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

Source : Gulf-13 / 11 / 2006

Discuss Iraqi economic delegation in Amman late this month, the final arrangements for the transfer of oil from the Kirkuk fields to Jordan and file Iraqi planes parked on the ground since the country fifteen years ago, as well as the debt of Jordan.

According to sources close, the Iraq from Jordan will increase the number of Iraqi Airways flights between the two airports. of the 104 flights a day, to accommodate the increase in the volume of passenger and freight traffic.

The Iraqi delegation will be actions taken to protect the highway between Amman and Baghdad. especially in terms of dealing with security companies will ensure the transportation of crude oil to Jordan.

Sitabahth sides and the possibility of the establishment of the railway line between Jordan and Iraq. in light of the completion of the Iraqi side all the schemes and special studies, to ensure the provision of other alternatives for the transport and shipping.

ordan was ousted wages earned on the ground and aircraft of five million dollars. proved the validity of two technical committees only, It recommended selling the rest as scrap because of the high costs of reform.

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

Source : Al Sabah-13 / 11 / 2006
ي IMF بتاريخ 23 / 12 / 2005ندة STAND BY ARRANGEMENT Previously approved International Monetary Fund on 23 / 12 / 2005 on the back "arrangements STAND BY ARRANGEMENT to cover the stage until 2006, Such arrangements, speed in extinguishing approximately (130) billion dollars of the total debt accumulated Iraq beginning in the era of the former regime.
Members of the Paris Club

In the 21 / 11 / 2004 on Iraq negotiated a preliminary agreement with the State Eighteen countries collectively make up (the Paris Club) for an immediate write-off rate of 30% of Iraq's debts amounting to about 50 billion dollars credited to Member States (the United States of America to write off all the debt of Iraq's nearly four billion dollars in January 2004).
Either write the second installment of Iraq's debts to Paris Club countries, which equivalent to 30% of the other original debt Iraq has signed the Convention (support arrangements) with the International Monetary Fund in the 23 / 11 / 2005 to be implemented.With the entry of Iraq these arrangements with the Fund. the debt will be reduced by additional (12) billion dollars to the Paris Club, that followed the elimination of remaining debt of (8) billion dollars automatically, In the event of success in the implementation of entry (support arrangements) with the International Monetary Fund in 2008.

The Gulf Cooperation Council

A number of States (Gulf Cooperation Council) Iraq to pay amounts in excess of (50) billion dollars by those States financial assistance to the former regime during the Iraqi-Iranian war period from 1980 to 1988 has received Iraq, assurances from the settlement of those debts under conditions similar to those at the very least, agreed by Iraq with the Paris Club countries.
In spite of the tireless efforts and contributions by the Minister of Finance Professor Baqir Jabr Zubaidi and financial assurances to the heads of states of the Gulf Cooperation Council, during his meetings with them in the ongoing meetings of the IMF and the OPEC, The most recent meeting with the Minister of Finance of Saudi the need to exempt Iraq from Saudi Arabia because of all the debt of Arab brotherhood and common destiny was to send a technical delegation to Saudi Arabia recently, However, the results of the visit were not acceptable by the Saudi side We hope that understands the Saudi side of the current circumstances in Iraq and the lack of responsibility of the government of national unity on the basis of this debt.
As a result will be written off (40) billion dollars.
Or more if signing bilateral agreements with the states of the Gulf Cooperation Council during the coming year 2007.

Consequences of the Iraq debt convergence (20) billion dollars for countries outside the scope of (the Paris Club).
In this regard had been signed with (Hungary, Romania, South Africa, Czech Republic, Slovakia, Malta), which agreed to cancel all debts of 100% and personal efforts by Mr. Baker Jabr Al-Zubaydi of the Minister of Finance, talks are still continuing with other countries with great success, This will be signed soon with (Bulgaria), which returned a few days ago, Professor Aziz Jaafar Hassan Personal Adviser to the Minister of Finance to prepare the conditions for the signing of the bilateral agreement for the settlement of Iraq's debts with Bulgaria.

ةCommercial debt

Previously recorded more than (600) business entity claims for the payment of debts owed to Iraq for the period of the previous regime totaling more than 22 billion dollars. where Iraq has made payment of this debt business on the basis of similar to the Paris Club agreement and has completed more than (4) commercial offers cash rate (25 / 10) cents for every dollar reduced total debt by more than (4) billion dollars. in addition to presentations to senior creditors who debts of more than (35) million dollars through the purchase of bonds and pay the total amount of term limits (14) billion dollars. these bonds were issued including roughly equivalent to (3, 225) billion dollars and is expected to reduce Iraq's debt owed to his estate in the rule of the former regime, the prize (130) billion to about $ (50) billion dollars. The dimmer this figure to less than (30) billion dollars if the success of Iraq is in a (support arrangements) signed with the International Monetary Fund in place by 2008.
We have summarized the Finance Minister Baqer Jabr Al-Zubaydi professor in one of his meetings with me, The Iraqi government has inherited more than (3) years within the inherited major challenges, including the debt burdens of Iraq nearly 130 billion dollars from the the Principles.When the Iraqi government takes over, however, many of those challenges will be passed, But have them (the problem of heavy debt) of Iraq to the States, the private commercial entities.
In the case not recorded in history. enable the Minister of Finance Professor Baqer Zubaidi and his team of debt rescheduling of Iraq, and be resolved next year in 2007 so that most of the debt under the previous regime, which burdened the exchequer Iraq and its economy has gone forever.

