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

Hmmmmmm, reshuffle, will they reval before or after this............

Reiterated his intention to abolish the militias and disclosed that the government pursues its $ 15 billion Himalayan periodic Izzat Mohammed Younis al-Ahmed and

بغداد - الصباح

Baghdad-Sabah

فيما فوض مجلس النواب رئيس الوزراء باتخاذ الخطوات الملائمة لاختيار شخصيات جديدة للوزارات التي يجري الحديث عن تعديلات فيها طالب المالكي من ناحيته اعضاء البرلمان باعتماد خطاب يحافظ على وحدة البلاد والاسراع بتشكيل هيئة الـتوازن.

With the House of Representatives authorized the Prime Minister to take appropriate steps for the selection of new figures of the ministries that are talking about the amendments which called Maliki part of the members of Parliament speech adoption preserves the unity of the country and speed up the formation of the balance.

وتعهد رئيس الوزراء في جلسة مغلقة لمجلس النواب امس بالسيطرة على الوضع الامني عبر خطة وصفها بالمحكمة سيتم فيها اتباع اسلوب جديد في التعامل مع العناصر الارهابية التي تثير الفتنة الطائفية بحسب بيان صادر عن المجلس.

The Prime Minister pledged in a closed session of the House of Representatives yesterday control of the security situation across the plan described by the Court will be a new way of dealing with the terrorist elements of the sectarian sedition according to a statement issued by the Council.

وجدد المالكي القول: ان وجود الميليشيات قد زاد في ارباك الوضع الامني الذي يشكل الصداميون والقاعدة الخطر الاكبر فيه.

The new Maliki said : The existence of militias has increased in confuse the security situation which is Sadamion Qaeda and the greatest danger.

وكشف رئيس الوزراء عن نزاع يجري الان بين عزة الدوري ومحمد يونس الاحمد للاستحواذ على 15 مليار دولار بغية دعم العمليات الارهابية مشيرا الى ان هذا المبلغ هو جزء من اموال الشعب التي سرقها الطاغية وازلامه مبينا ان الحكومة ستعمل على استعادة هذه الاموال وملاحقة السراق وتجفـيف منابع الارهـاب في دول الجـوار.

The Prime Minister is now on the dispute between the league and Izzat Mohammed Younis al-Ahmed to make 15 billion dollars in order to support terrorist operations, pointing out that this amount is part of the people's money stolen by a tyrant and men, pointing out that the government would restore these funds and the prosecution of bandits and drying up the sources of terrorism in the States neighborliness.

وقال اعضاء في مجلس النواب لـ”الصباح“: ان رئيس الوزراء القى كلمة طالب فيها اعضاء المجلس بدعم حكومته ومساندتها وتفادي الخطابات الاعلامية وقال النائب باسم شريف: ان المالكي اطلع المجلس على ان الاتفاقية القادمة مع مجلس الامن بشأن مصير القوات متعددة الجنسيات في العراق ستتيح للحكومة السيطرة على قواتها المسلحة بحرية تامة اضافة الى انتقاء الطريقة الملائمة لتدريبها وتجهيزها.

He said members of the House of Representatives for the "morning" : The Prime Minister gave a speech in which asked members of the Council to support his government and its support and avoid the electronic media, said Deputy behalf of Sharif : Maliki that the council that the agreement next with the Security Council on the fate of the multinational forces in Iraq would give the government control of the armed forces in addition to freely select the appropriate way to train and equip.

ويقول سياسيون: ان الحكومة العراقية تتحرك بحزم الى فرض السيطرة على قواتها بعيدا عن عراقيل القوات الاميركية، ويأتي هذا بموازاة القول: ان العراقيين اكثر صلاحا وكفاءة لمسك الملف الامني وكان المالكي اعلن اعتراضه على هيمنة القوات المتعددة على الملف الامني وانه يجد صعوبات بالغة في السيطرة على وحداته وطرق توجيهها وقد ادى ذلك الى ارتياح شعبي عارم وضع المالكي في موضع الرضا لدى الشارع العراقي.

