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

Originally Posted by Onenomad

I know the question has been asked but cant find the answer in my hunting, Did article 8 get signed? Thanks

I think it was, but no announcement has been made yet....

Originally Posted by CharmedPiper

Adster please read my post http://www.rolclub.com/iraqi-dinar-d...tml#post128513. I transcribed the video from Mr. Kimmet. It is extremely informative maybe more so than Saleh video. Your thoughts.

I'll have a read.

Iraq says it needs $100 billion in aid
By DIANA ELIAS, Associated Press Writer Tue Oct 31, 10:16 PM ET
KUWAIT CITY - War-ravaged

Iraq needs around $100 billion in the next four to five years to recover and rebuild its infrastructure, a government spokesman said Tuesday at the opening of an international aid meeting.

"Until the oil sector picks up ... we will need this much for the infrastructure and for investment expenses," Ali al-Dabbagh told reporters at a preparatory meeting for the International Compact for Iraq, a five-year plan to ensure Iraq's government has funds to survive and enact key political and economic reforms.
Al-Dabbagh called the $100 billion an "unofficial figure," and said he hoped more countries, especially Arab states, would participate in the program.
Iraq's deputy prime minister, Barham Saleh, told the meeting: "You can participate by offering serious and new financial and economic support to cover for the shortage in budget revenues needed for enhancing Iraq's security capabilities, to build the infrastructure and to enable the Iraqi government to improve public services."
The Iraqi government established the International Compact for Iraq in June, shortly after Iraqi Prime Minister Nouri al-Maliki took office. Tuesday marked one in a series of meetings to discuss details before the compact is finalized by the end of this year.
A donor's conference for Iraq held in Madrid in 2003 raised pledges for $13.5 billion, but so far only around $3.5 billion has made its way to the country, mired in sectarian fighting.
The remaining $10 billion is being held up by a lack of viable projects or by fears that aid will be siphoned away in Iraq's corrupt contracting environment.
"The government of Iraq, needless to say, has the primary responsibility for tackling the grave challenges it faces today," Ashraf Jehangir Qazi, the special representative of the

United Nations secretary-general, told the meeting. "But given their magnitude, the support of the international community and particularly of its compact partners is indispensable if Iraq to succeed."
Robert Kimmit, U.S. deputy treasury secretary, headed the American delegation at the one-day meeting in oil-rich Kuwait, a major ally of Washington. Canada, France, Germany, Japan, Italy, Saudi Arabia, Spain, the United Kingdom, the

European Commission and the

International Monetary Fund were also present.
"Iraq is a very rich country," that does not need donations, but it needs to know it has "friends and brothers" willing to help, Kuwait's foreign minister, Sheik Mohammed Al Sabah, told reporters.
"All that we ask for as neighbors is that Iraq stays united and does not slip into civil war," he said.

Originally Posted by Onenomad

I know the question has been asked but cant find the answer in my hunting, Did article 8 get signed? Thanks

Click on link in my siggy...I transcribed meeting from U.S. Mr. Kimmet yesterday. Full of economic surprises...like Iraq must pay it's own bills that are left....and you can't do that with worthless currency.

We are not putting any pressure on our friends and allies. We explain why we made the decision we did to go beyond Paris Club terms and forgive 100% of Iraq’s debt to the United States and primarily it is an economic issue. If ultimately we want Iraq to be dependent on it’s own resources and foreign investment rather than foreign assistance, one very important message both to investors and to the capital markets is that the country is either free of debt or managing it’s debt successfully. So, I think all countries want to encourage an Iraq that can take care of itself with it’s own resources and external investments and one of the ways to do that is encourage foreign investment , encourage access to the capital markets and that is one of the reasons why debt reduction is so very important for a new economy moving from the command economy it was under Saddam to a free market economy.


Interesting. Tells me that Kimmet is asking for the remaining debt to be forgiven, (sure he means Saudi and Kuwait).

They have a stable currency, they have sizeable foreign currency reserves, they are almost back up to pre-war levels of oil production and therefore are able to finance a considerable part of their own government operations. However, there still is a gap between their requirements and the resources available to them and again, that is one of the things that the International Community is talking to Iraq about now, helping to close that gap.

Course it's stable, it's pegged to the dollar and has very small amounts of flexibility either way. Sizeable foreign currency reserves, which are necessary for a reval. Gap between their requirements and resources says to me they need a currency that does not have a worthless value.

HI everybody I Spoke to My cousin on Sunday who while in Iraq Exchanged the old dinar for the new Dinar and Destroyed the old Dianr. All of it every Denom, (he also brought a lot of the old stuff home for fun)+ his little Brothers(we're from Utah) there now updating the banking systems and interlinking them, He was going to send an email to find out about anything. I haven't heard back from him yet I'll talk to him later tonight. Thanks Whit
[/QUOTE]Hi Adam,

As to the notes, as you know, 14 denoms were printed as it was mentioned last year, but we still don't know what they are, or where they are. My only reference was that the same denoms will be used as before, and the notes that were used without Saddam's mug will be the same. Remember, these were all exchanged out back in 2003, so unlike the Saddam mug notes, which are worthless now, the smaller notes may be reintroduced is what I have heard, but as educated speculation only. As you know, Kurd's used Swiss dinar, so they don't have a direct handle on which notes will be reintroduced, and which are new.

