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

How have other countries announced their revalued currency, do they just do it! or does it get splattered all over the news, any thoughts on that. Will we see it first on the CBI site..

Originally Posted by Dinar Duchess

How have other countries announced their revalued currency, do they just do it! or does it get splattered all over the news, any thoughts on that. Will we see it first on the CBI site..

No announcements, it'll just appear the next day. Newspapers and television stations don't report good news.

I am not sure if this is anything, I just pulled it off the newswire but seems some words are lost in translation. I am not even sure what it is...

The media center of Ayatollah Nasserite calls Media Network

(Voice of Iraq) - 11-11-2006
This issue was sent to a friend
The media center of Ayatollah Nasserite Iraqi media network calls attention deprived south

Open book
Professor Mr. Habib Mr. Hadi al-Sadr Prime Iraqi Media Network / Baghdad


Greetings

In the meantime, we are impressed and satisfied with the Iraqi satellite television channel and the array of institutions and information projects and they are the closest to the realism and objectivity wish to be your institution esteemed give responsibility for all the governorates and parts of Iraq and beloved Tgtoa southern Iraq marshes and the collective Magaberh the level of coverage of Iraq in the center and north, but more is needed for the South to the former so that Saddam and deprivation.

While we are gratified that the Iraqi several studios, offices and correspondents in our North Habib, center, and all parts of Iraq, but we are all surprised by the lack of surprise studios in the south of the oppressed Saddamite regime dead - and-buried The south, and from the Dhi Qar historical appropriate attention or even visited Mr. Habib connection R., who visited more than once regions of the north and center, and attended the opening of the offices of the Canal and Astdiohatha.

Mazloum south (not you and the time it)

South of Dhi Qar governorate, which is the largest in Iraq after Baghdad and Basra, Dhi Qar, which contained the soil where he was born, God Khalil Ibrahim (p) also contained thousands of monuments and historical pre-Islam. Dhi Qar, this is the first forum of the prince of believers (p) in Iraq while on the way to quell Ftnth Jamal in Basra relegation (p) nomads and said his political and social famous fairly respectable in Freiburg (p) on the Euphrates in the center of the city of Nasiriyah today, and has built a mosque and the renowned Sheikh Baha'i :

Sri telegram from renewing find monument Bhzui era of torture and Dhi Qar

The city of Nasiriyah this nation forward named Mr. Mohammed Said Al Alahbubi gone days when his blessed jihad 1914 named (the city of Jihad) and the statue stands in the holy month of the plaza outside Nasiriyah in the largest street in the province, all in the name of street Alahbubi disused hearts of scientists and the rebels and the clan addition fill Takei Almahbein and disused hearts relegation strugglers Alahbubi trip in this particular street and stayed focused every jihadist Iraq and the Iraqis that died and money and held from there to Najaf and the statue has remained a symbol of jihad and the mujahideen and a thorn in the eyes of the criminals surrounding Saddam's regime dead - and-buried who holds the symbol of the Nazarene churches and Tarr Ekha Nasiriyah and Jihad movement started in 1941 and continued Mujahideen Movement taught clash and his aides lessons in denial and resistance to the enemies of Shiism (p) It started Nasiriyah sparked the Iraqi people uprising in 1991 and remained Nasiriyah, lagoons base all the forces of liberation and rejecting the occupation and rose Nasiriyah would the movement Aleut faith and the dignity and loyalty of all scientists House officials and their rebels, even hoped martyr Imam Muhammad Baqir al-Sadr to be appropriated in the lagoons and loved her special love. It marshes Nasiriyah conjunctivitis triangle marshes were grown and information literature and Dooyen poets, writers and artists such as Mr. Gamal Eddin Blbham Surrey and the late Mr. Mustafa Jamal Din and Abdul Kader Rashid Nasserite and Mullah Abbas and the dozens but hundreds of writers, poets, artists and creators and their famous b In the greedy invaders, and the rebels and bring them to sail Shuaiba revolution and the revolution in the twentieth and Maes and July and continued to clash Qbert and gangs wisdom and Nasiriyah was the first by the rebels and the projected lack of wisdom, where the noose around the party and Hthalath Valhwa injustice in Nasiriyah, depriving them of all their rights and to punish all those who maintain affiliated If the Sadamiin, murderers, and enemies of freedom orphans of the Saddam excuse of their own, including yesterday and today on the war in this province and the whole southern Iraqi They punished the South and maintain that there is nothing wrong for the South and its people, Nasiriyah, Thoarha Alasbarham and insistence on war clash and outrageous bands and teach lessons particularly eloquent Shaaban revolution in 1991, as the poet says :

The drawback, however, including their swords by the remnants of conflict battalions.