He says politicians : The Iraqi government is moving decisively to impose control over its troops away from obstacles U.S. forces. This comes parallel to say : the Iraqis are more suited and efficient handling of the security file and the Maliki announced its opposition to the domination of multinational forces on the security issue and it has found great difficulties in controlling its units and roads directed This has led to a widespread popular satisfaction Maliki in a satisfaction in the Iraqi street.

وقال صحفيون التقوا رئيس الوزراء مساء السبت: ان الرجل يتمتع بثقة عالية وهو يتحدث عن رؤيته للمستقبل(انظر ص3).

He said journalists met the Prime Minister on Saturday evening : The man enjoys the confidence high he talked about his vision for the future (see p. 3).

وجدد المالكي في مجلس النواب القول ان لدى بعض الجهات السياسية ميليشيات وقال: لا يمكن ان تكون هناك دولة فيها ميليشـيات.

Al-Maliki and renewed in the House say that with some political militias and said : there can be no state with the militias.

ويقول النائب باسم شريف: ان المالكي شخص المشاكل لكنه رمى الكرة في مرمى المجلس للبحث عن الحلول.

He says on behalf of the Attorney-Sharif : that person Maliki problems, but threw the ball in the net in the search for solutions.

الى ذلك اكد رئيس الوزراء عزمه اجراء تعديل وزاري شامل خلال الاسابيع المقبلة.

So Prime Minister intention to conduct a comprehensive government reshuffle in the coming weeks.

وقال النائب حسن السنيد: ان مجلس النواب اوكل عملية اجراء التغييرات الى رئيس الوزراء الذي اصر على ان يكون اختيار الوزراء الجدد مبنيا على اساس الكفاءة وليس الولاء الحزبي وقال المالكي: الحكومة اكبر من الحزب.

The deputy said Hassan Al-Sunaid : Deputies charged that the process of making changes to the Prime Minister, who insisted that the new ministers will be chosen based on merit rather than party loyalty and Maliki said : the largest government party.

وتعرضت التشكيلة الحكومية الراهنة الى انتقادات كبيرة بسبب تركيبتها الطائفية وعدم اتسام مفاصل عديدة منها بالكفاءة حيث يشير مراقبون الى عدد من الوزراء الذين لا يحملون الشهادة الجامعية.

The current makeup exposed to considerable criticism because of its sectarian and non اتسام joints, which many observers efficient referring to the number of ministers who do not have a university degree.

وفيما اشارت تقارير سابقة الى ان التغيير سينال (13) وزارة قال النائب عباس البياتي لـ(الصباح): ان المالكي يعتزم اجراء تغيير في (جميع) الوزارات، دون التقيد في التعيينات الجديدة والانتباه الى الكتلة التي كانت تنتمي اليها الوزارة، لكن البياتي قال: ان المالكي سيطالب بترشيح ثلاثة مرشحين لكل حقيبة.

As indicated earlier reports that the change will get (13) of the Ministry deputy said Abbas Bayati told (morning) : Al-Maliki planned to a change in the (all) ministries. without adherence to the new appointments and attention to the bloc, which had belonged to the ministry, But Bayati said : that Maliki WILL nominate three candidates for each bag.

وبغية معادلة المسؤولية في دوائر الدولة طالب رئيس الوزراء مجلس النواب بالانتهاء من تشكيل هيئة التوازن، ويقول المالكي: ان الحكومة بدأت بالتوازن في الاجهزة الامنية.

In order equation responsibility in the Prime Minister asked the State Council members to complete the composition of the balance. He says : Maliki The government started the balance in the security services.

ويعني التوازن تقسيم المسؤوليات الادارية على مسؤولين من مختلف المكونات تفاديا لهيمنة مكون على وزارة معينة وهو ما يعرض بعض الوزارات الى النقد، وانتقد المالكي الطروحات التي تطالب بتقسيم القادة والضباط الكبار على وفق التمثيـل الحـزبي.

It means balancing the division of responsibilities on the administrative officials of various components in order to avoid the dominance of a particular Ministry, which presents some ministries to the criticism, He criticized Maliki suggestions that calling the division commanders and senior officers, according to party representation.

