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

yes, i posted this one and ill tell you why. about january we noticed some articles coming out from al sabaah tying the retirement law to the dinar value. not just once but everytime they mentioned the retirement law they mentioned the value of the dinar adjustment.

for some reason theyve got the value correlated with inflationary measures which are directly related to the increase of benefits.

Originally Posted by One Oar

Interesting read on proposal to increase retirement amounts

If it was posted already I apologize




Discussed by the House of Representatives for approval in the current session
Attorney-Zuhair Ziauddin
Since the publication of the pension law No. 27 of 2006 in the Iraqi newspaper facts and considering the effect of the legal effect from the date of publication in the August 17 January / 2006, which has not been implemented so far due to the issuance of the Ministry of Finance instructions required to implement its provisions in accordance with Article II of the session ...


He wrote much, much was said to express the suffering of a retired However, there is no transponder and now after the resumption of its new session, the House of Representatives and the Ministry of Finance announced that it completed the draft amendment and submitted to the Cabinet in the hope that it picks turn to the House for the purpose of discussion and approval as a prelude to implementation.
For this occasion and contribute to the enrichment and development and updating of the law point out the proposed amendments to some articles of the law and the reasons for these amendments and we hope to reach this voice to the people's representatives in the House and take our proposals into account in the discussion of retirees and equitable access to the law to Almsto j, which meets the aspirations of most retirees.
Starting before turning to the proposed amendments to the law we would like to emphasize the need to maintain the upper limit of the salary of remuneration (80%) of the salary career last for all retirees, which stated in paragraph (ii) of Article (7) of the applicable law, and not confining this ratio is referred to retire after reaching the age of legal deep (63) years, as stated by the Deputy Minister of Finance told the morning and make the ceiling for the rest of retirees (70%) of the salary career regardless of their pension because of this amendment was that it means a violation of the constitution which emphasizes the equality of all Iraqis and will do serious harm to retirees.
The amendments we propose to the law Fsnstardhha respectively show that the proposed alternative text of the required amended and the reasons for those changes.
Article 1 / paragraph ways :
The addition of a novel published in the first article of the law provides (for staff who completed fifteen years of service pensions may request retirement and the minister or the chief of the competent to decide the request ago period mentioned were pending request is allocated to employee retirement notable deals pension rights deserve in accordance with the provisions of this law) and the reasons for this amendment is not mentioned in the text of the law shows the length of service pension served by the employee, and that qualify for the submission of the request of the retirement Except as stated in paragraph (V) of the first article dealing with the case of a staff member who is serving pension Twenty-five years P further, under the age of fifty years and this corresponds to the proposed text of paragraph (1) of Article III of the Civil Retirement Law No. (33) to 66 years (defunct).
Article 1 / paragraph (IV)
The deletion of the item (1) of paragraph (IV) of the first article, which gives the competent minister the power to refer the employee retirement without asked him to prove his incompetence, and the re-wording of the paragraph as follows (the competent minister or head of the non-assignment of the Ministry employee-appointed by a presidential decree or order of the Prime Minister to Altka if the count plus the owners or landlords because of the coordination. The abolition of the post. ) The reasons for this amendment is because of the exploitation of the current text of the motives that have nothing to do with incompetence, which would be detrimental to the employee, particularly as the discipline of the State Law No. (14) of 1991 contains procedural and punitive actions against a staff member who is j prejudice to his or her duties.
Article VII / paragraph (IV)