Vberbk my brother, Habib al-Sadr Oh oh illustrious son of the rest of the sword How do you justify Jvotk them and Aaracock has hurt them in their love of God and to the people of House (p) and the South invite you (and Iraqi) and afford your invitation to speak and be approved relegated Qar, lagoons and their clients and Shaaraeha and Adabaha. Fhlmwa to avoid *noba large and rights Mahdorh even dawns on hundreds of mass graves and the effects of injustice and deprivation, which continued today to regret Yes Perhaps this appeal awakens Alniam of rulers and officials who have forgotten or positions fact the people of the south, patience and jihad and the enormous sacrifices and returned today, including Adba (Kerndl) after alert e even less necessary rights and duties, but we are confident that the urgency and anger roads Alniam creation of God (and they Qvohm) (Officials say God you observe your work and the Believers)

May peace and the Koadrkm respectable and God's mercy and blessings.

Copy to :

* Office of the President of the Republic, the esteemed.

* Office of the esteemed Mr. Prime Minister.

* Iraqi Media Network. Director of Information Section

In the office of Ayatollah Sheikh Nasserite

The Interior Minister is trying to form a national military

(Voice of Iraq) - 11-11-2006
This issue was sent to a friend

The Interior Minister is trying to form a national military force to confront acts of violence in southern Iraq

- Basra (votes) from Hamed Alderawi


Said Undersecretary of the Ministry of Interior Affairs of the southern region, member of the Emergency Committee in Basra Abdel Khader al - Tahir, "Interior Minister Jawad

Who is trying to form a national military force to confront acts of violence in the south. "

He pointed out that "the new force away from the role of the militias and partisan interventions and clan orientations or other political forces."

(End)

Think it's been posted, but hey, good news can be posted twice!!!


Head of Stock Exchange Trustees demands for rapid activation of the investment law

Modernizing its performance despite the repercussions of the security situation 11/11/2006 Source: Translated by IRAQdirectory.com

The non- activation of the Iraqi new investment law in terms of forming its management, supervising body, naming its members and starting their work, caused a great disappointment among investors in the Iraqi Stock Exchange, especially that vigorous efforts being made to update its performance: installing new equipment and supplies of electronic trading and organizing Stock Exchange halls, in preparation for the start of adopting this mechanism, which is exercised for the first time in Iraq.

Head of Iraqi Stock Exchange Trustees, Talib Attabataba'i, hopes that some factors which he considers crucial for the continuation of investors in this vital sector will help to employ their investments for the best. On top of these factors: the stability of the security situation.

He explained that "the investor in the Iraqi bourse faces the challenges and difficulties, arising from the deterioration of the security situation, with high spirit reflecting his view that the current situation is exceptional, and therefore it is necessary to keep on maintaining the performance of the bourse. This is evident from the general indicators, which confirms that the development in performance remains a salient feature in the march of the market".

Attabataba'i took last September as an example, and said that the number of shares traded during that month was 4.212 billion shares; that is, 527 million shares a session. In comparison to the number of shares traded last August which hit 720, the number of shares traded this month increased by 54.9% from the number in August. As for the volume of transaction in September, it hit 8.422 billion dinars; that is, 1.052 billion dinars a session, and compared to the volume of trading in August of 4.622 billion dinars, the volume of transactions for this month increased by 82.2%. As for the number of contracts executed in September, they increased by 2928 contracts from the previous month at a rate of 29.4%. He added that last month indicators show stability in prices and volume of transactions, despite the continuing impact of the security situation on the overall economic activity.

