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

Iraq wins the membership of the Economic and Social Council of the United Nations

Allocate 437 / million for the development of the transport sector

The allocation of 14 billion Iraqi dinars to the creation of parks and recreational facilities in Basra

A grant of $ 3500 to stimulate the citizens to build residential land

The monuments and heritage : billion dinars allocated for the development and reconstruction of the Kirkuk Castle

Exchange pensions to the martyrs of the army and police until 2007

Saudi shares fall in 8000 without a point during the deliberation

American shares closed high at the end of dealings

World oil fell below the 60 dollars per barrel

Russian-American agreement to Moscow joining the World Trade Organization

Translated version of http://www.iraqimedianet.net/article/Economy/

Wednesday, 15.11.2006, 11 :54 am (GMT),

Minister of Finance announced the new retirement law and describes the coming budget Balanfjarih Baqir al-Zubaidi, the Minister of Finance said that the new retirement law has been approved by the ministry after a series of discussions with the International Monetary Fund were referred to the Council of Ministers to approve the finalization of pointing out that the new law jsuit and the effort made by citizens during the years of service and added Zubaidi that this law will be applied as soon as possible and, if approved by the Council of Ministers and the House of Representatives, described by Finance Minister in a meeting conducted by the Iraqi Mahaliom that the coming budget is a budget of explosive and it will rise in the proportion of investment.
still beggin for link...

Originally Posted by shotgunsusie

[B]

A grant of $ 3500 to stimulate the citizens to build residential land

It would be nice if they were referring to the 10k dinar handout here...

Originally Posted by Wm.Knowles

This is a very good point. I think if we had an individual who was about to attend graduate school and needs a ******* thesis or doctoral dissertation in economics, banking, finance MBA etc. they could chart the history of the CBI activities. Their topic might be,

"The establishment of Central Bank operations and its eventual effects on inflation, monetary controls and the eventual reevaluation of the Iraqi currency".

I think once they charted the auction results, they would find that over the history, the CBI was placed far more currency into circulation than they have removed. What we are seeing recently is a dramatic effort to remove currency from circulation in a very short period of time. Something is propelling this recent effort and at this time we can only guess. But what we are viewing is a very healthy effort to remove currency to reduce inflation, place USDs into the local banks in anticipation of an increased demand for USDs (as you might anticipate in case of a RV). And maybe, to begin the process of removing the large denominations from circulation (an opinion).
So lets continue with an anticipation the the CBI auction results in the am will continue to reinforce this position.

Thanks for the shout back My man. Lets just hope the CBI just keeps on keeping on! More out of circulation the better!

Riyadh sets date to begin fencing off border with Iraq

--------------------------------------------------------------------------------

15 November 2006 (The Daily Star)
Saudi Arabia will next year start work on a planned security fence stretching 900 kilometers along its border with Iraq to prevent Islamic militants from entering Saudi Arabia, the Saudi interior minister said Tuesday. In an interview with the Kuwaiti Al-Anbaa daily, Prince Nayef also put a damper on hopes that Saudi women might soon be allowed to drive in the Islamic state, but said that they could gain some voting rights.

On the barrier, Prince Nayef said the cost for the project, including military bases and surveillance equipment, could reach $12 billion, "including $500 million to build the fence itself which should be finished in five or six years."

Saudi Arabia is worried that, three years after the US-led invasion, sectarian violence could lead to civil war and the eventual break-up of its neighbor.

"A border fence separating us from Iraq has become essential to protect security ... I expect work will begin on the border fence next year," he said.

"Saudi Arabia has begun taking steps to build the longest security fence stretching 900 kilometers along the length of the Iraq border to stop terrorists getting into our territory," he said.

The fence will have 135 gates, all monitored with ultraviolet technology to "prevent the infiltration of terrorists ... and also to halt smuggling of arms, drugs and persons into the kingdom," Prince Nayef said.

The government earlier this year invited bids to provide security systems along the border but the minister declined to disclose the name or nationality of the company involved in erecting the fence.

"All of Iraq's neighbors are suffering directly from what is happening in Iraq. Because international forces are fighting a vicious war against terrorist groups and to prevent a sectarian war between Sunnis and Shiites, they cannot control the border," said the minister.

Addressing a separate issue, he said Saudi Arabia is considering allowing women to run and vote in municipal elections but ruled out allowing them to drive.

The right of women to drive has been a key demand of reformers in Saudi Arabia, and has been backed by some government ministers. Nayef's support would be key to any reform.

"Women have the right to own a car or anything else. But driving a car in our desert regions, where distances are large between one district and another, would expose women's lives to danger, and this we cannot accept," he said.

"We need to secure more important rights for Saudi women, such as the right to vote ... We will look into the possibility of women participating in next municipal elections," he said.

Did people miss this or what?! How can they fund anything with a rate of 1455?! Will cost them billions!!!!! Shows they have to this sooner than later!

This is big......WOOOTTTTT, Cha chinggggggggggggggggg.

US Treasury Aide: International Econ Aid Plan For Iraq Being Prepared

WASHINGTON -(Dow Jones)- A plan to boost international economic aid for Iraq is getting ready to make the rounds with potential donor countries, a senior U.S. Treasury Department official said Tuesday.