وكرس مجلس النواب جلسته المغلقة امس للاستماع الى اجابات رئيس الوزراء عن اسئلة كان تقدم بها الاعضاء في الجلسة المغلقة ليوم الثلاثاء الماضي، ويبدو بحسب الشيخ جلال الدين الصغير ان الجلسة(ستتطرق الى مسائل امنية مهمة) ادى الى جعلها مغلقة، وقال الدكتور عدنان الدليمي رئيس جبهة التوافق لـ(الصباح): ان الجبهة قدمت الى رئيس الوزراء، اثناء الجلسة، مقترحات للخروج من الازمات لكنه لم يتطرق الى مضمون هذه المقترحات.

He dedicated the House of Representatives held its closed yesterday to hear the answers to questions the Prime Minister was made by the members at the closed meeting of last Tuesday, It seems, according to Sheikh Jalal Al-Din a small meeting (will touch on issues important security) has to make it closed, He said Dr. Adnan Al-Dulaimi told President Accord Front (morning) : The Front has submitted to the Prime Minister, during a meeting, proposals to emerge from the crisis, but he did not touch on the substance of such proposals.

من ناحيته قال الدكتور ظافر العاني: ان الجبهة بصدد ارسال رسالة الى نانسي بيلوس رئيس مجلس النواب الاميركي المقبل تعبر عن رغبة الجبهة بايجاد علاقات تجمع مصالح الشعبين العراقي والاميركي.

For his part, Dr. Zafer Al-Ani : The Front to send a letter to Nancy Bilos Speaker of the American House next reflect the desire of the creation of relations combine the interests of the American and Iraqi peoples.

واضاف ان الرسالة ستوضح ان الفرصة ما زالت امام الاميركيين لمراجعة سياستهم التي تسببت بالحاق اضرار بالغة بالمصالح الاميركية والعراقية على حد سواء.

He added that the letter will clarify that the opportunity is still in front of the Americans to review their policy, which caused serious damage to American and Iraqi interests alike.

وكان سياسيون في جبهة التوافق هددوا بالانسحاب من الحكومة والعملية السياسية، الا ان رئيس الوزراء في لقائه مع الصحفيين السبت هدأ من هذا الموقف بيد انه قال: ان هناك سياسيين يتحركون باتجاه الحشد الطائفي ولم يتحملوا مسؤولياتهم.

The politicians Accord Front threatened to withdraw from the government and the political process. However, the Prime Minister in his meeting with journalists Saturday dust from this position, however, he said : that there are politicians move in the direction of the crowd sectarian did not assume their responsibilities.

من جهة اخرى طالب النائب عبد الكريم العنزي باتخاذ اجراءات رادعة بحق مجرميـن قاموا باختطاتف نحو 60 مواطنا من اهالي الديوانية قرب اللطيفية، وكشف امام رئيس الوزراء بالجلسة المغلقة بحسب التسريبات ان اهالي الديوانية عازمون على مهاجمة اوكار الارهابيين لتحرير الرهائن اذا كانوا احياء او لاخذ القصاص منهـم اذا ما تمادوا في قتلـهم.

On the other hand, MP Abdul Karim Al-Enezi to take action against the criminals who Bakhttatv about 60 citizens from the people of Diwaniyah, near Latifiyah, He revealed to the Prime Minister, according to leaks in the closed meeting that the people of Diwaniyah are determined to attack the nests of terrorists to free the hostages if they are alive or to take them if retribution gone in the killing.

13 November 2006 (KRG)

Prime Minister Nechirvan Barzani's speech at the opening day of the Second Annual Kurdistan DBX International Trade Show in Suleimaniah, Kurdistan Region. The trade show runs from 11th to 14th November.

2nd Annual Kurdistan DBX International Trade Show
Suleimaniah, Kurdistan-Iraq
11-14 November 2006

Speech by
H. E. Nechirvan Barzani
Prime Minister, Kurdistan Regional Government
11 November 2006

Participants, distinguished guests. Good morning and welcome all to this event, the second international trade show, in the City of Suleimaniah on the reconstruction of Iraq.

My thanks to the sponsors and organizers for providing this opportunity and for making elaborate arrangements for so many participants to attend who have made the effort to join us here today. I wish you all success.