Attabataba'i said that the banking sector is almost the main engine of the market. This sector achieved, during the same period adopted in comparison above, the largest relative importance in terms of the number of shares traded and the volume of transactions which was 74 per cent and 78.8% respectively of the total after circulating more than 3.117 billion stocks at a circulation volume of more than 6.551 billion dinars.
Prepared & Translated By:
IRAQdirectory.com Team
Iraq Daily Business Updates
The shares of Basra International Bank, which is preparing to hold its annual meeting in Arbil next Sunday, were the most circulated ones for this month since the ratio of the shares traded, was 34.1% and 26.8% respectively of the total, where more than 1.063 billion shares were circulated valued at more than 1.757 billion dinars in Basra Bank alone.

Will there be an R/V on Sunday?
There are many very good reasons that this is about to happen. I thought I would list a few. Any other additions are appreciated.

Dinar listed on currency exchanges
Traded at US and international banks prior to traded on the forex.
Movement of large amounts of USD into local iraqi banks
Increase in oil production and infra-structure
Elimination of debt.
FIL passed and maybe signed
HCL possibly passed (The kurds already have theirs).
Oil companies moving in prior to Passing of HCL.
Signing of International compact.
Compliance with SBA from the IMF.
Rumors from various sources.
Grossly undervalued currency (14 dinar to the US .01 (penny).
Grant of 10000 dinar to every Iraqi citizen.
Movement of international Banks into Iraq.
Increase in GNP decrease in Inflation decrease in unemployment
Positive effect of RV on reducing inflation (exchange rate may be significant cause).
Adequate currency reserves and reports of significant gold reserves.
Increase in Agri. production.
Establishment of Bank computor systems.
Recent odd behavior of CBI auctions.

So, will the GOI give the Iraqi people a simple $6.80 USD beginning on Sunday or will they restore the Dinar to an acceptable level so as to increase the Iraqis purchasing power and jump-start the economy by a "prime the pump" economic move? They (GOI) are at a point where this action and how they handle it wil have far reaching consequences for faith in the GOI, economic growth and maybe a reduction in the violence if the people have more belief in the GOI. We'll see just how smart they really are.

The negatives? Security

That a cha ching I can hear?! This is the dogs bollocks of an article that makes me :0)))))))))))))))))))))))))))) Read and digest folks...........

We're gonna be rich, chhhaaaaa chinnnnnnnnnggggggggggggggggg!!




Japan energy: Goodbye Iran, hello Iraq

Japan energy: Goodbye Iran, hello Iraq 07/11/2006 Source: Asia Times Online

Fresh from a serious setback in Iran, where it lost its controlling stake in the huge Azadegan oilfield, Japan has launched diplomatic efforts in earnest to secure petroleum in neighboring Iraq.

Recently, Tokyo invited Iraqi Oil Minister Hussain al-Shahristani to Japan and they issued a joint communique pledging Japanese assistance for improvements to the oil and gas infrastructure in the war-torn country. Japan specifically pledged to provide loans of about 20 billion yen (US$170 million) to Iraq as part of the $3.5 billion aid package already committed.

Iraq is believed to have the world's third-largest oil reserves, after Saudi Arabia and Iran. Despite its huge potential, however, the country is relatively unexplored because of years of sanctions and war. Only a quarter of its 80 discovered fields are pumping oil at present. By extending loans and increasing involvement in the reconstruction process, Tokyo is hoping it can acquire a good share of these massive oil reserves.

Japan imports almost all of its oil, and nearly 90% of that comes from the Middle East. In a significant setback for its energy-security policy, Japan agreed last month to give up its controlling interest in Iran's massive Azadegan oilfield - one of the world's largest, with an estimated 26 billion barrels of reserves - amid international tensions over Tehran's nuclear program.

After sustained discussions on the topic, Japan's Inpex Corp and Iran's National Iranian Oil Co reached a basic agreement reducing the Japanese developer's stake in the southwestern oilfield to 10%, down from 75%. Inpex is also to renounce its status as the operator. This development has thrown the Japanese government's aim - of ensuring energy security through Japanese-own companies' increased foreign output - into jeopardy.

