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

Originally Posted by Gloribee

Thats what I'm confused about. Thought they would announce ahead of the Forex. As a trader, would you not need to know the value of a stock before you bid on it? ie: old dinar rate vs. new? I dont know, its 4:30am and maybe I just should call it a night.

CBI already updated, no reval, well there was but only to 1433. LOL

It will happen when it happens we are all just guessing at this point.

Originally Posted by Inscrutable

CBI already updated, no reval, well there was but only to 1433. LOL

It will happen when it happens we are all just guessing at this point.

Get some rest Gloribee. Tomorrow's another day closer to our dreams.

Originally Posted by mogo

r we rich yet!

Yup, richer than yesterday.

This is good news folks, moreso for the ISX but overall for our dinars too. Not got involved in the ISX as of yet, doubt I will if we have a big enough reval.



Mideast Banks Eye New Opportunities In Iraq FOCUS: Mideast Banks Eye New Opportunities In Iraq

By Simeon Kerr and the Baghdad Bureau Of DOW JONES NEWSWIRES

Regional investors are rushing in to set up commercial and investment banks in the uncertain business climate of Iraq, betting on an economic recovery despite the gloomy security situation.


Groups of Iraqi investors are teaming up with outsiders to form new banks, as well as partnering with existing Iraqi establishments, in a bid to create well-capitalized banks free of the debt burden weighing on the state-owned institutions of Saddam Hussein's rule.


The latest bank to join this counterintuitive gold rush is a $32 million Saudi-Iraqi joint venture between Iraq's Al Khair Financial Investment Co. and Mansour Almalek Holding Co. of Saudi Arabia, tentatively-titled Saudi-Iraqi Bank.


Another bank under formation is TransIraq, a commercial and investment bank led by Dubai's Daman Asset Management.


"When you have a development situation, banking gets in at a very early stage," Daman's managing director, Shehab Gergash, told Dow Jones Newswires. "Banking here is independent of the security situation. We have confidence in the future of the economy."


The Central Bank of Iraq has so far issued licenses for more than 20 banks, most of which are seeking to set up joint ventures with Iraqi banks, said Mudher Kasim, the Central Bank of Iraq's director-general of statistics and research.


The central bank is currently looking at 10 more applications for new banks, he said in an interview.


Among the newly licensed banks that have already started operations are the Kurdistan Union Bank, which has branches in Suleymaniya and Baghdad, said Lubna Anwar Abdul Saheb, chief executive of Baghdad-based Al Waha Stock Brokerage House. Others include Dijla wal Furat (Tigris and Euphrates) Bank, Al Mansour, Ashur and Al Shemal, among others.


"It is the best time for foreign businessmen to invest their money in Iraq at this time when the prices of shares are very cheap and are expected to increase quickly", Abdul Saheb said.


Lebanon's Bank Audi is also teaming up with Iraqi investors to form Al Mashreq bank, industry sources say.


Gergash's planned bank, TransIraq, like all the other new ventures, has to raise at least 10% of its capital from an initial public offering on the newly formed Iraq Stock Exchange.


Iraq's IPOs - almost all of them for banks - are doing a brisk trade, say investors. Most are oversubscribed eight to 10 times, though some by as much as 20 times.


The IPOs tend to raise about 15-20% of these banks' capital, which tends to weigh in at around $35 million-$55 million, says Gergash.


All banks, including the private-sector banks that emerged under Saddam's rule in the 1990s, have to raise their capitalization to 50 billion Iraqi dinars ($36 million).


Some foreign investors are merely boosting the capitalization of these existing banks.


Late last year, Bahrain's United Gulf Bank (UGB.BH) and Kuwait's Global Investment House (GLOB.KW) and Kuwait Projects Co. invested in Iraq's Bank of Baghdad, raising its capital to over the mandated ID50 billion.


Bahrain-based Ahli United Bank BSC (AUB.BH) in December acquired a 49% stake in the Commercial Bank of Iraq, boosting the Iraqi bank's capital base to $43.7 million from just $9.6 million, AUB said without giving further details on the transaction.


AUB cited the tremendous economic potential for rebuilding Iraq after years of economic isolation, which will need considerable banking support, it said.


Daman's Gergash said he initially planned to raise the ID50 billion capital needed for TransIraq in two tranches: with ID25 billion paid upfront and the second tranche coming within two years.