Many of you have heard me say it: “Kurdistan is open for business”. This trade show is further evidence of this fact. The entire Kurdistan Region is ready for business and the Kurdistan Regional Government (KRG) will do its best to be supportive.

Today, all over the Kurdistan Region we see evidence of economic growth and development. Every enterprise offers new products and services, and new work opportunities. All of these endeavors help improve the living conditions of our people.

We know very well that we have only just begun and that we have a long way to go. We have much work ahead of us, and we expect to face many obstacles as we simultaneously learn and act to serve the needs and aspirations of our people.

Our regional government continues to actively improve basic services that have been neglected for decades. The support and patience of our people are the keys to success at this early stage in taking appropriate steps to solve our problems.

No political entity, no matter how strong, can face the challenges of today’s world without having a strong economy. The existence of a stable political system, a secure and peaceful environment, and a legal framework to develop policies, programmes, and projects are all critically important for economic growth.

We are pleased that the political situation in the Kurdistan Region improves day by day, and the security situation is becoming more stable. The participation in this trade fair of more than 300 companies, domestic and foreign, from more than 30 countries is further evidence of this.

The KRG is committed to the Constitution that the majority of people in Iraq voted for. Our endeavors have been, and will remain, within the framework of our constitutional rights.

The Kurdistan Region is a safe, secure, and stable part of Iraq. It is your gateway to the greater Iraqi market. This trade fair is one of many illustrations of this fact. Suleimaniah, Duhok, Erbil and all the cities and townships of the Kurdistan Region are ready to welcome you to establish and develop your enterprises.

Here I would like to thank the Suleimaniah Chamber of Commerce, the Governor of Suleimaniah, the Iraqi-American Chamber of Commerce, and all those who have been helpful in making this trade show a success. I also take this opportunity to emphasize that the KRG welcomes the private sector – its investors and entrepreneurs - and offers all its capabilities so that they can participate successfully in the reconstruction of our country.

With the unification of two administrations, the KRG has come together with the spirit of one team to enact the Kurdistan Investment Law, which is progressive and attractive to investors. This law has authorized the establishment of the Kurdistan Investment Board to support those who wish to participate in the reconstruction of our country.

Here I would like to direct my speech towards the businessmen, investors, and business community here in our country. We want to strengthen our economy. We want to establish a proper industrial base in our country. We need your participation to help reconstruct the Kurdistan Region. We have to try together to solve our problems. We especially want to provide more work opportunities for our youth and unemployed people.

This trade fair is yet another opportunity to convey the message of the Kurdistan Region. We are serious about our policy and our position. We want serious partners to work with. We believe in equal opportunities for everybody. The KRG itself is a reflection of the social composition of the Kurdistan Region.

Having this trade fair in the beloved City of Suleimaniah offers new opportunities for those who are serious about working with us. We are optimistic about the future of our people. While it is true that we are at a delicate stage, we shall pursue our future in accordance with the law and in full consideration of our constitutional rights.

This trade fair in Suleimaniah is an opportunity to introduce foreign, national and local companies to each other. There are many areas for teams of experts to study fully and to make recommendations. We very much look forward to new and proven technologies, successful experience and professional expertise to rapidly advance our economic growth and development.

We support and encourage joint projects in the form of joint venture activities. We know this fact very well: not only the Kurdistan market is connected within itself, but the whole Iraqi market is tied together.

Kurdistan's society feels proud of its culture and its attitudes regarding tolerance, coexistence and acceptance of each other, and this is a feature of our success. We in Kurdistan, whether Turkoman, Chaldean, Assyrian, Kurd, or Arab, regardless of our ethnic or religious background, we are all working together to rebuild our country.

In the past, with all its resources, Iraq in general, and the Kurdistan Region in particular, has not seen the progress that was possible because of the distorted policies of the Ba'ath regime. We all have to try to compensate for the oppression, injustices and deprivations that our people have suffered in the past.

Rebuilding and reconstruction and modernizing are difficult tasks. They need time, capabilities, financial resources, dedication and patience. Therefore, here I will stress to investors that this trade fair today is the proper opportunity to enter the market of the Kurdistan Region and to work shoulder to shoulder with us in the tasks ahead. Your participation shows your commitment, especially when the exhibition is about the reconstruction of Iraq.