At present, Iraqi oil accounts for only a minuscule percentage of the East Asian country's overall imports. To enlarge on this, Japan has its eyes on at least three Iraqi fields, including the giant East Baghdad oilfield, which has an estimated 18 billion barrels of reserves. The two other oilfields are Gharraf and Tuba, both in southern Iraq.

The Gharraf and Tuba fields have proven oil reserves of 1.1 billion and 1.5 billion barrels, respectively. After returning to Baghdad, the Iraqi oil minister said Japanese firms have also shown an interest in the Nassiriya oilfield, in southern Iraq, which has proven oil reserves of between 2 billion and 2.6 billion barrels.

Meanwhile, two Tokyo-backed oil developers - Arabian Oil Co and the Japan Petroleum Exploration Co (JAPEX) - have recently renewed, for another year, their respective agreements with the Iraqi Oil Ministry to provide technological assistance, hoping to take a share of the oil wealth in future.

Iraqi Oil Minister Shahristani's Asia-Pacific tour also took him to Australia and China. China and Japan are, respectively, the world's second- and third-largest importers of energy resources. In a report issued early this year, the government-affiliated Japan External Trade Organization (JETRO) warned of an ever-intensifying global competition for oil and gas. The report said China's oil consumption will nearly double by 2020 from the current level.

The setback in Iran came at an awkward time for Japan, which launched its New National Energy Strategy in late May. The new strategy calls for various specific goals to ensure the nation's energy security in the long term. In addition to importing almost all of its oil, Japan is the world's largest importer of liquefied natural gas (LNG). The new strategy reflects strong concerns about energy security amid high oil prices and intensifying global rush for oil, gas and other resources, led by China and India.

The New National Energy Strategy calls for, among other things, increasing the ratio of "Hinomaru oil" - oil developed and imported by domestic companies - from 15% to 40% of total imports by 2030. But the draconian cut in Inpex Corp's stake in the Azadegan project has made this ambitious goal even more difficult to achieve.

Japan's invitation of the Iraqi oil minister came only two weeks after Inpex Corp was pushed out of the driver's seat in the Azadegan project in Iran, underscoring how passionately Tokyo is wooing Baghdad.

Although Japan withdrew its troops from Iraq in the summer, it has taken a high profile in Iraq's reconstruction. Tokyo hopes its generous aid pledges - $5 billion in total, with $1.5 billion in grants and the remaining $3.5 billion in soft loans - will be rewarded with access to Iraq's extensive oil reserves.

Japan's aid is the largest by any single nation, except the United States. The $1.5 billion portion has already been disbursed, and the $3.5 billion soft loan is to be fully allocated by the end of 2007, with the focus likely to be on energy-sector developments.

Shahristani met with Japanese Minister of Economy, Trade and Industry Akira Amari and other officials in Tokyo. The Japanese side specified that about 20 billion yen ($170 million) in loans would be spent on upgrading an oil refinery and working on a fertilizer plant, near the southern port city of Basra. The repayment period for these soft loans is 40 years and they carry an annual interest rate of 0.75%. Japan and Iraq also agreed to hold energy talks at least once a year.

Japanese investment
"The oil industry is important for the reconstruction of Iraq," the Iraqi minister told Amari. "But investment is not sufficient," he continued. "We would like Japanese companies as well as Japanese official loans to come to Iraq. [We are] not short of funds [now]" thanks to recent high oil prices, but the country hopes to start "major construction [of oil facilities] next year, and we will need more funds", Shahristani said.

The two countries issued a joint statement calling for Japanese companies to work in Iraq's oil- and natural-gas-development projects. "Both sides welcomed that Japanese corporations have the intention to keep performing activities which aim at obtaining a secure energy supply, and contributing to the development of the oil and gas fields in Iraq in a positive way," the statement said.

The statement also confirmed that "it is essential to explore Iraq's oil and natural-gas reserves ... as well as to restore and expand Iraq's existing facilities and to develop related industry in the sector, in order to reconstruct Iraq".