"But we had such demand that we went ahead and raised the full amount," said Gergash, who estimated that the planning process for entry into the Iraqi banking sector takes around 12 to 18 months.


A person close to Saudi Arabia's Mansour Almalek Holding Co., which will own slightly less than half of the shares of the Saudi-Iraqi bank, declined to comment in detail on the new bank, saying an announcement would be made once the central bank license is processed.


But he remained upbeat on Iraq's potential. "We have full confidence in the future of Iraq and plan more investments there," the person said.


The Iraqi partner, Al Khair, will hold $10 million of the bank's shares, with the rest to be issued to the public, he added.


The Central Bank of Iraq issued last year a new law allowing foreign banks to acquire unlimited shares in private Iraqi banks.


Since the fall of Saddam Hussein's government in April 2003, the central bank has awarded a number of licenses to Arab and international banks to operate in Iraq.


HSBC Holdings PLC (HBC), Standard Chartered PLC (STAN.LN) and the National Bank of Kuwait (NBK.KW) were the first three foreign banks to win licenses in 2003.


HSBC in March took a 70% shareholding in Dar el-Salaam Bank, boosting the management team already in place at the Baghdad-based bank, which is one of the most popular stocks on the Iraq Stock Exchange.


Standard Chartered Bank has yet to act on its license, which will elapse in February unless the bank can secure an extension from the central bank.


"We have yet to decide - we have no definite opinion," said Stuart Horsewood, the bank's Dubai-based country manager for Iraq.


Arab Bank PLC (ARBK.AJ), Arab Banking Corp. (ABC.BH), Iran's Bank Melli, the Agricultural Bank of Iran and the Agricultural Bank of Turkey have also won licenses.


HSBC and the National Bank of Kuwait have also signed contracts to take stakes in private Iraqi banks.

http://au.biz.yahoo.com/060123/18/hke7.html

Facking ace, get in there the Kurds!


Iraqi govt agrees on Kurds'' budget, electricity and oil demands IRBIL, Dec 3 (KUNA) -- The Iraqi government has agreed on most Kurdish demands including returning USD 482 million to Kurdistan, increasing the region's stake in the national electricity network and holding a series of talks on the issue of oil investments, a Kurdish official said Sunday.

The minister of works and construction in Kurdistan Emad Ahmed told reporters that following talks with a Kurdish delegation, the Iraqi government has agreed to return to the regional government the amount of USD 482 million, which was earned from differences of oil selling prices in international markets.

Ahmed said the delegation would hold a series of talks with the Iraqi oil ministry and the central bank to place a new law on oil that would fulfill the demands of the Kurds regarding the crucial oil investment issue.
Kuna site|Story page|Iraqi govt agrees on Kurds'' budget, electricity a...12/3/2006

Maliki commended the positive role of Japan

(صوت العراق) - 03-12-2006

(Voice of Iraq) - 03-12-2006

ارسل هذا الموضوع لصديق

This issue was sent to a friend

المالكي يثني على الدور الإيجابي لليابان في العراق

Maliki commended the positive role of Japan in Iraq

خلال استقباله سفيرها ببغداد

During his reception of the Ambassador Hotel

بغداد - الصباح

Baghdad-Sabah

اشاد رئيس الوزراء نوري المالكي بالدور البناء الذي تقوم به الحكومة اليابانية في دعم العملية السياسية في العراق.وقال السيد المالكي خلال لقائه السفير الياباني في بغداد ياما كوجي في بيان صادر

Prime Minister Nuri praised Maliki constructive role played by the Japanese government in supporting the political process in Iraq. He said Mr. al-Maliki, during his meeting with the Japanese ambassador in charge d'affaires in Baghdad, in a statement issued Kuji

عن مكتبه الاعلامي تلقت(الصباح) نسخة منه امس، ان موقف الحكومة اليابانية تجاه العراق منذ سقوط النظام السابق وانطلاق العملية السياسية ايجابي ومشرف.من جهته نقل السفير الياباني رسالة دعم وتأييد من الحكومة اليابانية لحكومة المالكي.وتضمنت الرسالة اعلان الدعم الكامل للعملية السياسية في العراق ولخطة الحكومة في اعادة البناء والاعمار و اكمال استعداد القوات العراقية لتسلم المهام الامنية بشكل كامل في جميع المحافظات.واضاف البيان ان الرسالة اكدت استعداد الشركات اليابانية للمساهمة الفعالة في عملية اعادة الاعمار في العراق في مختلف المشاريع التي تؤسس لبنية تحتية قوية وخدمات افضل واعمار شامل على جميع المستويات.