The KRG has at this stage identified the main priorities. We want to place great attention on the importance of the industrial sector and the establishment of an industrial base in the Region.

We want to become producers again as we once were, but with modern production methods to meet our needs and to provide opportunities to increase our people's income. We want to upgrade the level of services. We want to improve the living conditions of our people. We have expansive underutilized lands and we need to pay more attention to the agricultural sector in meeting our food requirements, expanding job opportunities through agro-business, and increasing incomes.

This can be achieved with policies that will direct us to a state of self-sufficiency, food security and the renovation of the economic infrastructure of the country. The peace, stability and security that prevail in the Kurdistan Region will make our task less difficult, so that we all start to work together. But we have a lot of challenges and obstacles ahead of us. While it is true that we have made decisions to pursue a secure, stable, and progressive future that our people deserve, the time available to us is not unlimited.

Iraq is a rich country. It has abundant natural and human resources. Today, Suleimaniah welcomes you, offering you business and investment opportunities. It is my pleasure to see this outstanding participation from foreign countries. I wish to thank the embassies, consulates, and chambers of commerce for their hard work in organizing this exhibition.

Now you are here, your partners from the Kurdistan Region and Iraq are participating with you in this trade fair. You have the chance to see for yourself, through your own eyes, the opportunities available.

We want all of Iraq to be reconstructed within the framework of a democratic and federal system, within the framework of the new Constitution of Iraq, to establish a modern economic system. We believe that business language is the best language in today's world to bring people closer to each other. We are confident that this kind of attitude would lead to stability, peace, and security throughout Iraq and all over the world.

I am pleased to see that the private sector of Kurdistan and Iraq is about to step forward and participate wholeheartedly in the rebuilding of our country. I have said in the past that without the enthusiastic and successful involvement of the private sector we cannot succeed. We have great hopes in you, in the private sector, in investors, domestic and foreign, offering your capital and devoting your efforts so that we reconstruct our country.

Finally, I am pleased and privileged to meet with you here in beloved Suleimaniah, the city of innovation and sacrifice. Once again, thank you. I wish you all success.

PM's speech: With investors' help we'll be producers again | Iraq Updates

Originally Posted by garthstar

hear hear! the voice of reason.

one would assume that once they have soaked up all the excess so to speak, then the dinar internally will raise in value, and fairly shortly after that, other details permitting, onto the forex, at a then decent float or peg, in time for the oil deals and EU trade deals to be signed, along with the international compact.

i
the only worry i have with all this excitement about planes being bought and WU trade deals being signed, is that they could all be signed in US dollar or Euro amounts couldnt they? probably not the EU trade, that sounds too official, like the compact, but, isnt most business of any decent size there usually conducted in Dollars or Euro anyway?

i know when i was in China recently, contracts for all the artists with the booking agency i was with were in Euro, not CNY, and the whole company ran in Euro. if you wanted to send out a Western Union, they only accepted US dollars. their own currency so weak, nobody could be bothered counting all those bills. one would guess that currently, its the same in iraq with the dinar...

one would think with the compact due to be signed in December(?), that the revalue and HCL, FIL, will all fall into place by then, unless, of course, there are more delays related to security and political infighting etc.... who can really tell.

one way or another, it is very very close, wether that means a week or 3 mths, but i think, it cannot be more than 3 mths, or they will lose the faith totally of the people inside the country, who yet have little cause for celebration, or to believe a word their government says.

if someone could answer that worry i have with proof that they WILL be signing the EU trade deals in Dinars, not any other currency, well then it looks like this month!

heres hoping, positive on this as always...!

I do not know if I am right here koz I am no financial expert.

My thoughts are as follw.

1. Iraq have a sertain amount of dinars OK
2. If they covert those dinars into US$ they still are not haveing more money.

Am I right?

