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

Originally Posted by CharmedPiper

I like the way you think....if this is the scenario then shouldn't we expect a reval at any time now so they can show the IAMB on Dec 11-12 that they are doing remarkable job with managing their currency. Seems to me that they don't really have anything new to bring to the meeting on the 11th and 12th unless of course they reval and bring the beginning of economic recovery.

Maybe, one way of looking at it, or they do it once they wave goodbye to the IAMB. Either way we win.

Originally Posted by duck2000

please put your comments in another thread this is for dinar news not for this!!!!!

Please explain to me how your post was related to "Dinar News" Mr. Duck??

They are pulling in massive amounts of dinar in a short amount of time....and most likely are near their target....if they were not going to reval until Dec 11 or 12 then what's the hurry...they still have a month. But, if they want to get the reval in place and begin to show immediate recovery this looks very good to those who are watching their every move. I agree that we have seen remarkable things this week with the auctions but it has not impacted the general Iraqi public or made a substantial difference in the inflation....I don't think it would look good on Dec 12 if they continue on this path and show only slight movement in the economy...their time has run out and their economic crisis has not improved. How can the IAMB turn over a country that can't meet the immediate needs of the country. JMHO.

Originally Posted by CharmedPiper

They are pulling in massive amounts of dinar in a short amount of time....and most likely are near their target....if they were not going to reval until Dec 11 or 12 then what's the hurry...they still have a month. But, if they want to get the reval in place and begin to show immediate recovery this looks very good to those who are watching their every move. I agree that we have seen remarkable things this week with the auctions but it has not impacted the general Iraqi public or made a substantial difference in the inflation....I don't think it would look good on Dec 12 if they continue on this path and show only slight movement in the economy...their time has run out and their economic crisis has not improved. How can the IAMB turn over a country that can't meet the immediate needs of the country. JMHO.

I'm with you on this one CP, they have to be fully operational at this time to prove they can handle what's fixing to be a HISTORY IN THE MAKING!!!!! I am so ready for this to happen! We'll never have another experience as We're seeing unfold now!! LISA

CharmedPiper - give me a few hours - doing a lot of cross ref at the IAMB between all the new document - will get back to you in a bit. thanks

Tourism? Hmmmm, tourists need a foreign exchange facility.


14 billion dinar for Iraq Tourism

البصرة - الصباح

Basra-Sabah

Provision of the Basra governorate, "14" billion dinars to restore life to the tourist enterprises in the province.

"

He said activist Khanjar Chairman of the Economic Development Commission of the Council in the press conference : "

That projects to be implemented are the reconstruction of the cities of the games, gardens and parks and planting carrots elites and the establishment of green space on the 30th area will be without a green belt around Basra. "

He added : "Street will also be given to the beach road, which is the natural outlet for the families of visual" stating : "It will be transmitted to the project companies and contractors eligibility specialists to accomplish the purpose for the remainder of this year."

It is noteworthy that the Directorate of Tourism in Basra, a study for the purpose of promoting our tourism in the province included several proposed projects, including the establishment of three tourist hotels, first-class distributed among the districts of FAO and Qurnah, Abu al-Khasib.

With the establishment of the boat anchorage area "of 250 m 2 and build kiosks area 14:00 2 along Corniche Shatt al-Arab as well as games and city building parks.

Just another major piece of the puzzle coming together.
Translated version of http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=32896

Here is a copy of the IAMB press release from November 6, 2006 for reference.

Press Release
November 6, 2006
Statement by the International Advisory and Monitoring Board on the Development Fund for IraqThe International Advisory and Monitoring Board (IAMB) on the Development Fund for Iraq (DFI) met in Paris on October 30-31, 2006 and issued the following statement:

"The IAMB met to continue its oversight role over the use of resources of the DFI, which is the principal repository for Iraq's oil-export receipts, and continued to oversee audits of the DFI in line with its mandate under UN Security Council Resolution 1637. The IAMB (i) received and discussed the follow-up special audit reports of the single sourced contracts using DFI resources; (ii) discussed the results of the external auditor’s review of the interim DFI financial statement; and (iii) considered the progress in establishing an Iraqi oversight body to succeed the IAMB.

"Each of the external audit firms, Crowe Chizek and KPMG, reported on the findings of the follow-up special audits of sole sourced contracts. The IAMB had previously announced its concern about the use of non‑competitive contracting using DFI resources. The special audits were undertaken at the request of the IAMB and commissioned by the U.S. Government. The purpose of these audits were to (i) review the settlement between Kellogg, Brown and Root (KBR) and the U.S. Government, and (ii) further review the other sole-sourced contracts using DFI resources. These special audits have now been completed, and final audit reports for both audits are available on the IAMB website (www.iamb.info).

"Crowe Chizek reported that in their opinion the settlements between KBR and the U.S. Army Corps of Engineers were reasonable. Their audit reviewed the findings of earlier audit reports by the Defense Contract Audit Agency (DCAA) and found that the conclusions reached by DCAA were supported by the underlying accounting and auditing records. The findings also provide additional information about the transportation costs incurred by KBR in providing humanitarian fuel supplies to Iraq in the period May 2003 to March 2004. These costs were very high, in some cases as much as 86 percent of the total contract costs. The IAMB continues to question the reasonableness of these costs and the adequacy of the administration of contracts.