The wording of paragraph (IV) of Article VII and it is as follows (Amendment pensions if the salaries of functional peer retired staff by more than (10%) of salaries last adopted in the calculation of pensions at the time the adjustment of salaries and pensions the same percentage of increase in salaries pw Ranham ongoing service staff) and the reasons for this amendment to the current text, although meant to amend the salaries of retirees in the case of increasing the salaries by their peers (10%), but he did not specify the rate of increase in the salaries of retirees, leaving the door open to judgment and to the detriment of retirees in the case of Ziad e salaries by less than their staff. While the text to be the same percentage increase settle the issue is unjustified because the cause of the amendment is either to improve the standard of living of its employees or to avoid part of the inflation in prices, the presence of the tranches (employees and retirees) are subject to two and must be equality between them.
Article VIII / paragraph (II)
The wording of paragraph (ii) of Article VIII of the Act and make it (calculated reward scheme set forth in Item I of this article by the product of a number of months of service in full (14%) of the salaries of staff during the years of his subsequent to the adoption of a new salary in the 2003 / September 4, it will be the gross amount of reward outstanding. ) and the need for this amendment in the text is that the extraction rate of employee salaries, which was charged during the career service in the period prior to the fall of the regime in 2003 / September 4 was not more than five thousand dinars per month and the adoption of this amount for the application of the equation means that the reward will get will be very low and no value especially if most of his career before the fall of the regime. Therefore, the employee fairness and justice for those who deserve the reward scheme and the one-time career service and non-entitlement to a pension salaries of peace requires the adoption of the new basis for access to the salary rate and the amount of reward.
Article XI
Full repeal of this article because the adoption of the texts contained therein will lead to negative results deprive the one hand, retired from working in government departments, and thus the contract wording deprived of a better life and will lead to a waste of considerable energies to their ability to work and perform the other hand, would deprive the State of experience and competence those placed in retirement as most of the employees are graduates of the new low experience. Note that the wage contract workers are often low and
In most cases exceeds two hundred thousand dinars per month.
Article XIII / paragraph (I)
The amendment to paragraph (I) of Article XIII of the Act to be formulated as follows :
(Similarity deceased (his successor) who are entitled to a pension, one husband-wife or son 2 - 3 - 4-Mother - Father five brothers and sisters). And the reasons for this amendment to add to the brothers and sisters behind the deceased pensioner who deserve a pension because the exclusion would damage them as not in keeping with the strategy adopted by the State to expand the scope of the social welfare system to ensure a decent living for all Iraqis, with the flag that bracket Alajo e and sisters were among a successor who deserve salary turn retired under Article (32) of the Civil Retirement Law No. (33) of 1966 (repealed), as well as the rest of the previous pension laws.
Article XXIX :
Reformulation Article ninth session of the law and make it as follows :
This law applies to all state employees and employees of the military and internal security forces and officers of companies based in-service date of the entry into force of this law and transmit them to retire prior to its entry into force .
The amendment to Article (29) of the Act in accordance with the proposed formula would avoid the substantial shortfalls in the law, which provides for the right to force those in the service of force only deprives retirees to benefit from its provisions, which had been avoided by the Ministry of Finance in the draft amendment, as stated by the officials that the terms of the division of Almetek mining into two segments in terms of benefit only to the differences between the history of retirement inconsistent with the provisions of article (14) of the Constitution which states that Iraqis are equal . The reasons for the law stipulates that the reasons for the legislation (lifting the injustice of the retirees of their rights eroded or neglected), which means that all retirees covered by the law. The distinction between retirees in the pension entitlement of the rights will lead to social strife. In addition, the salaries received by current retirees were identified under the instructions of the Ministry of Finance, The approved by the cabinet and not on the basis of legal provisions which required that payment of salaries under the provisions of the law and through the coverage provisions of the retirement system.
Article (31) :
This article provides for the elimination of all legal texts, which decided to retired or accrued to a pension, contrary to the provisions of this law and then reported exceptions, which amounted to ten laws, orders and resolutions, which constitute the disadvantage of the law, which called retirement common law, which requires legislation or absorb these mostly within a law.