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

This is exactly what WM Knowles has been saying...looks like we could expect a reval any day....when they have expunged the amount of dinar from circulation that is targeted.

Iraq-Currency :: Aswat al Iraq :: Aswat al Iraq

Iraq-Currency
Posted by: saleem on Tuesday, November 14, 2006 - 12:43 PM

Iraq-Currency
Dollar demand down amid central bank’s measures to decrease inflation
By Dergham Mohammed Ali
Baghdad, Nov 14, (VOI) – Demand for dollars was lower at the Iraqi Central Bank daily auction on Tuesday to $62.540 million from $110 million in Monday’s auction.
The central bank said in its daily statement it covered all bids which were $32.910 million in cash and $29.630 million in foreign transfers.

The dollar exchange rate was 1,460 dinars , five ticks lower than Monday.

None of the 16 banks that participated in the auction offered to sell dollars.

Mr. Ali al-Yasseri, exchange company owner, told the independent news agency Voices of Iraq (VOI) “the central bank offered to sell dollar today with an exchange rate of 1,460 dinars, five ticks lower than Monday’s, in a bid to decrease the local liquidity amid a series of tough measures by the bank to bring down inflation.”

The Iraqi central bank, Mr. Yasseri said, “made every effort to ensure that banks participating in the central bank daily auction would not offer dollars for sell.”

“Banks’ offers to sell dollars mean letting more local currency to the market,” he added.

Originally Posted by lonelyintexas

I think we will be looking towards the 11-12 Dec 06 meeting for IAMB and then to January for possible R/V. I am confident that news of HCL and FIL should be very very soon. Go Dinar.
LIT

I look for the reval this week once the CBI has pulled in their targeted amount of dinar. The HCL and FIL do not need implemented to allow a reval.....but...a reval must be in place on or before the HCL and FIL are implemented. In my opinion they need to show progress in a very dramatic and immediate way and this can be accomplished instantly with a reval and this will show a good faith effort to push forward.

Originally Posted by CharmedPiper

I look for the reval this week once the CBI has pulled in their targeted amount of dinar. The HCL and FIL do not need implemented to allow a reval.....but...a reval must be in place on or before the HCL and FIL are implemented. In my opinion they need to show progress in a very dramatic and immediate way and this can be accomplished instantly with a reval and this will show a good faith effort to push forward.

I would agree with that, I just wish we had some sort of idea of what the target is.

Originally Posted by jsfletcher

I would agree with that, I just wish we had some sort of idea of what the target is.

I thought the "Target" has always been "2006".


Baghdad Time: 05:03am, 11/15/2006 ~ market is closed | $1 USD = 1464.63 IQD ^

[QUOTE=CharmedPiper;135685]This is exactly what WM Knowles has been saying...looks like we could expect a reval any day....when they have expunged the amount of dinar from circulation that is targeted.

Should we consider also the dinar received through the Treasury Bills being sold at auction in this. So far, local banks have bought 900 billion Iraqi dinars ($628 million) worth of three-month bills with coupons ranging between 2.5 percent and 6.8 percent. That figure could be higher. So thats another trillion dinar.

Cheers!
DayDream

Originally Posted by neno

I thought the "Target" has always been "2006".


Baghdad Time: 05:03am, 11/15/2006 ~ market is closed | $1 USD = 1464.63 IQD ^

That is true, I was refereing to the target amount of dinar to take out of circulation

The on-the-job training for the first time in Iraq

(Voice of Iraq) - 11-15-2006
This issue was sent to a friend

Baghdad «» Middle East : The Ministry of Labor and Social Affairs, the process of preparing a draft law on job training department also said Media Advisor to the ministry, Abdullah Al-Alami.

He said Al-Alami told the Middle East «», the Committee charged with preparing the draft of this law held a series of meetings and meetings to expedite the submission in order to create the legal ground for the application of the law, which lacks the presence of legal text for the purpose of ratification and submission to the State Consultative Council, after approval and then to the Council of Ministers and the Alnwa b of the amendment into effect.

Oman : Gulf monetary union may be postponed

(Voice of Iraq) - 11-14-2006
This issue was sent to a friend

Dubai (Reuters) - The Executive Chairman of the Central Bank of Oman on Tuesday that the bank had written to the secretariat of the Gulf Cooperation Council to the effect that the monetary unit in the region may not be achieved by 2010.
He said the Executive Chairman of the Bank Hamoud bin Sanjor Azadgali told Reuters by telephone from Muscat, "We support the monetary unit ... But we believe we may not be able to achieve by 2010 although we strive to achieve. "

He added that some governors of the central banks in other six countries are also concerned about the Sultanate of Oman timetable for the monetary unit.