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

Originally Posted by rvalreadydang

Justice / special source confirmed authorized in the Iraqi Central Bank that there is no intention at this time to change the Iraqi currency,

.It is expected that the issuance of new categories to the transaction in accordance with the requirements of the Iraqi economy to meet the expenses of the state in the next stage. ي.With regard to the supervision of the local banking activity in Iraq by the Central Bank of Egypt and means of reform, The source pointed out that the Central Bank will supervise banking activity level by the activities of banks towards the enhancement of their role in the implementation of monetary policy in particular through channeling the savings to the various aspects of investment, so as to achieve economic growth. عار!.He added : The Central Bank had granted banking licenses of many Arab and foreign banks, whether licensing NTSB open a branch in Iraq or the establishment of a banking entity, It was also the opening of representation offices. This is the beginning of cooperation and openness to the world towards the revitalization of the economy in the country with the Iraqi Central Bank to sell the American dollar against the Iraqi dinar through a daily auction exhibit, since this auction is a tool for achieving stability in the value of the Iraqi dinar by defending the exchange rate stable for a long time. This, in turn, will affect the general level of prices

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official announcement that they are open for business???

Originally Posted by Adster

Anyone got the link? Sounds like opinion, a wanky one at that! The FIL is being embargoed, we know it was passed, 10 October, we're just waiting for them to implement it, and they will when they are ready.

The country goes nowhere without it, simple as that, and they know that. Not going to happen people, quit worrying.

I fully concur. Why on earth would Iraq not enact what its Parliament passed
by a unanimous vote.

shouldn´t they R/V 1st or at the same time as opening the doors to big business ?

Originally Posted by Ranger III

I fully concur. Why on earth would Iraq not enact what its Parliament passed
by a unanimous vote.

actually after parliament it went to the presidential council for implementation. that ball is in talis court right now.

Anyone here chaa chiinnnnnngggggggggggggg? Who's ready to be rich?! You realise we have shares in oil by holding dinars?, how can we fail?! The world will ALWAYS need oil.


DNO says latest Iraq oil well indicates potential for even greater reserves In an update of operations in Iraq, DNO said its latest well, the Tawke #2 appraisal well located about 2 km to the west of the original discovery, had confirmed good overall reservoir quality, flowing at 3,840 barrels of oil per day (bopd). The discovery well, Tawke #1, is located closer to the crest of the structure, DNO said, and previous research has suggested there could be in the region of 330 mln barrels of oil in place.

On this basis, and using a recovery factor of 30 pct, DNO has said the gross recoverable oil reserves from the Tawke field were estimated to be 100 mln barrels, of which 40 mln would be net to DNO.

However given the latest positive results of Tawke #2, DNO said reserves "may be higher than the original estimates." The Norwegian oil firm pointed out, however, that further work is required to revise the reserve figures, including interpretation of the new 3-D seismic and a re-mapping of the Tawke structure.

However, given the findings, DNO said it is putting together an early production plan, that has been approved by the Kurdistan Regional Government and which should see oil production during the first quarter of 2007.

Pipeline and central processing facilities have already been secured for the plan, with the capacity to deliver approximately 50,000 bopd.

Also on the back of the latest news, DNO said it has decided to accelerate development drilling within the Tawke area, and a third smaller rig is to be mobilised into the area at the beginning of 2007.

Additionally, DNO said it is in the process of agreeing an increased share of the two Iraqi production sharing agreements in which it is currently involved, the Dihok PSA in the northern part of Iraqi Kurdistan, and the Erbil PSA further to the south.

DNO currently holds a 40 pct working interest in both of these PSAs, but under current negotiations with the KRG, DNO said it hopes to take responsibility for 100 pct of the funding obligations of the PSA's in return for receiving additional 15 pct working interest.

The firm added that exploration and development expenditure to date relate primarily to the Dihok PSA, which includes the Tawke field, and that these costs are expected to be fully recovered in 2007 if early production at Tawke goes according to plan.

DNO says latest Iraq oil well indicates potential for even greater reserves | Iraq Updates

Ref: Today's CBI auction

Well, we can see today that the CBI is following the same trend we have discussed over the last two weeks. It appears they have removed another 40M USD from the economy and increased the exchange rate by 1 dinar to 1454. My impression stands as it has been, a dramatic monetary intervention in a short period of time to reduce the base money supply. Having worked with bankers who tend to be a very conservative types, this is a "panic" intervention with the goal of completing a removal in a short period. Very unusal considering. Any country that can remove this much currency and still maintain currency reserves is impressive. The last estimate I have of Iraqs currency reserves is at least two months old and it was around 12B in reserves. (This does not include the reported Gold they apparently have). So, it is probable that they have intervened and removed close to One Trillion dinars from the economy and may STILL have over 12 billion in reserves. So if my information is correct, they have a GOI who has a 34 Billion dollar budget and is able to operate within budget, they have more currency reserves than almost all of the countries there size, they have eliminated most of there debt to where it is about one percent of there CURRENT GNP. There oil production is approaching 3MBD (the best report that I found was 2.6 MBD and only for a short time) Opec quota was 2MBD.
they have oil reserves that may place them ahead of SA in their amount of oil. (economists called this "stored value"). And, we have seen a very responsible monatery intervention by the CBI which is consistent with the SBA from the IMF and classic economic theory and practice. So, look forward to this removal "drying up" in days or a couple of weeks. With their currency reserves, they may continue this process for a while longer, but it can not last forever. They simply want to remove as much excess dinar from the economy at as cheap of price as possible before some one makes them "pay up". This is exactly what you or I would do. Have a good day and weekend and we'll see what the news reports.