Posted by: saleem on Monday, November 13, 2006 - 09:11 AM
Parliament-VoteVote on electoral commission draft law expected in Parliament By Santa MichaelBaghdad, Nov 13, (VOI) – The parliament 52nd session is expected to vote Monday on a draft law concerning the independent high electoral commission in Iraq. On Wednesday, the parliament delayed a vote on the draft law to Sunday and later to Monday after it hosted the Iraqi Prime Minister Nouri al-Maliki to debate the security file in Iraq.The parliament legal committee opposed during Wednesday’s session a delay of vote on the proposed law for, the committee said , “a third extension of the electoral commission functioning ends on November 10.”

Originally Posted by owejac

I went to the TBI to see todays exhangerates. Their site shows ar error.
Iraqi news and Iraqi Dinar liks not responding.
Could this mean somethig?

It is working again:

Iraqi Dinar

Major Global Currencies against Iraqi Dinar
CurrencyBuySell Australian Dollar ( AUD )1,079.09 1,176.11 Canadian Dollar ( CAD )1295.124 1295.772 Swiss Franc ( CHF )1182.005 1182.596 Euro ( EUR )1883.194 1884.137 British Pound ( GBP )2799.679 2801.080 Japanese Yen ( JPY )12.465 12.471 US Dollar ( USD )1464.268 1465.000 Updated: 11/13/2006 4:26:16 AM

UK seeks help of Iraq's neighbours


Matthew Tempest and agencies
Monday November 13, 2006
Guardian Unlimited


Des Browne, the defence secretary, today urged Iran and Syria to help stabilise Iraq, as Tony Blair prepared to deliver a keynote speech on future UK strategy on the war tonight.
The prime minister is poised to announce an "evolution" in the government strategy on Iraq, which will see greater cooperation with its neighbours Syria and Iran in a talk at the Guildhall.

And it comes ahead of the PM's contribution tomorrow to the US-based Iraqi Survey Group, which is looking at alternative exit strategies for the Bush administration. Mr Blair will deliver his evidence to them by videolink from Downing Street.


This morning Mr Browne acknowledged that the situation in Iraq could not be viewed in isolation.
"Throughout the conflict we have been calling on Iran and Syria to do more to stop the flow into Iraq of foreign fighters, bomb-making equipment and know-how," he told the BBC Radio 4 Today programme.

"We will continue to talk to all of Iraq's neighbours and to make clear the importance of a solution in Iraq in a regional context."

This widening of the diplomatic agenda around Iraq comes in the wake of the sending of Mr Blair's special envoy, Sir Nigel Sheinwald, to Damascus at the start of the month.

Mr Browne pointed out that the Iraqi government itself is in talks with its neighbours.

He said: "It has been very clear to me from the time that I have been deeply involved in Iraq, that the Iraqi government itself has been in contact with its neighbours and there have been ministers visiting."

The Conservatives have warned it would be "naive" to expect Syria and Iran to be involved in the short-term future of the country.

William Hague, the shadow foreign secretary, said: "I think we have to make the most of our friendships and build on our friendships with the moderate Arab nations of the Middle East.

"Syria and Iran are a more difficult proposition. Of course it would be excellent if they could be involved at some stage in the future in guaranteeing what happens in Iraq.

"It may be naive to think that that could happen in the coming weeks and months."

Mr Hague also stressed the importance of a "British involvement" in the American Baker group.

Mr Browne said merely that the government was continuing to work towards the "phased withdrawal" of British troops, as the Iraqis were able to assume responsibility of their own security.

"I am never keen to put times on that, because this is a process not an event, but that process has already started and people can see the progress that has been made."

In his speech tonight Mr Blair will call for Iran and Syria to be engaged in efforts to secure peace in Iraq and the Middle East.

The prime minister believes the two states should be warned of the consequences of failing to help as part of a "whole" strategy for the region.

Mr Blair will explain that "as the conflict has evolved, our strategy must evolve with it".

He will also say that abandoning the UK's close links with America would be the "surest route to the destruction of our true national interest".

He will add: "When people say yes, but we want a 'British' foreign policy, I say of course we do, but in today's world a foreign policy based on strong alliances is the only 'British' policy which works."

Mr Blair will reiterate his conviction that resolving the situation in Iraq requires action to deal with the region's other burning issues such as Palestine and Lebanon.

