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

Originally Posted by Socata 850

Quote:
The Central Bank of Iraq denies change dinar early next year
Safed Alsamuk-Baghdad

The Iraqi Central Bank denied that the change of the local currency within the current Iraqi actions he intends to begin work so as to meet the economic inflation in Iraq with the beginning of the year 2007. The official spokesman said told ((today)) announced yesterday that there is no intention to change the Iraqi dinar at the moment, He refused to disclose whether there were any similar intention in the near future, after the Financial experts recommended deleting three zeroes from the Iraqi dinar after the American dollar to her and about a thousand dinars. The spokesman noted that the launching of the issuance of new categories of the Iraqi currency into circulation depends on the requirements of the Iraqi economy to meet the expenses of the state in the coming stage, especially local supervision of the banking activity by the central bank and means of reform, The Central Bank supervises the 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. He continued to say «The Central Bank has 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. He pointed out that this step is the beginning of cooperation and openness to the world towards the revitalization of the economy in Iraq. The Central Bank of Iraq still continue to sell the dollar against the Iraqi dinar through auction, which will be mounted when the daily, adding that this auction is a tool to achieve 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. For his part, Minister of Finance, the Iraqi statement Jabr said the decision to increase the salaries of the staff work will start with the beginning of the year 2007. at a time when observers are worried economists Iraqis of the dangers of increasing inflation by successive increases for staff salaries to cope with price rises of living without MySQL economic problems, He pointed out that he would start in the top five of the (10 - 5) and that at the beginning of next year will get the owners of these degrees on the increase of 50-70%.

well, here they are admitting the lower denoms are a comin.

SGS, you have done it again, this is one of the best posts that have come along in a long long time

I don't know about you guys buy I hate these kind of articles. I would like to know who the CBI official is addressing? I never heard anything about reprint rumors until this interview.

Iraq leaders still wrangling over oil law
Baghdad, 22 November 2006 (Reuters)

Senior Iraqi officials will resume negotiations to try to resolve a dispute over a bill intended to encourage foreign investment in the oil and gas industry, the government's economy chief said.

Control of the world's third largest oil reserves divides Iraq's three main communities, the Arab Sunni and Shi'ite Muslims and ethnic Kurds. Most of the oil lies in the mainly Shi'ite south and close to Kurdistan in the north.

The issue of who has the power to sign contracts -- the provinces or the national government -- is critical because a major regional say will devolve more power over resources to Iraq's majority Shi'ites and the Kurds than the national government.

Minority Sunni Arabs, the dominant group under Saddam Hussein, fear regional devolution will leave them with nothing.

'The Oil Committee is going to resume its meetings on Thursday to discuss the Oil Law,' Deputy Prime Minister Barham Salih said.

'Signing contracts remains a matter of dispute,' he added.

Salih, a Kurd, said earlier this month the legislation should be enacted by the end of the year.

He chairs a government committee on oil and energy policy, composed of key ministers, which had struggled to overcome deep differences on the components of a new law to replace provisions dating from the rule of Saddam Hussein.

Oil Minister Hussain Al Shahristani has said his office must have ultimate control over Iraq's oil reserves and has criticised deals already signed with Norwegian and Turkish firms by the autonomous Kurdish regional government in Arbil.

Kurdish Prime Minister Nechirvan Barzani has hit back, defending his constitutional rights in the sector. Some of Shahristani's fellow Shi'ites also oppose his desire to centralise control and would like to see more power for regions.

Ashti Hawramani, the Kurdistan region's natural resources minister, said: 'I'm optimistic about reaching an understanding between the two sides ... This understanding will be on the basis of the permanent Iraqi constitution.'

Years of UN sanctions, mismanagement under Saddam and now daily violence since the March 2003 US-led invasion have severely degraded Iraq's oil sector and it now needs billions of dollars of capital investment.

Sabotage attacks have made Iraq's northern export pipeline unusable for most of the time since the invasion so Baghdad relies mostly on its main southern Basra oil terminal for exports.

Oil ministry spokesman Asim Jihad said exports now stand at 1.7 million barrels per day (bpd). Salih said this month Iraq aims to double exports by 2010 and raise output to 6 million bpd from 2.3 million bpd.

Major oil companies are waiting for the oil investment law to set out the regulatory backdrop before they commit, but analysts say, even then, violence and insecurity are likely to delay investment, perhaps for years to come.

