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

Originally Posted by Inscrutable

Possibly no auction today because of the curfews and expected violence.

I watched CNN, CNN Headline, FOX, Bloomberg and MSNBC until about 5AM and their was no mention of an economic package.

so i called my mom and reconfirmed that they did indeed say those words and she said yes that she heard it too. i wanted to make sure i wasnt imagining what i wanted to hear.

Source : Al Sabah-04 / 11 / 2006

The Iraqi economy is suffering at the current stage of the aggravation of inflationary pressures reflected a negative effect on the Iraqi citizens through lower purchasing power due to high prices, which means lower amount of goods and services that can be obtained by the same amount of income at different periods consecutive.For example, if a citizen can get to a certain group of goods and services through income achieved in 2005. will find himself unable to access the same set of goods and services in 2006 by the same income as a result of higher prices, this will create a sense of the citizens need to increase their incomes to meet rising prices. It is then offset the decline in the purchasing value of the income to maintain the same standard of living that they were, and possibly this feeling to demand more salaries and wages, especially the government payroll on the basis that government officials can not increase their salaries as defined under the law to reverse the private sector ever could face higher prices by increasing prices of goods and services.

Here we will try to explain to what extent this is true orientation in economic terms for the Iraqi economy!If they were to respond to these claims.Will the deal because high prices or deal with high prices.

Here, some may say that there are applied such a measure and how Iraq is a country that oil has risen the price of crude oil on international markets reflect on the increase of financial resources of the state and therefore their ability to increase staff salaries might be correct to say this, but we believe that the conditions for its application may not be available in the Iraqi economy, at least at the present time, as there are conditions to be met in order to allow for the application of such a measure, which could be referred to as follows :
that represents workers in the public sector (state) a low percentage of the volume of workers in other words, the economy should be the size of workers in the private sector weaken workers in the public sector, If we look at the Iraqi economy, we find that the number of workers in the public sector has doubled in the last two years, which was the result of the weakness of the private sector in the operation of the labor Laboring for many reasons can be listed in the one hand and the high salaries of staff in the state form a powerful draw for the citizens of employment or return to a for posts, which led to the inflation of the size of public sector workers and hence low productivity.

that the annual inflation rate moderate level of not more than 10% annually and by the required increase in salaries limited and can be provided to the Ministry of Finance, either the inflation rate very high standard with the number of public sector employees and increase in the number of retirees also, as is happening in Iraq, it needs large sums of money may not be the Ministry of Finance is unable to provide the level that is equivalent rates rise in prices.
to be available to the State the ability to provide the increase in the salaries of local revenue sources such as increased tax revenue through the activation of existing taxes or impose new taxes or increase the revenue of public institutions through increased prices for goods and services provided to citizens or through reconsideration of the allocation of spending of vinegar some aspects of reducing public expenditure and converted to a salary so that they do not lead to the increase in the salary increase the supply of money and then aggregate demand and thus higher prices again, even back to the Iraqi economy, we find that paragraph salaries and bonuses pensions constitute a considerable amount of public spending and if we add the amounts of support government of fuel, and the ration card, water, electricity and health to become a significant proportion of public expenditure, On the other hand, we find that local revenue is still weak, whether tax revenues because of the security situation and the weakness of private activity, which represents the tax base or the revenue of public institutions that provide goods and services, which has become the need to support them by the Ministry of Finance to pay the salaries of its employees.

From here we find that the increase in staff salaries would lead to an improvement in the standard of living of its staff in the short term but will increase inflationary pressures in the medium term, as happened after which obtained increases in salaries in 2003 and 2004.

http://64.233.179.104/translate_c?hl...language_tools

TheStar.com - Sunni anger, Shitte celebrations




Sunni anger, Shitte celebrations
Nov. 5, 2006. 07:47 AM

BAGHDAD, Iraq (AP) — Iraqi Shiites broke into celebratory gunfire and wild jubilation on Sunday after Saddam Hussein was sentenced to hang, but his fellow Sunnis paraded through their former leader's hometown of Tikrit chanting, "We will avenge you Saddam."