Originally Posted by TheBrain

How would .06 allow you to buy up Iraq when 1470 can't? "If" there is a reval the prices will adjust accordingly.

Can not believe this is asked. Remember the FIL is not implemented yet. But if it was, It would have been. Mostliky with a New Government Bought and Paid for.

Dont believe for one minute that the know is not waiting for that to happen. IMHO this is why they just dont reval yesterday. They know what is going to happen, and they also know that the money is there. This is a Goverment that does not only have to anser to the US or the UN. They have have their people too. Then they have thier way too. All these things IMHO is what is being thought thru to the last minute. That is why it is called Politics.

Originally Posted by TheBrain

How would .06 allow you to buy up Iraq when 1470 can't? "If" there is a reval the prices will adjust accordingly.

why cant 1470?? mainly because up until that investment law nobody could.
they can adjust their prices to correlate with the .06 but its still oil rich country selling for SIX CENTS TO THE DOLLAR. heck yeah im in.

and you keep arguing this .06 when ward already has put that to rest with the adjustment of the decimal place to account for the dollar.

(and yes i noticed the jab with the 'if' statement. cant eliminate the word but can those who use it.)

Originally Posted by archangel

A 70% rate of inflation October 15, 2006 - The Iraqi Under Secretary of Finance, Kamal Al-Basri, said that the high inflation rates in Iraq are" frightening", calling on the State to link production to spending.
He called on the government, in a symposium held by the Iraqi Center for Economic Reform about" the phenomenon of inflation and the role of financial and economic policies", to take on responsibility of dealing with the inflation rates which hit 70%, because of the abundance of cash liquidity and the lack of goods and services. He attributed the abundance of cash to the increase in salaries and wages by 90% from what it was last year, while the goods and services in the market are becoming less for different reasons, including the security status which disturbed the markets. He pointed out that the individuals' abundance of cash caused a rise in prices. A number of Iraqi officials spoke at the symposium and stressed the importance of moving on with the process of comprehensive economic reform. They considered inflation is the reason why Iraqi economy is weak and faltering.
home - A 70% rate of inflation

This will continue until they revalue their currency. How can you buy goods and services from other countries with a currency that is basically valueless at this point and isn't even traded globally, hence no imports and a shortage of products. This governments days are numbered if this isn't fixed immediatly.
Revalue and start filling up the stores with imported merchandise bought with those revalued dinar. I swear this isn't rocket science. Fed people are happy people. Start charging a 1500 dinar for an apple you get very unhappy shoppers!!

Iraqs botched currency reform

This is an article written by by Steve Hanke and Matt Sekerke-The Johns Hopkins University. A reprint from Central Banking Journal Volume XIV Number 3 - February 2004 (Steve H. Hanke is a professor of applied economics and Matt Sekerke is a research
associate at the Johns Hopkins University.)

It is a little long but VERY informative and worth the read. In light of this being written in 2004, how does it stack up 2 years later? Any thoughts?

Cheers!
DayDream

Originally Posted by neno

Can not believe this is asked. Remember the FIL is not implemented yet. But if it was, It would have been. Mostliky with a New Government Bought and Paid for.

Dont believe for one minute that the know is not waiting for that to happen. IMHO this is why they just dont reval yesterday. They know what is going to happen, and they also know that the money is there. This is a Goverment that does not only have to anser to the US or the UN. They have have their people too. Then they have thier way too. All these things IMHO is what is being thought thru to the last minute. That is why it is called Politics.

And lets not forget during one of the previous reval "watches" . . .when the Iraqi mucky-mucks were in ASPEN COLORADO with the very FAMOUS, RICH, and WEALTHY CLUB having that "private" meeting

The "in-the-know" people really are just that. I believe that there is a long list of people with large sums of liquidity ready to move in on this. I just want to cash in my 10 mil IQD and get out

Originally Posted by neno

I believe Steve Forbes and some of his contacts will do the same. not to mention everyone in the know.

Add Donald Trump to the list. Currently he’s developing The Palm Trump International Hotel and Tower in Dubia.
Palm Trump International Hotel and Tower [Palm Jumeirah, Dubai] - Property Development - TEN Real Estate [UAE]

The Donald lives to find undervalued opportunities like Iraq and if the dinar goes back on the international market at 6 cents they might as well rename the Kurdistan region, to Donald’s Mid-Eastern Oasis.

morning all. SGS says FIL is passed. Neno says not passed. Which is it really?

Originally Posted by ozizoz

And lets not forget during one of the previous reval "watches" . . .when the Iraqi mucky-mucks were in ASPEN COLORADO with the very FAMOUS, RICH, and WEALTHY CLUB having that "private" meeting

The "in-the-know" people really are just that. I believe that there is a long list of people with large sums of liquidity ready to move in on this. I just want to cash in my 10 mil IQD and get out

gotta love the simplicity of it all!

i agree, im standin in line with a who's who of international investors at ground zero of a currency that is going to exceed all others in value.
no amount of rationalizing these articles is going to alter that fate.

Originally Posted by ourhouse37

morning all. SGS says FIL is passed. Neno says not passed. Which is it really?

It's in the details.. "passed" according to SGS. Neno says "Implemented", he didn't say "not passed." It means a whole 'nother thing..

Randy