation of those that will be adopted by the balance created to strike a balance in all ministries, specifically security.
Question-What are the most important features of the investment law?
C-approval of the draft law on investment today, which gives companies with extensive privileges for the implementation of investment projects.
And we had the Virtue Party seriously on this project that did not take into account that gives Iraqi percentage of the profits of investment projects, as is the case in the UAE where a citizen UAE 50% of the proportion of the profits of the project.
That did not happen unfortunately in Iraq and the question remains open so that the foreign investor can be granted only 1% of the value of this project and enter into investment in Iraq.
O-Is determine the ownership of foreign investors in Iraq this law?
C-in fact the investment law does not mention the possibility of foreign investors to own land, because in the Iraqi Constitution has Iraqi territory forbidden to non-Iraqi, but that foreign investors to dispose of land through other contracts.
Radio Sawa

Sotaliraq.com

Quote:
Originally Posted by kiko
View Post

"Yep, I think it is possible and logical. Reading another article today they are already trading unofficially with a real exchange rate. Membership means let´s trade international.
Don´t think that will happen with the current program rate."

Originally Posted by Adster

Reading another article today they are already trading unofficially with a real exchange rate. Membership means let´s trade international.



Has this been posted? if not, do you have a link please???

How can they trade "unofficially?" Isn't that like being "kind of pregnant" or "almost pregnant"? It would seem to me that you either trade or you don't, you either use the official stated rate or you don't. How can they trade with a unofficial exchange rate and not make it official? Doesn't make a lot of sense to me. Why would they do that? How does that profit them? Are there any other countries other than Iraq using this type of arrangement? I understand about giving preferential treatment (discounts) or status to preferred customers (countries) but using 2 different exchange rates? Thanks for helping me understand how they could be legally doing this.

worf

13 October 2006 (Anchorage Daily News)
Could a concept from Alaska resource management -- sharing the wealth directly with individual citizens -- help achieve peace in Iraq?

Billionaire and former presidential candidate Steve Forbes thinks so. He is the latest prominent figure to suggest Iraq follow the model of Alaska's Permanent Fund, including the annual dividend the fund pays to all residents. Directly sharing some of the oil wealth would give everyone in Iraq a stake in reconstructing a peaceful country.

The idea hasn't gotten a lot of traction since it was first floated three years ago, which is too bad. Iraq desperately needs a way to unify what is a violent and fractured country. Sharing oil wealth directly with individuals would show Iraqis that their lives can be made better by living in peace, instead of fighting neighbors over religious doctrine and the spoils of oil production.

Direct cash payments would also help contain the corruption that's rife in Iraq. Instead of relying on tribal or family connections to steer money their way, Iraqis would be entitled to an equal share of the benefits from oil production, and they could get it immediately. They wouldn't have to sit around and wait for the government to supply them with the public services from oil revenue, such as electricity, clean water, schools, roads, communications and health care.

Those are all important services that Iraq desperately needs. The necessary investments will eat up a large share of Iraq's oil income. At the start, it won't be easy to set aside some to supply citizens with cash payments or to build a savings account.

But Iraq is a country with plenty of oil. If it regained its prewar production of 2 million barrels a day, it could sell $100 million a day worth of oil, or $36 billion a year (assuming $50 a barrel oil), before expenses. That should be enough to fund generous reconstruction and reinvestment in oil fields, while sharing some with regional governments and paying immediate cash dividends to individuals. A payout of $100 per person a year -- a significant amount in an impoverished country -- would cost only $2.6 billion, less than one month's oil production.

Once Iraq had dealt with its most urgent reconstruction needs, it could begin shifting some oil money into savings. As those savings grew, they could finance larger payouts to individual citizens, just as Alaska's Permanent Fund has.

While religious strife is driving much of the violence, the dividends could help quell a contributing economic undercurrent. Iraq's Sunnis, the minority that ran the country under Saddam Hussein, predominate in an area with little oil. Most of Iraq's oil wealth is in the Shiite south and Kurdish north. Dividends to all citizens would give Sunnis an immediate and lasting stake in rebuilding nationwide oil production. Sharing national oil revenue with the Sunni region is another way to encourage them to support a unified, peaceful Iraq.

Three years of conventional military operations have not been enough to pacify Iraq and lead it toward democracy. It's time the United States embraces nonmilitary measures that could defuse violence and build support for a unified, civil society. Sharing oil wealth with citizens is worth a try.

BOTTOM LINE: Sharing oil wealth directly with Iraqis might help promote peace. It's worth a try.