Promisingly for the Japanese government, Iraq's oil production rose to 2.5 million barrels per day (mbpd) in June, and Shahristani noted at the time that this was to increase to 2.7mbpd by the end of the year. Before the war, output was about 3mbpd, peaking at a record of 3.5mbpd.

In Australia en route to Tokyo, Shahristani expressed his confidence again that international investment would help Iraq more than double its oil output to 6mbpd by 2012-14. In Tokyo, he also said Iraq hopes to export more than 4mbpd by 2010. "We are determined to go beyond that to 6 million [bpd] by cooperating with foreign companies," he said.

He said the oil sector, which accounts for about 70% of Iraq's gross domestic product (GDP) and 90% of its national income, would receive a boost after a new hydrocarbon law expected by the end of the year that will provide further guarantees for foreign investors.

Asia is seen as a major target market for Iraq once production and exports are increased. "We are not exporting enough at the time being, but that is only transitional," he said. "Our increased production will be for the Asian markets."

Security concerns
It is clear that Japan is interested in increasing its profile in Iraq's energy sector, but the main obstacle to ramping up investment remains the endemic violence that persists in the Middle Eastern country.

Shahristani acknowledged that if it were not for the increasingly frequent attacks by saboteurs on northern pipelines, Iraq could be shipping about 400,000bpd more in crude-oil exports.

"The pipeline that takes the oil through Turkey has been attacked more viciously in recent months," he said. "We are talking with the minister of defense to provide better protection." But he said he hopes to see an improvement in pipeline security soon.

China in Iraq
Japanese officials and analysts also worry that countries such as China might have an edge over Japan in gaining access to Iraq's energy resources, since it has more experience operating in inhospitable environments such as Sudan and Angola.

In fact, the new government in Baghdad has courted Beijing because Chinese producers have been willing to invest in countries that are considered dangerous or politically isolated. Beijing had previously been thought to be out of the running for major contracts in postwar Iraq, with the best deals going to the United States and its allies. But the upsurge in violence there has made the country less attractive to Western producers.

In Beijing, Shahristani and Chinese officials agreed to revive a 1997 deal worth $1.2 billion signed by China and Saddam Hussein's government to develop the al-Ahdab oilfield. Al-Ahdab, with an estimated development cost of $700 million, was awarded to China National Petroleum Corp and Chinese state arms manufacturer Norinco by Saddam. The deal was frozen by international sanctions and then Saddam's overthrow.

Competition for gas
Concerns about tougher competition for natural-gas supplies in the medium and long terms are also growing in Japan as many countries, led by China, are stepping up LNG purchases.

China began to import liquefied natural gas in May. The first LNG shipment into China came from Australia. China's LNG imports have also come at a time when Japan and China - the two Asian giants - are locked in the simmering territorial dispute over gas resources in the East China Sea. Japan is now the world's largest LNG importer, accounting for more than 40% of total global imports. But China is expected to catch up with and possibly overtake Japan as the world's largest LNG importer in 2020.

Malaysian national oil company Petroliam Nasional Bhd (Petronas) said at the end of last month that it had signed a deal to supply LNG to Shanghai for 25 years, starting in 2009. In other recent developments, China National Offshore Oil Corp (CNOOC) signed frameworks with Suez SA, Total SA and Shell Eastern Trading Ltd to buy spot shipments of LNG to make up for any supply shortfalls.

ExxonMobil Corp also reached a preliminary agreement recently to sell natural gas from the Sakhalin-1 oil and gas project in Russia's Far East to China - instead of to Japan as originally planned. That deal faces hurdles, however, including the economics of building a very long pipeline and getting the cooperation of OAO Gazprom, Russia's natural-gas-distribution monopoly.

Other participants in the Sakhalin-1 project include Tokyo-based Sakhalin Oil and Gas Development Co (SODECO), jointly owned by the Japanese government and private sector, and Russia's state-owned oil firm Rosneft. SODECO has a 30% interest in the project, while the Russian firm has a 20% stake. The project operator ExxonMobil holds the right to decide which parties receive natural-gas exports.