Originally Posted by Adster

Anyone got the link? Sounds like opinion, a wanky one at that! The FIL is being embargoed, we know it was passed, 10 October, we're just waiting for them to implement it, and they will when they are ready.

The country goes nowhere without it, simple as that, and they know that. Not going to happen people, quit worrying.

I agreed 100% with you, here is the Link: Translated version of http://www.alsabaah.com/

Spokesman of the Interior suddenly interrupt the press conference

(Voice of Iraq) - 11 - 16-2006
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From Santa Mikhail
Baghdad - (Voices of Iraq)
Spare, spokesman of the Iraqi Interior Ministry weekly press conference in the sudden and came out of the hall in which the conference was held this afternoon, without clarifying reasons.
The Brigadier Abdul Karim Khalaf review activities during the conference, the Ministry of the Interior when he entered a civilian conflicting information about his personality and asked spare live and leave the Brigadier. The impact left the spokesman for the Interior Conference Hall, saying only, "It seems that there was a technical malfunction."
It was not immediately clear whether the spokesman Conference will be completed or not.
U p

State Consultative Council agrees to the draft cooperation agreement

(Voice of Iraq) - 11 - 16-2006
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The Republic of Iraq
The Cabinet-governmental organizations - the Communications Media Relations
A press statement / Press Release

State Consultative Council approves the draft convention trade and economic cooperation with Azerbaijan

Got approval of the State Consultative Council on the draft Convention on trade and economic cooperation and scientific proposal with the government of the Republic of Azerbaijan, That source of the Ministry of Trade and added that the ministry is currently completing all procedures relating to the Convention and forwarded to the Secretariat of the Council of Ministers, noting that the ministry was studying Ttwirallakat and economic relations with various countries of the world in order to find new mechanisms for the development of the Iraqi economy.

Starting with Iraq's activities towards international investment forum

(Voice of Iraq) - 11 - 16-2006
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Starting with Iraq's international investment forum events in the Middle

Cairo - The Voice of Iraq - Ibrahim Mohammad Sharif

Under the auspices of the League of Arab States, the Ministry of Foreign Affairs of Malta and the supervision of the Federation of Arab investors held yesterday evening at the headquarters of the Egyptian capital Cairo press conference management Ambassador Mohamed Gamal Eddin Bayoumi, Secretary General of the Union and attended by the Ambassador of Malta in Cairo, Abdel-Rahman Awad, chairman of the Arab Center African and Sheikh Ra'ad Al-Hamadani member of the Union of Arab Investors, a representative of Iraq.

The (software) and the presence of reporters for a detailed explanation of the Tabianoahmih and objectives of the Second International Conference on the Law of the Internet, which will be held in the city of Valletta, the two suspects] did for the period from 27 until November 30 November 2006 preceded the current international investment forum (to the east) at the International Conference Center in Cairo on 25 and January 26 1 / 2006, organized by the Center for Halio Paul Business Administration and includes forum of ministers and representatives from all Arab and foreign countries. .

The forum aims to contribute to the promotion of economic cooperation and increase industrial integration and the development of trade exchange and activating bilateral investments and joint between the Arab countries and all countries of the world and the hopes of investors Alaraboalmercz that provides a forum of Arab integration unique opportunity for the participation of many Arab government The public and private benefit of including both the meet highlights activities and systems of work of local Arab and international in the region.

It covers several axes of the Forum aims to make the participants in order to achieve the greatest benefit in the context of deepening economic cooperation, increase industrial integration and the development of trade exchange between Arab countries and the world, promoting investments and common interfaces. The Forum invites a selection of the ministers, senior officials and representatives The participants from most of the Arab countries lead in the field of investment and its Arab and African, Asian and European.

Participating sectors and industries because of the diversity of interests of the participants and to accommodate the needs of the major groups and investors with multiple interests have prepared the company organized several conferences and exhibitions mounted in parallel to the axes of the several bilateral meetings and sectors that is the activity of each agent for the other sectors.

It is noteworthy that the status of Heliopolis business management is a center specializing in the organization of conferences, symposia and in the organization of symposia and conferences for the following bodies and others : United Nations (New York) - The Ministry of Trade of America - the USAID-participation in the opening of the library and it should be noted that officers work with the European Union since the preparations for the participation in the Mediterranean in 1994 under the support of the joint Arab action in the areas of investment, trade and integration least Yemi and the Arab position on Arab deal away the directives and global economic openness to the world economy, the UAI the invitation of the Center for the Heliopolis business management to be among the sponsors of this important event and to provide technical support to support efforts to achieve cooperation between the Arab countries and the world Ota Post economies to interact with the changes at the global level and integration in the global economic and hopes UAI that it offers (to the east) Forum on International Investment good opportunity for the participation of Arab and international organizations, public and private Atsvadh from its interaction with the Forum of a emerged systems of Arab and international business in the region.