In Sadr City, the Shiite stronghold of northeast Baghdad, hundreds of thousands of people poured out of their homes and youths took to the streets dancing and singing, despite a total curfew declared for Sunday over the capital and two neighbouring provinces.

"Execute Saddam," they chanted. Many carried posters of radical anti-American cleric Muqtada al-Sadr, whose Mahdi Army militia effectively runs the district.

"This is an unprecedented feeling of happiness," said Sadr City resident Abu Sinan, 35. "The verdict declares that Saddam is paying the price for murdering tens of thousands of Iraqis."

In a televised court session, Saddam was sentenced to death by Iraq's High Tribunal for crimes against humanity, along with half brother and former intelligence chief Barzan Ibrahim, and Awad Hamed al-Bandar, head of the former Revolutionary Court. Three other defendants received lesser sentences and one was acquitted.

In a statement issued by his office, al-Sadr called for peaceful celebrations and said violence against Sunnis would be considered treason.

"You are called upon now to perform a thanksgiving prayer," said the statement, which blared from the speakers of mosques across the sprawling slum of 2.5 million people.

Similar celebrations were reported in other Shiite districts of the capital and other cities, most of them apparently peaceful.

The mood was starkly different in Tikrit, deep in the Sunni heartland north of Baghdad, where support for Saddam runs hand-in-hand with deep distrust of Iraq's new Shiite-dominated government.

Gunshots rang out from rooftops and street corners as Saddam addressed the court, and Sunni insurgents with AK-47s and heavy machine-guns paraded in scores of vehicles in defiance of the curfew. A crowd about 1,000-strong, including some policemen and many people holding pictures of Saddam aloft, marched down main streets, chanting: "We will avenge you Saddam."

"The violence will only rise in the area after the hanging of Saddam, but the Americans care nothing about spilled Iraqi blood," said retired school teacher Mohammed Abbas, 60.

Muhssin Ali Mohammed, 36, said Saddam would remain an important figure for Iraqis regardless of the verdict.

"Whether or not Saddam is executed, he ruled Iraq for about 40 years and he has a history," Mohammed said. "No one can delete it, not the Iraqis or the Americans," Mohammed said.

At least two people were killed and eight wounded in clashes between gunmen and Iraqi police in Baghdad's dominantly Sunni Azamiyah district. Residents said rockets and mortars began falling on the area beginning Saturday night and blamed Mahdi Army fighters for the attacks. Other Sunni districts of the city were reported quiet.

The split reactions underscore the verdict's failure to foster reconciliation among between Sunnis, who made up the bulk of the former ruling class, and the country's majority Shiites, who were persecuted under the former leader but now largely control the government.

While Shiite Prime Minister Nouri al-Maliki had called for Saddam to be sent to the gallows, Sunni politicians argued the trial should have been suspended until the roughly 140,000 U.S. troops in the country had been withdrawn.

"The Iraqi judiciary should be independent from political desires, but this did not happen in this trial," said Saleem Abdelullah, a member of the Iraqi Accordance Front, the main Sunni bloc in parliament.

Another Sunni, Salih al-Mutlaq, warned the verdict would spark even greater sectarian bloodshed.

"This government will be responsible for the consequences, with the deaths of hundreds, thousands or even hundreds of thousands, whose blood will be shed," al-Mutlaq told the al-Arabiya satellite television station.

In advance of the verdict, vacationing soldiers were recalled to duty in one of the heaviest security crackdowns in Baghdad since the bombing of an important shrine in the city of Samarra in February that unleashed rampant sectarian violence.

Source : statement UAE-04 / 11 / 2006

Barham Saleh said Iraqi Deputy Prime Minister that a special committee is working on a draft bill for oil in Iraq now had a major issue and one is expected to pass the bill by the end of this year.He added that the expectations of doubling exports of Iraqi oil, which currently amounts to 1.6 million barrels a day by 2010 and increase production to six million barrels per day from 2.3 million barrels per day are currently »« conservative figures from the point of view.