Japan purchased 58 million tons of LNG from abroad in 2005, of which 25% was from Indonesia. Most of Indonesia's long-term LNG supply contracts with East Asian countries, such as Japan, China, Taiwan and South Korea, start expiring from 2010. Indonesia is poised to cut in half its Japan-bound exports of gas when long-term contracts expire in 2010 in order to boost the availability of fuel for domestic industries amid decreasing natural-gas, as well as oil, production at home.

Despite being a member of the Organization of Petroleum Exporting Countries, Indonesia became a net importer of crude oil in 2004. Qatar is expected to replace Indonesia as the world's largest LNG exporter in 2010.

The report by JETRO, released early this year, predicted that the percentage of oil as an energy source will level off in China at about 26% by 2020 while that of gas will sharply grow to nearly 9% because of a sharp increase in imports from Indonesia and Russia.

As China - and to a lesser extent India - demonstrates a willingness to pay higher prices to ensure gas supplies, producers are likely to push ahead. Still, most industry observers expect the Asian LNG market to remain tight in coming years, keeping prices high.

I found this article about when the Yuan was revalued/went on the market to give us a history of how past currencies announced their introduction to the market...maybe will be similar, not sure.

China takes another step towards flexible yuan

Xinhua - English 2006-01-05 09:13:22

BEIJING, Jan. 5 -- China took another step towards currency flexibility on Wednesday by letting banks set its daily opening foreign-exchange rate, a change that might allow the yuan to move much faster than previously possible, the Reuters reported.

The new system, the latest in a long line of policies aimed at gradually freeing up the yuan, accompanied the introduction of open over-the-counter trading that will eventually replace the current system of anonymous and automatic order matching.

The changes, announced late on Tuesday, went into operation on Wednesday.

The yuan remains tied to a 0.3 percent range on either side of a daily mid rate against the dollar.

But whereas the mid rate has until now been the previous day's close, allowing only very slow movement, it will now be the average quote of market makers -- theoretically allowing a rise at the opening of trade each day.

"The old system was effectively a crawling system that limited day-to-day movement within 0.3 percent," Jun Ma, Deutsche Bank's Greater China chief economist, said in a research note.



"This change theoretically allows a very different central parity rate from the previous day's closing price."

But maybe only theoretically.

Ma reckoned the central bank would allow the yuan to rise only slowly -- about 4 percent this year.

Even under the more restricted flexibility of the previous system, the currency never moved more than a tiny fraction of its permissible 0.3 percent each day.

Indeed, the first mid-rate quoted by the market makers, Wednesday's 8.0702 per dollar, was identical with previous close.

And the central bank was quick to dampen speculation of a further appreciation of the yuan, which the United States says is still seriously undervalued and gives Chinese goods an unfair advantage in global markets.

The central bank said it would keep the yuan stable for now.

OVER-THE-COUNTER TRADING

China revalued the yuan in July by 2.1 percent and dropped a dollar peg in favour of managing its value with reference to a basket of currencies.

The yuan has consistently trended higher since then, but in minuscule steps, gaining just 0.5 percent since revaluation.

"The (mid) rate will be near the yuan's previous day's close for now as market markers will be cautious and take hints from the central bank," said a dealer at a major Chinese bank.

"But it will drift away gradually to become a more independent rate along with the deepening of currency reforms."

Other changes launched on Wednesday supported the introduction of market makers -- banks who stand ready to trade when no one else wants to, keeping the market liquid.

Market participants would be allowed to trade openly over the counter, as is usual in foreign exchange markets elsewhere. The old system, which the central bank said would eventually be scrapped, automatically matches trades for anonymous bidders.

The 0.3 percent daily range applies to the dollar mid rate. The yuan is allowed to move further against other currencies.

The China Foreign Exchange Trade System will announce the daily mid rates against the U.S. dollar, euro, Japanese yen and Hong Kong dollar at 9.15 a.m. daily.

By the way. Both my wife and myself are scube divers and have never been to the Cayman islands, so if there is a party, we'll be there. We just need to know when and where. Soon-real soon its going to happen!

Originally Posted by laurenr

So is this the weekend when it finally happens ?

Can I order my Aston Martin DB9 Vanquish now ? lol

i wouldn't they probably want £50,000 as a deposit lol