Jihad said formation of an oil company for the southern province of Maysan, which includes oil fields around Amara, has already been approved by the cabinet, and the provinces of Wasit and Kirkuk would also get their own companies, though they would be 'fully supervised by the oil ministry'.

Shahristani told state television Iraqiya this week that any province that produced at least 100,000 to 150,000 bpd would be able to have its own oil company.

Another Iraqi official said the new petroleum law would call for re-establishing the Iraq National Oil Company (INOC) as a holding company with affiliates that could be defined geographically, technically or along both lines. Their role would be to operate the oilfields.

Jihad said Iraq planned to open the bidding for contracts to build three major oil refineries at the beginning of next year.

He said the refineries in question were Al Nahrain, near the southern city of Kerbala, with a capacity of 140,000 bpd, Nassiriya in the south with a capacity of 300,000 bpd and Goya in the northern province of Sulaimaniya with a capacity of 70,000 bpd.

Iraq leaders still wrangling over oil law | Iraq Updates

Originally Posted by Raditz

And wasnt it a minister of the Iraqi gov that said that removing 3 zeros would be an idea. As far as i remember this minister got replaced some months back.
Or am i wrong?

Yes it was the EX-Minister of Finance!

Originally Posted by shotgunsusie

it isnt saying they are doing anything of the sort. it is explaining about the incident in which someone said that previously and everybody freaked.

But we all know the Iraqi's say one thing and do another.

It's not that we should , it's that we "must" keep our eyes on this and look at it from both a positive and negative angle.

Originally Posted by kiko

Great article, best ever!

* No reprint
* No lop
* Small demons are coming (RV is coming)

Susie, Adster & Other experts.

Correct me if I am wrong but this RV must come before 1/1/2007 at the latest.

Now they are reducing inflation by pulling out dinars from circulation and increasing exchange rate.

How for god sake can you increase you salaries like that, if you know from experience (2003/2004), and also said by economist, that it will increase inflation.

Between this there must be a RV that makes the increase in salary possible!!

Am I correct in this one?

Great article...I am still holding firm for a NOVEMBER REVAL ....... !!!!

Originally Posted by Raditz

I belive you are 100% correct my friend!!

I think so too Raditz!

Why reducing inflation and at the same time creating inflation, unless there is something between it, like

A BIG FAT RV

Originally Posted by texaslonghorns

I don't know about you guys buy I hate these kind of articles. I would like to know who the CBI official is addressing? I never heard anything about reprint rumors until this interview.

The reprint rumor was about dropping 3 zeros off the currency. This was highly debated over last Summer. This article is putting that idea in the trash. They are stating that they are going to issue the lower denominations of the currency. This is GREAT NEWS for all of us!!

Originally Posted by CharmedPiper

Great article...I am still holding firm for a NOVEMBER REVAL ....... !!!!

Hope I am wrong and you are right!

Charmed, I think we know almost for sure now that we will be millionaires on 1/1/2007!

WWWWWEEEEEEEEEEEEEHHHHHHHH

Originally Posted by kiko

Great article, best ever!

* No reprint
* No lop
* Small demons are coming (RV is coming)

Susie, Adster & Other experts.

Correct me if I am wrong but this RV must come before 1/1/2007 at the latest.

Now they are reducing inflation by pulling out dinars from circulation and increasing exchange rate.

How for god sake can you increase you salaries like that, if you know from experience (2003/2004), and also said by economist, that it will increase inflation.

Between this there must be a RV that makes the increase in salary possible!!

Am I correct in this one?

Yes, government spending increases inflation so... let's see what pieces of the puzzle are missing.

Inflation is at 50-70%. Not long ago there was an article about a 40 billion dollar budget. Goverment salaries are increasing around 50% next year. The ICI anf HCL should be signed in December....

I hate guessing about something so complicated (or seemingly complicated) but the RV seems to be one of the missing pieces of the puzzle.

With the higher exchange rate and the way lower sale of USD today, makes me wonder if the CBI pays any attention to when US banks are open and closed. I know its an arrogant thought, but what better time to do a reval than when the US Banks will be closed for a Holiday or a weekend.

Is that our train that has stopped in the station, or is it another false alarm. Next time I see my Iraqi friend at 7-11 I am gonna smack him for his country constantly playing with my emotions