When you think about it, why not. The smaller denoms were never counterfeited, unlike the Saddam mug notes used, so when they were exchanged, they may still have these stockpiled, which makes a lot of sense when you think it through. If this is the case, all one has to do is go and look at the former small demoms and I think you will see most did not use Saddam's mug, he was on most the large notes though as he showed is ego maniacal tendencies.

Good luck to all, Mike
[/QUOTE]

If I get a chance today I will try to make time to transcribe Salih press conference from yesterday but I think....Mr. Kimmet's is the diamond in the rough with indepth economic references.

FYI the CBI has posted
The 798 daily currency auction was held in the Central Bank of Iraq day Wednesday 2006 / 11/ 1 so the results were as follows :
Details Notes
Number of banks 18 -----
Auction price selling dinar / US $ 1470 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 71.320.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 71.320.000 -----
Total offers for selling (US $) ----- -----

The Ministry of Commerce attributed the reasons for the delayed payment of a grant of Eid al-Fitr to the refusal of the Ministry of Finance and preparations for the grant distribution mechanisms through agents foodstuffs in Baghdad and other governorates, and its insistence on distribution through banks because of the security situation and ensure the maintenance of these amounts and delivery to every citizen. The spokesman of the Ministry of Information traders e in a press

ان وزارته اكملت جميع مستلزمات آلية التوزيع عبر الوكلاء مباشرة ووضعت خطة عملية للتنفيذ قبل عطلة عيد الفطر مشيرا الى ان الوزارة شكلت غرفة عمليات يرأسها وزير التجارة للاسراع في توزيع المنحة البالغة 10 الاف دينار لكل مواطن بواسطة الوكلاء المتواجدين حسب الرقعة الجغرافية لكل زقاق ومدينة بهدف ت حقيق الدقة والسرعة وتسهيل المهمة على المواطن وانقاذه من الزحام الشديد عند بوابات المصارف.

Said that his ministry had completed all the requirements of the distribution mechanism through agents directly and developed a practical plan for implementation before the holiday of Eid al-Fitr, pointing out that the ministry set up an operation room headed by the Minister of Trade to speed up the distribution of the grant amounting to 10 thousand dinars for each citizen by agents there as geographic each lane and the city of view T. tough accuracy, speed and facilitate the task of the citizen and saved from the massive crowding at the gates at the banks.

ولفت الى ان خطة وزارة التجارة رفعت الى وزارة المالية بغية تسلم المبالغ الخاصة بالمنحة البالغة 300 مليار دينار الا ان المالية رفضت خطة التجارة وكان رأيها ان يكون التوزيع عبر المصارف الحكومية معللة ذلك بضمان الحفاظ على هذه المبالغ من السرقات وعدم تحميل الوكيل مسؤولية فقدان المبلغ علاوة على ا لوضع الامني الذي لا يساعد على التوزيع عبر وكلاء المواد الغذائية.وطمأن الناطق الاعلامي المواطنين كافة بان ملاكات وزارة التجارة المكلفة بالاشراف على عملية التوزيع اكملت اعداد القوائم باسماء المواطنين الموجودة في سجلات البطاقة التموينية وتم تسليمها الى وزارة المالية بهدف صرف المنحة عب ر المصارف المنتشرة في انحاء العراق خلال الايام المقبلة وكما معمول به سابقا في توزيع تعويضات نقص مواد البطاقة التموينية.

He pointed out that the plan of the Ministry of Trade rose to the Ministry of Finance in order to recognize amounts for the grant amounting to 300 billion dinars, but the financial plan refused to trade and it was felt that the distribution would be through government banks justified by ensuring the maintenance of these amounts of thefts and not to hold the agent responsible for the loss amount in addition to a the security situation is not conducive to distribution through agents of foodstuffs. The spokesman assured the press that all citizens tables and Trade Ministry in charge of supervising the distribution process completed the preparation of lists of names of citizens exist in the records of the ration card was handed to the Ministry of Finance in order to distract the onus grant R. banks scattered throughout Iraq in the coming days, as the case earlier in the distribution of the compensation shortage of materials ration card.

Originally Posted by CharmedPiper

If I get a chance today I will try to make time to transcribe Salih press conference from yesterday but I think....Mr. Kimmet's is the diamond in the rough with indepth economic references.

Here's some of what Saleh had to say, the important parts.....


Landmark event in development of compact. Outlines vision … govt at peace itself and neighbours. Achieved important successes and outline basics of compact. Partnership Iraq as an international community. Vital interest for rest of world. … overcome terrorism and economic challenges. Hope next 6 weeks major event launch compact in major way – outline politically and security from recipient of aid to donor country. Receive state of self sufficiency within 4 – 5 years, support from preparatory group.

Next 2 weeks – mtngs to brief about compact, bilateral meetings in next month for formal launch of compact within 6 weeks. Launch serious engagement with Iraq. Stability and transition. Offers region to engage with elected institutions.

Important goals and missions to accomplish. Stable, secure environment needed. Maliki announced ambitious plan about reconciliation. 2 months ago, Security Council endorsed timetable for legislative (and other) measures re security challenges and help with economic revival. Passed investment law. Hope it won’t be long before drafting hydrocarbon law. Oil has been curse, hope to turn it to a blessing. Hope to achieve these landmarks.

Security tough, not to be underestimated. Believe challenges oblige us to act on reforms outlined in compact. Political/security/economic will ensure stability and enhance chances of overcoming extremists. This will defeat extremists. Increase employment opportunities for young Iraqis. This will all aid security. Failure is not option. Vital for Iraqis and rest of world.