Aides indicated that would involve "making clear to Syria and Iran the basis on which they can help the peaceful development of the Middle East rather than hinder it; and the consequences of not doing so".

Iraq is really pushing the envelope here...the GCC is obviously losing patience and faith in the progress of Iraq. They better be careful because "ALL THE BIG BROTHERS ARE WATCHING" so to speak.

GCC to Adopt Strategy to Deal With Iraq: Naif

JEDDAH, 13 November 2006 (Arab News)

"Iraq now constitutes the main base of terrorists," Interior Minister Prince Naif said yesterday, adding that the GCC countries would adopt a united strategy to deal with events in the war-torn country.

"The condition in Iraq is changing day by day, posing multiple dangers for the region. We are living this situation and doing everything possible," the Saudi Press Agency quoted Prince Naif as saying.

He was speaking to reporters in Riyadh yesterday before leaving for Abu Dhabi to attend a meeting of GCC interior ministers.

Prince Naif said terrorism would figure high on the agenda of the meeting.

He said some agencies were taking young Saudis to Iraq and using them as "explosives". "I mean they are being used to carry out explosions. ... These youths go to Jordan and Syria ... and then sneak into Iraq. They will never be able to do that through our borders," he said.

Speaking about his meeting with Iraqi Vice President Tarek Al-Hashmi in Makkah, Naif said it was a cordial meeting and not for discussing any particular issue.

Prince Naif said the trial of suspects involved in terrorist attacks across the Kingdom would start soon.

He called for greater security cooperation among the six GCC states. "We have to act like one agency in dealing with security matters," he said.

He said the GCC secretariat was conducting a study on thoughts and ideas that promote terrorism and how to deal with them.

The Abu Dhabi meeting will also discuss ways of facilitating travel of GCC citizens between the member countries, Naif said.

Kurds keep the faith despite problems
von Steve Negus

Like other ethnic communities emerging from a long struggle for independence, Iraq’s Kurds are going through a period of disillusionment with their wartime leaders.
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Ja Nein Keine Angabe

In Chamchamal, a dilapidated Kurdish town in northern Iraq, a group of men recount the many reasons why they have lost faith in their government. The Kurdistan Democratic party and the Patriotic Union of Kurdistan, the two guerrilla movements that fought for 40 years against Baghdad, have proved less inspiring in peacetime. "They were towers of strength but now they are failures," laments one. They complain of shortages of fuel, poor drinking water and other symptoms of the corruption and administrative lethargy they claim characterise the new administration.

Like other ethnic communities emerging from a long struggle for independence, Iraq's Kurds are going through a period of disillusionment with their wartime leaders. The region, an oasis of stability in the country, is going through an economic boom as Iraqi capital flees north, but many claim they have seen little benefit.

Nonetheless, there is little serious challenge to the current government, largely because many Kurds see their independence struggle as only half-finished. Two years ago the region held a referendum in which nearly 99 per cent voted to break away from Iraq. However, Kurdish officials admit secession would be difficult, given that Kurdistan is a land-locked region. "It's the desire of all the Kurds for one day to have a state of their own but one has to think realistically," says Nechirvan Barzani, the regional government's prime minister. "As the leadership, it is not our role to follow the sentiments and the emotions of the street if such objectives were not achievable."

The government has set itself three objectives which many see as a half-way house to independence. The first is to develop the economy. Last year the regional government started signing contracts with foreign oil companies to develop northern oil fields. The second objective is to unify the two rival administrations of the KDP and PUK. And a final goal is the absorption of the oil-rich province of Kirkuk and other "disputed territories".

The Kurds say they are sticking to a timetable included in Iraq's constitution. It calls for a referendum in the territories by the end of 2007 on joining the Kurdistan region. They say they have enough votes to win it despite opposition from some Sunni Arab and Turkmen groups. As for the other problems, Mr Barzani says, they require "patience and time".