The plan, called the Iraq compact, would lay out a roadmap and cost estimate for Iraq to rebuild its economy over the next four to five years. It would require certain economic reforms from the Iraqis, while bringing economic aid in return from signatory countries to help finance Iraq's recovery.

"The Iraqi side of the compact is essentially written," said Deputy Treasury Secretary Robert Kimmitt in a meeting with reporters.

In recent meetings at the United Nations, dozens of nations and organizations have begun to discuss "what the donor strategy would be as we move to the next step in the process which would be a ministerial level meeting," in the Persian Gulf region sometime next week, Kimmitt said.

And while the finished compact will detail the medium-term financing needs for Iraq's economic development, those figures haven't been finalized, Kimmitt said.

Whatever those final needs are, Iraq will be expected to first use its own resources to finance the rebuilding effort, followed by drawing down any unused economic assistance, before looking to new international economic donations.

"In the compact there will be a number of provisions aimed at encouraging foreign investment," Kimmitt said.
Nasdaq 100 Flash Quotes&
and
Morningstar - Dow Jones & Company, Inc.: US Treasury Aide: International Econ Aid Plan For Iraq Being Prepared

Originally Posted by shotgunsusie

Wednesday, 15.11.2006, 11 :54 am (GMT),

Minister of Finance announced the new retirement law and describes the coming budget Balanfjarih Baqir al-Zubaidi, the Minister of Finance said that the new retirement law has been approved by the ministry after a series of discussions with the International Monetary Fund were referred to the Council of Ministers to approve the finalization of pointing out that the new law jsuit and the effort made by citizens during the years of service and added Zubaidi that this law will be applied as soon as possible and, if approved by the Council of Ministers and the House of Representatives, described by Finance Minister in a meeting conducted by the Iraqi Mahaliom that the coming budget is a budget of explosive and it will rise in the proportion of investment.
still beggin for link...

Love that word EXPLOSIVE !!!!

Originally posted by Laurenr:

Does this mean that the banks did not WANT to sell thier dollars for Dinar,
or did the CBI restrict them to just BUYING the dollar to extract more Dinar
from curculation by not having an auction to sell the Dollar ?

It means that the CBI sweetened the pot by giving them a better rate for their Dinar. The exchange rate went down 5 again to 1455. Essentially, according to today's rate the CBI gave them (the banks) 1 dollar and the CBI recieved 1455 Dinars (from the banks). Yesterday the banks got a rate of 1 dollar and the CBI got 1460 Dinars.

So, in effect the CBI is paying more dollars for the Dinar (or conversely getting less dinar for the dollar), thus strengthening the Dinar, as the banks appear to want to keep the Dinars.

It is slowly getting interesting....

Originally Posted by kiko

The Minister of Finance announced the adoption of the new retirement
Wednesday, 15.11.2006, 11:54 am

Finance Minister announces retirement Adoption of the new law and describes the coming budget Balanfjarih Baqir al-Zubaidi, the Minister of Finance said that the new retirement law has been approved by the ministry after a series of discussions with the International Monetary Fund

Translated version of http://www.iraqimedianet.net/article/Economy/

I cannot get the article opened. Doesn't work with me. I remember that the Retirement Law (pension law) was an important issue.

it was always what was tied to the raising of the rate of the dinar. mentioned in both early articles at al sabaah together they were. SWEEEEEET!!!!
this all tells me theyve approved the raise in the rate and for how much. we are fixin to find out what their decisions are!!

Originally Posted by Adster

Its about the Compact US Treasury Aide: International Econ Aid Plan For Iraq Being Prepared

WASHINGTON -(Dow Jones)- A plan to boost international economic aid for Iraq is getting ready to make the rounds with potential donor countries, a senior U.S. Treasury Department official said Tuesday.

The plan, called the Iraq compact, would lay out a roadmap and cost estimate for Iraq to rebuild its economy over the next four to five years. It would require certain economic reforms from the Iraqis, while bringing economic aid in return from signatory countries to help finance Iraq's recovery.

"The Iraqi side of the compact is essentially written," said Deputy Treasury Secretary Robert Kimmitt in a meeting with reporters.

In recent meetings at the United Nations, dozens of nations and organizations have begun to discuss "what the donor strategy would be as we move to the next step in the process which would be a ministerial level meeting," in the Persian Gulf region sometime next week, Kimmitt said.

And while the finished compact will detail the medium-term financing needs for Iraq's economic development, those figures haven't been finalized, Kimmitt said.

Whatever those final needs are, Iraq will be expected to first use its own resources to finance the rebuilding effort, followed by drawing down any unused economic assistance, before looking to new international economic donations.

"In the compact there will be a number of provisions aimed at encouraging foreign investment," Kimmitt said.
Nasdaq 100 Flash Quotes&
and
Morningstar - Dow Jones & Company, Inc.: US Treasury Aide: International Econ Aid Plan For Iraq Being Prepared

I believe officials said "The Compact" will come within 6 weeks, we are about at 5 weeks now.

This is excellent! Finally some more news about the ICI