And oil revenues are vital to Iraq's economy, which includes the third largest reserves of crude oil in the world.Saleh said that the method of distribution of such proceeds in the country that will determine whether the country will remain united or dissolved under the pressure of violence.

Saleh said that he was still the Commission expected to meet again within two weeks to agree on the major items that govern whether to sign development contracts with oil companies at the provincial level or at the state level.

He added »I am optimistic that we will be able to gather the group on this matter«.The issue of the award of contracts is the most sensitive ever since the granting of the floor of the Supreme territory would be transferred to the Shiites and the Kurds - who form the majority in the oil field areas - greater powers than the central government.

Headed favor of a government committee on petroleum and energy policy includes the ministers of prominent made efforts to overcome the deep differences on the items of the new law, scheduled to replace rules that date back to the era of Saddam Hussein.
He said, however, that the closed-door meetings held over three days at his residence about six weeks ago resulted in overcoming the four of the five major issues.He added that the committee agreed that the oil companies should be transferred to the national one company holding private companies to manage various operational sectors of the oil industry.
The Committee also agreed that the oil policy will be prepared at the national level and the restructuring of the Ministry of Oil and converted into a regulatory body. It also will deposit all the proceeds in a national one.
During Saddam's era was the Ministry of Oil controlled fully to all sectors of the oil industry, however, the proceeds go to the Ministry of Finance.Most of the money went to enrich Saddam and his entourage close and the financing of the army.

Caused years of sanctions imposed by the United Nations and mismanagement in Saddam's era in addition to the daily violence since the invasion, which led the United States to Iraq in 2003 to the deterioration of the oil sector in Iraq, which now needs investments worth billions of dollars.

Saleh said that oil was a curse in Saddam's era but now could be a blessing in helping stop ethnic and sectarian violence in Iraq and destroy the armed supporters of Saddam.
He expected Iraqi Deputy Prime Minister to reach consensus on the oil and said that this is what a touch of the various parties.

Asked favor Is it possible that the Parliament, which is dominated Shiite law by the end of this year as previously announced, he said that he believed that this time »,« very realistic.

http://64.233.179.104/translate_c?hl...language_tools

al sabaah newspaper hasnt updated for today either which is very unusual this late in the day on a sunday. usually BIG news day and lots of it posted. last date 11/4/06

Originally Posted by shotgunsusie

so i called my mom and reconfirmed that they did indeed say those words and she said yes that she heard it too. i wanted to make sure i wasnt imagining what i wanted to hear.

LOL, I can imagine your mom's response, "enough already with this dinar talk" least that's what I hear most of the time from my family.
Thanks for the confirmation Susie, it's still today in Iraq so anything can happen.

Originally Posted by shotgunsusie

so i called my mom and reconfirmed that they did indeed say those words and she said yes that she heard it too. i wanted to make sure i wasnt imagining what i wanted to hear.

what words?

Originally Posted by jedi17

what words?

"New Economic Package"

Personally I would be watching the forex when it opens TODAY because....international means international....and I think when one of the Asian countries just revalued last month that there was alot of hype on a Sunday on the business channel and they were waiting for the exchange to open, (I think the evening on Sunday). I will try and research this but I would think if it is internationally introduced.....international means opening of first market on the forex for the week which would be (Australia, I think). Not sure. Just speculating but international means international. Any thoughts.

I had an order for the trading session of the 6th tommorow.
Trading session of the ISX is cancelled for tommorow.

Just received this e-mail from Warka:


Dear Kiko,

Thank you for providing me with the needed information your cooperation is much appreciated.

Due to their general curfew imposed by the Iraqi Government because of the court sentencing of the dictator and members of the previous regime all government and private sectors will be closed.

Please note that there will be no trading tomorrow and your latest stock order will be executed in Wednesday trading session 8th of November 2006.

I thank you for your fine understanding and cooperation.

Many thanks and best regards,

Manager

International Foreign Relations Dept

So, we have no CBI today and no ISX tommorow.
There is no better moment to bring the IQD on the FOREX tonight.