Originally Posted by Wm.Knowles

The question was asked, "what will the local banks do with the USD until they have to use it to support an RV which will result in an increased demand for USDs? This will be of interest to those who own bank stocks.
All banks maintain bond portfolios of items referred to as "secondary liquidity". In the banking world this "Liquidity" is used for bank reserve requirements (CBI) and is a sign of the finiancial stability of a bank. THESE reserve requirements in Iraq are similiar to reserve requirements required by the Federal Reserve system in the US. Buy placing this money in GOI bonds and bills along with US T-Bills, they are able to create a financial base that ensures coverage of their outstanding obligations and increasing loan demand. So expect the banks to increase their securities and bond portfolios in the short term with the increasing amount of USDs in their banks. This is just the responsible monetary movement that you would expect from an antcipated increase valuation of the currency. By increasing secondary liquidity, it increases the banking structure and ultimatly results in more valuable Bank stock and a healthier banking system. You comments are appreciated.

Thank you Wm. Knowles. Now, with these events occuring within the monetary sector of Iraq, do you think their intended policy (at last as we imagine it to be) can be sustained in spite of the political upheaval that is going on within the Iraqi government. With Maliki talking abut a reshuffle of the Cabinet, I am wondering whether or not there could be a reval, while the old members are still in their seats, or if they will need to wait until the new players are in place so they can benefit and govern under their new policies. I try to apply what I consider to be a logical progression of events to the situation that unfolds in Iraq every day. I have been befuddled many times in the past. IMO I think they will wait at least until the new players are in place. Your thoughts.

USA Today Article
Posted 11/13/2006 12:14 AM ET

Q: I invested heavily in Iraq dinars thinking I'd make a mint, but I'm losing money. I'm worried I could lose more. What should I do?
A: You're learning firsthand the dangers of currency trading. Anytime I hear of regular individual investors buying and selling foreign currencies, I just shake my head and hope they don't lose it all.

With currency trading, you're betting not only against and with other speculators like yourself, but also with governments that need to buy or sell currency. You're at a giant disadvantage: Governments have superior information about their economies. You're also taking on the currency trading desks of some of the most sophisticated investment banks in the world. And get this: Currency trading is all about darting in and out of currencies trying to pick up a penny here and a penny there. No wonder a vast majority of individuals who dabble in this market lose their shirts.

The Iraqi dinar is a great example, so I'm glad you brought it up. Back in 2003, buying dinars seemed like a no-brainer. After all, the U.S. military was sure to unseat the Iraqi regime and quickly replace it with a capitalistic society. Some expected Starbucks and McDonald's to spring up on street corners in Baghdad like daisies in a capitalistic field.

"Iraq was very entrepreneurial before Saddam. Baghdad has a history of culture and trade," Robert Hormats, vice chairman of Goldman Sachs International and an expert on the world economy told USA TODAY on April 10, 2003. "It's no slam-dunk, but with the right kind of reforms, (Iraq) could emerge as an important financial and trading center."

Optimism fueled huge interest by individual investors to buy Iraqi dinars. USA TODAY's John Waggoner wrote about the trend back on Aug. 3, 2004.

But the dinar didn't work out like many speculators had hoped. Iraq, and this is not a political statement whatsoever, remains a troubled region. USA TODAY reported Oct. 27, 2006 there's a "prospect of combat in Iraq for at least another four years." You can read this and other Iraq coverage here.

And the result on the dinar has been disappointing. In Aug. 3, 2004, it took 1,460 dinars to buy $1, according to currency value tracker Oanda.com. As of Nov. 9, it takes 1,529, according to Oanda.com. That represents a 5% deterioration in the value of the dinar. MarketWatch, where USATODAY.com gets currency data, reports that it takes 1,468 dinars to buy a dollar.

So whichever source you use, it's fair to say the dinar hasn't panned out for investors. Had you skipped the dinar and bought the Standard & Poor's 500 index (SP500) on Aug. 3, 2004, you would have been up 22% and taken less risk.

The dinar has been another reminder that unless you're a government or a currency trading genius or are traveling to another country or doing business in foreign currency, leave currency trading to the pros.

Matt Krantz is a financial markets reporter at USA TODAY. He answers a different reader question every weekday in his Ask Matt column at money.usatoday.com. To submit a question, e-mail Matt at
Leave currency trading to the pros - USATODAY.com