From his office received information (morning) copy of yesterday, The position of the Japanese government toward Iraq since the fall of the previous regime and the start of the political process positive and Musharraf. For his part, the transfer of the Japanese ambassador in a letter of support and the support of the Japanese government to the government of al-Maliki. The letter contained the full support of the political process in Iraq and the government's plan to reconstruction, rebuilding and completion of the Iraqi forces were ready to take over the security functions fully in all governorates. The statement added that the letter confirmed the readiness of the Japanese companies to participate actively in the reconstruction process in Iraq in various projects to build infrastructure strong and better services and comprehensive reconstruction at all levels.

its nice to note you are healing and fighting back with your usual gusto...but sttill in bed I believe?

say hi to your wonderful wife i saw her posting too during your absence.


Pat.

Originally Posted by P2Pips

its nice to note you are healing and fighting back with your usual gusto...but sttill in bed I believe?

say hi to your wonderful wife i saw her posting too during your absence.


Pat.

Thanks Pat, not married yet! but yes still on the sofa/bed!!!

Have a look on the below thread matey, and others, new day, new question, 4k of dinars up for grabs, who'll be first, go post a country guys whist we await our reval.


http://www.rolclub.com/iraqi-dinar-d...y-game-19.html

Announcement No.(817)

D.G. of Foreign Exchange Control

The 817 daily currency auction was held in the Central Bank of Iraq day Sunday 2006 / 12/ 3 so the results were as follows :
Details Notes
Number of banks 3 -----
Auction price selling dinar / US $ 1433 -----
Auction price buying dinar / US $ 1431 -----
Amount sold at auction price (US $) 7.000.000 -----
Amount purchased at Auction price (US $) 1.000.000
Total offers for buying (US $) 7.000.000 -----
Total offers for selling (US $) 1.000.000 -----

Arkie.

Oil : the closure of the port of Basra oil in a few days to install oil export meters
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)

Said Assem Jihad, spokesman of the Iraqi Oil Ministry said that during the next few days the closure of the port of Basra oil for four days to carry out the maintenance and installed meters exporting oil to record export volume accurately.
He added in a statement to the News Agency (Voices of Iraq) Independent meters will be installed by the cadres of the Directorate of the South Oil Company (Barsion) of America, It is expected completion of the monument and calibration early April next.
The suspension of the oil port of Basra will not prevent the continuation of exports will be exported through the port of Al and the port will be suspended for four days or less.

He explained that these meters is very important to record the volume of exports very-high-precision, in accordance with international standards.

He pointed out that the cost of completing the installed meters are not yet known.
It is noteworthy that the Iraqi oil exports from the port of Basra currently ranging between six million one hundred thousand barrels to
Seven million one hundred thousand barrels per day can be increased to two million in the event of improved Iraqi oil production.
An oil official on 28 of last month that the maintenance of the oil port of Basra will not affect oil export operations.
The southern port of Basra, the main outlet for Iraq's oil exports for the time being. especially after the extensive damage suffered by the northern pipeline, which extends to the

Turkey, as many armed attacks that targeted during the period that followed the entry of American forces and allied Iraq in April, in April 2003, thus it closed most Time.

The tanks, refineries North Oil Company in the northern city of Kirkuk has been exposed to a mortar attack on Monday led to the outbreak of fires where an incident may lead to a reduction in production from oil fields in the region for some time.
The Iraqi Police said that Alhjon signed on septic installation Arafa located north of Kirkuk.
Although the export of Iraqi oil is being implemented across the North, which extends to Turkey, but the oil tanks exposed to damage will affect production in that region, which is used to meet Iraq's internal need.

And Iraq now imports the bulk of the possessions of oil used for domestic consumption.
The northern fields around Kirkuk period pump third Iraq's production of three million barrels a day before the invasion, led by the United States in 2003 and since then retreat to about two million barrels a day.

Extends oil pipeline from Kirkuk to the Baiji refinery, south and then heading north to Turkey and from there to the world.
It should be noted that exports north to Turkey levels of between 250 and 350 thousand barrels per day when the pipeline export.

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