PFD might work in Iraq | Iraq Updates

Originally Posted by kiko

I need some help here. Just found this post of yesterday on IIF.
It quotes an article but no link is provided with it.
Has somebody seen this article somewhere. They say it is from yesterday.

It is about the use of non market fixed rates and the use of the real exchange rate in an unofficially way.

Banking & Finance

Banking and Finance have undergone dramatic changes through the introduction of the new Foreign Investment Law (CPA Order No. 39, as amended) and the new Bank Law (CPA Order No. 40). The following is a summary with respect to main institutions in this area.

Central Bank of Iraq

The Central Bank of Iraq's ("CBI") authority to loan funds to Iraqi government ministries was suspended under CPA Order No. 18, and the CBI was authorized to determine monetary policies without approval from the Iraq Ministry of Finance.
In the past, CBI has been very protective with inflexible policies on exchange control. The government controlled foreign exchange using non-market fixed rates. This meant that money exchange at real rates used to take place by way of unofficial transactions, which in many cases contravened prevailing Law.
Foreign & Commercial Banks

The new Bank Law permits the establishment of foreign banks in Iraq, including majority or wholly owned subsidiaries of existing foreign banks or bank holding companies. Foreign banks may enter Iraq as branches subject to comprehensive supervision on a consolidated basis by a supervisory authority in the country in which the foreign bank's head office is located. Licensing of commercial banks in Iraq requires approval of CBI, and following Iraq's announcement to license six foreign banks, CBI has chosen three foreign banks through an application process, as eligible for licensing.

In 1964, all foreign banks operating in Iraq were nationalized, leading to the formation of one government owned and controlled commercial bank called Rafidain Bank. Consequently, no foreign or Arab banks were permitted to operate in Iraq during the past forty years. Rafidain Bank was later followed by a second government owned bank, Rashid Bank. Following the first Gulf War in 1991, the former regime authorized the formation of private banks, however, these banks were prohibited from conducting international transactions.

The new Bank Law provides that in the event of a conflict between the Bank Law and the provisions of any other Iraqi law, the Bank Law shall prevail.

Trade Bank of Iraq

The Trade Bank of Iraq ("TBI") was established pursuant to CPA Order No. 20. TBI has the character of an independent governmental entity, which provides financial services to facilitate Iraq's imports and exports. TBI is operated by a consortium lead JP Morgan Chase & Co. and its profits are to be distributed to the Development Fund for Iraq.

Looks like an importan article telling they are using 2 books like suggested before!

If you guys know more share please!

Sounds like the CBI now has Cart Blanche. Plus the subsequent statement sounds like another name for the "program rate" doesn't it? Sounds like they are about to abandon it.

$300 billion for the rehabilitation and reconstruction

13 October 2006 (Aswat Al Iraq)

Both Haidar Al-Ebadi and Unadim Kanna of the economy, investment and reconstruction committee considered the Parliament's ratification on the investment law bill is one of the most important decisions approved by the Council because it will open the door to foreign investment and to be a good sign for the country, while Kanna said that Iraq needs $ 300 billion for the rehabilitation and reconstruction.
Ebadi, Head of the economy committee in the Parliament, added in a joint press conference held with a number of members of the Committee yesterday, Tuesday, that "the investment law will regulate the investment and encourage investors. Today is an important day, and the decision of ratification was one of the most important decisions that have been taken." He continued: "Now the government has to form an Investment Committee, because the law opens the country mainly for investments, and we want the Iraqi to senses a change in his economic life."

Ebadi pointed out that the executive board will form an Investment Committee and name its members then present them to the Parliament for ratification.
He said that "the investment law falls in line with the Iraqi Constitution, which gives jurisdictions to the regions and governorates; accordingly, there will be a national investment committee, and committees of the regions and governorates."

On his part, Kanna pointed to the benefits of the law and said that it will help to attract foreign capital to participate in the advancement of the country.
He added, "The country needs $ 300 billion for the rehabilitation and reconstruction. Housing projects, alone, need 200 billion dollars."

Kanna expressed its understanding of the fears of some members of the investment law because it will pave the way for interventions and exploitation of the law, but he said "there will be a balance between national sovereignty and attracting investments." He continued: "We hope that the law provides jobs for the unemployed and thus contain unemployment and tensions, especially that some of the unemployed were induced to do terrorist operations."

The Parliament approved the investment law yesterday after discussions lasted nearly two weeks.

The investment law grants a large number of concessions to foreign investors such as the power to purchase shares and manage investment portfolios. It also stated the establishment of a national committee for investment, and grant investment projects tax exemptions up to 15 years.


Translated by IRAQdirectory.com Team

$300 billion for the rehabilitation and reconstruction | Iraq Updates