"KPMG briefed the IAMB on the results of the follow-up audit of the other sole-sourced contracts. KPMG noted a total of $22.4 million in unresolved amounts relating to (i) no evidence of goods received, (ii) unreconciled payments, and (iii) a lack of corrective action on some previously reported exceptions.

"In view of these findings the IAMB recommends that the Iraqi Government seek resolution with the U.S. Government concerning the use of resources of the DFI which might be in contradiction with the UN Security Council Resolution 1483.

"The IAMB had earlier agreed that the 2006 audit of the DFI should cover the period January 1 to December 31, 2006 with an interim audit for the period from January 1, 2006 to June 30, 2006. The IAMB was presented with the draft interim financial statement reviewed by Ernst & Young together with updated observations covering Iraq's oil export sales and the DFI operations for the period from January 1, 2006 to June 30, 2006. A summary of the results of the Ernst & Young interim review is available on the IAMB website (www.iamb.info). While Ernst & Young’s review noted progress in the financial control system, the review continues to be critical of the financial and accounting control systems. The overall control system needs to be further improved to be sufficiently effective.

"The IAMB received useful briefings from the Representative of Iraq and the President of the Iraqi Board of Supreme Audit (BSA) on progress in implementing earlier IAMB recommendations. The IAMB welcomed the action the Government of Iraq is taking on the implementation of the IAMB recommendations, and continued to reiterate its concern that key actions, especially the installation of an oil metering system, needed to be comprehensive and were taking a long time to implement.

"The IAMB mandate expires on December 31, 2006 under United Nations Security Council Resolution 1637. The Representative of Iraq informed the IAMB that the Iraqi Council of Ministers at its meeting on October 19, 2006 approved the establishment of an Iraqi oversight body, hereinafter referred to as the Committee of Financial Experts, to be chaired by the President of the BSA. The IAMB welcomes the establishment of the Committee of Financial Experts to continue the work of the IAMB upon its dissolution and encourages the continuation of independent oversight. Transparency in the collection, recording, investing and spending of oil revenues is of paramount importance in providing assurance that Iraqi oil resources are properly managed and spent.

"The final meeting of the IAMB is tentatively scheduled for December 11-12."

Hello CP

From CharmedPiper - "I don't think it would look good on Dec 12 if they continue on this path and show only slight movement in the economy...their time has run out and their economic crisis has not improved. How can the IAMB turn over a country that can't meet the immediate needs of the country. JMHO."

I don't know if their time has run out. Since we don't know their time table or what their end goal really is, we can only assume that they are feeling pressure and that they are reacting to the current situation. As we have all seen many times over in the past 2 years, they operate on their own time table, which obvisously is not one that has complete logic to it. Just look at the 10K distribution example. On again, off again. If it were logical they would announce it, then do it. I think we all seem to impart a western version of logical thought to their way of doing business, having lived overseas for many years I can tell you from personal experience that Americans are not like the rest of the world and visa versa. Our time will come with this investment, but they will do it when they are good and ready. Wm. Knowles makes a good point about a target figure for the amount of the Dinars that are to be taken out of circulation, personally I don't think we are there yet. IMO when the dollar for dinar volume drops way off and there are still no or very few dinars going back out into circulation, then we will be close to their target figure. As long as they can continue to extract 50 billion dinars per day out of the economy, they are going to do it. The more the better for them and for us.

Chaaaaaa chiiinnnnnnggggggggggg, awesome news!!!


Iraq exporting oil to Jordan next year

استكمال ترتيبات النقل

Completion of the transportation arrangements

عمان - عبد الجبار العزاوي

Amman-Abdul Jabbar al-Azzawi

.

Egyptian Minister of Transport Eng Saud Al-Nusseirat health news about Iraq began to provide Jordan with oil at 10 thousand barrels per day, and at a preferential price hit 18 dollars a barrel.

The minister's statements in the wake of what the German news agency a few days ago by the Iraqi media source "empowered

The Iraqi and Jordanian sides signed a memorandum of understanding during a visit by Jordanian Prime Minister Bakhit known to Baghdad in the last month of August, The supply Jordan with 30% of its daily needs of crude oil, amounting to about 100 thousand barrels at preferential prices has not announced officially until now

Looks like progress to me

Translated version of http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=32896

Originally Posted by CharmedPiper

They are pulling in massive amounts of dinar in a short amount of time....and most likely are near their target....if they were not going to reval until Dec 11 or 12 then what's the hurry...they still have a month. But, if they want to get the reval in place and begin to show immediate recovery this looks very good to those who are watching their every move. I agree that we have seen remarkable things this week with the auctions but it has not impacted the general Iraqi public or made a substantial difference in the inflation....I don't think it would look good on Dec 12 if they continue on this path and show only slight movement in the economy...their time has run out and their economic crisis has not improved. How can the IAMB turn over a country that can't meet the immediate needs of the country. JMHO.

Dear Charmed,
thank you for all your work and good posts. Just a teeny little correction on your sig there, it's "dissention" not "distention." That would indicate that we were in danger of becoming bloated and chubby looking. Now that may be true, but not because of trolls.